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<SEC-DOCUMENT>0001047469-10-002472.txt : 20100319
<SEC-HEADER>0001047469-10-002472.hdr.sgml : 20100319
<ACCEPTANCE-DATETIME>20100319144105
ACCESSION NUMBER:		0001047469-10-002472
CONFORMED SUBMISSION TYPE:	F-8
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20100319
DATE AS OF CHANGE:		20100319
EFFECTIVENESS DATE:		20100319

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:	333-165573
		FILM NUMBER:		10693969

	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>
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<TYPE>F-8
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Use these links to rapidly review the document<BR>
<A HREF="#bg45312_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>As filed with the Securities and Exchange Commission on March&nbsp;19, 2010  </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; </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> <div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>UNITED STATES<BR>
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>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>KINROSS GOLD CORPORATION<BR>  </B></FONT><FONT SIZE=1><B>(Exact name of Registrant as specified in its charter)  </B></FONT></P>

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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Province of Ontario, Canada</B></FONT><BR>
<FONT SIZE=1><B>(Province or Other Jurisdiction<BR>
of Incorporation or Organization)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> 1041<BR> </B></FONT><FONT SIZE=1><B>(Primary Standard Industrial Classification<BR>
Code Number (if&nbsp;applicable))</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> 650430083</B></FONT><BR>
<FONT SIZE=1><B>(I.R.S. Employer Identification Number<BR>
(if&nbsp;applicable))</B></FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>25&nbsp;York Street, 17th&nbsp;Floor<BR>
Toronto, Ontario M5J&nbsp;2V5<BR>
(416)&nbsp;365-5123<BR>  </B></FONT><FONT SIZE=1><B>(Address and telephone number of Registrant's principal executive offices)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Scott W. Loveless, Parr Brown Gee&nbsp;&amp; Loveless<BR>
185&nbsp;South State Street, Suite&nbsp;800, Salt Lake City, Utah 84111-1537<BR>
(801)&nbsp;532-7840<BR>  </B></FONT><FONT SIZE=1><B>(Name, address, (including zip code) and telephone number (including area code) of agent for service in the United&nbsp;States)  </B></FONT></P>

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<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>Copies to:</I></B></FONT></TD>
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<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> Jason J. Comerford, Esq.</B></FONT><BR>
<FONT SIZE=2><B>Osler, Hoskin&nbsp;&amp; Harcourt&nbsp;LLP</B></FONT><BR>
<FONT SIZE=2><B>620 8th&nbsp;Avenue&nbsp;&#151;&nbsp;36th&nbsp;Floor</B></FONT><BR>
<FONT SIZE=2><B>New&nbsp;York, New&nbsp;York 10018</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> Geoffrey P. Gold, Esq.</B></FONT><BR>
<FONT SIZE=2><B>Executive Vice President and Chief Legal Officer</B></FONT><BR>
<FONT SIZE=2><B>Kinross Gold Corporation</B></FONT><BR>
<FONT SIZE=2><B>25&nbsp;York Street, 17th&nbsp;Floor</B></FONT><BR>
<FONT SIZE=2><B>Toronto, Ontario M5J&nbsp;2V5</B></FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Approximate date of commencement of proposed sale of the securities to the&nbsp;public:<BR>
As soon as practicable after this Registration Statement is declared effective.  </B></FONT></P>

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

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

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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:5pt;text-indent:-5pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&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<BR>
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 be<BR>
registered<SUP>(2)</SUP></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>
offering&nbsp;price&nbsp;per&nbsp;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 offering<BR>
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 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:4pt;text-indent:-4pt;"><FONT SIZE=1><B> </B></FONT><FONT SIZE=2>Common Shares<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,841,945</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$1.62<SUP>(3)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$78,609,586.32<SUP>(3)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>US$5,604.86<SUP>(3)</SUP></FONT></TD>
</TR>
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<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"><p style="font-family:times;margin-left:5pt;text-indent:-5pt;"> &nbsp;</TD>
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<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>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;text-align:justify"><FONT SIZE=2>Represents
the maximum number of common shares of the Registrant estimated to be issuable upon consummation of the offer to purchase all of the issued and
outstanding common shares of Underworld Resources&nbsp;Inc. ("Underworld"), calculated as the product of (a)&nbsp;48,524,436, which is the number of outstanding common shares of Underworld, other
than shares beneficially owned by the Registrant, as of March&nbsp;15, 2010 (assuming the exercise of all outstanding options and conversion of all outstanding warrants for common shares of
Underworld), as provided by Underworld to the Registrant, and (b)&nbsp;the exchange ratio of 0.141 of a common share of the Registrant for each common share of&nbsp;Underworld.
<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>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 Underworld common shares, which are the securities to be received by the Registrant, as reported on the TSX Venture Exchange on February&nbsp;26, 2010, was Cdn$1.70 per common share,
which, when converted into U.S.&nbsp;dollars based on the exchange rate of US$1.00 to Cdn$1.0526, the noon spot rate as reported by the Bank of Canada on February&nbsp;26, 2010, equals US$1.62 per
common share. The total value of the securities to be received from holders is therefore US$78,609,586.32, and the registration fee is&nbsp;US$5,604.86. </FONT></DD></DL>

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

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NAME="da45305_part_i_information_required_to__par02825"> </A>
<A NAME="toc_da45305_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART I<BR>  <BR>    INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="da45305_item_1._home_jurisdiction_document"> </A>
<A NAME="toc_da45305_2"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Home Jurisdiction Document    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offer to Purchase and Circular dated as of March&nbsp;19, 2010, including the Letter of Transmittal and Notice of Guaranteed
Delivery.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="da45305_item_2._informational_legends"> </A>
<A NAME="toc_da45305_3"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Informational Legends    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See page&nbsp;(iii) of the Offer to Purchase and Circular dated as of March&nbsp;19, 2010.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="da45305_item_3._incorporation___da402239"> </A>
<A NAME="toc_da45305_4"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Certain Information by Reference    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See "Kinross Documents Incorporated by Reference and Further Information" in the Offer to Purchase and Circular dated as of
March&nbsp;19,&nbsp;2010.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="da45305_item_4._list_of_documents_filed_with_the_commission"> </A>
<A NAME="toc_da45305_5"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;List of Documents Filed with the Commission    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See "Documents Filed as Part of the Registration Statement" in the Offer to Purchase and Circular dated as of
March&nbsp;19,&nbsp;2010. </FONT></P>

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

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 </I></FONT><FONT COLOR="#FD1B14" 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&nbsp;permitted.</I></FONT></P>

<P style="font-family:times;"><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 issuable pursuant to this Offer and it is
an offence to claim otherwise. This Offer and the securities issuable pursuant to it have not been approved by any securities regulatory authority nor has any securities regulatory authority passed
upon the fairness or merits of the Offer, the adequacy of the information contained in this document or the merits of the securities issuable pursuant to the Offer. Any representation to the contrary
is an&nbsp;offence.</I></FONT></P>

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<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> March&nbsp;19, 2010</FONT></TD>
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<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>UNDERWORLD RESOURCES&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>on the basis of 0.141 of a Kinross common share plus Cdn.$0.01<BR>
for each common share of Underworld  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kinross 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>Underworld Shares</B></FONT><FONT SIZE=2>") of Underworld Resources&nbsp;Inc. ("</FONT><FONT SIZE=2><B>Underworld</B></FONT><FONT SIZE=2>" or the
"</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>"), other than any Underworld Shares owned directly or indirectly by the Offeror and including any Underworld 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 Underworld that are convertible into or
exchangeable or exercisable for Underworld Shares. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>The board of directors of Underworld, upon consultation with its financial and legal advisors and on receipt of a recommendation of a special committee of Underworld
directors, has unanimously determined that the Offer is fair from a financial point of view to holders of Underworld Shares (the&nbsp;"Shareholders") (other than Kinross) and is in the best
interests of Underworld and the Shareholders (other than Kinross) and, accordingly, has UNANIMOUSLY RECOMMENDED that Shareholders (other than Kinross) ACCEPT the Offer and DEPOSIT their Underworld
Shares under the Offer. See Section&nbsp;3 of the Circular, "Recommendation of the Board of Directors of&nbsp;Underworld".</B></FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Kinross
and Underworld have entered into a support agreement dated March&nbsp;15, 2010 pursuant to which Kinross has agreed to make the Offer and Underworld 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 Underworld have agreed to deposit under the Offer and not withdraw, subject to certain exceptions,
all of the Underworld Shares collectively owned by them, including any Underworld Shares issued on exercise of Underworld Options prior to the Expiry&nbsp;Time. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>THE OFFER WILL BE OPEN FOR ACCEPTANCE UNTIL 5:00&nbsp;P.M. (VANCOUVER TIME) ON APRIL&nbsp;26, 2010, UNLESS THE OFFER IS EXTENDED OR WITHDRAWN BY KINROSS
(the&nbsp;"Expiry&nbsp;Time").</B></FONT></P>

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<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> RBC&nbsp;Dominion Securities&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> RBC Capital Markets Corporation</B></FONT></TD>
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<P style="font-family:times;"><FONT SIZE=2>The
Offer is conditional upon, among other things, at the Expiry Time there being validly deposited under the Offer and not withdrawn, such number of Underworld Shares which, together with the
Underworld Shares and Underworld Warrants directly or indirectly owned by Kinross, constitutes at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding Underworld 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;"><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 Underworld Shares are listed on the TSX Venture Exchange ("</FONT><FONT SIZE=2><B>TSX-V</B></FONT><FONT SIZE=2>") under the symbol "UW". On March&nbsp;10, 2010, 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.$18.54 and the closing price on the TSX-V of the
Underworld Shares was Cdn.$1.93. The Offer represented a premium of approximately 50.2% based on the volume-weighted average prices of the Underworld Shares and the Kinross Shares on the
TSX-V and the TSX, respectively, for the 20&nbsp;trading days ended March&nbsp;10,&nbsp;2010. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>As
of March&nbsp;18, 2010, Kinross owns and controls an aggregate of 3,918,181&nbsp;Underworld Shares representing approximately 9.29% of the issued and outstanding Underworld Shares together with
600,000&nbsp;Underworld Warrants. Assuming full exercise of all of the Underworld Options and Underworld Warrants (including those held by it), Kinross would hold approximately 8.52% of the
Underworld Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For
a discussion of risks and uncertainties you should consider in evaluating the Offer and ownership of Kinross Shares, see Section&nbsp;7 of the Circular, "Risk Factors Related to the Offer", as
well as the section entitled "Risk Factors" on pages&nbsp;57 through&nbsp;71 of Kinross' annual information form for the year ended December&nbsp;31, 2008, dated March&nbsp;31, 2009,
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&nbsp;Offer. </FONT></P>

<P style="font-family:times;"><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>

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<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders who wish to accept the Offer and deposit their Underworld 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 Underworld Shares and all other required documents, at 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 Underworld 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 Underworld 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 Underworld 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 Underworld Shares. Shareholders will not be required to pay any fee or commission if they accept the Offer by depositing their
Underworld 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;"><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="bf45312_notice_to_shareholders_in_the_united_states"> </A>
<A NAME="toc_bf45312_1"> </A>
<BR></FONT><FONT SIZE=2><B>  NOTICE TO SHAREHOLDERS IN THE UNITED STATES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross has filed with the United&nbsp;States Securities and Exchange Commission
(the&nbsp;"</FONT><FONT SIZE=2><B>SEC</B></FONT><FONT SIZE=2>") 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;"><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 Gold Corporation, 25&nbsp;York Street, 17th&nbsp;Floor,
Toronto, Ontario, M5J&nbsp;2V5 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
April&nbsp;19, 2010, five business days before the Expiry&nbsp;Date. </FONT></P>

<P style="font-family:times;"><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;"><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 Underworld Shares and their acquisition of Kinross Shares 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 described fully herein, and such holders are
urged to consult their own tax&nbsp;advisors.</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 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 Underworld are incorporated or organized under the laws of the Provinces of Ontario and British Columbia, 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 may reside outside the United&nbsp;States, and that all or a substantial portion of
the assets of Kinross and Underworld and such above-mentioned persons may be located outside the United&nbsp;States.</B></FONT></P>

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

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<P style="font-family:times;"><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 style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Shareholders should be aware that, during the period of the Offer, Kinross or its affiliates, directly or indirectly, may bid for or make purchases of Underworld
Shares, or certain related securities, as permitted by applicable laws or regulations of Canada or its provinces or&nbsp;territories.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Cautionary Note Regarding Reserve and Resource Disclosure  </B></FONT></P>

<P style="font-family:times;"><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;"><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 Projects</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="bf45312_notice_to_holders_of_underworl__not02657"> </A>
<A NAME="toc_bf45312_2"> </A>
<BR></FONT><FONT SIZE=2><B>  NOTICE TO HOLDERS OF UNDERWORLD OPTIONS AND UNDERWORLD WARRANTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is made only for Underworld Shares and is not made for any Underworld Options, Underworld Warrants or other rights to acquire
Underworld Shares. Any holder of Underworld Options, Underworld Warrants or other rights to acquire Underworld Shares who wishes to accept the Offer should, to the extent permitted by their terms and
applicable law, fully exercise such Underworld Options, Underworld Warrants or other rights in order to obtain certificates representing Underworld 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 Underworld Options, Underworld Warrants or other rights to
acquire Underworld Shares that the holder will have certificates representing the Underworld 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iv</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the Effective Date, provided that Kinross has taken-up and paid such number of Underworld Shares which, together with the Underworld Shares and Underworld Warrants
directly or indirectly owned by Kinross, constitutes at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding Underworld Shares (calculated on a fully-diluted basis) and received all Appropriate Regulatory
Approvals, if any holder of Underworld Options does not exercise such options and deposit the resulting Underworld Shares under the Offer prior to the Expiry Time, such Underworld Options shall be
exchanged for Replacement Options. See Section&nbsp;6 of the Circular, "Purpose of the Offer and Kinross' Plans for Underworld&nbsp;&#151;&nbsp;Treatment of Underworld Options
and Underworld Warrants". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
tax consequences to holders of Underworld Options or Underworld Warrants of exercising or not exercising their Underworld Options or Underworld Warrants are not described in the
Circular. Holders of Underworld Options or Underworld Warrants 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 Underworld Options or Underworld Warrants. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bf45312_statements_regarding_forward-looking_information"> </A>
<A NAME="toc_bf45312_3"> </A>
<BR></FONT><FONT SIZE=2><B>  STATEMENTS REGARDING FORWARD-LOOKING INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><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," "targets," "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;"><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, operations, expansion and
construction at Paracatu (including, but not limited to, land acquisitions for and permitting and construction of the new tailings facility), consistent with Kinross' current expectations;
(3)&nbsp;the viability, permitting and development of the Fruta Del Norte deposit being consistent with Kinross' current expectations; (4)&nbsp;political developments in any jurisdiction in which
the Company operates being consistent with its current expectations including, without limitation, the implementation of Ecuador's new mining law and related regulations and policies being consistent
with Kinross' current expectations; (5)&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, and permitting, being consistent with Kinross' current expectations; (6)&nbsp;the viability, permitting and development of the
Lobo-Marte project, including, without limitation, the metallurgy and processing of its ore, being 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 and other key supplies remaining consistent with current levels; (10)&nbsp;production and cost of sales forecasts meeting
expectations; (11)&nbsp;labour and materials costs increasing on a basis consistent with Kinross' current expectations; (12)&nbsp;that Kinross will complete the acquisition of Underworld in
accordance with the terms and conditions of the Offer; (13)&nbsp;the accuracy of management's assessment of the effects of the successful completion of the Offer; (14)&nbsp;the accuracy of Kinross
and Underworld's mineral reserve and mineral resource estimates; (15)&nbsp;the viability of the White Gold project area </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>
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<A NAME="page_bf45312_1_6"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>and
permitting the development and expansion of White Gold on a basis consistent with Kinross and Underworld's current expectations; and (16)&nbsp;the trading price of the Kinross Shares and the
Underworld Shares. </FONT></P>

<P style="font-family:times;"><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 or silver
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, Russia, Ecuador or other countries in which Kinross does or may
carry on business in the future; business opportunities that may be presented to, or pursued by, Kinross; Kinross' ability to successfully integrate acquisitions; operating or technical difficulties
in connection with mining or development activities; employee relations; the speculative nature of gold exploration and development, including, but not limited to, 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, but not limited to, 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). Many of
these uncertainties and contingencies can affect Kinross' actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by,
or on behalf of, Kinross. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in
such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking
statements made in the Offer and Circular are qualified by these cautionary statements, those made in Kinross's filings with Canadian and U.S.&nbsp;securities regulatory authorities expressly
incorporated by reference into the Circular, 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="bf45312_information_concerning_underworld"> </A>
<A NAME="toc_bf45312_4"> </A>
<BR></FONT><FONT SIZE=2><B>  INFORMATION CONCERNING UNDERWORLD    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise indicated, the information concerning Underworld 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 Underworld 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 Underworld's financial statements or Underworld's mineral resource estimates, or for any failure by Underworld 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 Underworld's publicly available documents or records or whether there has been any failure by Underworld 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>vi</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bf45312_reporting_currencies_and_accounting_principles"> </A>
<A NAME="toc_bf45312_5"> </A>
<BR></FONT><FONT SIZE=2><B>  REPORTING CURRENCIES AND ACCOUNTING PRINCIPLES    <BR>    </B></FONT></P>

<P style="font-family:times;"><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="bf45312_currency_exchange_rate_information"> </A>
<A NAME="toc_bf45312_6"> </A>
<BR></FONT><FONT SIZE=2><B>  CURRENCY EXCHANGE RATE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><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>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="363" 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=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year End<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>2009 </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>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>
</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>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>1.3000</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>1.2969</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>
</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> </FONT><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>1.0292</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>0.9170</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> </FONT><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>1.0466</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>1.2246</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>
</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> </FONT><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>1.1420</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>1.0660</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>
</TR>
</TABLE></DIV>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;18, 2010, 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&nbsp;Cdn.$1.0139. </FONT></P>

<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>
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</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg45312_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG45312_TOC"></A> </FONT></P>
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<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>
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<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 VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#bf45312_notice_to_shareholders_in_the_united_states"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>NOTICE TO SHAREHOLDERS IN THE UNITED STATES</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bf45312_notice_to_shareholders_in_the_united_states"><FONT SIZE=2>iii</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#bf45312_notice_to_holders_of_underworl__not02657"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>NOTICE TO HOLDERS OF UNDERWORLD OPTIONS AND UNDERWORLD WARRANTS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bf45312_notice_to_holders_of_underworl__not02657"><FONT SIZE=2>iv</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#bf45312_statements_regarding_forward-looking_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>STATEMENTS REGARDING FORWARD-LOOKING INFORMATION</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bf45312_statements_regarding_forward-looking_information"><FONT SIZE=2>v</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#bf45312_information_concerning_underworld"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INFORMATION CONCERNING UNDERWORLD</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bf45312_information_concerning_underworld"><FONT SIZE=2>vi</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#bf45312_reporting_currencies_and_accounting_principles"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>REPORTING CURRENCIES AND ACCOUNTING PRINCIPLES</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bf45312_reporting_currencies_and_accounting_principles"><FONT SIZE=2>vii</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#bf45312_currency_exchange_rate_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CURRENCY EXCHANGE RATE INFORMATION</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bf45312_currency_exchange_rate_information"><FONT SIZE=2>vii</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#ca45312_questions_and_answers_about_the_offer"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>QUESTIONS AND ANSWERS ABOUT THE OFFER</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca45312_questions_and_answers_about_the_offer"><FONT SIZE=2>1</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#cc45312_glossary"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GLOSSARY</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cc45312_glossary"><FONT SIZE=2>7</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#ce45312_summary_of_the_offer"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SUMMARY OF THE OFFER</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ce45312_summary_of_the_offer"><FONT SIZE=2>13</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#cg45312_offer_to_purchase"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>OFFER TO PURCHASE</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cg45312_offer_to_purchase"><FONT SIZE=2>18</FONT></A></TD>
</TR>
<TR 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> </FONT><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 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> </FONT><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>18</FONT></TD>
</TR>
<TR 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> </FONT><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>20</FONT></TD>
</TR>
<TR 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> </FONT><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 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> </FONT><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 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> </FONT><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>25</FONT></TD>
</TR>
<TR 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> </FONT><FONT SIZE=2>&nbsp;&nbsp;7. Changes in Capitalization of Underworld; 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 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> </FONT><FONT SIZE=2>&nbsp;&nbsp;8. Right to Withdraw 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>27</FONT></TD>
</TR>
<TR 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> </FONT><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 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> </FONT><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 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> </FONT><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>28</FONT></TD>
</TR>
<TR 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> </FONT><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 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> </FONT><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 VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><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 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> </FONT><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 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> </FONT><FONT SIZE=2>&nbsp;&nbsp;2. Underworld</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 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> </FONT><FONT SIZE=2>&nbsp;&nbsp;3. Recommendation of the Board of Directors of Underworld</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 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> </FONT><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>39</FONT></TD>
</TR>
<TR 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> </FONT><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>48</FONT></TD>
</TR>
<TR 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> </FONT><FONT SIZE=2>&nbsp;&nbsp;6. Purpose of the Offer and Kinross' Plans for Underworld</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>
</TR>
<TR 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> </FONT><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>50</FONT></TD>
</TR>
<TR 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> </FONT><FONT SIZE=2>&nbsp;&nbsp;8. Acquisition of Underworld 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>51</FONT></TD>
</TR>
<TR 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> </FONT><FONT SIZE=2>&nbsp;&nbsp;9. Ownership of and Trading in Securities of Underworld 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>54</FONT></TD>
</TR>
<TR 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> </FONT><FONT SIZE=2>10. Commitments to Acquire Securities of Underworld</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>55</FONT></TD>
</TR>
<TR 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> </FONT><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>55</FONT></TD>
</TR>
<TR 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> </FONT><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>55</FONT></TD>
</TR>
<TR 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> </FONT><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>55</FONT></TD>
</TR>
<TR 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> </FONT><FONT SIZE=2>14. Source of Funds</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>55</FONT></TD>
</TR>
<TR 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> </FONT><FONT SIZE=2>15. Effect of the Offer on the Market for and Listing of Underworld Shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56</FONT></TD>
</TR>
<TR 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> </FONT><FONT SIZE=2>16. 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>56</FONT></TD>
</TR>
<TR 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> </FONT><FONT SIZE=2>17. Certain 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>57</FONT></TD>
</TR>
<TR 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> </FONT><FONT SIZE=2>18. Depositary and 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>70</FONT></TD>
</TR>
<TR 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> </FONT><FONT SIZE=2>19. 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>70</FONT></TD>
</TR>
<TR 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> </FONT><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>71</FONT></TD>
</TR>
<TR 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> </FONT><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>71</FONT></TD>
</TR>
<TR 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> </FONT><FONT SIZE=2>22. 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>71</FONT></TD>
</TR>
<TR 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> </FONT><FONT SIZE=2>23. 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>71</FONT></TD>
</TR>
<TR 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> </FONT><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>71</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#di45312_experts"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXPERTS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#di45312_experts"><FONT SIZE=2>72</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#di45312_documents_filed_as_par__di402222"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#di45312_documents_filed_as_par__di402222"><FONT SIZE=2>72</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#ea45312_consent_of_osler,_hoskin___harcourt_llp"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CONSENT OF OSLER, HOSKIN&nbsp;&amp; HARCOURT&nbsp;LLP</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea45312_consent_of_osler,_hoskin___harcourt_llp"><FONT SIZE=2>C-1</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#ea45312_auditors__consent"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AUDITORS' CONSENT</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea45312_auditors__consent"><FONT SIZE=2>C-2</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#jc45312_certificate"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CERTIFICATE</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#jc45312_certificate"><FONT SIZE=2>C-3</FONT></A></TD>
</TR>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>viii</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca45312_questions_and_answers_about_the_offer"> </A>
<A NAME="toc_ca45312_1"> </A>
<BR></FONT><FONT SIZE=2><B>  QUESTIONS AND ANSWERS ABOUT THE OFFER    <BR>    </B></FONT></P>

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

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering to purchase all of the issued and outstanding Underworld 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;"><FONT SIZE=2><B> What would I receive in exchange for each of my Underworld Shares?  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For each Underworld Share held by you, we are offering 0.141 of a Kinross Share plus Cdn.$0.01. See Section&nbsp;1 of the Offer to
Purchase, "The&nbsp;Offer". </FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is subject to several conditions, including at the Expiry Time, there being validly deposited under the Offer and not
withdrawn, such number of Underworld Shares which, together with Underworld Shares and Underworld Warrants directly or indirectly owned by Kinross, constitutes at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the
outstanding Underworld Shares (calculated on a fully-diluted basis), and the Support Agreement shall not have been terminated by us or Underworld in accordance with its terms. 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;"><FONT SIZE=2><B> Why is Kinross buying Underworld?  </B></FONT></P>

<P style="font-family:times;"><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, Underworld. If we complete
the Offer but do not then own 100% of the Underworld Shares, we currently intend to acquire any Underworld Shares not deposited under 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 Underworld Shares Not&nbsp;Deposited". </FONT></P>


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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering to purchase all of the issued and outstanding Underworld Shares. This includes Underworld Shares that may become issued
and outstanding after the date of this Offer, but prior to the Expiry Time, upon the conversion, exercise or exchange of any securities of Underworld that are convertible into or exchangeable or
exercisable for Underworld 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>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect to issue approximately 6.3&nbsp;million Kinross Shares, based on the number of Underworld Shares outstanding as at
March&nbsp;15, 2010 (as&nbsp;represented to Kinross by Underworld in the Support Agreement) and assuming that: (i)&nbsp;all of the Underworld Shares outstanding as at March&nbsp;15, 2010 are
acquired upon completion of the Offer and any Compulsory Acquisition or Subsequent Acquisition Transaction, (ii)&nbsp;all of the holders of Underworld Warrants exercise their Underworld Warrants for
Underworld Shares, and (iii)&nbsp;all holders of Underworld Options elect to receive Replacement Options based on the Option Exchange Ratio rather than exercise their Underworld Options in advance
of the successful completion of the Offer. See Section&nbsp;1 of the Offer to Purchase, "The Offer", and Section&nbsp;6 of the Circular, "Purpose of the Offer and Kinross' Plans for
Underworld&nbsp;&#151;&nbsp;Treatment of Underworld Options and Underworld Warrants". </FONT></P>

<P style="font-family:times;"><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;Underworld?  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. As noted above, Kinross expects to issue approximately 6.3&nbsp;million Kinross Shares in connection with the Offer, which would
result in there being a total of approximately 703.0 million Kinross Shares outstanding (based on the number of Kinross Shares outstanding as at March&nbsp;17, 2010), with Shareholders holding in
the aggregate approximately 0.9% of the Kinross Shares (assuming all of the issued and outstanding Underworld Shares are acquired by Kinross under the Offer, including Underworld Shares issuable on
exercise of Underworld Warrants). 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 Underworld. 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;"><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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is open for acceptance until 5:00&nbsp;p.m. (Vancouver time) on April&nbsp;26, 2010, 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;"><FONT SIZE=2><B> Can the Expiry Time for the Offer be extended?  </B></FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of Underworld, upon consultation with its financial and legal advisors and on receipt of a recommendation of a
special committee of Underworld directors, has unanimously determined that the Offer is fair from a financial point of view to the Shareholders (other than Kinross) and is in the best interests of
Underworld and the Shareholders (other than Kinross) and, accordingly, has unanimously recommended that Shareholders (other than Kinross) accept the Offer and deposit their Underworld Shares under the
Offer. See Section&nbsp;3 of the Circular, "Recommendation of the Board of Directors of&nbsp;Underworld". </FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold Underworld Shares in your own name, you may accept the Offer by depositing a completed and executed Letter of Transmittal
or a manually signed facsimile thereof, together with the certificates representing your Underworld Shares and all other required documents, at the offices of the Depositary specified in the Letter of
Transmittal at or before the Expiry Time. Shareholders whose certificates for Underworld Shares are not immediately available may use the procedures for guaranteed delivery set forth in the Notice of
Guaranteed Delivery. Alternatively, you may: (i)&nbsp;accept the Offer by following the procedures for book-entry transfer of </FONT></P>

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

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<P style="font-family:times;"><FONT SIZE=2>Underworld
Shares described in Section&nbsp;5 of the Offer to Purchase, "Manner of Acceptance&nbsp;&#151;&nbsp;Acceptance by Book-Entry Transfer"; or
(ii)&nbsp;accept the Offer where your certificates representing the Underworld 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 or a manually signed facsimile thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
your Underworld Shares are held through an intermediary or other nominee, such as a broker, investment dealer, bank, trust company or other nominee, you should consult such party for
assistance in depositing your Underworld Shares. You will not be required to pay any fee or commission if you accept the Offer by depositing your Underworld Shares directly with the Depositary or if
you make use of the services of the Dealer Managers or a member of the Soliciting Dealer Group to accept the Offer. Shareholders are invited to contact the Information Agent for further information
regarding how to accept the&nbsp;Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> What if I have lost the certificate(s) for my Underworld Shares but want to tender them to the&nbsp;Offer?  </B></FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingsdale Shareholder 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 Underworld Shares purchased by us under the terms of the Offer. The Depositary will also facilitate book-entry transfers of Underworld Shares. See
Section&nbsp;18 of the Circular, "Depositary and Information Agent". </FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. You may withdraw Underworld Shares previously tendered by you at any time (i)&nbsp;before Underworld Shares deposited under the
Offer are taken up by us under the Offer, (ii)&nbsp;if your Underworld 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 Shares". </FONT></P>


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

<P style="font-family:times;"><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 Shares", and the notice must contain specific information outlined therein. </FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are the registered owner of your Underworld Shares and you tender your Underworld 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 Underworld Shares through a broker
or other nominee who is not a member of the Soliciting Dealer Group, and your broker tenders the Underworld 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;19 of the Circular, "Dealer Managers and Soliciting Dealer&nbsp;Group". </FONT></P>

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

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

<P style="font-family:times;"><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
Underworld Shares that were deposited and not withdrawn will be returned to you with no&nbsp;payment. </FONT></P>

<P style="font-family:times;"><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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A beneficial holder of Underworld Shares who is resident in Canada, who holds Underworld 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;17 of the
Circular, "Certain Tax Considerations&nbsp;&#151;&nbsp;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 and the Canadian currency received, net of any reasonable costs of disposition, exceeds
(or&nbsp;is less than) the aggregate adjusted cost base to the holder of such Underworld Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Eligible Holder who disposes of Underworld Shares may, depending upon the circumstances, obtain a full or partial tax deferral in respect of a disposition of Underworld 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). 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 has agreed 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;"><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 Underworld 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
should review the more detailed information under Section&nbsp;17 of the Circular, "Certain Tax Considerations&nbsp;&#151;&nbsp;Certain Canadian
Federal Income Tax Considerations", and consult with their own tax advisors regarding their particular circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> How will U.S.&nbsp;Holders be taxed for United&nbsp;States federal income tax purposes?  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S.&nbsp;Holder who receives Kinross Shares and Canadian currency in exchange for its Underworld Shares pursuant to the Offer
should recognize a gain or loss equal to the difference between (i)&nbsp;the sum of the fair market value of the Kinross Shares received and the U.S.&nbsp;dollar value of Canadian currency
received, and (ii)&nbsp;such holder's adjusted tax basis in its Underworld Shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld
has indicated to Kinross that it believes that it likely has been a PFIC in prior taxable years, and likely will be a PFIC for its current taxable year. If Underworld is a
PFIC for one or more years during which a U.S.&nbsp;Holder has held Underworld Shares, under the PFIC rules: (i)&nbsp;any gain on the disposition of Underworld Shares pursuant to the Offer will be
allocated rateably over such holder's holding period for the Underworld Shares; (ii)&nbsp;the amount allocated to the current taxable year and any year prior to the first year in which Underworld
was classified as a PFIC will be taxed as ordinary income in the current year; (iii)&nbsp;the amount allocated to each of the other taxable years will be subject to tax at the highest rate of tax in
effect for the applicable class of taxpayer for that year; and (iv)&nbsp;an interest charge for a deemed deferral benefit will be imposed with respect to the resulting tax attributable to each of
the other taxable years described in clause&nbsp;(iii) above, which interest charge is not deductible by non-corporate U.S.&nbsp;Holders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.&nbsp;Holders
should review the more detailed information under Section&nbsp;17 of the Circular, "Certain Tax Considerations&nbsp;&#151;&nbsp;Certain
United&nbsp;States Federal Income Tax Considerations", and consult with their own tax advisors regarding their particular circumstances. </FONT></P>

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

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will be able to trade the Kinross Shares 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 or in Canada. 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&nbsp;Offer. </FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. Kinross Shares will be issued to Shareholders who validly tender their Underworld Shares, so you should consider our financial
condition before you decide to tender your Underworld 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;"><FONT SIZE=2><B> If I decide not to tender, how will my Underworld Shares be affected?  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we take up and pay for the Underworld 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 Underworld Shares not tendered. It is our current intention that the consideration to be offered for Underworld
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 Underworld Shares
Not&nbsp;Deposited". </FONT></P>

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

<P style="font-family:times;"><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 Underworld Shares who
do not tender their Underworld Shares to the Offer may have rights of dissent in the event we elect to acquire such Underworld Shares by way of a Compulsory Acquisition or Subsequent Acquisition
Transaction. See Section&nbsp;8 of the Circular, "Acquisition of Underworld Shares Not&nbsp;Deposited". </FONT></P>

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

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

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;10, 2010, 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 Underworld Shares listed on the TSX-V was Cdn.$1.93. The volume-weighted average price of the Underworld Shares on the TSX-V for the 20&nbsp;trading days
ended March&nbsp;10, 2010 was Cdn.$1.81. Based on the closing price of the Kinross Shares on the TSX on March&nbsp;10, 2010, the Offer represented a premium of approximately 36.0% over the closing
price of the Underworld Shares on the TSX-V on the same date. The Offer represented a premium of approximately 50.2% based on the volume-weighted average prices of the Underworld Shares
and the Kinross Shares on the TSX-V and the TSX, respectively, for the 20&nbsp;trading days ended March&nbsp;10,&nbsp;2010. </FONT></P>

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

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

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

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<P style="font-family:times;"><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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You can call the Depositary and 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: 1-866-581-1513</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>6</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  GLOSSARY    <BR>    </B></FONT></P>

<P style="font-family:times;"><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;"><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></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>allowable capital loss</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;17 of the Circular, "Certain Tax
Considerations&nbsp;&#151;&nbsp;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;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>affiliate</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the OBCA. </FONT></P>

<P style="font-family:times;"><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;"><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;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>associate</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the OBCA. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>BCBCA</B></FONT><FONT SIZE=2>" means the </FONT><FONT SIZE=2><I>Business Corporations Act</I></FONT><FONT SIZE=2> (British Columbia), as amended. </FONT></P>


<P style="font-family:times;"><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 Underworld Shares into the Depositary's
account at&nbsp;CDS. </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 or
Vancouver,&nbsp;B.C. </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>CDS</B></FONT><FONT SIZE=2>" means the CDS Clearing and Depository Services&nbsp;Inc. </FONT></P>

<P style="font-family:times;"><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;"><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;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Code</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;17 of the Circular, "Certain Tax Considerations&nbsp;&#151;&nbsp;Certain
United&nbsp;States Federal Income Tax Considerations". </FONT></P>

<P style="font-family:times;"><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 Underworld Shares Not
Deposited&nbsp;&#151;&nbsp;Compelled Acquisition". </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 given to it in Section&nbsp;8 of the Circular, "Acquisition of Underworld Shares Not
Deposited&nbsp;&#151;&nbsp;Compulsory Acquisition". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Corporate Reorganization</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 Underworld". </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Contemplated Transaction</B></FONT><FONT SIZE=2>" means the Offer, the take-up of the Underworld 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;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Court</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;8 of the Circular, "Acquisition of Underworld Shares Not
Deposited&nbsp;&#151;&nbsp;Compulsory Acquisition". </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>CRA</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;17 of the Circular, "Certain Tax Considerations&nbsp;&#151;&nbsp;Certain
Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;General". </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>
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<A NAME="page_cc45312_1_8"> </A>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Dealer Managers</B></FONT><FONT SIZE=2>" means RBC&nbsp;Dominion Securities&nbsp;Inc. in Canada and RBC Capital Markets Corporation 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;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Depositary</B></FONT><FONT SIZE=2>" means Kingsdale Shareholder Services&nbsp;Inc. </FONT></P>

<P style="font-family:times;"><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;"><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 Underworld Shares Not
Deposited&nbsp;&#151;&nbsp;Compulsory Acquisition". </FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Elected Amount</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;17 of the Circular, "Certain Tax
Considerations&nbsp;&#151;&nbsp;Certain Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;Holders Resident in
Canada&nbsp;&#151;&nbsp;Resident Holders Who Accept the&nbsp;Offer". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Eligible Holder</B></FONT><FONT SIZE=2>" means a beneficial holder of Underworld 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>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 Industry Regulatory Organization of Canada, members of the Financial
Industry Regulatory Authority or banks or trust companies in the United&nbsp;States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Expiry Date</B></FONT><FONT SIZE=2>" means April&nbsp;26, 2010, or any subsequent date set out in any notice of Kinross extending the period during which the Underworld
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 5:00&nbsp;p.m. (Vancouver 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;"><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;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>fully-diluted basis</B></FONT><FONT SIZE=2>" means, with respect to the number of outstanding Underworld Shares at any time, the number of Underworld Shares that would be
outstanding if all rights to acquire Underworld Shares were exercised, including for greater certainty, all Underworld Shares issuable upon the exercise of Underworld Options and Underworld Warrants,
whether vested or unvested, but excluding Underworld Shares issuable on exercise of the Underworld Options held by the Locked-Up Shareholders. </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 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 TSX-V; or (f)&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>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;17 of the Circular, "Certain Tax
Considerations&nbsp;&#151;&nbsp;Certain Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;General". </FONT></P>

<P style="font-family:times;"><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;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Information Agent</B></FONT><FONT SIZE=2>" means Kingsdale Shareholder Services&nbsp;Inc. </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>
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<A NAME="page_cc45312_1_9"> </A>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>IRS</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;17 of the Circular, "Certain Tax Considerations&nbsp;&#151;&nbsp;Certain
United&nbsp;States Federal Income Tax Considerations". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross</B></FONT><FONT SIZE=2>" means Kinross Gold Corporation, a corporation existing under the OBCA and, where the context requires, its subsidiaries. </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, capitalization or
financial condition (including cash resources) or prospects of Kinross and its subsidiaries taken as a whole, other than changes, effects, events, occurrences or states of facts relating solely to
(a)&nbsp;any change, effect, event, occurrence or state of facts relating to the North American economy or securities 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 or
(e)&nbsp;any change in the market price or trading volume of the Kinross Shares 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)&nbsp;or&nbsp;(d) hereof; provided, however, that
such change, effect, event, occurrence or state of facts referred to in clause&nbsp;(a), (b), (c)&nbsp;or&nbsp;(d) 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. </FONT></P>

<P style="font-family:times;"><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;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Kinross Share Reference Price</B></FONT><FONT SIZE=2>" means 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&nbsp;Date. </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 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>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;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Lock-Up Agreements</B></FONT><FONT SIZE=2>" means the lock-up agreements dated March&nbsp;15, 2010 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 style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Locked-Up Shareholders</B></FONT><FONT SIZE=2>" means the directors and senior management of the Company, being Darryl Cardey, Janice Davies, Marcel H. de Groot,
Adrian Fleming, Christopher Herald, Robert McLeod, Cale Moodie, Jeffrey Sundar and Michael Williams, who together hold 3,586,300&nbsp;Underworld common shares and 2,775,000&nbsp;Underworld
Options;. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>MI 61-101</B></FONT><FONT SIZE=2>" means Multilateral
Instrument&nbsp;61-101&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Protection of Minority Security Holders in Special Transactions</I></FONT><FONT SIZE=2>. </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 will have been validly deposited under the Offer and not withdrawn at the Expiry Time that number of
Underworld Shares which, together with any Underworld Shares and Underworld Warrants directly or indirectly owned by Kinross, constitutes at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the Underworld Shares
outstanding (calculated on a fully-diluted basis) at the Expiry&nbsp;Time. </FONT></P>

<P style="font-family:times;"><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 Projects</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Non-Resident Holder</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>Non-Resident Holders</B></FONT><FONT SIZE=2>" has the meaning given to it in
Section&nbsp;17 of the Circular, "Certain Tax Considerations&nbsp;&#151;&nbsp;Certain Canadian Federal Income Tax
Considerations&nbsp;&#151;&nbsp;Holders Not Resident in&nbsp;Canada". </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>
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<A NAME="page_cc45312_1_10"> </A>

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

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offered Consideration</B></FONT><FONT SIZE=2>" means 0.141 of a Kinross Share plus Cdn.$0.01 for each Underworld Share. </FONT></P>

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

<P style="font-family:times;"><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 Underworld Shares Not
Deposited&nbsp;&#151;&nbsp;Compulsory Acquisition". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Option Exchange Ratio</B></FONT><FONT SIZE=2>" means 0.141. </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>PFIC</B></FONT><FONT SIZE=2>" means a "passive foreign investment company" within the meaning of Section&nbsp;1297 of the&nbsp;Code. </FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Proposed Amendments</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;17 of the Circular, "Certain Tax
Considerations&nbsp;&#151;&nbsp;Certain Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;General". </FONT></P>

<P style="font-family:times;"><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 style="font-family:times;"><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
Underworld&nbsp;&#151;&nbsp;Treatment of Underworld Options and Underworld&nbsp;Warrants". </FONT></P>

<P style="font-family:times;"><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;17 of the
Circular, "Certain Tax Considerations&nbsp;&#151;&nbsp;Certain Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;Holders Resident
in&nbsp;Canada". </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>Shareholder</B></FONT><FONT SIZE=2>" means a holder of Underworld Shares. </FONT></P>

<P style="font-family:times;"><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;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Soliciting Dealer</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;19 of the Circular, "Dealer Managers and Soliciting Dealer&nbsp;Group". </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 given to it in Section&nbsp;8 of the Circular, "Acquisition of Underworld Shares Not
Deposited&nbsp;&#151;&nbsp;Subsequent Acquisition Transaction". </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 50% or more 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_cc45312_1_11"> </A>

<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 Underworld 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 Underworld Shares and offering or making available the same consideration in form and amount per Underworld
Share to be purchased or otherwise acquired; (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; (v)&nbsp;that did not result from a breach of the Support Agreement by Underworld 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 the Support Agreement). </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 March&nbsp;15, 2010 between Kinross and Underworld, providing, among other things, for the
making of the Offer and the agreement of Underworld to support the&nbsp;Offer. </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 Underworld 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) and the regulations thereunder,
as&nbsp;amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Tax Election</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;17 of the Circular, "Certain Tax
Considerations&nbsp;&#151;&nbsp;Certain Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;Holders Resident in
Canada&nbsp;&#151;&nbsp;Resident Holders who Accept the&nbsp;Offer". </FONT></P>

<P style="font-family:times;"><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;17 of the Circular, "Certain Tax
Considerations&nbsp;&#151;&nbsp;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;"><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;"><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, TSX-V or NYSE, as&nbsp;applicable. </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>TSX-V</B></FONT><FONT SIZE=2>" means the TSX Venture Exchange. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Exchange Act</B></FONT><FONT SIZE=2>" means the U.S.&nbsp;Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. </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>U.S.&nbsp;Holder</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;17 of the Circular, "Certain Tax
Considerations&nbsp;&#151;&nbsp;Certain United&nbsp;States Federal Income Tax Considerations". </FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Underworld 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, capitalization or financial condition (including cash resources) or prospects of Underworld and its subsidiaries taken as a whole; or (y)&nbsp;the continued ownership, development and
operation of the Yukon </FONT></P>

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

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<P style="font-family:times;"><FONT SIZE=2>Properties,
in either case, other than changes, effects, events, occurrences or states of facts relating solely to (a)&nbsp;any change, effect, event, occurrence or state of facts relating to the
North American economy or securities 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, or (e)&nbsp;any change in the market price or trading volume of the Underworld Shares
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
Underworld Material Adverse Effect under clauses&nbsp;(a), (b), (c)&nbsp;or&nbsp;(d) hereof; provided, however, that such change, effect, event, occurrence or state of facts referred to in
clause&nbsp;(a), (b), (c)&nbsp;or&nbsp;(d) above does not primarily relate only to (or&nbsp;have the effect of primarily relating only to) Underworld and its subsidiaries, taken as a whole, or
disproportionately adversely affect Underworld and its subsidiaries, taken as a whole, compared to other companies of similar size operating in the industry in which Underworld and its subsidiaries
operate. </FONT></P>

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

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

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Underworld Stock Option Plan</B></FONT><FONT SIZE=2>" means the stock option plan of Underworld dated December&nbsp;15, 2006, as reapproved by the Shareholders on
March&nbsp;17,&nbsp;2009. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Underworld Warrants</B></FONT><FONT SIZE=2>" means each of the common share purchase warrants issued by Underworld, including in particular: (a)&nbsp;the warrants issued on
October&nbsp;16, 2008 with an exercise price of $0.55 per share and an expiry date of October&nbsp;30, 2010; (b)&nbsp;the warrants issued November&nbsp;5, 2008 with an exercise price of $0.55
per share and an expiry date of November&nbsp;5, 2010; (c)&nbsp;the warrants issued February&nbsp;27, 2009 with an exercise price of $0.40 per share and an expiry date of February&nbsp;27,
2011; (d)&nbsp;the warrants issued June&nbsp;19, 2009 with an exercise price of $1.50 per share and an expiry date of June&nbsp;19, 2010; (e)&nbsp;the warrants issued June&nbsp;19, 2009 with
an exercise price of $1.60 per share and an expiry date of June&nbsp;19, 2010; and (f)&nbsp;the warrants issued June&nbsp;19, 2009 with an exercise price of $1.65 and an expiry date of
June&nbsp;19,&nbsp;2010. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Yukon Properties</B></FONT><FONT SIZE=2>" means all of Underworld's properties located in the Yukon Territory together with (a)&nbsp;all privileges, rights, easements and
appurtenances both at law and equity belonging to or for the benefit of such properties, including means of access between such properties and a public way and (b)&nbsp;all rights associated with
the ownership, development or operation of such properties, including mineral interests and rights (including any claims, concessions, exploration licences, exploitation licences, prospecting permits,
mining leases and mining&nbsp;rights). </FONT></P>

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

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ce45312_summary_of_the_offer"> </A>
<A NAME="toc_ce45312_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SUMMARY OF THE OFFER    <BR>    </B></FONT></P>

<P style="font-family:times;"><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 and the
Kinross Shares 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;"><FONT SIZE=2><B> The Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offeror is offering, upon the terms and subject to the conditions of the Offer, to purchase all of the issued and outstanding
Underworld Shares, other than any Underworld Shares owned directly or indirectly by the Offeror, and including any Underworld 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 Underworld that are convertible into or exchangeable or exercisable for Underworld Shares, on the basis of
0.141 of a Kinross Share plus&nbsp;Cdn.$0.01. </FONT></P>

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

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

<P style="font-family:times;"><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. The 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;"><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;"><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;"><FONT SIZE=2><B> Underworld  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld is a mineral exploration company governed by the BCBCA and is engaged in the acquisition, exploration and development of
mineral properties. Underworld currently directly or indirectly holds or has the right to acquire interests in a number of mineral properties in the Yukon Territory. In particular, Underworld is
focusing substantially all of its resources on the Yukon Properties. </FONT></P>

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


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld
is a reporting issuer or the equivalent thereof in the provinces of British Columbia, Alberta, Ontario and the Northwest Territories 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Section&nbsp;2 of the Circular, "Underworld". </FONT></P>

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

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

<P style="font-family:times;"><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 Underworld Shares. </FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross believes that the successful completion of the Offer and subsequent acquisition of Underworld will add an attractive,
early-stage exploration project to Kinross' balanced portfolio of quality assets. For Shareholders, the Offer represents a substantial premium to the pre-announcement trading price of the
Underworld Shares. Based on the closing price of the Kinross Shares on the TSX on March&nbsp;10, 2010, the Offer represented a premium of approximately 36.0% over the closing price of the Underworld
Shares on the TSX-V on the same date. The Offer represented a premium of approximately 50.2% based on the volume-weighted average prices of the Underworld Shares and the Kinross Shares on
the TSX-V and the TSX, respectively, for the 20&nbsp;trading days ended March&nbsp;10,&nbsp;2010. </FONT></P>

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

<P style="font-family:times;"><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 Underworld 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 condition that there being validly deposited under the Offer and not withdrawn at the Expiry Time, such number of Underworld Shares which, together
with Underworld Shares and Underworld Warrants directly or indirectly owned by Kinross, constitutes at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding Underworld Shares (calculated on a fully-diluted
basis),
and the Support Agreement shall not have been terminated by Kinross or Underworld in accordance with its&nbsp;terms. </FONT></P>


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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is open for acceptance until 5:00&nbsp;p.m. (Vancouver time) on April&nbsp;26, 2010 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 style="font-family:times;"><FONT SIZE=2><B> Manner of Acceptance  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders who wish to accept the Offer and deposit their Underworld 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 Underworld Shares and all other required
documents, at 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 Underworld Shares; or (2)&nbsp;accept
the Offer where the certificates representing the Underworld 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, using the accompanying Notice of Guaranteed Delivery (printed on green paper) or a manually signed facsimile thereof. Shareholders
whose Underworld 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 Underworld
Shares. Shareholders will not be required to pay any fee or commission if they accept the Offer by depositing their Underworld 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 Offer. See Section&nbsp;5 of the Offer to Purchase, "Manner of&nbsp;Acceptance". </FONT></P>

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

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

<P style="font-family:times;"><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 Underworld Shares validly deposited under the Offer and
not withdrawn not later than ten calendar days after the Expiry Time and will pay for the Underworld Shares taken up as soon as possible, but not later than three business days after
taking-up the Underworld Shares. Any Underworld Shares deposited under the Offer after the first date on which Underworld Shares have been taken up by Kinross will be taken up and paid for
not later than ten 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;"><FONT SIZE=2><B> Right to Withdraw Deposited Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld Shares deposited under the Offer may be withdrawn by or on behalf of the depositing Shareholder at any time before the
Underworld 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 Shares". </FONT></P>

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

<P style="font-family:times;"><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 Underworld Shares validly deposited under the
Offer, Kinross intends to take such action as is necessary, including effecting a Compulsory Acquisition of those Underworld 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 Underworld and Kinross, or an
affiliate of Kinross, for the purpose of enabling Kinross or an affiliate of Kinross to acquire all Underworld Shares not acquired pursuant to the Offer. Kinross intends that the value of the
consideration offered per Underworld 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 shall be deemed to be at least equal in value to each
Kinross Share offered under the Offer). See Section&nbsp;8 of the Circular, "Acquisition of Underworld Shares Not&nbsp;Deposited". </FONT></P>


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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;15, 2010, Kinross and Underworld 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, Underworld agreed to a non-solicitation covenant and to support the
Offer, among other things. See Section&nbsp;4 of the Circular, "Background to the Offer&nbsp;&#151;&nbsp;Support Agreement". </FONT></P>

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

<P style="font-family:times;"><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 Underworld Shares collectively owned by them, including any Underworld Shares issued on exercise of Underworld Options prior
to the Expiry Time. See Section&nbsp;4 of the Circular, "Background to the Offer&nbsp;&#151;&nbsp;Lock-Up Agreements". </FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld has confirmed in the Support Agreement that the board of directors of Underworld, upon consultation with its financial and
legal advisors and on receipt of a recommendation of a special committee of Underworld directors, has unanimously determined that the Offer is fair from a financial point of view to Shareholders
(other than Kinross) and is in the best interests of Underworld and the Shareholders (other than Kinross) and, accordingly, has unanimously recommended that Shareholders (other than Kinross) accept
the Offer and deposit their Underworld Shares under the Offer. See Section&nbsp;3 of the Circular, "Recommendation of the Board of Directors of&nbsp;Underworld". </FONT></P>

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

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A beneficial holder of Underworld Shares who is resident in Canada, who holds Underworld 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;17
of the Circular, "Certain Tax Considerations&nbsp;&#151;&nbsp;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 and the Canadian currency received, net of any reasonable costs of disposition, exceeds
(or&nbsp;is less than) the aggregate adjusted cost base to the holder of such Underworld Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Eligible Holder who disposes of Underworld Shares may, depending upon the circumstances, obtain a full or partial tax deferral in respect of a disposition of Underworld 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;"><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 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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). </FONT></P>

<P style="font-family:times;"><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 Underworld 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
should review the more detailed information under Section&nbsp;17 of the Circular, "Certain Tax Considerations&nbsp;&#151;&nbsp;Certain Canadian
Federal Income Tax Considerations", and consult with their own tax advisors regarding their particular circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Certain United&nbsp;States Federal Income Tax Considerations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S.&nbsp;Holder who receives Kinross Shares and Canadian currency in exchange for its Underworld Shares pursuant to the Offer
should recognize a gain or loss equal to the difference between (i)&nbsp;the sum of the fair market value of the Kinross Shares received and the U.S.&nbsp;dollar value of Canadian currency
received, and (ii)&nbsp;such holder's adjusted tax basis in its Underworld Shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld
has indicated to Kinross that it believes that it likely has been a PFIC in prior taxable years, and likely will be a PFIC for its current taxable year. If Underworld is a
PFIC for one or more years during which a U.S.&nbsp;Holder has held Underworld Shares, under the PFIC rules: (i)&nbsp;any gain on the disposition of Underworld Shares pursuant to the Offer will be
allocated rateably over such holder's holding period for the Underworld Shares; (ii)&nbsp;the amount allocated to the current taxable year and any year prior to the first year in which Underworld
was classified as a PFIC will be taxed as ordinary income in the current year; (iii)&nbsp;the amount allocated to each of the other taxable years will be subject to tax at the highest rate of tax in
effect for the applicable class of taxpayer for that year; and (iv)&nbsp;an interest charge for a deemed deferral benefit will be imposed with respect to the resulting tax attributable to each of
the other taxable years described in clause&nbsp;(iii) above, which interest charge is not deductible by non-corporate U.S.&nbsp;Holders. </FONT></P>

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

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.&nbsp;Holders
should review the more detailed information under Section&nbsp;17 of the Circular, "Certain Tax Considerations&nbsp;&#151;&nbsp;Certain
United&nbsp;States Federal Income Tax Considerations", and consult with their own tax advisors regarding their particular circumstances. </FONT></P>

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

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross has engaged Kingsdale Shareholder 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 Underworld 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
has also 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 style="font-family:times;"><FONT SIZE=2><B> Dealer Managers and Soliciting Dealer Group  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross has engaged the services of RBC&nbsp;Dominion Securities&nbsp;Inc. as Dealer Manager in Canada and RBC Capital Markets
Corporation as Dealer Manager in the United&nbsp;States to solicit acceptances of the Offer. The Dealer Manager has agreed to form&nbsp;a soliciting dealer group
(the&nbsp;"</FONT><FONT SIZE=2><B>Soliciting Dealer Group</B></FONT><FONT SIZE=2>") comprised of members of the Investment Industry Regulatory Organization of Canada and members of the TSX, the
TSX-V and the Financial Industry Regulatory Authority to solicit acceptances of the Offer. See Section&nbsp;19 of the Circular, "Dealer Managers and Soliciting Dealer&nbsp;Group". </FONT></P>

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

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cg45312_offer_to_purchase"> </A>
<A NAME="toc_cg45312_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>March&nbsp;19, 2010  </B></FONT></P>

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

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

<P style="font-family:times;"><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 Underworld Shares, other than
any Underworld Shares owned directly or indirectly by the Offeror and including any Underworld 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 Underworld that are convertible into or exchangeable or exercisable for Underworld Shares, on the basis of 0.141 of a Kinross Share plus
Cdn.$0.01 in respect of each Underworld Share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offer is made only for Underworld Shares and is not made for any Underworld Options, Underworld Warrants or other rights to acquire Underworld Shares. Any holder of Underworld
Options, Underworld Warrants or other rights to acquire Underworld Shares who wishes to accept the Offer should, to the extent permitted by their terms and applicable law, fully exercise or exchange
the Underworld Options, Underworld Warrants or other rights in order to obtain certificates representing Underworld 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 Underworld Shares available for deposit prior to the
Expiry Time 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;"><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 such number of Underworld Shares which, together with the Underworld Shares and Underworld
Warrants directly or indirectly owned by Kinross, constitutes at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding Underworld Shares (calculated on a fully-diluted basis) and has received all Appropriate
Regulatory Approvals, if any holder of Underworld Options does not exercise such options and deposit the resulting Underworld Shares under the Offer prior to the Expiry Time, such Underworld Options
shall be exchanged for Replacement Options. See Section&nbsp;6 of the Circular, "Purpose of the Offer and Kinross' Plans for Underworld&nbsp;&#151;&nbsp;Treatment of
Underworld Options and Underworld Warrants", and Section&nbsp;8 of the Circular, "Acquisition of Underworld Shares Not&nbsp;Deposited". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fractional
Kinross Shares will not be issued in connection with the Offer. Where on any Take-Up Date the aggregate number of Kinross Shares to be issued to any Shareholder in
exchange for such Shareholder's Underworld 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. All cash payable in lieu of fractional Kinross Shares will be denominated in Canadian dollars. </FONT></P>

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

<P style="font-family:times;"><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 </FONT></P>

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

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<P style="font-family:times;"><FONT SIZE=2>and
paying for, any Underworld 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;"><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 the Offeror of the Underworld
Shares or the right of the Offeror to own or exercise full rights of ownership of the Underworld 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 an Underworld 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 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 Underworld 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 Underworld 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 Underworld 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 Underworld or any of its subsidiaries as a result of the Offer (or&nbsp;any
Compulsory Acquisition or any Subsequent Acquisition Transaction);&nbsp;or
<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 the Offeror making the Offer or taking up and paying for any Underworld 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 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;"><FONT SIZE=2>no
Underworld 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 the Support 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>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 Underworld with any securities commission or similar securities regulatory authority in any of the provinces or
territories of Canada or elsewhere, that constitutes an Underworld Material Adverse&nbsp;Effect; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

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<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
board of directors of Underworld 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 Underworld in the Support Agreement: (A)&nbsp;that are qualified by a reference to an Underworld 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 Underworld 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>Underworld
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 Underworld 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>

<P style="font-family:times;"><FONT SIZE=2>and
the Offeror shall have received, not more than seven hours before the Expiry Time, a certificate of Underworld, 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;"><FONT SIZE=2>the
Support Agreement shall not have been terminated in accordance with its terms;&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>each
of the Lock-Up Agreements shall have been complied with and shall not have been terminated. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><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 such number of Underworld Shares which, together with the Underworld
Shares and Underworld Warrants directly or indirectly owned by Kinross, constitutes at least 50.1% of the outstanding Underworld Shares (calculated on a fully-diluted basis) without the prior written
consent of Underworld. If Kinross waives the Minimum
Tender Condition on a date that is less than ten 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 of such waiver. 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;"><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 Underworld 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 the terms of the Offer. If the Offer is withdrawn, the Offeror will not be obligated to take up or pay for any Underworld Shares deposited under the Offer and the Depositary will
promptly return all Underworld 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;"><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;"><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 Underworld </FONT></P>

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

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>Shares
validly deposited under the Offer and not withdrawn pursuant to Section&nbsp;8 of this Offer to Purchase, "Right to Withdraw Deposited Shares", not later than ten calendar days after the
Expiry Time and will pay for the Underworld Shares taken up as soon as possible, but in any event not later than three business days after taking up the Underworld Shares. Any Underworld Shares
deposited under the Offer after the first date on which Underworld Shares have been taken up by the Offeror will be taken up and paid for not later than ten days after such&nbsp;deposit. </FONT></P>

<P style="font-family:times;"><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 Underworld Shares or to
terminate the Offer and not take up or pay for any Underworld 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 Underworld Shares in order to comply, in whole or in part, with any applicable&nbsp;law. </FONT></P>

<P style="font-family:times;"><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 Underworld 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offeror will pay for Underworld 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 sufficient funds (for&nbsp;fractional Kinross Shares) for transmittal to persons who have deposited Underworld Shares under the Offer. The Depositary will act as
the agent of the persons who have deposited Underworld 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 and cash representing the Offered Consideration by the Depositary will be deemed to constitute receipt of payment by persons depositing
Underworld Shares pursuant to the Offer. Under no circumstances will interest accrue or be paid by the Offeror or the Depositary to persons depositing Underworld Shares on the purchase price of
Underworld Shares purchased by the Offeror, regardless of any delay in making such&nbsp;payment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement
with each Shareholder who has validly deposited and not validly withdrawn Underworld Shares under the Offer will be made by the Depositary forwarding a certificate for the
Kinross Shares to which such Shareholder is entitled and a cheque for an amount in Canadian dollars to which such Shareholder is entitled (in&nbsp;satisfaction of the Cdn.$0.01 per Underworld Share
and 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 Underworld Shares so deposited. Unless the person depositing the Underworld Shares instructs the Depositary to hold the
certificates representing the Kinross Shares and cheques for pick-up by checking the appropriate box in the Letter of Transmittal, the certificates and cheque 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 will be sent to the address of the Shareholder as
shown on the securities register maintained by or on behalf of Underworld. Certificates and cheques 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;"><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, or if certificates are submitted for more Underworld Shares than
are deposited, certificates for unpurchased Underworld Shares will be returned, at the Offeror's expense, to the depositing Shareholder as soon as 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 Underworld Shares will be forwarded to the address of the
registered Shareholder as shown on the securities register maintained by&nbsp;Underworld. </FONT></P>


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

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

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

<P style="font-family:times;"><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 5:00&nbsp;p.m.
(Vancouver time) on April&nbsp;26, 2010. See Section&nbsp;6 of this Offer to Purchase, "Extensions, Variations and Changes to the&nbsp;Offer". </FONT></P>

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

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

<P style="font-family:times;"><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;"><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;"><FONT SIZE=2>the
certificate(s) representing the Underworld 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;"><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;"><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 Underworld Shares under the Offer. CDS will be issuing instructions to its participants as to the
method of depositing such Underworld Shares under the Offer. No fee or commission will be payable by Shareholders who deposit their Underworld 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;"><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;"><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 Underworld Shares may deposit certificates representing Underworld
Shares pursuant to the procedure for guaranteed delivery described below. </FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cash payable under the Offer will be denominated in Canadian dollars. </FONT></P>

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

<P style="font-family:times;"><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;"><FONT SIZE=2>the
Letter of Transmittal is signed by the registered owner of the Underworld Shares exactly as the name of the registered Shareholder appears on the
Underworld Share certificate deposited therewith, and the certificates for Kinross Shares issuable and the cash payable 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;"><FONT SIZE=2>Underworld
Shares are deposited for the account of an Eligible Institution. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><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 Underworld Shares is registered in the name
of a person other than the signatory of a Letter of Transmittal or if the certificates for the Kinross Shares issuable and the cash payable 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The method of delivery of Underworld Shares, the Letter of Transmittal, the Notice of Guaranteed Delivery 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 Underworld 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 Underworld Shares
by the&nbsp;Depositary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>A Shareholder who wishes to deposit Underworld Shares under the Offer and whose Underworld 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 Underworld Shares under the&nbsp;Offer.</B></FONT></P>

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

<P style="font-family:times;"><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 Underworld 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 Underworld 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;"><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;"><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;"><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 Underworld 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. (Vancouver time) on the third trading day on the TSX-V after the
Expiry&nbsp;Date. </FONT></DD></DL>
</UL>

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

<P style="font-family:times;"><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 Underworld Shares into the Depositary's account
in accordance with CDS procedures for such transfer. Delivery of Underworld 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;"><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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>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 the Offer to Purchase and&nbsp;Circular.</B></FONT></P>

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

<P style="font-family:times;"><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 Underworld 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 Underworld Shares determined by it not to be in proper form, or the issue of Kinross Shares and payment of cash 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 such number of Underworld Shares which, together with the Underworld Shares and Underworld Warrants directly or
indirectly owned by Kinross, constitutes at least 50.1% of the outstanding Underworld Shares (calculated on a fully-diluted basis) without the prior written consent of Underworld; or (ii)&nbsp;any
defect or irregularity in any deposit of Underworld Shares. No deposit of Underworld 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;"><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 Underworld Shares or in making payments for in lieu of fractional
Kinross Shares to any person on account of Underworld Shares accepted for exchange pursuant to the&nbsp;Offer. </FONT></P>

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

<P style="font-family:times;"><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 Underworld 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 Underworld Shares covered by the Letter of Transmittal delivered to the Depositary (the&nbsp;"</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;"><FONT SIZE=2><B><I> Power of Attorney  </I></B></FONT></P>

<P style="font-family:times;"><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 Purchased Securities
(to&nbsp;the extent consisting of securities) on the appropriate register maintained by or on behalf of Underworld; (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 </FONT></P>

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

<HR NOSHADE>
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<BR>

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

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

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

<HR NOSHADE>
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<P style="font-family:times;"><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 to
Purchase 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 Underworld. In addition, the Offeror will provide a copy of
such notice to the TSX and 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. 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 Underworld 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
any extension of the Offer, all Underworld 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 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;"><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 period during which Underworld Shares may be deposited under the Offer will
not expire before ten days after the date that the notice of variation has been&nbsp;delivered. </FONT></P>

<P style="font-family:times;"><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 Underworld Shares are
taken up under the&nbsp;Offer. </FONT></P>

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


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, on or after the date of the Offer, Underworld should divide, combine, reclassify, consolidate, convert or otherwise change any of the Underworld 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld
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 Underworld Shares, whether or not separated from the Underworld Shares, but subject
to any Underworld Shares being validly withdrawn by or on behalf of a depositing Shareholder. If, on or after the date of the Offer, Underworld 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 Underworld 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 </FONT></P>

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

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<P style="font-family:times;"><FONT SIZE=2>securities
register maintained by or on behalf of Underworld in respect of Underworld 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;17 of the Circular, "Certain
Tax Considerations&nbsp;&#151;&nbsp;Certain Canadian Federal Income Tax Considerations" and "Certain Tax Considerations&nbsp;&#151;&nbsp;Certain
United&nbsp;States Federal Income Tax Considerations". </FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this Section&nbsp;8, all deposits of Underworld Shares to the Offer will be irrevocable. Unless otherwise required or permitted
by applicable laws, any Underworld 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;"><FONT SIZE=2>at
any time before the Underworld 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;"><FONT SIZE=2>if
the Underworld 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;"><FONT SIZE=2>at
any time before the expiration of ten 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;"><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), 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;"><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 Underworld Shares where the Expiry Time is not extended for more than ten&nbsp;days), </FONT></DD></DL>
</DD></DL>
<UL>

<P style="font-family:times;"><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;"><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
Underworld 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 Underworld Shares to be withdrawn;
(iii)&nbsp;specify the number of Underworld Shares to be withdrawn, the name of the registered Shareholder and the certificate number shown on the share certificate(s) representing each Underworld
Share to be withdrawn; and (iv)&nbsp;must be actually received by the Depositary at the place of deposit for the applicable Underworld 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 Underworld Shares deposited with the Letter of Transmittal or if the Underworld 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
Underworld Shares deposited pursuant to the Offer can only be accomplished in accordance with the foregoing 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternatively,
if Underworld 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 Underworld Shares and otherwise comply with the procedures of&nbsp;CDS. </FONT></P>

<P style="font-family:times;"><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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdrawals
may not be rescinded and any Underworld Shares properly withdrawn will thereafter be deemed not validly deposited for the purposes of the Offer. However, withdrawn Underworld
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;"><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 Underworld Shares or is unable to take up or pay for or
exchange Underworld 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 Underworld 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;"><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Deposited Shares  </B></FONT></P>

<P style="font-family:times;"><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
Underworld Shares than are deposited, certificates for unpurchased Underworld 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 Underworld Shares not purchased or by returning the deposited certificates (and&nbsp;other relevant documents) or (ii)&nbsp;in
the case of Underworld Shares deposited by book-entry transfer of such Underworld 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 Underworld 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 Underworld or its transfer agent, as soon as practicable after the termination of the&nbsp;Offer. </FONT></P>

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

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

<P style="font-family:times;"><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 Underworld in respect of the Underworld Shares </FONT></P>

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

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<P style="font-family:times;"><FONT SIZE=2>and
will be deemed, unless otherwise specified by applicable laws, to have been received on the first business day following the date of mailing. 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>, 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;"><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 Underworld Shares when such list or listing is&nbsp;received. </FONT></P>


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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by law, the Offeror reserves the right to, and may, acquire (or&nbsp;cause an affiliate to acquire) Underworld Shares by making
purchases through the facilities of the TSX-V at any time and from time to time prior to the Expiry Time. In no event will the Offeror make any such purchases of Underworld Shares through
the facilities of the TSX-V before the third business day following the date of the Offer. If the Offeror should acquire Underworld Shares by making purchases through the facilities of the
TSX-V during the duration of the Offer, the Underworld Shares so purchased shall be counted in any determination as to whether the Minimum Tender Condition has been satisfied. The
aggregate number of Underworld Shares acquired by the Offeror through the facilities of the TSX-V during the duration of the Offer shall not exceed 5% of the outstanding Underworld Shares,
as applicable, as of the date of the Offer and the Offeror will issue a press release containing the information prescribed by law after the close of business of the TSX-V on each day on
which such Underworld Shares have been&nbsp;purchased. </FONT></P>

<P style="font-family:times;"><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 Underworld Shares taken up and paid for under the&nbsp;Offer. </FONT></P>


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

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

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<P style="font-family:times;"><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 Underworld Shares to receive payment for
Underworld Shares validly deposited and taken up pursuant to the&nbsp;Offer. </FONT></P>


<P style="font-family:times;"><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;"><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 Underworld 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;"><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 Underworld Shares, and the validity of any withdrawals of Underworld Shares.</B></FONT></P>


<P style="font-family:times;"><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;"><FONT SIZE=2>Dated:
March&nbsp;19, 2010 </FONT></P>

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<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&nbsp;&amp; Chief Executive Officer</I></FONT></TD>
</TR>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

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 </FONT> <FONT SIZE=3><B>CIRCULAR  </B></FONT></P>

<P style="font-family:times;"><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 March&nbsp;19, 2010 by Kinross to purchase,
upon the terms and subject to the conditions described therein, all of the issued and outstanding Underworld Shares, other than Underworld Shares owned directly or indirectly by the Offeror, and
including any Underworld Shares that may become issued and outstanding after the date of the Offer but prior to the Expiry Time, upon the conversion, exchange or exercise of any securities of
Underworld that are convertible into or exchangeable or exercisable for Underworld Shares. 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;"><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross  </B></FONT></P>

<P style="font-family:times;"><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 the Americas, the Russian Federation and worldwide. 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross'
strategy is to increase shareholder value through increases in precious metal reserves, production 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
material properties of Kinross as of December&nbsp;31, 2009 were as follows: </FONT></P>

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<TD WIDTH="12" style="font-family:times;"></TD>
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<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>

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 </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> </FONT><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> </FONT><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> </FONT><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> </FONT><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> </FONT><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>50%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><SUP>(4)</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> </FONT><FONT SIZE=2>Fruta del Norte</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Ecuador</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>
</TABLE></DIV>
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<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><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;"><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;"><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 State Unitary enterprise of the Chukotka
Autonomous Okrug in the Far East Federal District of the Russian Federation.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
remaining 50% interest is held indirectly by Barrick Gold Corporation. On February&nbsp;17, 2010, Kinross announced that it had entered into an
agreement with certain subsidiaries of Barrick Gold Corporation (collectively, "</FONT><FONT SIZE=1><B>Barrick</B></FONT><FONT SIZE=1>") to sell one-half of its 50% interest in the Cerro
Casale project to&nbsp;Barrick. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, as of December&nbsp;31, 2009, Kinross held a 50% interest in the Crixas mine, situated in Brazil, a 100% interest in the Kettle
River mine in Washington, United&nbsp;States, which includes the Kettle River-Buckhorn mine, a 50% interest in the Round Mountain mine in Nevada, United&nbsp;States, a 100% interest in the La
Coipa mine in Chile, a 100% interest in the Lobo-Marte property in Chile 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross'
share of proven and probable mineral reserves as at December&nbsp;31, 2009 was 51.0&nbsp;million ounces of gold, 102.9&nbsp;million ounces of silver and 2.9&nbsp;billion
pounds of copper<SUP>(1)</SUP>. </FONT></P>

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<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Kinross'
copper reserves are all situated at the Cerro Casale project. Pursuant to an agreement dated February&nbsp;17, 2010, Kinross has agreed to sell
one-half of its 50% interest in the Cerro Casale project to Barrick. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=41,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="1",CHK=962238,FOLIO='31',FILE='DISK126:[10ZAP2.10ZAP45312]DA45312A.;20',USER='RMCIVOR',CD='19-MAR-2010;12:50' -->
<A NAME="page_da45312_1_32"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross was initially created in May&nbsp;1993 by the 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
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 from these amalgamations. Kinross is
governed by the OBCA and its registered and principal offices are located at 25&nbsp;York Street, 17<SUP>th</SUP>&nbsp;Floor, Toronto, Ontario, M5J&nbsp;2V5. </FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross is authorized to issue an unlimited number of Kinross Shares. As at March&nbsp;17, 2010, there were
696,759,237&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;"><FONT SIZE=2><I> Dividends  </I></FONT></P>

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

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

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

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<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><B><I> Price Range and Trading Volumes of Kinross Shares  </I></B></FONT></P>

<P style="font-family:times;"><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>

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<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="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="41" style="font-family:times;"></TD>
<TD WIDTH="3" style="font-family:times;"></TD>
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<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.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Volume<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High<BR>
($) </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>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Close<BR>
($) </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>2009</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.84</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</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 ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.91</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>112,252,471</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.41</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.33</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.87</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>32,837,400</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.39</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>104,765,208</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</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 ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.62</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15.45</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>33,964,200</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.91</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>68,642,766</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15.33</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.22</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>24,781,600</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.66</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>66,631,657</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.98</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>18.15</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>27,556,900</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.94</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58,443,690</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.75</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.22</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.64</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>21,014,200</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.91</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.78</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,248,640</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.72</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.96</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.95</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>21,742,400</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25.22</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.21</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.33</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>93,296,675</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.65</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.43</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.70</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>44,465,900</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24.59</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>78,759,313</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.91</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.85</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.58</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>42,458,200</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.33</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.82</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.02</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>92,190,627</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.31</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.45</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.02</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>36,471,200</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.47</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.37</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>83,722,578</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.45</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>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>35,336,100</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-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2010</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="#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>January</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.80</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.31</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53,383,769</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16.15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16.26</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>21,877,700</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.29</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.26</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>54,318,367</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.46</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16.13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.12</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>26,996,600</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> </FONT><FONT SIZE=2>March (1 to 18)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.90</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.81</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.34</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,452,381</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.36</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.43</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.08</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>13,865,600</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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
announced its intention to make the Offer on March&nbsp;11, 2010. On March&nbsp;10, 2010, the last trading day prior to such announcement, the closing price of the Kinross
Shares on the TSX was Cdn.$18.54. The volume-weighted average price of the Kinross Shares on the TSX for the 20&nbsp;trading days ending on March&nbsp;10, 2010 was Cdn.$19.21. On March&nbsp;10,
2010, the last trading day prior to such announcement, the closing price of the Kinross Shares on the NYSE was $18.07. The volume-weighted average price of the Kinross Shares on the NYSE for the
20&nbsp;trading days ending on March&nbsp;10, 2010 was&nbsp;$18.40. </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=43,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="1",CHK=712667,FOLIO='33',FILE='DISK126:[10ZAP2.10ZAP45312]DA45312A.;20',USER='RMCIVOR',CD='19-MAR-2010;12:50' -->
<A NAME="page_da45312_1_34"> </A>

<P style="font-family:times;"><FONT SIZE=2><B><I> Prior Sales  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the 12&nbsp;month period prior to the date of this Offer, other than as set forth above, Kinross has issued the Kinross Shares
listed in the table set forth&nbsp;below: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><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="86" 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="60" 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="71" 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:17pt;"><FONT SIZE=1><B>Date

<!-- COMMAND=ADD_SCROPPEDRULE,17pt -->

 </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>Security </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 Security<BR>
(Cdn.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of Securities </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>March&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(1)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.97</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>109,334</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> </FONT><FONT SIZE=2>March&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(3)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.38</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58,135</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>March&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(5)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.76</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>119,120</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> </FONT><FONT SIZE=2>March&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(6)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.77</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,226</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>March&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(2)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>NIL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,341</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>April&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(1)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.53</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>36,408</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> </FONT><FONT SIZE=2>April&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(6)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.77</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>April&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(2)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>NIL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>139,779</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>May&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(1)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.77</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>92,997</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> </FONT><FONT SIZE=2>May&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(2)</SUP></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>NIL</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>21,302</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> </FONT><FONT SIZE=2>June&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31,262</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(3)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.61</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>57,302</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> </FONT><FONT SIZE=2>June&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(5)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,230</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(2)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>NIL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,822</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>July&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(1)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.76</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>16,331</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> </FONT><FONT SIZE=2>July&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(6)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.77</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>August&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(1)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.85</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>42,741</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> </FONT><FONT SIZE=2>August&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(2)</SUP></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>NIL</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>24,158</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> </FONT><FONT SIZE=2>August&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(5)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>September&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(3)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>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>49,747</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> </FONT><FONT SIZE=2>September&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>344,735</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>September&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(5)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>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>358,718</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> </FONT><FONT SIZE=2>September&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(6)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.77</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>September&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(2)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>NIL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52,559</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>October&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(1)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15.33</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>75,000</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> </FONT><FONT SIZE=2>October&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(6)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.77</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>November&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(5)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.01</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>25,000</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> </FONT><FONT SIZE=2>November&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(2)</SUP></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>NIL</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>43,264</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> </FONT><FONT SIZE=2>December&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(3)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.53</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>60,242</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>December&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(1)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.76</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>18,610</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> </FONT><FONT SIZE=2>December&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(2)</SUP></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>NIL</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>57,682</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> </FONT><FONT SIZE=2>January&nbsp;2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(6)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.77</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>January&nbsp;2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(1)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.41</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>18,507</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> </FONT><FONT SIZE=2>January&nbsp;2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(2)</SUP></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>NIL</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>127,653</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> </FONT><FONT SIZE=2>February&nbsp;2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<SUP>(2)</SUP></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>NIL</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>438,848</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> </FONT><FONT SIZE=2>March&nbsp;2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Common Shares<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>12.73</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>145,000</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;"><FONT SIZE=1>Issued
upon exercise of previously issued stock options of Kinross. Price per security with respect to the exercise of stock options is based on the
weighted monthly average.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Issued
upon expiry of restricted period for previously issued restricted share units of&nbsp;Kinross.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Issued
pursuant to the employee share purchase plan of Kinross.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Issued
upon the exercise of previously issued warrants of Kinross.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Issued
upon exercise of previously issued stock options of Aurelian Resources&nbsp;Inc., a wholly-owned subsidiary of Kinross. Price per security with
respect to the exercise of stock options is based on the weighted monthly average.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Issued
upon exercise of previously issued stock options of Bema Gold Corp., a wholly-owned subsidiary of Kinross. Price per security with respect to the
exercise of stock options is based on the weighted monthly average. </FONT></DD></DL>
<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=44,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="1",CHK=1045599,FOLIO='34',FILE='DISK126:[10ZAP2.10ZAP45312]DA45312A.;20',USER='RMCIVOR',CD='19-MAR-2010;12:50' -->
<A NAME="page_da45312_1_35"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the 12&nbsp;month period prior to the date of this Offer, Kinross has issued the options to purchase Kinross Shares listed in the table set
forth&nbsp;below: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="204" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="63" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="96" 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="81" 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:17pt;"><FONT SIZE=1><B>Date

<!-- COMMAND=ADD_SCROPPEDRULE,17pt -->

 </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>Security </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>Exercise Price per Security<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>Number of Securities<SUP>(1)</SUP> </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>March&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Stock Options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Nil</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>Nil</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> </FONT><FONT SIZE=2>April&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Stock Options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Nil</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>Nil</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> </FONT><FONT SIZE=2>May&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Stock Options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$19.05</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>138,093</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> </FONT><FONT SIZE=2>June&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Stock Options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Nil</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>Nil</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> </FONT><FONT SIZE=2>July&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Stock Options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Nil</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>Nil</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> </FONT><FONT SIZE=2>August&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Stock Options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$21.05</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>105,747</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> </FONT><FONT SIZE=2>September&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Stock Options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Nil</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>Nil</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> </FONT><FONT SIZE=2>October&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Stock Options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Nil</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>Nil</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> </FONT><FONT SIZE=2>November&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Stock Options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$20.09</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>43,319</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> </FONT><FONT SIZE=2>December&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Stock Options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$20.89</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>33,803</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> </FONT><FONT SIZE=2>January&nbsp;2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Stock Options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Nil</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>Nil</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> </FONT><FONT SIZE=2>February&nbsp;2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Stock Options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$19.23</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>1,315,171</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> </FONT><FONT SIZE=2>March&nbsp;2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Stock Options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Nil</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>Nil</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


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<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;"><FONT SIZE=1>In
the 12&nbsp;months prior to the date of the Offer 305,812 stock options were&nbsp;cancelled. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the 12&nbsp;month period prior to the date of this Offer, Kinross has issued the restricted share units listed in the table set
forth&nbsp;below: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="202" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="97" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="65" 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="81" 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:17pt;"><FONT SIZE=1><B>Date

<!-- COMMAND=ADD_SCROPPEDRULE,17pt -->

 </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>Security </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>Price per Security<BR>
(Cdn.$)<SUP>(1)</SUP> </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 Securities<SUP>(2)</SUP> </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>March&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Restricted Share Unit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>N/A</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>Nil</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> </FONT><FONT SIZE=2>April&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Restricted Share Unit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>N/A</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>Nil</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> </FONT><FONT SIZE=2>May&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Restricted Share Unit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>N/A</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>147,990</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> </FONT><FONT SIZE=2>June&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Restricted Share Unit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>N/A</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>Nil</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> </FONT><FONT SIZE=2>July&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Restricted Share Unit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>N/A</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>Nil</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> </FONT><FONT SIZE=2>August&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Restricted Share Unit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>N/A</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>91,218</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> </FONT><FONT SIZE=2>September&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Restricted Share Unit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>N/A</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>Nil</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> </FONT><FONT SIZE=2>October&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Restricted Share Unit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>N/A</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>Nil</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> </FONT><FONT SIZE=2>November&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Restricted Share Unit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>N/A</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>27,776</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> </FONT><FONT SIZE=2>December&nbsp;2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Restricted Share Unit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>N/A</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>55,239</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> </FONT><FONT SIZE=2>January&nbsp;2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Restricted Share Unit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>N/A</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>Nil</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> </FONT><FONT SIZE=2>February&nbsp;2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Restricted Share Unit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>N/A</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>1,207,358</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> </FONT><FONT SIZE=2>March&nbsp;2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Restricted Share Unit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>N/A</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>Nil</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


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<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;"><FONT SIZE=1>There
are no exercise prices for the restricted share units.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>In
the 12&nbsp;months prior to the date of the Offer 193,719 restricted share units were&nbsp;cancelled. </FONT></DD></DL>
<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=45,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="1",CHK=956454,FOLIO='35',FILE='DISK126:[10ZAP2.10ZAP45312]DA45312A.;20',USER='RMCIVOR',CD='19-MAR-2010;12:50' -->
<A NAME="page_da45312_1_36"> </A>

<P style="font-family:times;"><FONT SIZE=2><B><I> Consolidated Capitalization  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth Kinross's consolidated capitalization as at December&nbsp;31, 2009, adjusted to give effect to any
material changes in the share capital of Kinross since December&nbsp;31, 2009, the date of Kinross's most recent audited consolidated financial statements, and further adjusted to give effect to the
Offer. The table should be read in conjunction with the audited consolidated financial statements of Kinross as at and for the year ended December&nbsp;31, 2009 including the notes thereto, and
management's discussion and analysis thereof and the other financial information contained in or incorporated by reference in this Offer to Purchase and&nbsp;Circular. </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="315" 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="62" 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="62" style="font-family:times;"></TD>
<TD WIDTH="3" 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=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As at<BR>
December&nbsp;31, 2009 </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>As at<BR>
December&nbsp;31, 2009<BR>
After Giving<BR>
Effect to<BR>
the Offer </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kinross Share Capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,448,100,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,571,860,993</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><SUP>(2)</SUP></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kinross Shares<SUP>(1)</SUP></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="#CCEEFF" VALIGN="TOP">
<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> </FONT><FONT SIZE=2>(Authorized&nbsp;&#151;&nbsp;Unlimited)</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>696,027,270</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>702,869,215</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><SUP>(2)</SUP></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash, Cash Equivalents and Short-Term Investments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>632,400,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>631,914,756</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>692,400,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>692,400,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Excluding
7,192,080 Kinross Shares issuable pursuant to outstanding options, 24,725,000 Kinross Shares underlying outstanding Kinross warrants,
1,856,046&nbsp;Kinross Shares issuable pursuant to outstanding restricted share units and 16,152,000&nbsp;Kinross Shares issuable upon conversion of the unsecured convertible senior notes due
March&nbsp;15, 2028, each in the principal amount of $1,000, issued pursuant to a private offering completed January&nbsp;29,&nbsp;2008.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Assumes
all Underworld Shares other than those beneficially owned directly or indirectly by Kinross are deposited under the Offer and further assumes the
exercise of all the outstanding Underworld Options and Underworld Warrants. </FONT></DD></DL>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents of Kinross are specifically incorporated by reference into, and form an 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;"><FONT SIZE=2>annual
information form dated March&nbsp;31, 2009 for the year ended December&nbsp;31,&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;"><FONT SIZE=2>annual
audited consolidated financial statements for the year ended December&nbsp;31, 2009, including consolidated balance sheets as at
December&nbsp;31, 2009 and December&nbsp;31, 2008 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, 2009 and related notes, together with the auditors' report thereon, contained therein;
<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>management's
discussion and analysis for the annual audited consolidated financial statements for the year ended December&nbsp;31,&nbsp;2009;
<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>management
information circular dated March&nbsp;31, 2009 in connection with the annual and special meeting of shareholders held on
May&nbsp;6,&nbsp;2009;
<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>material
change report dated February&nbsp;9, 2009 announcing the completion of a bought deal public offering of Kinross&nbsp;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>material
change report dated March&nbsp;3, 2009 announcing that Kinross had entered into a new shareholder rights&nbsp;plan;
<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>material
change report dated March&nbsp;30, 2009 announcing that Kinross had entered into a subscription agreement with Harry Winston Diamond Corporation
in relation to an investment in the Diavik Diamond Mine in Canada's Northwest Territories;
<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>material
change report dated November&nbsp;3, 2009 announcing an update on the expansion of the Paracatu project and a revised 2009 production outlook; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>material
change report dated November&nbsp;11, 2009 announcing that Kinross had received authorization to recommence advanced exploration at the Fruta Del
Norte gold project in&nbsp;Ecuador;
<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>press
release, dated January&nbsp;28, 2010 announcing Kinross' mineral reserve and resource statement as at December&nbsp;31, 2009;&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>material
change report dated February&nbsp;24, 2010 announcing that Kinross had entered into an agreement with Barrick to sell one-half of its
50% interest in the Cerro Casale project in Chile to&nbsp;Barrick. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents of the type referred to above (excluding confidential material change reports) and any business acquisition reports subsequently filed by Kinross with any securities
commission or similar regulatory authority in Canada on or after the date of this Offer to Purchase and Circular and prior to the Expiry Time shall be deemed to be incorporated by reference into this
Offer to Purchase and Circular. To the extent that any document or information incorporated by reference into the Offer to Purchase and Circular is included in a report that is filed with the SEC on
Form&nbsp;40-F or&nbsp;6-K, such document or information shall also be deemed to be incorporated by reference as an exhibit to the registration statement on
Form&nbsp;F-8 covering the Kinross Shares to be issued pursuant to this&nbsp;Offer. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Any statement contained herein or in any document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for
the purposes of this Offer to Purchase and Circular to the extent that a statement contained herein, or in any subsequently filed document which also is or is deemed to be incorporated by reference
herein, modifies or supersedes such statement. The modifying statement 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 which it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes 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 made. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute part of this Offer to
Purchase and&nbsp;Circular.</B></FONT></P>

<P style="font-family:times;"><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 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 Gold
Corporation, 25&nbsp;York Street, 17<SUP>th</SUP>&nbsp;Floor, Toronto, Ontario, M5J&nbsp;2V5 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;"><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 to Purchase and&nbsp;Circular. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld  </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 information concerning Underworld 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 Underworld 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 Underworld taken from or based upon such documents and records, or for any
failure by Underworld 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld is a mineral exploration company governed by the BCBCA and is engaged in the acquisition, exploration and development of
mineral properties. Underworld currently directly or indirectly holds or has the right to acquire interests in a number of mineral properties in the Yukon Territory. In particular, Underworld is
focusing substantially all of its resources on its Yukon Properties. The registered office of Underworld is located at DuMoulin Black&nbsp;LLP, 10<SUP>th</SUP>&nbsp;Floor, 595&nbsp;Howe
Street, Vancouver, British Columbia, V6C&nbsp;2T5 and the principal office is located at Suite&nbsp;1500, 409&nbsp;Granville Street, Vancouver, British Columbia, V6C&nbsp;1T2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld
is a reporting issuer or the equivalent in the provinces of British Columbia, Alberta, Ontario and the Northwest Territories 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;"><FONT SIZE=2><B><I> Share Capital of Underworld  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld is authorized to issue an unlimited number of Underworld Shares. As at March&nbsp;15, 2010, 42,177,587&nbsp;Underworld
Shares were issued and outstanding. </FONT></P>

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

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

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

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="308" 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="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>
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<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>Underworld Shares on the TSX-V </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.$) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Volume<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2009</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>March</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.60</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.41</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.55</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>2,752,910</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.70</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>979,010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>May</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.70</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.51</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.50</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>7,133,140</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.64</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.38</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.68</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,083,904</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>July</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.88</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.66</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>6,118,687</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.78</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,578,753</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>September</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.69</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.30</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>5,572,555</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.80</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.42</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,332,259</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>November</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.38</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>2,593,903</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.38</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.83</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,148,248</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2010</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>January</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.84</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.58</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.62</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>3,172,705</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> </FONT><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>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.84</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.67</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,075,097</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>March (1 to 18)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.62</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.70</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.58</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>31,189,068</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
announced its intention to make the Offer on March&nbsp;11, 2010. On March&nbsp;10, 2010, the last trading day prior to such announcement, the closing price of the Underworld
Shares on the TSX-V was Cdn.$1.93. The volume-weighted average price of the Underworld Shares on the TSX-V for the 20&nbsp;trading days ending on March&nbsp;10, 2010 was
Cdn.$1.81. </FONT></P>

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

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 </FONT> <FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recommendation of the Board of Directors of Underworld  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of Underworld, upon consultation with its financial and legal advisors and on receipt of a recommendation of a special committee of
Underworld directors, has unanimously determined that the Offer is fair from a financial point of view to Shareholder (other than Kinross) and is in the best interests of Underworld and the
Shareholders (other than Kinross) and, accordingly, has unanimously recommended that Shareholders (other than Kinross) accept the Offer and deposit their Underworld Shares under the&nbsp;Offer. </FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2008, representatives of Kinross contacted Underworld management to express interest in learning more about the Yukon Properties. Following the
initial contact, Underworld management provided Kinross with some limited information on both the Yukon Properties and the Company. On July&nbsp;22, 2008, Kinross and Underworld entered into a
confidentiality agreement with a one-year term. From July&nbsp;31, 2008 until August&nbsp;2, 2008, a geological consultant to Kinross met with Underworld representatives and undertook
site visits at the Yukon Properties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August&nbsp;2008, Underworld approached Kinross to solicit Kinross' participation in a private placement purchase of Underworld Shares. On September&nbsp;12, 2008, Kinross and
Underworld entered into a share subscription agreement pursuant to which Kinross purchased, on a private placement basis, 1,818,181&nbsp;Underworld Shares at a price of Cdn.$0.55 per Underworld
Share. As a result of the transaction, Kinross acquired a 9.8% ownership interest in Underworld (based on the number of Underworld Shares outstanding at the time) and, pursuant to the share
subscription agreement, Kinross was granted the right to participate in future equity financings by Underworld on a </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> basis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;5, 2008, Kinross purchased, on a private placement basis, 450,000&nbsp;flow-through Underworld Shares at a price of Cdn.$0.55 per share to maintain its </FONT> <FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> interest
in&nbsp;Underworld. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;27, 2009, Kinross purchased, on a private placement basis, 450,000&nbsp;Underworld Shares at a price of Cdn.$0.35 per Underworld Share, again thereby maintaining its </FONT> <FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> interest
in&nbsp;Underworld. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
each of June&nbsp;13 and 14, 2009, Kinross personnel met with Underworld personnel and undertook a site visit at the Yukon Properties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;19, 2009, Kinross purchased, on a private placement basis, 1,200,000&nbsp;units of Underworld at a price of Cdn.$1.25 per unit. Each unit consisted of one Underworld
Share and one-half of one Underworld Warrant, where one whole Underworld Warrant entitled the holder to purchase one Underworld Share at a price of Cdn.$1.60 at any time over the following
12&nbsp;months. As a result of this purchase, and the other financing transactions effected by Underworld over the prior twelve months, Kinross held a 9.6% ownership interest in Underworld (based on
the number of Underworld Shares outstanding at the time). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;7, 2009, Kinross personnel met with Underworld personnel and undertook a site visit at the Yukon Properties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;8, 2009, senior representatives from Kinross, including Mr.&nbsp;Paul Rollinson, Executive Vice President, Corporate Development, and Mr.&nbsp;Geoff Gold,
Executive Vice President and Chief Legal Officer, and senior representatives from Underworld, including Mr.&nbsp;Michael Williams, Chairman of the Board, and Mr.&nbsp;Robert McLeod, Director, met
in Vancouver. During the meeting, Mr.&nbsp;Rollinson asked Messrs.&nbsp;Williams and McLeod about their interest in discussing the possibility of a business combination involving Kinross and
Underworld. Representatives of Underworld expressed their interest in exploring a possible business combination, but were uncertain with respect to the timing of such a&nbsp;transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;18, 2009, Mr.&nbsp;Tye Burt, President and Chief Executive Officer of Kinross, and Mr.&nbsp;Rollinson met with Messrs.&nbsp;Williams and McLeod in Vancouver.
During the meeting, Mr.&nbsp;Burt delivered a written non-binding expression of interest to Messrs.&nbsp;Williams and McLeod which proposed, among other things, the acquisition of
Underworld by Kinross. After a brief discussion, Mr.&nbsp;Williams indicated that Underworld would convene a board meeting to consider Kinross' proposal. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;23, 2009, Underworld delivered a letter to Kinross that, among other things, indicated that Underworld was not prepared to support Kinross' proposal at
that&nbsp;time. </FONT></P>

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

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;12, 2010, the Kinross board of directors met and was updated on the status of the potential transaction. After receiving the input and recommendations of Kinross
management and the advice of Kinross' legal and financial advisors, the board of directors delegated authority to approve an offer to the President and Chief Executive Officer and a special committee
of the board of directors. Consideration was given to the timing of a transaction and any further proposals to Underworld's board of directors or shareholders, and Kinross' management and board of
directors determined that it would be prudent to defer until Underworld released its initial NI&nbsp;43-101-compliant resource estimate for the Golden Saddle and Arc deposits
at the White Gold property prior to pursuing further a transaction involving Underworld. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;19, 2010, Underworld publicly disseminated by way of press release its initial NI&nbsp;43-101-compliant resource estimate for the Golden
Saddle and Arc deposits at the White Gold property in the Yukon Territory. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;9, 2010, Mr.&nbsp;Burt spoke by telephone with Mr.&nbsp;McLeod, and indicated that Kinross expected to make a further proposal regarding a potential acquisition
transaction at a meeting between representatives of the two companies taking place the following morning at the Kinross headquarters in Toronto. On March&nbsp;10, 2010, that meeting took place,
during which Mr.&nbsp;Burt presented an acquisition proposal to Mr.&nbsp;McLeod for consideration by the Underworld board of directors, at an increased premium to the prior December&nbsp;18,
2009 proposal. Mr.&nbsp;McLeod indicated that the Underworld board of directors would be in a position to respond quickly. Later that day, following a meeting of the Underworld board of directors,
Mr.&nbsp;McLeod, Mr.&nbsp;Williams and Mr.&nbsp;Adrian Fleming, President of Underworld, met with Mr.&nbsp;Burt, Mr.&nbsp;Guido Lenarduzzi and Ms.&nbsp;Kathleen Grandy of Kinross, and the
final commercial terms of the Offer were negotiated and agreed upon. Subsequent to the open of markets on March&nbsp;11, 2010, the parties executed a form of letter agreement setting forth the
principal terms of the Offer, to be subject to the successful negotiation and execution of a definitive form of Support Agreement, and publicly announced the execution of the letter agreement and
agreement in principle regarding the&nbsp;Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;11, 2010, subsequent to the opening of trading on the TSX and NYSE, Kinross issued a press release announcing its intention to make the&nbsp;Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
March&nbsp;11 and March&nbsp;15, 2010, Kinross and Underworld negotiated and settled the terms of the Support Agreement and the Lock-Up Agreements. The Support
Agreement and Lock-up Agreements were executed late in the evening on March&nbsp;15, 2010, following which their execution was publicly announced early on the morning of
March&nbsp;16,&nbsp;2010. </FONT></P>

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

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

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld has confirmed in the Support Agreement that the board of directors of Underworld, upon consultation with its financial and
legal advisors and on receipt of a recommendation of a special committee of Underworld directors, has unanimously determined that the Offer is fair from a financial point of view to Shareholders
(other than Kinross) and is in the best interests of Underworld and the Shareholders (other than Kinross) and, accordingly, has unanimously recommended that Shareholders (other than Kinross) accept
the Offer and deposit their Underworld Shares under the Offer. In addition, all of Underworld'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&nbsp;Offer. </FONT></P>

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

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the Effective Date, provided that Kinross has taken up and paid for such number of Underworld Shares which, together with the
Underworld Shares and Underworld Warrants directly or indirectly owned by Kinross, constitutes at least 50.1% of the outstanding Underworld Shares (calculated on a fully-diluted basis), and from time
to time thereafter, Kinross shall be entitled to designate the directors of the board of directors of Underworld, and any committees thereof and, subject to obtaining a release in favour of each
resigning member of the board of directors of Underworld who is being replaced by a Kinross designee and confirmation that insurance coverage is maintained as contemplated in the Support Agreement.
Underworld has agreed not to 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 Underworld 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;Underworld). </FONT></P>


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

<P style="font-family:times;"><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 Underworld 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 Underworld Material Adverse Effect and certain other changes or events since September&nbsp;30, 2009; absence of any undisclosed litigation or other actions
which if determined adversely would reasonably be expected to have an Underworld 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;"><FONT SIZE=2><I> Conduct of the Business of Underworld  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld 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 Underworld of persons designated by Kinross who represent a majority of the directors of Underworld and the termination of the Support Agreement, Underworld 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 Underworld and its property and 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld
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, mineral rights, 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 Underworld 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 Underworld 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
Underworld contained in the Support Agreement to be untrue or inaccurate (without giving effect to, applying or taking into consideration any materiality or material adverse effect qualification
already contained within such representation) in any material respect; or (y)&nbsp;result in </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>
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<P style="font-family:times;"><FONT SIZE=2>the
failure in any material respect of Underworld 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;"><FONT SIZE=2><I> Covenants Regarding Non-Solicitation  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Support Agreement contains certain "non-solicitation" provisions pursuant to which Underworld has agreed that it will
not, directly or indirectly, take any action of any kind which might, directly or indirectly, interfere with the successful acquisition of Underworld Shares pursuant to the Offer or the Contemplated
Transaction, including any action&nbsp;to: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</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 Underworld Shares) in, Underworld 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>"), or participate in any discussions or negotiations regarding, or furnish to any person 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 person to do or seek to do any of
the&nbsp;foregoing;  </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;"><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, Underworld may advise any person making an unsolicited Acquisition Proposal that such Acquisition Proposal does not constitute a Superior Proposal when Underworld's board of
directors has so&nbsp;determined;  </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;"><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 Underworld's board of directors or any committee thereof of the Support Agreement or the&nbsp;Offer;  </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;"><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 10&nbsp;calendar days following
the public announcement of such Acquisition Proposal shall not be considered a violation of this provision);&nbsp;or  </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;"><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;"><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 Underworld from, and the board of directors of Underworld
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 Underworld 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld
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. Underworld 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&nbsp;thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
and after the date of the Support Agreement, Underworld 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
Underworld or any of its subsidiaries in connection with such an Acquisition Proposal or for access to the properties, books </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>
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<BR>

<P style="font-family:times;"><FONT SIZE=2>or
records of Underworld or any subsidiary by any person that informs Underworld, any member of the board of directors of Underworld 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 Underworld and shall include copies of any such proposal, inquiry, offer or request
or any amendment to any of the foregoing. Underworld 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. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the board of directors of Underworld receives a request for material non-public information from a person who proposes to Underworld an unsolicited </FONT> <FONT SIZE=2><I>bona&nbsp;fide</I></FONT><FONT SIZE=2> written Acquisition Proposal and the
board of directors of Underworld 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 Underworld, acting in good faith on advice from their outside legal advisors, the failure to
provide such party with access to information of Underworld or its subsidiaries would be inconsistent with the fiduciary duties of the board of directors of Underworld, then, and only in such case,
Underworld may provide such person with access to information regarding Underworld 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 favourable to Underworld than the confidentiality and standstill provisions contained in the Support Agreement; provided that
Underworld 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld
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 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: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the board of directors of Underworld determines that the Acquisition Proposal constitutes a Superior Proposal; </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;"><FONT SIZE=2>Underworld has complied with the non-solicitation restrictions in the Support Agreement; </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;"><FONT SIZE=2>Underworld 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 Underworld regarding
the value in financial terms that the board of directors of Underworld 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 four business days prior to the proposed acceptance, approval, recommendation or execution of any such Proposed
Agreement by&nbsp;Underworld;  </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;"><FONT SIZE=2>four business days shall have elapsed from the date Kinross received the notice and documentation referred to in the
immediately preceding paragraph from Underworld and, if Kinross has proposed to amend the terms of the Offer in accordance with the Support Agreement, the board of directors of Underworld shall have
determined in good faith after consultation with its financial advisors that the Acquisition Proposal is a Superior Proposal compared to the proposed amendment to the terms of the Offer
by&nbsp;Kinross;  </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;"><FONT SIZE=2>Underworld concurrently terminates the Support Agreement in accordance with paragraph&nbsp;(l) under the heading
"Termination" below;&nbsp;and  </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;"><FONT SIZE=2>Underworld has previously, or concurrently will have, paid to Kinross the Termination Fee (defined below). </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>43</FONT></P>

<HR NOSHADE>
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<UL>
<UL>
</UL>
</UL>

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

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Support Agreement, Underworld has acknowledged and agreed that, during the four business day period referred to above
or such longer period as Underworld may approve for such purpose, Kinross shall have the opportunity, but not the obligation, to propose to amend the terms of the Support Agreement and the Offer and
Underworld 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
the Support Agreement and the Offer as Kinross deems appropriate and as would enable Kinross to proceed with the Offer and any related transaction on such adjusted terms. The board of directors of
Underworld 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 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors of Underworld shall promptly reaffirm its recommendation of the Offer by press release after: (a)&nbsp;any Acquisition Proposal which the board of directors of
Underworld determines not to be a Superior Proposal is publicly announced or made; or (b)&nbsp;the board of directors of Underworld 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 Underworld,
acting reasonably. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in the Support Agreement shall prevent the board of directors of Underworld 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. Further, nothing in the Support Agreement shall prevent the board of directors of Underworld from making any disclosure to the
securityholders of Underworld if the board of directors of Underworld, 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 Underworld. 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 Underworld, acting reasonably. </FONT></P>

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

<P style="font-family:times;"><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;"><FONT SIZE=2>at
any time prior to the Effective Date by mutual consent of Kinross and&nbsp;Underworld;
<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 the Support Agreement is not satisfied or waived by March&nbsp;29, 2010 (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;"><FONT SIZE=2>by
Kinross, if any condition of the Offer is not satisfied or waived by the Expiry Time (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>(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>Underworld
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;"><FONT SIZE=2>Underworld
has breached or failed to perform in any material respect, any of its covenants or obligations under the Support Agreement at or prior to the
Effective&nbsp;Date;
<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)
any representations or warranties made by Underworld in the Support Agreement that are qualified by materiality or Underworld Material Adverse Effect
qualifications 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, or (B)&nbsp;any of the
representations or warranties of Underworld contained in the Support Agreement that are not so qualified shall have been untrue or incorrect at any time prior to the Expiry Time in any material
respect; except that the accuracy of representations and warranties that by their terms speak as of a specified date will be determined as of such&nbsp;date; </FONT></DD></DL>
</DD></DL>
</UL>
<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>
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<UL>
</UL>
</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;Time; </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
Underworld 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 or failed to perform in any material respect any covenants or obligations under the Support Agreement at or prior to the
Effective&nbsp;Date;
<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>(A)
any representations or warranties made by Kinross in the Support Agreement that are qualified by materiality or Kinross Material Adverse Effect
qualifications 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, or (B)&nbsp;any of the
representations or warranties of Kinross contained in the Support Agreement that are not so qualified shall have been untrue or incorrect at any time prior to the Expiry Time in any material respect;
except that the accuracy of representations and warranties that by their terms speak as of a specified date will be determined as of such&nbsp;date; </FONT></DD></DL>
</DD></DL>
</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;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;"><FONT SIZE=2>by
Underworld if Kinross has not taken up and paid for such number of Underworld Shares which, together with the Underworld Shares and Underworld Warrants
directly or indirectly owned by Kinross, constitutes at least 50.1% of the outstanding Underworld Shares (calculated on a fully-diluted basis) under the Offer within 90&nbsp;days after the Offer is
commenced, otherwise than as a result of the breach by Underworld of any covenant or obligation under the Support Agreement or as a result of any representation or warranty of Underworld in the
Support Agreement being untrue or incorrect in any material respect; provided, however, that if Kinross' take-up and payment for Underworld 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 Underworld 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 Underworld 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 Underworld, 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;"><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 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;"><FONT SIZE=2>by
Kinross if: (i)&nbsp;the board of directors of Underworld withdraws, modifies or changes its recommendation in a manner adverse to Kinross;
(ii)&nbsp;the board of directors of Underworld approves or recommends or publicly proposes to approve or recommend, acceptance of an Acquisition Proposal; (iii)&nbsp;the board of directors of
Underworld 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 </FONT></DD></DL>
</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>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>scheduled
to expire within such three calendar day period, prior to the scheduled expiry of the Offer); (iv)&nbsp;the board of directors of Underworld or any committee thereof remains neutral beyond
the 10&nbsp;calendar day period set out in the Support Agreement in respect of an Acquisition Proposal; or (v)&nbsp;Underworld fails to take any action required under the Support Agreement to
allow for the timely completion of any of the transactions contemplated by the Support Agreement between Kinross and&nbsp;Underworld;  </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>by
Kinross, if Kinross has been notified in writing by Underworld of a Proposed Agreement in accordance with the Support Agreement and (i)&nbsp;Kinross
does not deliver an amended Offer within four business days of delivery of the Proposed Agreement to Kinross, or (ii)&nbsp;Kinross delivers an amended Offer but the board of directors of Underworld
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;"><FONT SIZE=2>by
Underworld, if Kinross does not commence the Offer and mail the offer documents by March&nbsp;29, 2010 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;"><FONT SIZE=2>by
Underworld, if Underworld 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 Underworld has previously or concurrently will have paid to Kinross the Termination Fee pursuant to the Support Agreement and further
provided that Underworld has not breached any of its covenants, agreements or obligations in the Support Agreement. </FONT></DD></DL>
</UL>

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

<P style="font-family:times;"><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.$4,176,000
(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 Underworld within the time specified in
respect of any such&nbsp;events: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the Support Agreement is terminated in the circumstances set out in paragraph&nbsp;(d)(i), paragraph&nbsp;(i) or
paragraph&nbsp;(j) under "Termination" above, in which case the Termination Fee shall be paid to Kinross as soon as practicable and in any event within two business days of the day on which the
Support Agreement is&nbsp;terminated;  </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;"><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  </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;"><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;any Underworld Shares are acquired under such Acquisition Proposal or another Acquisition Proposal; or (B)&nbsp;the board of directors of Underworld approves or recommends an Acquisition
Proposal, or Underworld 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 Underworld
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;"><FONT SIZE=2><I> Expenses  </I></FONT></P>

<P style="font-family:times;"><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 style="font-family:times;"><FONT SIZE=2><I> Directors' and Officers' Insurance  </I></FONT></P>

<P style="font-family:times;"><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 Underworld or
any successor to Underworld (including the successor resulting from the winding-up or liquidation or dissolution of Underworld) to maintain Underworld's current directors' and officers'
insurance </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>46</FONT></P>

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<BR>

<P style="font-family:times;"><FONT SIZE=2>policy
or an equivalent policy subject in either case to terms and conditions no less advantageous to the directors and officers of Underworld 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 Underworld, 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 Underworld (or&nbsp;its successor) to, indemnify each present and former director,
officer and employee of Underworld and its subsidiaries to the fullest extent to which Kinross and Underworld 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;"><FONT SIZE=2><B><I> Lock-Up Agreements  </I></B></FONT></P>

<P style="font-family:times;"><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 Underworld 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;"><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 Underworld Shares currently
owned or controlled by such Locked-Up Shareholder, being an aggregate of 3,586,300&nbsp;Underworld common shares. The Locked-Up Shareholders have agreed not to withdraw such
Underworld 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;"><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;"><FONT SIZE=2>not
and will cause its affiliates not to take any act, directly or indirectly, which may in any way adversely affect the success of the Offer or the
purchase of any Underworld Shares under 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;"><FONT SIZE=2>use
its reasonable best efforts to do, or cause to be done, all things necessary, proper or advisable under applicable laws and regulations, to consummate
the transactions contemplated by the Lock-Up Agreements and the Offer, including using its reasonable best efforts to: (A)&nbsp;support the Offer; (B)&nbsp;obtain all necessary
consents, approvals and authorizations as are required to be obtained by the Locked-Up Shareholder under any federal, provincial or foreign law or regulations with respect to the
Lock-Up Agreements or the Offer; (C)&nbsp;lift or rescind any injunction or restraining order or other order adversely affecting the Locked-Up Shareholder's ability to
consummate the transactions contemplated hereby or by the Offer; and (D)&nbsp;fulfill all conditions and satisfy all provisions of the Lock-Up Agreements and the Offer applicable to the
Locked-Up Shareholder;
<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
and shall not permit any of its affiliates to sell, transfer, pledge or encumber in any way any Underworld Shares or relinquish or modify such
Locked-Up Shareholder's right or the right of any of its affiliates to sell, exercise control or direction over or to vote any Underworld Shares or enter into any agreement to do any of
the&nbsp;foregoing;
<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>not
and will cause its affiliates not to, prior to the public announcement by the Offeror of the terms of the Offer, directly or indirectly, disclose to any
person, firm or corporation (other than the Company and the financial and legal advisors of the Locked-Up Shareholder, in each case, who need to know such information in order to
facilitate completion of the transactions contemplated hereby) the existence of the terms and conditions of the Lock-Up Agreements, or the possibility of the Offer being made or any terms
or conditions or other information concerning any possible offer to be made for Underworld Shares;
<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>immediately
cease and cause to be terminated existing discussions, if any, with parties (other than the Offeror) with respect to any Acquisition Proposal
and it will not, directly or indirectly, make, solicit, initiate, promote or encourage inquiries from or submission of proposals or offers from any other Person other than the Offeror or its
Affiliates, relating to any Acquisition Proposal, enter into any agreement related to any Acquisition Proposal, furnish to any Person any information with respect to, </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>47</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>or
otherwise cooperate in any way with, or otherwise assist or participate in, facilitate or encourage, any effort or attempt by any Person other than the Offeror or its Affiliates to do or seek to do
any of the&nbsp;foregoing;  </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>not
grant or agree to grant any proxy or other right to the Underworld Shares, or enter into any voting trust, vote pooling or other agreement with respect
to the right to vote, call meetings of shareholders or give consents or approvals of any kind with respect to the Underworld Shares, other than 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;"><FONT SIZE=2>take
all such steps as are required to ensure that at the time at which the Offeror becomes entitled to take up and pay for Underworld Shares pursuant to
the Offer, and at the time at which the Offeror so takes up and pays for such Underworld Shares, the Underworld Shares will be beneficially owned by the Locked-Up Shareholder with a good
and marketable title thereto, free and clear of any and all mortgages, liens, charges, restrictions, security interests, adverse claims, pledges and encumbrances of any nature or kind whatsoever, and
will not be subject to any shareholders' agreements, voting trust or 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 Underworld Shares or the ability of any holder thereof to exercise all ownership rights thereto, including the voting of any such
shares (collectively, "</FONT><FONT SIZE=2><B>Encumbrances</B></FONT><FONT SIZE=2>");&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>vote
(or&nbsp;cause to be voted) all the Underworld Shares at any meeting of holders of Underworld Shares or any adjournment thereof, and in any action by
written consent of holders of Underworld Shares: (i)&nbsp;in favour of the approval, consent, ratification and adoption of the Offer or any Alternative Transaction (as&nbsp;defined in the
Lock-Up Agreements) and any actions required or deemed advisable by the Offeror in furtherance thereof; (ii)&nbsp;against any action that is intended or would reasonably be expected to
impede, interfere with, delay, postpone or discourage the Offer or any Alternative Transaction. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><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;"><FONT SIZE=2>at
any time by mutual consent of the Offeror and the 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;"><FONT SIZE=2>by
the Locked-Up Shareholder or the Offeror, if (i)&nbsp;the Underworld Shares have not been taken up and paid for by the Offeror by a date
that is 90&nbsp;days after the Offer is commenced; or (ii)&nbsp;the Support Agreement is terminated in accordance with its terms for any&nbsp;reason;
<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
the Offeror, if the Locked-Up Shareholder is in material default of any covenant or obligation under the Lock-Up Agreement or if
any representation or warranty of the Locked-Up Shareholder shall have been at the date hereof, or subsequently becomes, untrue or incorrect in any material respect;&nbsp;or
<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
the Locked-Up Shareholder, if the Offeror is in material default of any covenant or obligation under the Lock-Up Agreement or if
any representation or warranty of the Offeror under the Lock-Up Agreement shall have been at the date hereof, or subsequently becomes, untrue or incorrect in any material respect; provided
that the Locked-Up Shareholder has notified the Offeror in writing of any of the foregoing events and the same has not been cured by the Offeror within 10&nbsp;days of the date such
notice was received by the&nbsp;Offeror. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Rationale for the Proposed Acquisition  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross believes that the successful completion of the Offer and subsequent acquisition of Underworld will add an attractive, early-stage exploration project to
Kinross' balanced portfolio of quality assets. For Shareholders, the Offer represents a substantial premium to the pre-announcement trading price of the Underworld Shares. Based on the
closing price of the Kinross Shares on the TSX on March&nbsp;10, 2010, the Offer represented a premium of approximately 36.0% over the closing price of the Underworld Shares on the TSX-V
on the same date. Based on the volume-weighted average price of the Kinross Shares on the TSX for the 20&nbsp;trading days ended March&nbsp;10, 2010, the Offer represented a premium of
approximately 50.2% over the volume-weighted average price of the Underworld Shares on the TSX-V for the same&nbsp;period. </FONT></P>

<P style="font-family:times;"><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 this
Circular, "Risk Factors Related to the&nbsp;Offer". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>48</FONT></P>

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</FONT> <FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Offer and Kinross' Plans for Underworld  </B></FONT></P>

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

<P style="font-family:times;"><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 Underworld Shares. If the conditions of the Offer are satisfied or
waived and Kinross takes up and pays for the Underworld Shares validly deposited under the Offer, Kinross intends to acquire any Underworld 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 Underworld Share equal in value to and in the same form as the consideration paid by
Kinross per Underworld Share under the Offer. For these purposes, in calculating the value of the consideration offered in any Subsequent Acquisition Transaction, each Kinross Share shall be deemed to
be at least equal in value to each Kinross Share offered under the Offer. The exact timing and details of any such transaction will depend upon a number of factors, including the number of Underworld
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 Underworld, 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 Underworld Shares Not&nbsp;Deposited". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Plans for Kinross and Underworld Following the Completion of the Offer  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Offer is accepted and Kinross acquires all of the outstanding Underworld Shares, Kinross intends to conduct a review of
Underworld and its assets, operations, management and personnel, to determine the changes necessary to integrate the operations and management of Underworld 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 Underworld Shares from the&nbsp;TSX-V. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Treatment of Underworld Options and Underworld Warrants  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is made only for Underworld Shares and is not made for any Underworld Options, Underworld Warrants or other rights to acquire
Underworld Shares. Any holder of such Underworld Options, Underworld Warrants or other rights to acquire Underworld Shares who wishes to accept the Offer should, to the extent permitted by their terms
and applicable law, fully exercise or exchange their Underworld Options, Underworld Warrants or other rights in order to obtain certificates representing Underworld 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
Underworld Shares available for deposit prior to the Expiry Time or in sufficient time to fully 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the Effective Date, provided that Kinross has taken-up and paid for such number of Underworld Shares which, together with the Underworld Shares and Underworld
Warrants directly or indirectly owned by Kinross, constitutes at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding Underworld Shares (calculated on a fully-diluted basis) and has received all Appropriate
Regulatory Approvals, if any holder of Underworld Options does not exercise such options and deposit the resulting Underworld Shares under the Offer prior to the Expiry Time, each such Underworld
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 Underworld Shares subject to such Underworld 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 Underworld Option
for which it was exchanged, and shall be governed by the terms of the Underworld Stock Option Plan (provided that the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>49</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Underworld
Options will not expire prior to their original expiry date, notwithstanding the holder ceases prior to the original expiry date of such Underworld Options to be an "eligible person"
(as&nbsp;defined in the
Stock Option Plan) and any certificate or option agreement previously evidencing the Underworld Option shall thereafter evidence and be deemed to evidence such Replacement Option. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Section&nbsp;8 of this Circular, "Acquisition of Underworld Shares Not&nbsp;Deposited". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The tax consequences to holders of Underworld Options, Underworld Warrants of exercising or not exercising their Underworld Options or Underworld Warrants are not
described in this Circular. Holders of Underworld Options or Underworld Warrants 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 Underworld Options or Underworld Warrants.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors Related to the Offer  </B></FONT></P>

<P style="font-family:times;"><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 Underworld 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;"><FONT SIZE=2><B><I> The integration of Kinross and Underworld may not occur as planned  </I></B></FONT></P>

<P style="font-family:times;"><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 Underworld'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 Underworld'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 Underworld and&nbsp;Kinross. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Shareholders will receive Kinross Shares based on an exchange ratio that will not reflect market price fluctuations. Consequently, the Kinross Shares issued under the Offer
may have a market value lower than&nbsp;expected  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offeror is offering to purchase Underworld Shares on the basis of 0.141 of a Kinross Share plus Cdn.$0.01 for each Underworld
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 and the Underworld Shares at the time of a
take-up of Underworld 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 Underworld Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> The acquisition of Underworld 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order for Kinross to acquire all of the issued and outstanding Underworld 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 Underworld 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 Underworld 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 Underworld Shares. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50</FONT></P>

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<P style="font-family:times;"><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 Underworld
Shares not deposited under the Offer will be reduced, which might affect the price of the Underworld Shares and the ability of a Shareholder to dispose of their Underworld Shares  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Offer is successful, the liquidity and market value of the remaining Underworld 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 Underworld Shares acquired pursuant to the Offer, following the completion of the Offer the
Underworld Shares may no longer meet the
TSX-V 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
Underworld Shares on the&nbsp;TSX-V. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the TSX-V was to delist the Underworld Shares, the market for the Underworld Shares could be adversely affected. Although it is possible that the Underworld 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 Underworld Shares and the availability of such quotations would depend upon the number of
holders and/or the aggregate market value of the Underworld Shares remaining at such time and the interest in maintaining a market in the Underworld Shares on the part of securities firms. If
Underworld Shares are delisted and Underworld ceases to be a "public corporation" for the purposes of the Tax&nbsp;Act, Underworld Shares would cease to be qualified investments for trusts governed
by registered retirement savings plans, registered education savings plans, registered retirement income funds, tax-free savings accounts and deferred profit sharing plans. Delisting can
also have adverse tax consequences to non-resident holders of Underworld Shares, as described in Section&nbsp;17 of this Circular, "Certain Tax
Considerations&nbsp;&#151;&nbsp;Certain Canadian Federal Income Tax Considerations". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> After the consummation of the Offer, Underworld 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;"><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 Underworld
Shares), Kinross will have the power to elect the directors of Underworld, appoint new management, approve certain actions requiring the approval of Shareholders, including adopting certain amendments
to Underworld's constating documents and approving mergers or sales of Underworld's assets. In particular, after the consummation of the Offer, Kinross intends to integrate Underworld and Kinross, by
merger or other transaction whereby the operations of Underworld and Kinross are combined. Kinross' interests with respect to Underworld may differ from, and conflict with, those of any remaining
minority Shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of Underworld Shares Not Deposited  </B></FONT></P>


<P style="font-family:times;"><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 Underworld Shares deposited under the Offer, it will enter into one or more transactions to enable
Kinross or an affiliate of Kinross to acquire all Underworld Shares not acquired pursuant to the Offer. There is no assurance that any such transaction will be&nbsp;completed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Compulsory Acquisition  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, within four months after the date of the Offer, the Offer is accepted by Shareholders holding not less than 90% of the issued and
outstanding Underworld Shares (assuming full exercise of the Underworld Options and Underworld Warrants), other than any Underworld Shares held at the date of the Offer by, or by a nominee for,
Kinross or its affiliates, Kinross intends, to the extent possible, acquire the remainder of the Underworld Shares from those Shareholders who have not accepted the Offer pursuant to
Section&nbsp;300 of the BCBCA and otherwise in accordance with applicable laws (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;"><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
Underworld Shares to whom the Offer was made but who did not accept the Offer (and&nbsp;each person who subsequently acquires any such Underworld Shares) (in&nbsp;each case, a
"</FONT><FONT SIZE=2><B>Dissenting Offeree</B></FONT><FONT SIZE=2>") within five months after the date of the Offer of such proposed acquisition. If the Offeror's Notice is sent to a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Dissenting
Offeree under Subsection&nbsp;300(3) of the BCBCA, the Offeror is entitled and bound to acquire all of the Underworld Shares of that Dissenting Offeree on the same terms contained in the
Offer, unless the Supreme Court of British Columbia (the&nbsp;"</FONT><FONT SIZE=2><B>Court</B></FONT><FONT SIZE=2>") orders otherwise on an application made by a Dissenting Offeree within two
months after the date of the Offeror's Notice. Pursuant to any such application, the Court may fix the price and terms of payment for the Underworld Shares held by a Dissenting Offeree and make any
such consequential orders and give such directions as the Court considers appropriate. Unless the Court orders otherwise the Offeror must, not earlier than two months after the date of the Offeror's
Notice, send a copy of the Offeror's Notice to Underworld and must pay or transfer to Underworld the consideration representing the price payable by the Offeror for the Underworld Shares that are
referred to in the Offeror's Notice. On receiving a copy of the Offeror's Notice and the consideration representing the price payable for the Underworld Shares referred to in the Offeror's Notice,
Underworld will be required to register the Offeror as a Shareholder with respect to those Underworld Shares. Any such amount received by Underworld must be paid into a separate account at a savings
institution and, together with any other consideration so received, must be held by Underworld, or by a trustee approved by the Court, in trust for the Dissenting Offerees. </FONT></P>

<P style="font-family:times;"><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;300 of the BCBCA. Shareholders should refer to Section&nbsp;300 of the BCBCA 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;300 of the BCBCA 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;300
of the BCBCA should consult their legal&nbsp;advisors.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Compelled Acquisition  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;300 of the BCBCA provides that if the Offeror has not sent the Offeror's Notice to a Dissenting Offeree within one month
after becoming entitled to do so, the Offeror must send a written notice to each Dissenting Offeree stating that such Dissenting Offeree, within three months after receiving such notice, may require
the Offeror to acquire the Underworld Shares held by such Dissenting Offeree. If a Dissenting Offeree requires the Offeror to acquire its Underworld Shares in accordance with these provisions, the
Offeror must acquire those Underworld Shares for the same price and on the same terms contained in the Offer (a&nbsp;"</FONT><FONT SIZE=2><B>Compelled Acquisition</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><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;300 of the BCBCA. The provisions of Section&nbsp;300 of the BCBCA 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;300 of the BCBCA should consult their legal&nbsp;advisors.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Subsequent Acquisition Transaction  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Kinross takes up and pays for Underworld 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 Underworld and Kinross, or an
affiliate of Kinross, for the purpose of enabling Kinross or an affiliate of Kinross to acquire all Underworld 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, Underworld 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 Underworld Shares acquired pursuant to the Offer. If Kinross takes up and pays
such number of Underworld Shares which, together with the Underworld Shares and Underworld Warrants directly or indirectly owned by Kinross, constitutes at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the
outstanding Underworld Shares (calculated on a fully-diluted basis) under the Offer, Kinross will own sufficient Underworld Shares to effect a Subsequent Acquisition </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>52</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Transaction.
Kinross reserves the right, in its sole discretion, not to complete a Subsequent Acquisition Transaction. </FONT></P>

<P style="font-family:times;"><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 Underworld 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 Underworld 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. The Offeror is a "related party" of Underworld for the
purposes of MI&nbsp;61-101; however, 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;"><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 Underworld 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depending
on the nature and terms of the Subsequent Acquisition Transaction and Underworld's constating documents the Offeror expects that the provisions of the BCBCA will require the
approval of 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the votes cast by holders of the outstanding Underworld Shares at a meeting duly 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 Underworld 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;"><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 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 Underworld 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 Underworld Shares to the Offer was
not (i)&nbsp;a "joint actor" (within the meaning of MI&nbsp;61-101) with the Offeror 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 </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Underworld
Share that is not identical in amount and form to the entitlement of the general body of holders in Canada of Underworld Shares. The Offeror currently intends: (x)&nbsp;that the
consideration offered per Underworld 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 shall be deemed to be at least equal in value to each
Kinross Share 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
Underworld 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;"><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 Underworld
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
Underworld Shareholder for its Underworld Shares. The fair value so determined could be more or less than the amount paid per Underworld Share pursuant to such transaction or pursuant to
the&nbsp;Offer. </FONT></P>

<P style="font-family:times;"><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
Underworld Shares in the open market, in privately negotiated transactions, in another take-over bid or exchange offer or otherwise, or from Underworld, or taking no further action to
acquire additional Underworld Shares. Any additional purchases of Underworld Shares could be at a price greater than, equal to or less than the value of the Offered Consideration to be paid for
Underworld 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 Underworld 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
Underworld Shares under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;"><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;17 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;"><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership of and Trading in Securities of Underworld and Benefits from the&nbsp;Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross owns, or exercises control or direction over, 3,918,181&nbsp;Underworld Shares representing approximately 9.29% of the issued and outstanding Underworld
Shares and 600,000&nbsp;Underworld Warrants. Assuming full exercise of all of the Underworld Options and Underworld Warrants, Kinross would hold approximately 8.52% of the Underworld Shares.
Catherine McLeod-Seltzer, a director of Kinross, owns, or exercises control or direction over, 34,500&nbsp;Underworld Shares and 17,250&nbsp;Underworld Warrants. An associated company of
Ms.&nbsp;McLeod-Seltzer owns, or exercises control or direction over, 40,000&nbsp;Underworld Shares and 20,000&nbsp;Underworld Warrants, which, together with the Underworld Shares and Underworld
Warrants owned by Ms.&nbsp;McLeod-Seltzer, represent approximately 0.2% of the issued and outstanding Underworld Shares (on&nbsp;a fully-diluted basis). Michael Brown, Vice President, Energy of
Kinross, owns, or exercises control or direction over, 1,400&nbsp;Underworld Shares. Except as set forth above, no director or officer of Kinross nor, to the knowledge of the directors and officers
of Kinross after reasonable enquiry, any (a)&nbsp;associate or affiliate of an insider of Kinross, (b)&nbsp;insider of Kinross other than a director or officer of Kinross, or (c)&nbsp;any person
acting jointly or in concert with Kinross, owns or exercises control or direction over any of the securities of&nbsp;Underworld. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the six month period preceding the date of the Offer, no securities of Underworld have been traded by Kinross or its directors or officers, or, to the knowledge of Kinross, after
reasonable inquiry, by (a)&nbsp;any associate or affiliate of an insider of Kinross, (b)&nbsp;any insider of Kinross other than a director or officer of Kinross, or (c)&nbsp;any person acting
jointly or in concert with Kinross, other than as follows: Michael Brown, Vice President, Energy, of Kinross, purchased 1,400&nbsp;Underworld Shares on the facilities of the TSX on March&nbsp;10,
2010, at a price of $1.93 per Underworld Share, for a total purchase price of Cdn.$2,702. Mr.&nbsp;Brown was not a </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>member
of the Kinross team that participated in the planning and execution of the Offer. He has advised Kinross that he had no knowledge of any proposed transaction involving Kinross and Underworld
prior to the announcement of the Offer on March&nbsp;11, 2010. </FONT></P>

<P style="font-family:times;"><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;"><FONT SIZE=2><B>10.&nbsp;&nbsp;&nbsp;Commitments to Acquire Securities of Underworld  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except pursuant to the Offer (including as described in Section&nbsp;4 of this Circular, "Background to the Offer", under the headings "Support Agreement" and
"Lock-Up Agreements"), neither Kinross nor its directors and officers or, to the knowledge of Kinross, after reasonable inquiry, any (a)&nbsp;associate or affiliate of an insider of
Kinross, (b)&nbsp;insider of Kinross other than a director or officer of Kinross, or (c)&nbsp;person acting jointly or in concert with Kinross, has entered into any agreement, commitment or
understanding to acquire any equity securities of&nbsp;Underworld. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>11.&nbsp;&nbsp;&nbsp;Arrangements, Agreements, Commitments or Understandings  </B></FONT></P>

<P style="font-family:times;"><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", and "Lock-Up
Agreement" and in Section&nbsp;6 of this Circular, "Purpose of the Offer and Kinross' Plans for Underworld", or as otherwise disclosed in the Offer to Purchase and Circular, there are: (a)&nbsp;no
agreements, commitments or understandings made or proposed to be made between Kinross and any of the directors or officers of Underworld and no payments or other benefits are proposed to be made or
given by Kinross to such directors or officers as compensation for loss of office or as compensation for remaining in or retiring from office; (b)&nbsp;no agreements, commitments or understandings
made or proposed to be made between Kinross and any Shareholder with respect to the Offer; and (c)&nbsp;no agreements, commitments or understandings made between Kinross and Underworld or between
Kinross and any other person with respect to any securities of Underworld in relation to the&nbsp;Offer. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>12.&nbsp;&nbsp;&nbsp;Acceptance of the Offer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the Support Agreement, Underworld represented to the Offeror that each member of Underworld'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, and Ms.&nbsp;McLeod-Seltzer, a director of Kinross, who has indicated that she intends to exercise the Underworld Warrants currently held by her directly and tender the 51,750 Underworld
Shares held by her directly (which number includes the Underworld Shares to be issued pursuant to the exercise of her Underworld Warrants) to the Offer. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>13.&nbsp;&nbsp;&nbsp;Material Changes and Other Information  </B></FONT></P>

<P style="font-family:times;"><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 Underworld since March&nbsp;16, 2010, the date of the last material change report filed by Underworld, 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 style="font-family:times;"><FONT SIZE=2><B>14.&nbsp;&nbsp;&nbsp;Source of Funds  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that all of the outstanding Underworld Shares, other than any Underworld Shares owned directly or indirectly by the Offeror and including any
Underworld Shares that may become issued and outstanding after the date of the Offer but prior to the Expiry Time upon the conversion, exchange or exercise of any securities of Underworld that are
convertible into or exchangeable or exercisable for Underworld Shares, are tendered to the Offer and are taken up and paid for by the Offeror, the cash consideration payable to such tendering
Shareholders would be approximately Cdn.$445,000 (assuming that all Underworld Options are exchanged for Replacement Options). The Offeror intends to pay for the Underworld Shares with cash on hand.
The Offeror's obligation to purchase the Underworld Shares tendered in the Offer is not subject to any financing condition. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>15.&nbsp;&nbsp;&nbsp;Effect of the Offer on the Market for and Listing of Underworld Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purchase of Underworld Shares by the Offeror pursuant to the Offer will reduce the number of Underworld Shares that might otherwise trade publicly and will
reduce the number of holders of Underworld Shares and, depending on the number of Underworld Shares acquired by the Offeror, could adversely affect the liquidity and market value of the remaining
Underworld Shares held by the&nbsp;public. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rules and regulations of the TSX-V establish certain criteria which, if not met, could, upon successful completion of the Offer, lead to the delisting of the Underworld
Shares from the TSX-V. Among such criteria is the number of Shareholders, the number of Underworld Shares publicly held and the aggregate market value of the Underworld Shares publicly
held. Depending on the number of Underworld Shares purchased under the Offer, it is possible that the Underworld Shares would fail to meet the criteria for continued listing on the TSX-V.
If this were to happen, the Underworld Shares could be delisted and this could, in turn, adversely affect the market or result in a lack of an established market for such Underworld 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
Underworld Shares from the TSX-V. If the Underworld Shares are delisted from the TSX-V, the extent of the public market for the Underworld Shares and the availability of price
or other quotations would depend upon the number of Shareholders, the number of Underworld Shares publicly held and the aggregate market value of the Underworld Shares remaining at such time, the
interest in maintaining a market in Underworld Shares on the part of securities firms, whether Underworld remains subject to public reporting requirements in Canada and other&nbsp;factors. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the purchase of the Underworld Shares under the Offer, Underworld may cease to be subject to the public reporting and proxy solicitation requirements of the BCBCA 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;"><FONT SIZE=2><B>16.&nbsp;&nbsp;&nbsp;Regulatory Matters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offeror's obligation to take up and pay for Underworld 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
does not currently intend to take up and pay for Underworld 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 Underworld Shares under any applicable competition, merger control, antitrust or other similar law or regulation
in jurisdictions material to the operations of Kinross or&nbsp;Underworld. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Securities Regulatory Matters  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The distribution of the Kinross Shares 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 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;"><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 in connection with their offer and sale to Shareholders pursuant to the
Offer as required by the U.S.&nbsp;Securities Act. The resale of Kinross Shares 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 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;"><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;"><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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>56</FONT></P>

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</FONT> <FONT SIZE=2><B>17.&nbsp;&nbsp;&nbsp;Certain Tax Considerations  </B></FONT></P>

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

<P style="font-family:times;"><FONT SIZE=2><B><I> General  </I></B></FONT></P>

<P style="font-family:times;"><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 Underworld Shares who disposes of Underworld Shares pursuant to the Offer
(or&nbsp;otherwise disposes of Underworld Shares pursuant to certain transactions described in Section&nbsp;8 of this Circular, "Acquisition of Underworld Shares Not Deposited") and who, for
purposes of the Tax&nbsp;Act and at all relevant times (i)&nbsp;holds the Underworld Shares, and will hold any Kinross Shares received pursuant to the Offer, as capital property and
(ii)&nbsp;deals at arm's length with and is not affiliated with Kinross or Underworld. 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. Underworld 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
Underworld Shares or persons who acquired Underworld 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;"><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 from the Canadian federal income tax considerations discussed herein. </FONT></P>


<P style="font-family:times;"><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 Canadian federal income tax considerations. This summary is not intended 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;"><FONT SIZE=2><B><I> Holders Resident in Canada  </I></B></FONT></P>

<P style="font-family:times;"><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&nbsp;"</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 Underworld Shares might not otherwise qualify as capital property may, in certain circumstances, make, or may have already made, an irrevocable election in accordance with
Subsection&nbsp;39(4) of the Tax&nbsp;Act the effect of which may be to deem their Underworld 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 Underworld 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>57</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> Resident Holders Who Accept the Offer  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>Exchange
of Underworld Shares for Kinross Shares and Cash</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;"><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;"><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 Underworld Shares for proceeds of
disposition equal to the fair market value as at the time of the exchange of the Kinross Shares acquired by such Resident Holder on the exchange, plus any cash received by such Resident Holder on the
exchange. 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 Underworld Shares immediately before the disposition. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cost to a Resident Holder of any Kinross Shares acquired on the exchange will be equal to the fair market value of those shares as at the time of acquisition, and in determining
their adjusted cost base, the cost of such Kinross Shares will be averaged with the adjusted cost base to that Resident Holder of any other Kinross Shares held by the Resident Holder at that time as
capital property. </FONT></P>

<P style="font-family:times;"><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;"><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;"><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 the Offered Consideration pursuant to the Offer may obtain a full or partial tax
deferral in respect of the disposition of Underworld 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;"><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
Underworld Shares. </FONT></P>

<P style="font-family:times;"><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;"><FONT SIZE=2>the
Elected Amount may not exceed the fair market value of the Underworld 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;"><FONT SIZE=2>the
Elected Amount may not be less than 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;"><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 Underworld Shares exchanged,
determined at the time of the exchange, and (ii)&nbsp;the fair market value of the Underworld Shares at that&nbsp;time. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><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;"><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;"><FONT SIZE=2>Underworld
Shares that are the subject of the Tax Election will be deemed to be disposed of by the Eligible Holder 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 of the
adjusted cost base of such Underworld Shares immediately before the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>58</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>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 Underworld 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;"><FONT SIZE=2>The
aggregate cost to the Eligible Holder of Kinross Shares acquired on the exchange will be equal to the amount, if any, by which the Elected Amount
exceeds the amount of cash received from Kinross on the exchange, 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. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>An Eligible Holder interested in making a Tax 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;"><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 Underworld Shares transferred, the consideration received and the applicable Elected Amount for the purposes of
such&nbsp;election. </FONT></P>

<P style="font-family:times;"><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 to be the Elected Amount, 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;"><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' 2010 taxation year is scheduled to end December&nbsp;31, 2010, 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, 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;"><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  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>59</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B> 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;"><FONT SIZE=2><I> Taxation of Capital Gains and Capital Losses  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, a Resident Holder is 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 (an&nbsp;"</FONT><FONT SIZE=2><B>allowable capital loss</B></FONT><FONT SIZE=2>") 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 taxation 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
capital loss otherwise arising on the disposition of an Underworld 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 an Underworld Share is owned by a trust or a partnership of which a corporation, trust or partnership is a member or beneficiary. Resident Holders
to whom these rules may be relevant should consult their own tax&nbsp;advisors. </FONT></P>

<P style="font-family:times;"><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) is liable to pay, in addition to tax otherwise payable
under the Tax&nbsp;Act, a tax, a portion of which may be refundable, on certain investment income including taxable capital&nbsp;gains. </FONT></P>


<P style="font-family:times;"><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;"><FONT SIZE=2><U>Underworld
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;"><FONT SIZE=2><I>Compulsory Acquisition of Underworld Shares</I></FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described under Section&nbsp;8 of this Circular, "Acquisition of Underworld Shares Not Deposited&nbsp;&#151;&nbsp;Compulsory Acquisition", Kinross may, in
certain circumstances, acquire Underworld Shares not deposited under the Offer pursuant to statutory rights of purchase under the BCBCA. The tax consequences to a Resident Holder of a disposition of
Underworld 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 Underworld
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;"><FONT SIZE=2><I>Compelled Acquisition of Underworld Shares</I></FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in Section&nbsp;8 of this Circular, "Acquisition of Underworld 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 Underworld Shares. The tax consequence to a Resident Holder of a disposition of Underworld Shares pursuant
to a Compelled Acquisition will be the same as described under "Resident Holders Who Accept the&nbsp;Offer".  </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;"><FONT SIZE=2><I>Subsequent Acquisition Transaction</I></FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in Section&nbsp;8 of this Circular, "Acquisition of Underworld Shares Not Deposited", if Kinross does not acquire all of the Underworld Shares pursuant to the Offer or by
means of a Compulsory Acquisition, </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>
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<A NAME="page_dg45312_1_61"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Kinross
may propose other means of acquiring the remaining issued and outstanding Underworld 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 Underworld Shares acquired pursuant to a Subsequent Acquisition Transaction. </FONT></P>

<P style="font-family:times;"><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 Underworld Shares or any shares of a taxable Canadian corporation issued as consideration for the Underworld 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;"><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 Underworld Shares or any shares of a taxable Canadian corporation issued as
consideration for the Underworld 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;"><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 Underworld Shares or any shares of a taxable Canadian corporation issuable as consideration for the Underworld Shares to the extent such dividends are
deductible in computing taxable income for the&nbsp;year. </FONT></P>

<P style="font-family:times;"><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 Underworld Shares for proceeds of disposition equal to the amount paid by the amalgamated corporation to the
dissenting Resident Holder for such Underworld 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 court in connection with an amalgamation. </FONT></P>

<P style="font-family:times;"><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 Underworld 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;"><FONT SIZE=2><I>Potential Delisting</I></FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
following completion of the Offer the Underworld Shares cease to be listed on any designated stock exchange (which includes the TSX-V) and Underworld ceases to be a
"public corporation" for purposes of the Tax&nbsp;Act, Resident Holders that are trusts governed by registered retirement savings plans, tax-free savings accounts, registered retirement
income funds, registered education savings plans, deferred profit sharing plans and registered disability savings plans are cautioned that the Underworld Shares will cease to be qualified investments
for such trusts. Such Holders should consult with their own tax advisors in this regard. Underworld Shares may cease to be listed on the TSX-V following the completion of the&nbsp;Offer. </FONT></P>

<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>
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<A NAME="page_dg45312_1_62"> </A>

<P style="font-family:times;"><FONT SIZE=2><U>Holding
and Disposing of Kinross Shares</U> </FONT></P>

<P style="font-family:times;"><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;"><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;"><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 will be qualified investments under the Tax&nbsp;Act for trusts governed by registered retirement savings plans, registered retirement income funds, registered
disability savings plans, tax-free savings accounts, deferred profit sharing plans and registered education savings plans. The Kinross Shares will not be a "prohibited investment" for a
trust governed by a tax-free savings account on such date provided the holder of the tax-free savings account does not have a significant interest (within the meaning of the
Tax&nbsp;Act) in Kinross or in any person or partnership with which Kinross does not deal at arm's length for purposes of the Tax&nbsp;Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Holders Not Resident in Canada  </I></B></FONT></P>

<P style="font-family:times;"><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 Underworld Shares in carrying on a business in Canada. Holders meeting all such requirements are hereinafter referred to as a
"</FONT><FONT SIZE=2><B>Non-Resident Holder</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>Non-Resident Holders</B></FONT><FONT SIZE=2>", 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;"><FONT SIZE=2><U>Non-Resident
Holders Who Accept the Offer</U> </FONT></P>

<P style="font-family:times;"><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 Underworld
Shares pursuant to the Offer unless such shares are or are deemed to be "taxable Canadian property" as defined in the Tax&nbsp;Act to the Non-Resident Holder and the
Non-Resident Holder is not entitled to relief
under an applicable tax treaty between Canada and the country in which the Non-Resident Holder is&nbsp;resident. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
Underworld 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-V) 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 Underworld. The 2010 Budget released on March&nbsp;4, 2010 proposes to narrow the scope of "taxable Canadian
property". However, the relief offered by these proposals does not extend to shares that derive their value principally from real property situated in Canada, Canadian resource properties, timber
resource properties, interests in or options in respect of the foregoing, or any combination </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>
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<P style="font-family:times;"><FONT SIZE=2>thereof.
Notwithstanding the foregoing, in certain circumstances set out in the Tax&nbsp;Act, Underworld Shares could be deemed to be taxable Canadian property. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Resident
Holders who hold Underworld Shares as taxable Canadian property should consult with their own tax&nbsp;advisors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>Underworld
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;"><FONT SIZE=2><I>Compulsory or Compelled Acquisition of Underworld Shares</I></FONT></DD></DL>
</UL>

<P style="font-family:times;"><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 Underworld Shares pursuant to Kinross' statutory rights of purchase
described in Section&nbsp;8 of this Circular, "Acquisition of Underworld 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
Underworld Shares as described in Section&nbsp;8 of this Circular, "Acquisition of Underworld Shares Not Deposited&nbsp;&#151;&nbsp;Compelled Acquisition", unless the
Underworld 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;"><FONT SIZE=2><I>Subsequent Acquisition Transactions</I></FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in Section&nbsp;8 of this Circular, "Acquisition of Underworld Shares Not Deposited", if Kinross does not acquire all of the Underworld Shares under the Offer or by means
of a Compulsory Acquisition, Kinross may propose other means of acquiring the remaining issued and outstanding Underworld 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 Underworld 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 credited or deemed to be paid or credited to
a Non-Resident Holder will 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. For example, 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 Underworld
Shares acquired pursuant to a Subsequent Acquisition Transaction. Due to uncertainties under relevant corporate legislation as to whether amounts paid to a Non-Resident Holder who
exercises the right to dissent in respect of an amalgamation would be treated entirely as proceeds of disposition or in part as payment of a deemed dividend as discussed above under the heading
"Underworld Shares Not Deposited by Non-Resident Holders", dissenting Non-Resident Holders should consult their own tax&nbsp;advisers.  </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;"><FONT SIZE=2><I>Potential Delisting</I></FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described under Section&nbsp;15 of this Circular, "Effect of the Offer on the Market for and Listing of Underworld Shares", Underworld Shares may cease to be listed on the
TSX-V, following the completion of the Offer and may not be listed on the TSX-V or any other designated stock exchange at the time of their disposition pursuant to a Compulsory
Acquisition or a Subsequent Acquisition Transaction. Non-Resident Holders are cautioned that if the Underworld Shares are not listed on a designated stock exchange at the time they are
disposed of (i)&nbsp;the Underworld 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. As noted above under "&#151;&nbsp;Non-Resident Holders Who Accept the Offer", although the 2010 Budget proposes to narrow the
scope of "taxable Canadian </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>
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<P style="font-family:times;"><FONT SIZE=2>property",
the relief offered by these proposals does not extend to shares that derive their value principally from real property situated in Canada, Canadian resource properties, timber resource
properties, interests in or options in respect of the foregoing, or any combination thereof. 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, and unless the Offeror has received a clearance certificate for the disposition of the Non-Resident Holders' Underworld Shares, to deduct or
withhold an 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;"><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 Underworld Shares pursuant
to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>Holding
and Disposing of Kinross Shares</U> </FONT></P>

<P style="font-family:times;"><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 Canadian non-resident withholding tax
at the rate of 25% unless the rate is reduced under the provisions of an applicable tax treaty. For example, 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;"><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 unless the Non-Resident
Holder's Kinross Shares 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&nbsp;treaty. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Certain United&nbsp;States Federal Income Tax Considerations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> General  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of the principal U.S.&nbsp;federal income tax consequences to a U.S.&nbsp;Holder, as defined
below, of the exchange of Underworld Shares for Kinross Shares and $0.01 per Underworld Share pursuant to the Offer (or&nbsp;the disposition of Underworld Shares pursuant to certain transactions
described in Section&nbsp;8 of this Circular, "Acquisition of Underworld Shares Not Deposited"), and the ownership and disposition of Kinross Shares received pursuant to the Offer. This summary is
not applicable to persons holding Underworld Options, Underworld Warrants or other rights to acquire Underworld Shares and any U.S.&nbsp;Holder that holds any of the foregoing should consult their
own tax advisor regarding the U.S.&nbsp;federal income tax consequences to them of the Offer, as well as the ownership and disposition of Kinross Shares, having regard to such holder's particular
circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion is based on the U.S.&nbsp;Internal Revenue Code of 1986, as amended (the&nbsp;"</FONT><FONT SIZE=2><B>Code</B></FONT><FONT SIZE=2>"), final and temporary Treasury
Regulations promulgated thereunder, administrative pronouncements and practices, judicial decisions, the Convention between Canada and the United&nbsp;States of America with Respect to Taxes on
Income and on Capital, signed September&nbsp;26, 1980, as amended, all as of the date hereof. Any of the authorities on which this summary is based could be changed in a material and adverse manner
at any time, and any such change could be applied on a retroactive basis. This discussion is not binding on the U.S.&nbsp;Internal Revenue Service
(the&nbsp;"</FONT><FONT SIZE=2><B>IRS</B></FONT><FONT SIZE=2>"). No legal opinion from U.S.&nbsp;legal counsel or ruling from the IRS has been requested, or is expected to be obtained, regarding
the U.S.&nbsp;federal income tax consequences discussed herein. There can be no assurance that the IRS will not challenge any of the conclusions described herein or that a U.S.&nbsp;court will not
sustain such a&nbsp;challenge. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion does not address any U.S.&nbsp;federal alternative minimum tax, U.S.&nbsp;federal estate, gift, or other non-income tax, or any state, local, or
non-U.S.&nbsp;tax consequences of the Offer or the ownership and disposition of Kinross Shares. This summary does not address the U.S.&nbsp;federal income tax consequences of
transactions entered into prior to, currently with, or subsequent to the Offer (whether or not any such transactions are undertaken in connection with the Offer), and assumes that no such transaction
will properly be integrated with the Offer for U.S.&nbsp;federal income tax purposes. If any of the assumptions on which this summary is based are </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>
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<A NAME="page_dg45312_1_65"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>inaccurate,
such inaccuracy may result in U.S.&nbsp;federal income tax consequences for a U.S.&nbsp;Holder that are materially different than those described below. Further, this summary is not
intended to constitute a complete description of all the potential U.S.&nbsp;federal income tax consequences that may apply to a U.S.&nbsp;Holder as a result of the Offer or the ownership and
disposition of Kinross Shares received pursuant to the Offer. Accordingly, this summary is not intended to be, and should not be construed as, legal or
U.S.&nbsp;federal income tax advice with respect to any U.S.&nbsp;Holder. U.S.&nbsp;Holders and holders of Underworld Shares that are not U.S.&nbsp;Holders should consult their own tax
advisors regarding the application of the U.S.&nbsp;federal income tax laws to their particular circumstances, as well as any tax consequences that may arise under the laws of any other relevant
non-U.S.&nbsp;state, local, or other taxing jurisdiction (including the potential application of and operation of any tax&nbsp;treaties). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> U.S.&nbsp;Holders  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, a "U.S.&nbsp;Holder" means a beneficial owner of Underworld Shares (or, following the completion of the Offer, a
beneficial owner of Kinross Shares) for U.S.&nbsp;federal income tax purposes that is (i)&nbsp;a citizen or an individual resident (including a lawful permanent resident alien holding a green
card) of the United&nbsp;States, (ii)&nbsp;a corporation (or&nbsp;other entity taxable as a corporation for U.S.&nbsp;federal income tax purposes) organized under the laws of the
United&nbsp;States or any political subdivision thereof, including the States and the District of Columbia, (iii)&nbsp;an estate the income of which is subject to U.S.&nbsp;federal income
taxation regardless of its source, or (iv)&nbsp;a trust which (a)&nbsp;is subject to the primary jurisdiction of a court within the United&nbsp;States and for which one or more
U.S.&nbsp;persons have authority to control all substantial decisions, or (b)&nbsp;has a valid election in effect under applicable U.S.&nbsp;Treasury Regulations to be treated as a
U.S.&nbsp;person. If a pass-through entity, including a partnership or other entity taxable as a partnership for U.S.&nbsp;federal income tax purposes, holds Underworld Shares or
Kinross Shares, the U.S.&nbsp;federal income tax treatment of an owner or partner of such entity, generally will depend on the status of such owner or partner and on the activities of the
pass-through entity. A U.S.&nbsp;person that is an owner or partner of a pass-through entity holding Underworld Shares or Kinross Shares is urged to consult its own
tax&nbsp;advisor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion assumes that each of the Underworld Shares is held as a capital asset, within the meaning of Section&nbsp;1221 of the Code, in the hands of a U.S.&nbsp;Holder at all
relevant times and that each of the Kinross Shares to be received by such U.S.&nbsp;Holder as a result of the Offer will be held as a capital asset. In addition, this discussion does not address the
U.S.&nbsp;federal income tax consequences to certain categories of U.S.&nbsp;Holders subject to special rules, including U.S.&nbsp;Holders that are (i)&nbsp;banks, financial institutions, or
insurance companies, (ii)&nbsp;regulated investment companies or real estate investment trusts, (iii)&nbsp;brokers or dealers in securities or currencies or traders in securities or currencies
that elect to apply a mark-to-market accounting method, (iv)&nbsp;tax-exempt organizations, (v)&nbsp;holders that own Underworld Shares (or, following the
completion of the Offer, holders that will own Kinross Shares) as part of a straddle, hedge, constructive sale, conversion transaction, or other integrated investment, (vi)&nbsp;holders that
acquired Underworld Shares in connection with the exercise of employee stock options or otherwise as compensation for services, (vii)&nbsp;holders that have a "functional currency" other than the
U.S.&nbsp;dollar, (viii)&nbsp;holders that own or have owned directly, indirectly, or constructively 5&nbsp;percent or more of Underworld's stock by voting power or value (or, following the
completion of the Offer, holders that will own directly, indirectly, or constructively 5&nbsp;percent or more of Kinross' stock by voting power or value), or (ix)&nbsp;U.S.&nbsp;expatriates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>U.S.&nbsp;Treasury Circular 230&nbsp;Notice: To ensure compliance with requirements imposed by the IRS, you are hereby notified that: (a)&nbsp;any
discussion of U.S.&nbsp;federal tax issues in this document is not intended or written to be relied upon, and cannot be relied upon, for the purpose of avoiding penalties that may be imposed under
the Code; (b)&nbsp;such discussion is written in connection with the promotion or marketing of the transactions or matters addressed herein; and (c)&nbsp;holders should seek advice based on their
particular circumstances from their own tax&nbsp;advisors.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>65</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B><I> <U>U.S.&nbsp;Federal Income Tax Consequences of the Offer</U>  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> The Exchange of Underworld Shares Pursuant to the Offer  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S.&nbsp;Holder who receives Kinross Shares and Canadian currency exchange for its Underworld Shares pursuant to the Offer should
recognize a gain or loss equal to the difference between (i)&nbsp;the amount realized and (ii)&nbsp;such holder's adjusted tax basis in its Underworld Shares. For this purpose, the amount realized
is the sum of the fair market value of the Kinross Shares received and the U.S.&nbsp;dollar value of Canadian currency received. The tax basis of Kinross Shares received by a U.S.&nbsp;Holder
pursuant to the Offer should be equal to the fair market value of such Kinross Shares received pursuant to the Offer. The holding period in the Kinross Shares received pursuant to the Offer should
begin on the day after the exchange pursuant to the&nbsp;Offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> PFIC Status of Underworld  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld has indicated to Kinross that it believes that it likely has been a PFIC in prior taxable years, and likely will be a PFIC
for its current taxable year. The determination of PFIC status, however, is fundamentally factual in nature, depends on the application of complex U.S.&nbsp;federal income tax rules which are
subject to differing interpretations, and generally cannot be determined until the close of the taxable year in question. U.S.&nbsp;Holders are urged to consult their own tax advisors regarding the
PFIC classification of Underworld for any taxable years during which such holder has held Underworld Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Underworld is a PFIC for one or more years during which a U.S.&nbsp;Holder has held Underworld Shares, under the PFIC&nbsp;rules: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any gain on the disposition of Underworld Shares pursuant to the Offer will be allocated rateably over such
U.S.&nbsp;Holder's holding period for the Underworld Shares;  </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;"><FONT SIZE=2>the amount allocated to the current taxable year and any year prior to the first year in which Underworld was classified
as a PFIC will be taxed as ordinary income in the current&nbsp;year;  </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;"><FONT SIZE=2>the amount allocated to each of the other taxable years will be subject to tax at the highest rate of tax in effect for
the applicable class of taxpayer for that year;&nbsp;and  </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;"><FONT SIZE=2>an interest charge for a deemed deferral benefit will be imposed with respect to the resulting tax attributable to each of
the other taxable years described in the bullet point immediately above, which interest charge is not deductible by non-corporate U.S.&nbsp;Holders. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
U.S.&nbsp;Holder that has made a timely and effective "mark to market" election with respect to its Underworld Shares as of the first year of such holder's holding period during
which Underworld is treated as a PFIC generally would not be subject to the tax treatment under the PFIC rules described above, but any gain recognized by such holder on the exchange of its Underworld
Shares pursuant to the Offer would be treated as ordinary income. Any loss on such a disposition would be treated as an ordinary deduction, but only to the extent of the ordinary income that the
holder had included pursuant to the "mark to market" election in prior tax years. Additionally, a U.S.&nbsp;Holder that has made a timely and effective qualified electing fund
("</FONT><FONT SIZE=2><B>QEF</B></FONT><FONT SIZE=2>") election or certain other elections under the PFIC rules with respect to Underworld Shares may be subject to consequences under the PFIC rules
that are different than those described above. </FONT><FONT SIZE=2><B><I>U.S.&nbsp;Holders are urged to consult their independent tax advisors regarding the application of the PFIC rules as well, as
the impact of any mark-to-market, or other election, having regard to such holder's particular circumstances.</I></B></FONT><FONT SIZE=2> For a general discussion of the PFIC
rules, see "Holding and Disposing of Kinross Shares&nbsp;&#151;&nbsp;PFIC Rules"&nbsp;below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Canadian Currency  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fair market value of any Canadian currency received by a U.S.&nbsp;Holder in the Offer will generally be based on the spot
Canadian dollar/United&nbsp;States dollar rate on the date the amount is includible in such holder's income, regardless of whether the payment is in fact converted into U.S.&nbsp;dollars on such
date. Generally, any gain or loss resulting from currency exchange fluctuations during the period from the date a U.S.&nbsp;Holder includes such amount in income to the date such holder converts
such Canadian currency into U.S.&nbsp;dollars will be treated as ordinary income or&nbsp;loss. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>66</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> Shares Not Deposited by Resident Holders  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described under Section&nbsp;8 of this Circular, "Acquisition of Underworld Shares Not Deposited", Kinross may, in certain
circumstances, acquire Underworld Shares not deposited under the Offer pursuant to a Compulsory Acquisition, a Compelled Acquisition or a Subsequent Acquisition Transaction. A U.S.&nbsp;Holder whose
Underworld Shares are acquired pursuant to a Compulsory Acquisition or a Compelled Acquisition should be subject to tax consequences generally similar to those described above under "The Exchange of
Underworld Shares Pursuant to the Offer". The tax treatment of a Subsequent Acquisition Transaction to a U.S.&nbsp;Holder will depend upon the exact manner in which the Subsequent Acquisition
Transaction is carried out and may be substantially the same or materially different than the tax consequences described above. U.S.&nbsp;Holders should consult their own tax advisors for advice
with respect to the income tax consequences of having their Underworld Shares acquired pursuant to a Compulsory Acquisition, a Compelled Acquisition or a Subsequent Acquisition Transaction, including
the consequences of exercising dissent rights pursuant to a Compulsory Acquisition or a Subsequent Acquisition Transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Information Reporting and Backup Withholding  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the U.S.&nbsp;Holder is a corporation or other exempt recipient, payments to certain U.S.&nbsp;Holders of the proceeds of
the exchange of Underworld Shares that are made pursuant to the Offer, Compulsory Acquisition, Compelled Acquisition or Subsequent Acquisition Transaction may be subject to information reporting and
U.S.&nbsp;federal backup withholding tax at the rate of 28% (subject to periodic adjustment) if the U.S.&nbsp;Holder fails to supply a correct taxpayer identification number or otherwise fails to
comply with applicable U.S.&nbsp;information reporting or certification requirements. Any amount withheld from a payment to a U.S.&nbsp;Holder under the backup withholding rules is allowable as a
credit against the U.S.&nbsp;Holder's U.S.&nbsp;federal income tax, provided that the required information is furnished to the&nbsp;IRS. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> <U>Holding and Disposing of Kinross Shares</U>  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Taxation of Dividends  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the PFIC rules discussed below, U.S.&nbsp;Holders are subject to United&nbsp;States federal income taxation on the gross
amount of any dividend Kinross pays out of its current or accumulated earnings and profits (as&nbsp;determined for United&nbsp;States federal income tax purposes). Dividends paid to
non-corporate U.S.&nbsp;Holders in taxable years beginning before January&nbsp;1, 2011 that constitute qualified dividend income are taxable at a maximum tax rate of 15%, provided that
the Kinross Shares are held by such holder for more than 60&nbsp;days during the 121-day period beginning 60&nbsp;days before the ex-dividend date and other holding period
requirements are met. Dividends Kinross pays with respect to Kinross Shares should be qualified dividend income provided that Kinross is not a PFIC in the year the dividend is paid or the previous
taxable&nbsp;year. Under current law, for taxable years beginning after December&nbsp;31, 2010, dividends will be taxed at regular ordinary income&nbsp;rates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.&nbsp;Holders
must include any Canadian tax withheld from the dividend payment in this gross amount even though such holders do not in fact receive it. The dividend is taxable to
U.S.&nbsp;Holders on the receipt of the dividend, actually or constructively. The dividend will not be eligible for the dividends-received deduction generally allowed to United&nbsp;States
corporations in respect of dividends received from other United&nbsp;States corporations. Distributions in excess of the current and accumulated earnings and profits of Kinross (as&nbsp;determined
for United&nbsp;States federal income tax purposes) will be treated as a non-taxable return of capital to the extent of a U.S.&nbsp;Holder's basis in the Kinross Shares and thereafter
as capital&nbsp;gain. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to certain limitations, the Canadian tax withheld and paid over to Canada will be creditable or deductible against a U.S.&nbsp;Holder's United&nbsp;States federal income tax
liability. Special rules apply in determining the foreign tax credit limitation with respect to dividends that are subject to the maximum 15% tax&nbsp;rate. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
will be income from sources outside the United&nbsp;States. For foreign tax credit purposes, dividends will be income from sources outside the United&nbsp;States and will,
depending on a U.S.&nbsp;Holder's particular circumstances, be either "passive category" or "general category" income for purposes of computing the foreign tax credit allowable to
such&nbsp;holder. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>67</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> Taxation of Capital Gains  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the PFIC rules discussed below, on the sale or other taxable disposition of Kinross Shares, a U.S.&nbsp;Holder will
recognize capital gain or loss for United&nbsp;States federal
income tax purposes equal to the difference between the United&nbsp;States dollar value of the amount that such holder realizes and such holder's tax basis, determined in U.S.&nbsp;dollars, in the
Kinross Shares so disposed. Capital gain of a non-corporate U.S.&nbsp;Holder that is recognized in taxable years beginning before January&nbsp;1, 2011 is generally taxed at a maximum
rate of 15% where the U.S.&nbsp;Holder has a holding period greater than one year. Under current law, for taxable years beginning after December&nbsp;31, 2010, the maximum federal income tax rate
applicable to any such capital gain is scheduled to increase to 20% for non-corporate U.S.&nbsp;Holders. The gain or loss will generally be income or loss from sources within the
United&nbsp;States for foreign tax credit limitation purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> PFIC Rules  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross believes that Kinross Shares should not be treated as interests in a PFIC for United&nbsp;States federal income tax purposes,
but this conclusion is a factual determination that is made annually and thus may be subject to&nbsp;change. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, Kinross will be a PFIC with respect to a U.S.&nbsp;Holder if for any taxable year in which such holder holds Kinross&nbsp;Shares: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>at least 75% of Kinross' gross income for the taxable year is passive income;&nbsp;or  </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;"><FONT SIZE=2>at least 50% of the value, determined on the basis of a quarterly average, of Kinross' assets is attributable to assets
that produce or are held for the production of passive&nbsp;income. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Passive
income generally includes dividends, interest, royalties, rents (other than certain rents and royalties derived in the active conduct of a trade or business), annuities and gains
from assets that produce passive income. If a foreign corporation owns at least 25% by value of the stock of another corporation, the foreign corporation is treated for purposes of the PFIC tests
described above as owning its proportionate share of the assets of the other corporation, and as receiving directly its proportionate share of the other corporation's income. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Kinross is treated as a PFIC, and a U.S.&nbsp;Holder does not make a timely mark-to-market election, as described below, such holder will be subject to
special rules with respect&nbsp;to: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any gain such holder realizes on the sale or other disposition of Kinross Shares;&nbsp;and  </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;"><FONT SIZE=2>any excess distribution that Kinross makes on Kinross Shares (generally, any distributions during a single taxable year
that are greater than 125% of the average annual distributions received by the U.S.&nbsp;Holder in respect of the Kinross Shares during the three preceding taxable years or, if shorter, such
holder's holding period for the Kinross Shares). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>Under
these rules: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the gain or excess distribution will be allocated ratably over a U.S.&nbsp;Holder's holding period for the
Kinross&nbsp;Shares;  </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;"><FONT SIZE=2>the amount allocated to the taxable year in which the holder realized the gain or excess distribution will be taxed as
ordinary income;  </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;"><FONT SIZE=2>the amount allocated to each prior year, with certain exceptions, will be taxed at the highest tax rate in effect for that
year;&nbsp;and  </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;"><FONT SIZE=2>the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to
each such&nbsp;year. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Kinross were a PFIC, a U.S.&nbsp;holder generally would be taxed as described above unless the U.S.&nbsp;Holder made a mark-to-market election with respect
to its Kinross Shares to mitigate some of the adverse tax consequences of holding stock in a&nbsp;PFIC. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>68</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
U.S.&nbsp;holder that holds stock of a PFIC generally may make a mark-to-market election with respect to its stock if the stock constitutes "marketable
stock." Marketable stock is stock that is regularly traded (other than in </FONT><FONT SIZE=2><I>de minimis</I></FONT><FONT SIZE=2> quantities) on a United&nbsp;States or
non-United&nbsp;States exchange or other market that the United&nbsp;States Treasury Department determines has trading, listing, financial disclosure, and other rules adequate to carry
out the purposes of the mark-to-market election. The Kinross Shares should constitute marketable stock with respect to which a mark-to-market election
could be made. In such case, a U.S.&nbsp;holder would generally include as ordinary income or loss the difference between the fair market value of the Kinross Shares at the end of the taxable year
and the adjusted tax basis of the Kinross Shares (but&nbsp;loss could only be included to the extent of the net amount of previously included income as a result of the
mark-to-market election). If a U.S.&nbsp;holder made the election, the U.S.&nbsp;holder's tax basis in the Kinross Shares would be adjusted to reflect any such income or
loss amounts. Any gain recognized on the sale or other disposition of Kinross Shares would be treated as ordinary income. U.S.&nbsp;holders should consult their own tax advisors regarding the
availability and advisability of making a mark-to-market election with respect to the Kinross Shares in their particular circumstances. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
does not intend to provide U.S.&nbsp;holders with such information as may be required to make a QEF election effective. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> <U>Backup Withholding and Information Reporting</U>  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information reporting requirements, on IRS Form&nbsp;1099, generally will apply to non-corporate U.S.&nbsp;Holders with
respect&nbsp;to: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>dividend payments or other taxable distributions made to such holder within the United&nbsp;States;&nbsp;and </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;"><FONT SIZE=2>the payment of proceeds to such holder from the sale of Kinross Shares effected at a United&nbsp;States office of
a&nbsp;broker. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
backup withholding may apply to such payments to non-corporate U.S.&nbsp;Holders&nbsp;that: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>fail to provide an accurate taxpayer identification number;  </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;"><FONT SIZE=2>are notified by the IRS that they have failed to report all interest and dividends required to be shown on their
United&nbsp;States federal income tax returns;&nbsp;or  </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;"><FONT SIZE=2>in certain circumstances, fail to comply with applicable certification requirements. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
of the proceeds from the sale of Kinross Shares effected at a foreign office of a broker generally will not be subject to information reporting or backup withholding. However, a
sale of Kinross Shares that is effected at a foreign office of a broker will be subject to information reporting and backup withholding&nbsp;if: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the proceeds are transferred to an account maintained by a U.S.&nbsp;Holder in the United&nbsp;States; </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;"><FONT SIZE=2>the payment of proceeds or the confirmation of the sale is mailed to a U.S.&nbsp;Holder at a United&nbsp;States
address;&nbsp;or  </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;"><FONT SIZE=2>the sale has some other specified connection with the United&nbsp;States as provided in United&nbsp;States Treasury
regulations; </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>unless
the broker does not have actual knowledge or reason to know that such U.S.&nbsp;Holder is a United&nbsp;States person and certain documentation requirements are met or such holder otherwise
establishes an&nbsp;exemption. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, a sale of Kinross Shares effected at a foreign office of a broker will be subject to information reporting if the broker&nbsp;is: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a United&nbsp;States person;  </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;"><FONT SIZE=2>a controlled foreign corporation for United&nbsp;States tax purposes;  </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;"><FONT SIZE=2>a foreign person 50% or more of whose gross income is effectively connected with the conduct of a United&nbsp;States
trade or business for a specified three-year period;&nbsp;or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>69</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a foreign partnership, if at any time during its tax year: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>one or more of its partners are "U.S.&nbsp;persons", as defined in United&nbsp;States Treasury regulations, who in the
aggregate hold more than 50% of the income or capital interest in the partnership;&nbsp;or  </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;"><FONT SIZE=2>such foreign partnership is engaged in the conduct of a United&nbsp;States trade or&nbsp;business; </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>unless
the broker does not have actual knowledge or reason to know that such holder is a United&nbsp;States person and certain documentation requirements are met or such holder otherwise establishes
an exemption. Backup withholding will apply if the sale is subject to information reporting and the broker has actual knowledge that a U.S.&nbsp;Holder is a United&nbsp;States&nbsp;person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
U.S.&nbsp;Holder generally may obtain a refund of any amounts withheld under the backup withholding rules that exceed such holder's income tax liability by filing a refund claim with
the&nbsp;IRS. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>18.&nbsp;&nbsp;&nbsp;Depositary and Information Agent  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross has engaged Kingsdale Shareholder Services&nbsp;Inc. to act as Depositary for the receipt of Underworld Shares and related Letters of Transmittal
deposited under the Offer and for the payment for Underworld 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 Underworld Shares purchased by
the Offeror under the Offer. The Depositary will also facilitate book-entry transfers of Underworld Shares. 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 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross
has also 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;"><FONT SIZE=2><B>19.&nbsp;&nbsp;&nbsp;Dealer Managers and Soliciting Dealer Group  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross has engaged the services of RBC&nbsp;Dominion Securities&nbsp;Inc. as Dealer Managers in Canada and RBC Capital Markets Corporation 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Dealer Managers have agreed to form the soliciting dealer group (the&nbsp;"</FONT><FONT SIZE=2><B>Soliciting Dealer Group</B></FONT><FONT SIZE=2>") comprised of members of the
Investment Industry Regulatory Organization of Canada and members of the TSX, the TSX-V and the Financial Industry Regulatory Authority 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;"><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.$0.02 per Underworld Share taken up and paid for by Kinross under the Offer, subject to a minimum fee of Cdn.$100.00 and a maximum fee of Cdn.$1,500.00 being payable in respect of any one
beneficial owner of Underworld Shares provided that the Cdn.$100.00 minimum will only be payable in respect of deposits of 1,000 or more Underworld Shares. No solicitation fee will be paid if the
Offer is withdrawn or terminated and no Underworld Shares are taken up thereunder or in respect of any Underworld Shares withdrawn prior to take up of the Underworld Shares unless thereafter such
Underworld 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 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>70</FONT></P>

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<BR>

<P style="font-family:times;"><FONT SIZE=2>owner
of Underworld Shares or in respect of Underworld Shares deposited by directors or officers of&nbsp;Underworld. </FONT></P>


<P style="font-family:times;"><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 Underworld 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
Underworld 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;"><FONT SIZE=2><B>20.&nbsp;&nbsp;&nbsp;Offerees' Statutory Rights  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities legislation of the provinces and territories of Canada provides securityholders of Underworld 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;"><FONT SIZE=2><B>21.&nbsp;&nbsp;&nbsp;U.S.&nbsp;Exchange Act Requirements  </B></FONT></P>

<P style="font-family:times;"><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;"><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;"><FONT SIZE=2><B>22.&nbsp;&nbsp;&nbsp;Registration Statement Filed with the SEC  </B></FONT></P>

<P style="font-family:times;"><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 in connection with
their offer and sale pursuant to the Offer. 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;"><FONT SIZE=2><B>23.&nbsp;&nbsp;&nbsp;Legal Matters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters relating to the Offer and to the Kinross Shares 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;"><FONT SIZE=2><B>24.&nbsp;&nbsp;&nbsp;Directors' Approval  </B></FONT></P>


<P style="font-family:times;"><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>71</FONT></P>

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<A NAME="toc_di45312_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise referred to herein, reference should be made to the section entitled "Interests of Experts" set out in the Kinross
annual information form for the year ended December&nbsp;31, 2008 dated March&nbsp;31, 2009, which is incorporated by reference into this Offer to Purchase and Circular. With respect to technical
information relating to Kinross contained in the annual information form, Mr.&nbsp;Robert Henderson, Kinross' Senior Vice President, Technical Services, has supervised the preparation of such
disclosure as a "qualified person" for the purposes of NI&nbsp;43-101. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
audited consolidated financial statements of Kinross as at December&nbsp;31, 2009 and 2008 and for each of the years in the three-year period ended December&nbsp;31,
2009, 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="di45312_documents_filed_as_par__di402222"> </A>
<A NAME="toc_di45312_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;"><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>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
documents incorporated by reference under the heading, "Kinross&nbsp;&#151;&nbsp;Kinross Documents Incorporated by Reference and
Further Information";
<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>"Reconciliation
to Generally Accepted Accounting Principles in the United&nbsp;States" and the report of the independent registered public accounting firm
of Kinross thereon relating to the annual audited consolidated financial statements of Kinross for the year ended December&nbsp;31, 2009, including consolidated balance sheets as at
December&nbsp;31, 2009 and December&nbsp;31, 2008 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, 2009 and related&nbsp;notes;
<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>consent
of Osler, Hoskin&nbsp;&amp; Harcourt&nbsp;LLP;
<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>consent
of KPMG&nbsp;LLP;
<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>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>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>press
release dated March&nbsp;11, 2010 relating to the intention of Kinross to make 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>Support
Agreement dated March&nbsp;15, 2010 by and between Kinross and&nbsp;Underworld;
<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>form
of Lock-Up Agreement by and between Kinross and Darryl Cardey, Janice Davies, Marcel H. de Groot, Adrian Fleming, Christopher Herald,
Robert McLeod, Cale Moodie, Jeffrey Sundar and Michael Williams;&nbsp;and
<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>consent
of Robert Henderson. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>72</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ea45312_consent_of_osler,_hoskin___harcourt_llp"> </A>
<A NAME="toc_ea45312_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;"><FONT SIZE=2>To:
The Directors of Kinross Gold Corporation </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 under the heading "Legal Matters" and to our opinion contained under "Certain Tax
Matters&nbsp;&#151;&nbsp;Certain Canadian Federal Income Tax Considerations" in the take-over bid circular accompanying the offer to purchase dated March&nbsp;19,
2010 made by Kinross Gold Corporation to purchase all of the issued and outstanding common shares of&nbsp;Underworld Resources Inc. </FONT></P>

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<TD style="font-family:times;"><BR><FONT SIZE=2> Toronto, Ontario<BR>
March&nbsp;19, 2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>OSLER, HOSKIN&nbsp;&amp; HARCOURT&nbsp;LLP</FONT></TD>
</TR>
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<BR></FONT><FONT SIZE=2><B>  AUDITORS' CONSENT    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>To
the Board of Directors of Kinross Gold Corporation </FONT></P>

<P style="font-family:times;"><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 March&nbsp;19, 2010 made by Kinross Gold
Corporation (the&nbsp;"Company") to purchase all of the issued and outstanding common shares of Underworld Resources&nbsp;Inc. ("Underworld") to be sent to the shareholders of Underworld. We have
complied with Canadian generally accepted standards for an auditor's involvement with offering documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
consent to the incorporation by reference, in the above-mentioned Take-Over Bid Circular of our auditors' report to the shareholders of Kinross on the consolidated balance
sheets of the Company as at December&nbsp;31, 2009 and 2008 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, 2009. Our report is dated February&nbsp;17,&nbsp;2010. </FONT></P>

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<TD style="font-family:times;"><BR><FONT SIZE=2> Toronto, Ontario<BR>
March&nbsp;19, 2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>(Signed) KPMG&nbsp;LLP<BR>
Chartered Accountants, Licensed Public Accountants</FONT></TD>
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<A NAME="toc_jc45312_1"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTIFICATE    <BR>    </B></FONT></P>

<P style="font-family:times;"><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;"><FONT SIZE=2>Dated:
March&nbsp;19, 2010 </FONT></P>

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

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 </FONT> <FONT SIZE=2>
Any questions and requests for assistance may be directed to the<BR>
Depositary and Information Agent: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g146494.jpg" ALT="LOGO" WIDTH="346" HEIGHT="63">
  </B></FONT></P>

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<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, by Hand or by Courier</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> The Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950,<BR>
P.O.&nbsp;Box&nbsp;361<BR>
Toronto, Ontario<BR>
M5X&nbsp;1E2</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>The Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950,<BR>
Toronto, Ontario<BR>
M5X&nbsp;1E2<BR></FONT>
</TD>
</TR>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>North American Toll Free Phone:</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>1-866-581-1513</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-mail: <U>contactus@kingsdaleshareholder.com</U><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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Dealer Managers for the Offer are: </FONT></P>

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<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><I>In Canada</I></FONT><BR>
<FONT SIZE=2><B>RBC&nbsp;Dominion Securities&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><I> In the United&nbsp;States</I></FONT><BR>
<FONT SIZE=2><B>RBC Capital Markets Corporation</B></FONT></TD>
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 </FONT> <FONT SIZE=2><B><I>The instructions accompanying this Letter of Transmittal should be read carefully before this Letter of Transmittal is completed. Your broker or other financial advisor can
assist you in completing this Letter of Transmittal.</I></B></FONT></P>

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

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>Pursuant to the Offer dated March&nbsp;19, 2010 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>

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  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> THE OFFER WILL BE OPEN FOR ACCEPTANCE UNTIL 5:00&nbsp;P.M., VANCOUVER TIME, <BR>
ON APRIL 26, 2010, UNLESS THE OFFER IS EXTENDED OR WITHDRAWN.

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  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Letter of Transmittal (the&nbsp;"</FONT><FONT SIZE=2><B>Letter of 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 share certificates representing common shares (the&nbsp;"</FONT><FONT SIZE=2><B>Underworld
Shares</B></FONT><FONT SIZE=2>") in the capital of Underworld Resources&nbsp;Inc. ("</FONT><FONT SIZE=2><B>Underworld</B></FONT><FONT SIZE=2>") deposited pursuant to the offer
(the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>") set forth in the Offer to Purchase dated March&nbsp;19, 2010 (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 Underworld Shares. </FONT></P>

<P style="font-family:times;"><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 Transmittal. Capitalized terms used but not defined in this Letter of Transmittal which are
defined in the Offer and accompanying Circular dated March&nbsp;19, 2010 (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;"><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 Underworld Shares into the Depositary's account in accordance with CDS procedures for such transfer. Delivery of Underworld 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;"><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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Shareholder wishes to deposit Underworld Shares pursuant to the Offer and the certificate(s) representing the Underworld 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 Underworld 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingsdale
Shareholder 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 Transmittal (see&nbsp;back page of this document for addresses and telephone numbers). Persons whose Underworld 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>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery
of this Letter of Transmittal and accompanying certificate(s) representing Underworld Shares to the address of the Depositary other than as set forth below does not
constitute a valid delivery to the Depositary. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>You
must sign this Letter of 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;8 (see&nbsp;Instruction&nbsp;10, "Important Tax Information for
U.S.&nbsp;Shareholders"). </FONT></P>

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<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;"><BR><FONT SIZE=2><B> 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;"><BR><FONT SIZE=2><B>KINGSDALE SHAREHOLDER SERVICES&nbsp;INC.</B></FONT></TD>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned delivers to you the enclosed certificate(s) for Underworld Shares and, subject only to the provisions of the Offer regarding withdrawal, irrevocably accepts the
Offer for such Underworld Shares upon the terms and conditions contained in the Offer. The following are the details of the enclosed certificate(s): </FONT></P>

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<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>
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</FONT> <FONT SIZE=2>&nbsp;</FONT><BR></TH>
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<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> BOX 1</B></FONT></TD>
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<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>


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 </B></FONT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Certificate<BR>
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 Underworld Shares<BR>
(please&nbsp;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>
Underworld&nbsp;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>
Underworld&nbsp;Shares<BR>
Deposited*</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>



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</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
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<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


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</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


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</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


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</FONT> <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>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>


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<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&nbsp;Transmittal<BR>
in&nbsp;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;"><FONT SIZE=1>Unless
otherwise indicated, the total number of Underworld 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;"><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 Underworld Shares covered by this Letter of Transmittal (the&nbsp;"</FONT><FONT SIZE=2><B>Deposited&nbsp;Shares</B></FONT><FONT SIZE=2>") and in and to all rights
and benefits arising from such Underworld Shares including, without limitation, and any and all Distributions (as&nbsp;defined below) being deposited under the Offer, (b)&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, (c)&nbsp;the deposit of the Deposited Shares and Distributions complies with applicable laws, and (d)&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 Transmittal. </FONT></P>

<P style="font-family:times;"><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 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 Underworld 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,
"Changes in Capitalization of Underworld; 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>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
on or after the date of the Offer, Underworld should divide, combine, reclassify, consolidate, convert or otherwise change any of the Underworld 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underworld
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, 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 Underworld Shares but subject to any Underworld Shares being validly withdrawn
by or on behalf of a depositing Shareholder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
on or after the date of the Offer, Underworld 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 Underworld 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 Underworld in respect of Underworld 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
whose Underworld Share certificate(s) is (are) not immediately available or who cannot cause their Underworld Share certificate(s) and all other required documents to
be delivered to the Depositary at or before the Expiry Time must deliver their Underworld 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;"><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&nbsp;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 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 Underworld; (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 Underworld; (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;"><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=89,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="1",CHK=360681,FOLIO='3',FILE='DISK121:[10ZAP0.10ZAP45310]DE45310A.;10',USER='RMCIVOR',CD='19-MAR-2010;12:53' -->
<A NAME="page_de45310_1_4"> </A>
<BR>

<P style="font-family:times;"><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;"><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 Underworld 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;"><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;"><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, by first class mail, postage prepaid, or to hold such cheques or cheques and share certificate(s) representing the Kinross Shares for
pick-up, in accordance with the instructions below. 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;"><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 Underworld Shares
on the purchase price of the Underworld Shares purchased by Kinross, regardless of any delay in making such&nbsp;payment. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Depositary will act as the agent of persons who have deposited Underworld Shares in acceptance of the Offer for the purposes of receiving certificates for Kinross Shares and
cash payment in lieu of fractional Kinross Shares, if any, from Kinross and transmitting such certificates and such cash payment to such persons, and receipt thereof by the Depositary shall be
deemed to constitute receipt thereof by persons depositing Underworld Shares. </FONT></P>

<P style="font-family:times;"><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;"><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 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 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>
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<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dg45310_1_5"> </A>


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</FONT></P>

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<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>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&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 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;"><BR><FONT SIZE=2>


<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;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> Street Address and Number</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> City and Province or State</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> Country and Postal Code</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> Telephone&nbsp;&#151;&nbsp;Business Hours</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> 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">

</FONT> <FONT SIZE=1>&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">

</FONT> <FONT SIZE=1>&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 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;"><BR><FONT SIZE=2>


<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;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> Street Address and Number</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> City and Province or State</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> Country and Postal Code</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1><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">

</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<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">

</FONT> <FONT SIZE=2>&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;"><BR><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>HOLD KINROSS SHARES AND CHEQUE (IF&nbsp;ANY) FOR PICK-UP AGAINST COUNTER RECEIPT AT THE OFFICE OF THE DEPOSITARY WHERE THIS LETTER OF 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">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<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">

</FONT> <FONT SIZE=2>&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">

</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1>&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;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1>&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;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1>&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">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<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=91,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="1",CHK=773680,FOLIO='5',FILE='DISK121:[10ZAP0.10ZAP45310]DG45310A.;6',USER='RMCIVOR',CD='19-MAR-2010;12:53' -->
<A NAME="page_dg45310_1_6"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg45310_shareholder_signature"> </A>
<A NAME="toc_dg45310_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SHAREHOLDER SIGNATURE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Signature
guaranteed by (if&nbsp;required under Instruction&nbsp;4): </FONT></P>

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<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>
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<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">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT>
<FONT SIZE=2>

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 </FONT></P>

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<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;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <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;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&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 Underworld 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">

</FONT> <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;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&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 Underworld 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">

</FONT> <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;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&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;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2>&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>
Underworld 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;"><BR><FONT SIZE=2>


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</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
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<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 Underworld Shares</FONT></TD>
</TR>
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</FONT> <FONT SIZE=2>&nbsp;</FONT><BR></TH>
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<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;"><BR><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>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;17 of the Circular, "Certain Tax Considerations&nbsp;&#151;&nbsp;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 Underworld Shares for Kinross Shares and Cash&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 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 Underworld Shares who is an Eligible Holder, and who receives Kinross Shares as partial consideration for such deposited Underworld
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 Underworld Shares that is 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 a
partnership, any member of which is a resident of Canada for the purposes of the Tax&nbsp;Act (other than a partnership, all of the members of which that 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;"><BR><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>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>


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</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
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<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;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>CHECK HERE IF UNDERWORLD 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>


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</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>


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</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Window Ticket Number (if&nbsp;any):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2>&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>


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<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>



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</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
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<TD WIDTH="451" style="font-family:times;"></TD>
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<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;"><BR><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;"><BR><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>The person signing this Letter of 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;"><BR><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>The person signing this Letter of 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 Underworld 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>
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</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
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<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>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di45310_substitute_form_w-9"> </A>
<A NAME="toc_di45310_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>

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</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
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<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B>PAYER'S NAME: Kingsdale Shareholder Services&nbsp;Inc.</B></FONT></TD>
</TR>
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<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
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<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>


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</FONT> <FONT SIZE=1> Name<BR>
<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> 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>


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</FONT> <FONT SIZE=1> Address<BR>
<BR>
<BR>


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</FONT> <FONT SIZE=1> 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">

</FONT> <FONT SIZE=1> Social Security Number<BR>
<BR>
OR


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=1> Employer Identification Number<BR>
<BR>
(If&nbsp;awaiting TIN,<BR>
write "Applied For")<BR>
<BR>
<BR>


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</FONT> <FONT SIZE=1><BR>
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>
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<TD WIDTH="226" style="font-family:times;"></TD>
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<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;"></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>
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<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>


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</FONT> <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>


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</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
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<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>
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<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>

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</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>


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</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
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</FONT> <FONT SIZE=1>&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>
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<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&nbsp;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>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I> <A NAME="dk45310_instructions"> </A>
<A NAME="toc_dk45310_1"> </A>
<BR>    </I></FONT><FONT SIZE=2><B>  INSTRUCTIONS    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of Letter of 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;"><FONT SIZE=2>This
Letter of 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 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 5.00&nbsp;p.m., Vancouver time, on
April&nbsp;26, 2010, 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;"><FONT SIZE=2>The
method of delivery of certificates representing Underworld Shares, this Letter of 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;"><FONT SIZE=2>Shareholders
who wish to accept the Offer and whose Underworld 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 Underworld Shares. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procedures for Guaranteed Delivery  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Shareholder wishes to deposit Underworld Shares pursuant to the Offer and either (i)&nbsp;the certificate(s) representing the Underworld
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 Underworld 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;"><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;"><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;"><FONT SIZE=2>the
certificate(s) representing the Deposited Shares, in proper form for transfer, together with this properly completed and duly executed Letter of
Transmittal (or&nbsp;a manually signed facsimile thereof), relating to such Underworld Shares, with any required signature guarantees and all other documents required by this Letter of 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. (Vancouver time) on the third trading day on
the TSX-V after the Expiry&nbsp;Date. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><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 electronic facsimile to the Depositary at its office in Toronto, Ontario 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 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;"><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 Industry Regulatory Organization of Canada, members of the
Financial Industry Regulator Authority 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>

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<P style="font-family:times;"><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signatures  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No signature guarantee is required on this Letter of 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;"><FONT SIZE=2>this
Letter of Transmittal is signed by the registered holder of Underworld Shares exactly as the name of the registered holder appears on the Underworld
Share certificate deposited herewith, and the certificates for Kinross Shares issuable and the cash payable 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;"><FONT SIZE=2>Underworld
Shares are deposited for the account of an Eligible Institution. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all other cases, all signatures on this Letter of Transmittal must be guaranteed by an Eligible Institution. If a certificate representing Underworld 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 issuable and the cash payable 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;"><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee of Signatures  </B></FONT></P>

<P style="font-family:times;"><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 Underworld 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;"><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiduciaries, Representatives and Authorizations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Letter of 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 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;"><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partial Deposits  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If less than the total number of Underworld Shares evidenced by any certificate submitted is to be deposited, fill in the number of Underworld
Shares to be deposited in the appropriate space on this Letter of Transmittal. In such case, new certificate(s) for the number of Underworld 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 Underworld Shares evidenced by all certificates delivered will be deemed to have been deposited unless
otherwise indicated. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing Law  </B></FONT></P>

<P style="font-family:times;"><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;"><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;"><FONT SIZE=2>If
the space on this Letter of 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 Transmittal.
<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
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 Transmittal should be signed for each different registration.
<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
alternative, conditional or contingent deposits will be accepted. All depositing holders of Underworld Shares by execution of this Letter of 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. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

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<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>Before
completing this Letter of 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;"><FONT SIZE=2>All
questions as to the validity, form, eligibility (including timely receipt) and acceptance of any Underworld 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 Underworld Shares. No deposit of Underworld 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 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;"><FONT SIZE=2>Under
no circumstance will any amount be paid by Kinross or the Depositary by reason of any delay in exchanging any Underworld Shares or in making payments
in lieu of fractional Kinross Shares to any person on account of Underworld 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;"><FONT SIZE=2>Additional
copies of the Offer and Circular, this Letter of 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;"><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lost Certificates  </B></FONT></P>

<P style="font-family:times;"><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 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 Underworld'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 Underworld's transfer agent
may contact&nbsp;you. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>10.&nbsp;&nbsp;&nbsp;Important Tax Information for U.S.&nbsp;Shareholders  </B></FONT></P>

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

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are a U.S.&nbsp;person ("</FONT><FONT SIZE=2><B>U.S.&nbsp;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;"><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;"><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 Underworld Shares. The enclosed "Guidelines for Certification of Taxpayer Identification Number on Substitute Form&nbsp;W-9" explain the proper
certification to use if the Underworld 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;"><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;"><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;"><FONT SIZE=2><B>11.&nbsp;&nbsp;&nbsp;Solicitation  </B></FONT></P>

<P style="font-family:times;"><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 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;"><FONT SIZE=2><B>12.&nbsp;&nbsp;&nbsp;Assistance  </B></FONT></P>

<P style="font-family:times;"><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 TRANSMITTAL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THIS LETTER OF 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>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I> <A NAME="dm45310_guidelines_for_certification_o__gui03413"> </A>
<A NAME="toc_dm45310_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;"><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;"><FONT SIZE=2><B> Specific Instructions  </B></FONT></P>

<P style="font-family:times;"><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;"><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;"><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;"><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;"><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;"><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;"><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;"><FONT SIZE=2><B> Exempt From Backup Withholding  </B></FONT></P>

<P style="font-family:times;"><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;"><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;"><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&nbsp;withholding. </FONT></P>

<P style="font-family:times;"><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;"><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;"><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;"><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;"><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;"><FONT SIZE=2>An
international organization or any of its agencies or instrumentalities. </FONT></DD></DL>


<P style="font-family:times;"><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;"><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;"><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;"><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;"><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;"><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;"><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;"><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;"><FONT SIZE=2>A
financial institution. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B> Part&nbsp;I&nbsp;&#151;&nbsp;Taxpayer Identification Number (TIN)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Enter your TIN on the appropriate line.  </B></FONT></P>

<P style="font-family:times;"><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;"><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;"><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&nbsp;(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;"><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;"><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;"><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;"><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;"><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;"><FONT SIZE=2><B> Part&nbsp;III&nbsp;&#151;&nbsp;Certification  </B></FONT></P>

<P style="font-family:times;"><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;"><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;"><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;"><FONT SIZE=2><B>Interest, dividend, broker, and barter exchange accounts opened after 1983.</B></FONT><FONT SIZE=2> and broker accounts considered
inactive during 1983. 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;"><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;"><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;"><FONT SIZE=2><B> Privacy Act Notice  </B></FONT></P>

<P style="font-family:times;"><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;"><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>

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<P style="font-family:times;"><FONT SIZE=2><B> What Name and Number To Give the Requestor  </B></FONT></P>

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</FONT> <FONT SIZE=2>&nbsp;</FONT><BR></TH>
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<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;"><BR><FONT SIZE=1><B>Give name and<BR>
SSN or EIN of:</B></FONT></TD>
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 </B></FONT><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
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<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;"><BR><FONT SIZE=2>2.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>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;"><BR><FONT SIZE=2>The actual owner of the account or, if combined funds, the first individual on the account<SUP>(1)</SUP></FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2>3.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>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;"><BR><FONT SIZE=2>The minor<SUP>(2)</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>4.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>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;"><BR><FONT SIZE=2>The grantor-trustee<SUP>(1)</SUP></FONT></TD>
</TR>
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<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. 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;"><BR><FONT SIZE=2>The actual owner<SUP>(1)</SUP></FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2>5.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>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;"><BR><FONT SIZE=2>The owner<SUP>(3)</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>6.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>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;"><BR><FONT SIZE=2>The owner<SUP>(3)</SUP></FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2>7.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>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;"><BR><FONT SIZE=2>Legal entity<SUP>(4)</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>8.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>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;"><BR><FONT SIZE=2>The corporation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>9.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>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;"><BR><FONT SIZE=2>The organization</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>10.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>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;"><BR><FONT SIZE=2>The partnership</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>11.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>A broker or registered nominee</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>The broker or nominee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>12.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>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;"><BR><FONT SIZE=2>The public entity</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><BR>


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</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><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;"><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;"><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;"><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>

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<TD WIDTH="448" style="font-family:times;"></TD>
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<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>
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<P style="font-family:times;"><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;"><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;"><FONT SIZE=2><B>Civil Penalty for False Information With Respect to Withholding.</B></FONT><FONT SIZE=2> 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;"><FONT SIZE=2><B>Criminal Penalty for Falsifying Information</B></FONT><FONT SIZE=2>. 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>

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<P style='font-family:times;page-break-before:always'></p>
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</FONT> <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>
<IMG SRC="g838640.jpg" ALT="GRAPHIC" WIDTH="306" HEIGHT="55">
  </B></FONT></P>

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<TD WIDTH="235" style="font-family:times;"></TD>
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<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, by Hand or by Courier</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> The Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950,<BR>
P.O.&nbsp;Box&nbsp;361<BR>
Toronto, Ontario<BR>
M5X&nbsp;1E2</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>The Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950,<BR>
Toronto, Ontario<BR>
M5X&nbsp;1E2</FONT></TD>
</TR>
</TABLE></DIV>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>North
American Toll Free Phone: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>1-866-581-1513  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-mail: <U>contactus@kingsdaleshareholder.com</U><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;"><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 Transmittal and the 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>

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<P style='font-family:times;page-break-before:always'></p>
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</FONT> <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  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>UNDERWORLD RESOURCES&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>Pursuant to the Offer dated March&nbsp;19, 2010 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>

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  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> THE OFFER WILL BE OPEN FOR ACCEPTANCE UNTIL 5:00&nbsp;P.M., VANCOUVER TIME, <BR>
ON APRIL 26, 2010 UNLESS THE OFFER IS EXTENDED OR WITHDRAWN.

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  </B></FONT></P>

<P style="font-family:times;"><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 March&nbsp;19, 2010 (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>") for share certificates representing common shares (the&nbsp;"</FONT><FONT SIZE=2><B>Underworld Shares</B></FONT><FONT SIZE=2>") of
Underworld Resources&nbsp;Inc. ("</FONT><FONT SIZE=2><B>Underworld</B></FONT><FONT SIZE=2>") only if certificates representing the Underworld Shares to be deposited are not immediately
available or if the holder of Underworld Shares (each, a "</FONT><FONT SIZE=2><B>Shareholder</B></FONT><FONT SIZE=2>") is not able to deliver the certificates and all other required documents
to Kingsdale Shareholder 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;"><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 March&nbsp;19, 2010 (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;"><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 Underworld 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 Underworld 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;"><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;"><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;"><FONT SIZE=2>the
certificate(s) representing the Deposited 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 Underworld Shares, with signatures 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. (Vancouver time) on the third trading
day on the TSX-V after the Expiry&nbsp;Date. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><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 Industry Regulatory Organization of
Canada, members of the Financial Regulatory Authority or banks or trust companies in the United&nbsp;States. </FONT></P>

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<P style="font-family:times;"><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 Underworld Shares on the
purchase price of Underworld Shares purchased by Kinross, regardless of any delay in making such payment, and that the consideration for Underworld Shares tendered pursuant to the guaranteed
delivery procedures will be the same as that for Underworld Shares delivered to the Depositary before the Expiry Time, even if Underworld 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 Underworld Shares is not made, until after the take up and payment for
Underworld Shares under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;"><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>

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<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;"><BR><FONT SIZE=2><B> 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;"><BR><FONT SIZE=2><B>KINGSDALE SHAREHOLDER SERVICES&nbsp;INC., AS DEPOSITARY</B></FONT></TD>
</TR>
</TABLE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>DO NOT SEND CERTIFICATES FOR UNDERWORLD SHARES WITH THIS NOTICE OF GUARANTEED DELIVERY. CERTIFICATES FOR UNDERWORLD
SHARES MUST BE SENT WITH YOUR LETTER OF&nbsp;TRANSMITTAL.</B></FONT></P>

<P style="font-family:times;"><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;"><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&nbsp;TRANSMITTAL.</B></FONT></P>

<P style="font-family:times;"><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, Underworld 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>

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<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>
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</FONT> <FONT SIZE=2>&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;"><BR><FONT SIZE=1><B>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;"><BR><FONT SIZE=1><B>Number of<BR>
Underworld 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;"><BR><FONT SIZE=1><B>Number of<BR>
Underworld Shares<BR>
Deposited</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2>&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">

</FONT> <FONT SIZE=2>&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">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>


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</FONT> <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>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>


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</FONT>
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</TR>
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<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&nbsp;form.)  </I></B></FONT></P>

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<TD WIDTH="20" style="font-family:times;"></TD>
<TD WIDTH="232" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" 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>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" 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>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" 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>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>


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</FONT> <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">

</FONT> <FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(Daytime Area Code and Telephone Numbers)</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 ALIGN="CENTER" 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>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" 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>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
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<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" 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>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
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</FONT> <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>


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</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(Date)</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>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<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 of 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, Ontario set forth herein of the certificate(s) representing Underworld 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 Underworld 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 Depository by 5:00&nbsp;p.m. (Vancouver time) on the third trading day on the TSX-V after the Expiry&nbsp;Date.</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=1>


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</FONT> <FONT SIZE=1> Name of Firm</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=1>


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</FONT> <FONT SIZE=1> Authorized Signature</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=1>


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</FONT> <FONT SIZE=1> Address of Firm</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=1>


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</FONT> <FONT SIZE=1> Name (please&nbsp;print)</FONT></TD>
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</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=1>


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</FONT> <FONT SIZE=1> Title</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=1>


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</FONT> <FONT SIZE=1> Zip Code/Postal Code</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=1>


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</FONT> <FONT SIZE=1> Date</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=1>


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</FONT> <FONT SIZE=1> 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>
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</FONT> <FONT SIZE=1>&nbsp;</FONT></TD>
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<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=105,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="1",CHK=515527,FOLIO='3',FILE='DISK123:[10ZAP1.10ZAP45311]DE45311A.;11',USER='RMCIVOR',CD='19-MAR-2010;12:55' -->
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</FONT> <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>
<IMG SRC="g838640.jpg" ALT="LOGO" WIDTH="306" HEIGHT="55">
  </B></FONT></P>

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<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, by Hand or by Courier</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> The Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950,<BR>
P.O.&nbsp;Box&nbsp;361<BR>
Toronto, Ontario<BR>
M5X&nbsp;1E2</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>The Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950,<BR>
Toronto, Ontario<BR>
M5X&nbsp;1E2<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>North
American Toll Free Phone: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>1-866-581-1513</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-mail: <U>contactus@kingsdaleshareholder.com</U><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;"><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>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc45305_part_ii_information_not_requir__par03037"> </A>
<A NAME="toc_dc45305_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART II<BR>  <BR>    INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Indemnification of Directors and Officers  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;136 of the Business Corporations Act (Ontario) (the&nbsp;"OBCA") 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;text-align:justify"><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;text-align:justify"><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;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;136
of the OBCA 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;text-align:justify"><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&nbsp;entity. </FONT></P>

<P style="font-family:times;text-align:justify"><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 OBCA so permits or requires. The Bylaws
further provide that, subject to limitations in the OBCA 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 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;text-align:justify"><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;text-align:justify"><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;text-align:justify"><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 OBCA. The Bylaws also provide that the persons described above shall not be liable for any damage, loss, cost or liability sustained </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=107,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="1",CHK=406544,FOLIO='II-1',FILE='DISK127:[10ZAP5.10ZAP45305]DC45305A.;6',USER='EALVARE',CD='18-MAR-2010;20:54' -->
<A NAME="page_dc45305_1_2"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>or
incurred by the Registrant, except where so required by the OBCA, 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;text-align:justify"><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, 2011, is US$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 US$5&nbsp;million for each loss for securities claims and US$1&nbsp;million for each loss for
non-securities claims. The total premium charged to the Registrant in respect of coverage for 2010 is US$1,309,034, for 2009 was US$1,338,300 and for 2008 was US$1,359,500, no part of
which is or was payable by the directors or officers of the&nbsp;Registrant. </FONT></P>

<P style="font-family:times;text-align:justify"><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 Securities Act and is therefore unenforceable. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc45305_exhibits"> </A>
<A NAME="toc_dc45305_2"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBITS    <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 exhibits have been filed as part of this registration statement. </FONT></P>
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<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:29pt;"><FONT SIZE=1><B>Exhibit<BR>
Number

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<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

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</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" 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 March&nbsp;11, 2010 relating to Kinross Gold Corporation's ("Kinross") intention to make an offer for all outstanding common shares of Underworld (incorporated by reference to Kinross' filing pursuant
to Rule&nbsp;425 (Commission File No.&nbsp;132-02708))</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Letter Agreement dated March&nbsp;11, 2010 by and between Kinross and Underworld</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>2.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Support Agreement dated March&nbsp;15, 2010 by and between Kinross and Underworld</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>2.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Lock-Up Agreement by and between Kinross and Darryl Cardey, Janice Davies, Marcel H. de Groot, Adrian Fleming, Christopher Herald, Robert McLeod, Cale Moodie, Jeffrey Sundar and Michael Williams</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Annual information form of Kinross dated March&nbsp;31, 2009 for the year ended December&nbsp;31, 2008 (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross' report on Form&nbsp;40-F (Commission File
No.&nbsp;0-10321) filed by Kinross on March&nbsp;31, 2009)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>3.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Annual audited consolidated financial statements of Kinross for the year ended December&nbsp;31, 2009, including consolidated balance sheets as at December&nbsp;31, 2009 and December&nbsp;31, 2008 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, 2009 and related notes, together with the auditors' report thereon, contained
therein (incorporated by reference to Exhibit&nbsp;99.2 to&nbsp;Kinross' report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on February&nbsp;18, 2010)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>3.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Management's discussion and analysis of Kinross for the annual audited consolidated financial statements for the year ended December&nbsp;31, 2009 (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross'
report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on February&nbsp;18, 2010)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>3.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Management information circular dated March&nbsp;31, 2009, in connection with the annual and special meeting of shareholders held on May&nbsp;6, 2009 (incorporated by reference to Exhibit&nbsp;99.2 to&nbsp;Kinross'
report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on April&nbsp;9, 2009)</FONT></TD>
</TR>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Material change report dated February&nbsp;9, 2009 announcing the completion of a bought deal public offering of Kinross Shares (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross' report on Form&nbsp;6-K
(Commission File No.&nbsp;001-13382) filed by Kinross on February&nbsp;11, 2009)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>3.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Material change report dated March&nbsp;3, 2009 announcing that Kinross had entered into a new shareholder rights plan (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross' report on Form&nbsp;6-K
(Commission File No.&nbsp;001-13382) filed by Kinross on March&nbsp;3, 2009)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>3.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Material change report dated March&nbsp;30, 2009 announcing that Kinross had entered into a subscription agreement with Harry Winston Diamond Corporation in relation to an investment in the Diavik Diamond Mine in
Canada's Northwest Territories (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross' report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on March&nbsp;30, 2009)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>3.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Material change report dated November&nbsp;3, 2009 announcing an update on the expansion of the Paracatu project and a revised 2009 production outlook (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross'
report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on November&nbsp;4, 2009)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>3.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Material change report dated November&nbsp;11, 2009 announcing that Kinross had received authorization to recommence advanced exploration at the Fruta Del Norte gold project in Ecuador (incorporated by reference to
Exhibit&nbsp;99.2 to&nbsp;Kinross' report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on November&nbsp;12, 2009)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>3.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press release dated January&nbsp;28, 2010 announcing Kinross' mineral reserve and resource statement as at December&nbsp;31, 2009 (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross' report on
Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on January&nbsp;29, 2010)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>3.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Material change report dated February&nbsp;24, 2010 announcing that Kinross had entered into an agreement with Barrick to sell one-half of its 50% interest in the Cerro Casale project in Chile to Barrick (incorporated
by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross' report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on February&nbsp;26, 2010)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of Osler, Hoskin&nbsp;&amp; Harcourt&nbsp;LLP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>4.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of KPMG&nbsp;LLP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>4.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of Robert Henderson</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Powers of attorney (included on signature page)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>99.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>"Reconciliation to Generally Accepted Accounting Principles in the United&nbsp;States" and the report of the independent registered public accounting firm of Kinross thereon relating to the annual audited consolidated
financial statements of Kinross for the year ended December&nbsp;31, 2009, including consolidated balance sheets as at December&nbsp;31, 2009 and December&nbsp;31, 2008 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, 2009 and related notes (incorporated by reference to Exhibit&nbsp;99.3 to&nbsp;Kinross' report on Form&nbsp;6-K (Commission File
No.&nbsp;001-13382) filed by Kinross on February&nbsp;18, 2010)</FONT></TD>
</TR>
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<A NAME="toc_de45305_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART III<BR>  <BR>    UNDERTAKINGS AND CONSENT TO SERVICE OF PROCESS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="de45305_item_1._undertakings"> </A>
<A NAME="toc_de45305_2"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><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;text-align:justify"><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;text-align:justify"><FONT SIZE=2><A
NAME="de45305_item_2._consent_to_service_of_process"> </A>
<A NAME="toc_de45305_3"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Consent to&nbsp;Service of Process    <BR>    </B></FONT></P>


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

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<A NAME="toc_dg45305_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SIGNATURES    <BR>    </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 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, Country of Canada, on March&nbsp;19,&nbsp;2010. </FONT></P>
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<TD VALIGN="BOTTOM" 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>
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<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;TYE W. BURT<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Tye W. Burt<BR>
Title: President and Chief Executive Officer<BR></FONT>
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<A NAME="toc_dg45305_2"> </A>
<BR></FONT><FONT SIZE=2><B>  POWERS OF ATTORNEY    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><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, 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 style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities indicated, on the 19th&nbsp;day of
March,&nbsp;2010. </FONT></P>
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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>/s/&nbsp;TYE W. BURT<BR>


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</FONT> <FONT SIZE=2> 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;"><BR><FONT SIZE=2>/s/&nbsp;THOMAS M. BOEHLERT<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Thomas M. Boehlert</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Executive Vice-President and Chief Financial Officer<BR>
(Principal Financial and Accounting Officer)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JOHN A. BROUGH<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> John A. Brough</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
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<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JOHN K. CARRINGTON<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> John K. Carrington</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JOHN M.H. HUXLEY<BR>


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</FONT> <FONT SIZE=2> John M.H. Huxley</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
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<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JOHN A. KEYES<BR>


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</FONT> <FONT SIZE=2> John A. Keyes</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Catherine McLeod-Seltzer</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> George F. Michals</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;&nbsp;<BR>


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</FONT> <FONT SIZE=2> John E. Oliver</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
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<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;<BR>


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</FONT> <FONT SIZE=2> Terence C.W. Reid</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
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<BR></FONT><FONT SIZE=2><B>  AUTHORIZED REPRESENTATIVE    <BR>    </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 requirements of Section&nbsp;6(a) of the Securities Act, the undersigned has signed this Registration Statement,
solely in the capacity of the duly authorized representative of Kinross Gold Corporation, on March&nbsp;19,&nbsp;2010. </FONT></P>
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<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B> PARR BROWN GEE&nbsp;&amp; LOVELESS,<BR>
A PROFESSIONAL CORPORATION</B></FONT></TD>
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&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;SCOTT W. LOVELESS<BR>


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</FONT> <FONT SIZE=2> Name: Scott W. Loveless<BR>
Title: Vice-President<BR></FONT>
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<BR></FONT><FONT SIZE=2><B>  EXHIBIT INDEX    <BR>    </B></FONT></P>
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<TH NOWRAP  COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:29pt;"><FONT SIZE=1><B>Exhibit<BR>
Number

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<TD ALIGN="RIGHT" 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 March&nbsp;11, 2010 relating to Kinross' intention to make an offer for all outstanding common shares of Underworld (incorporated by reference to Kinross' filing pursuant to Rule&nbsp;425 (Commission
File No.&nbsp;132-02708))</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Letter Agreement dated March&nbsp;11, 2010 by and between Kinross and Underworld</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Support Agreement dated March&nbsp;15, 2010 by and between Kinross and Underworld</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Lock-Up Agreement by and between Kinross and Darryl Cardey, Janice Davies, Marcel H. de Groot, Adrian Fleming, Christopher Herald, Robert McLeod, Cale Moodie, Jeffrey Sundar and Michael Williams</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Annual information form of Kinross dated March&nbsp;31, 2009 for the year ended December&nbsp;31, 2008 (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross' report on Form&nbsp;40-F (Commission File
No.&nbsp;0-10321) filed by Kinross on March&nbsp;31, 2009)</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Annual audited consolidated financial statements of Kinross for the year ended December&nbsp;31, 2009, including consolidated balance sheets as at December&nbsp;31, 2009 and December&nbsp;31, 2008 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, 2009 and related notes, together with the auditors' report thereon, contained
therein (incorporated by reference to Exhibit&nbsp;99.2 to&nbsp;Kinross' report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on February&nbsp;18, 2010)</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Management's discussion and analysis of Kinross for the annual audited consolidated financial statements for the year ended December&nbsp;31, 2009 (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross'
report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on February&nbsp;18, 2010)</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Management information circular dated March&nbsp;31, 2009, in connection with the annual and special meeting of shareholders held on May&nbsp;6, 2009 (incorporated by reference to Exhibit&nbsp;99.2 to&nbsp;Kinross'
report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on April&nbsp;9, 2009)</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Material change report dated February&nbsp;9, 2009 announcing the completion of a bought deal public offering of Kinross Shares (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross' report on Form&nbsp;6-K
(Commission File No.&nbsp;001-13382) filed by Kinross on February&nbsp;11, 2009)</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Material change report dated March&nbsp;3, 2009 announcing that Kinross had entered into a new shareholder rights plan (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross' report on Form&nbsp;6-K
(Commission File No.&nbsp;001-13382) filed by Kinross on March&nbsp;3, 2009)</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Material change report dated March&nbsp;30, 2009 announcing that Kinross had entered into a subscription agreement with Harry Winston Diamond Corporation in relation to an investment in the Diavik Diamond Mine in
Canada's Northwest Territories (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross' report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on March&nbsp;30, 2009)</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Material change report dated November&nbsp;3, 2009 announcing an update on the expansion of the Paracatu project and a revised 2009 production outlook (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross'
report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on November&nbsp;4, 2009)</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Material change report dated November&nbsp;11, 2009 announcing that Kinross had received authorization to recommence advanced exploration at the Fruta Del Norte gold project in Ecuador (incorporated by reference to
Exhibit&nbsp;99.2 to&nbsp;Kinross' report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on November&nbsp;12, 2009)</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press release dated January&nbsp;28, 2010 announcing Kinross' mineral reserve and resource statement as at December&nbsp;31, 2009 (incorporated by reference to Exhibit&nbsp;99.1 to&nbsp;Kinross' report on
Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on January&nbsp;29, 2010)</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Material change report dated February&nbsp;24, 2010 announcing that Kinross had entered into an agreement with Barrick to sell one-half of its 50% interest in the Cerro Casale project in Chile to Barrick (incorporated by
reference to Exhibit&nbsp;99.1 to&nbsp;Kinross' report on Form&nbsp;6-K (Commission File No.&nbsp;001-13382) filed by Kinross on February&nbsp;26, 2010)</FONT></TD>
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<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of Osler, Hoskin&nbsp;&amp; Harcourt&nbsp;LLP</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of KPMG&nbsp;LLP</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of Robert Henderson</FONT></TD>
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<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Powers of attorney (included on signature page)</FONT></TD>
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<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>99.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>"Reconciliation to Generally Accepted Accounting Principles in the United&nbsp;States" and the report of the independent registered public accounting firm of Kinross thereon relating to the annual audited consolidated
financial statements of Kinross for the year ended December&nbsp;31, 2009, including consolidated balance sheets as at December&nbsp;31, 2009 and December&nbsp;31, 2008 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, 2009 and related notes (incorporated by reference to Exhibit&nbsp;99.3 to&nbsp;Kinross' report on Form&nbsp;6-K (Commission File
No.&nbsp;001-13382) filed by Kinross on February&nbsp;18, 2010)</FONT></TD>
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<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>a2197419zex-2_1.htm
<DESCRIPTION>EXHIBIT 2.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
2.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><img width="124" height="42" src="g56533kci001.jpg" alt="GRAPHIC"></font></p>
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  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Kinross Gold Corporation<br>
  </font></b><font size="2" style="font-size:10.0pt;">25 York Street, 17th Floor<br>
  Toronto, ON Canada M5J 2V5<b><br><br></b></font></p>
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">phone: 416-365-5123</font></p>
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">fax: 416-363-6622</font></p>
  </td>
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</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;11,
2010</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael Williams</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman of the Board of Directors</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNDERWORLD RESOURCES INC.</font></p>

<p style="margin:0in 0in .0001pt .75in;page-break-after:auto;text-indent:-.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">#1500 - 409 Granville Street</font></p>

<p style="margin:0in 0in .0001pt .75in;page-break-after:auto;text-indent:-.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vancouver, British Columbia&#160; V6C
1T2</font></p>

<p style="margin:0in 0in .0001pt .75in;page-break-after:auto;text-indent:-.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Sirs:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposed Business Combination between Kinross Gold
Corporation and </font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underworld Resources Inc.</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further to our recent
discussions, Kinross Gold Corporation (&#147;Kinross&#148; or &#147;we&#148;) is pleased to submit
to Underworld Resources Inc. (&#147;Underworld&#148;) our proposal to make an offer (the &#147;Offer&#148;)&nbsp;to
acquire all of the issued and outstanding common shares (&#147;Common Shares&#148;) of
Underworld, including Common Shares issuable upon the exercise or the
conversion of any options to purchase Common Shares (&#147;Options&#148;) or Common Share
purchase warrants (&#147;Warrants&#148;) on the basis of 0.141 Kinross common shares plus
Cdn$0.01 in cash per Common Share.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attached to this letter as
Schedule &#147;A&#148; is a summary of the terms and conditions upon which we would be
prepared to make the Offer.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the
subject matter of this letter:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">From
the date hereof until 5:00&nbsp;p.m. (Toronto time) on March&nbsp;15, 2010
following the execution of this letter by Underworld (the &#147;Agreed Period&#148;),
Underworld agrees to work exclusively and in good faith with Kinross in an
effort to negotiate legally binding agreements in respect of which Underworld
will agree to support the Offer (the &#147;Support Agreement&#148;).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">During
the Agreed Period, neither Underworld nor any of its Representatives will,
directly or indirectly, (i)&nbsp;submit, solicit, initiate, encourage or
discuss any proposal, offer or enquiry from any other person relating to (A)&nbsp;any
plan of arrangement, amalgamation, merger, consolidation, share exchange,
recapitalization, reorganization, liquidation or dissolution involving
Underworld or any of its subsidiaries, (B)&nbsp;any sale of any material assets
of Underworld or any of its subsidiaries outside the ordinary course of
business, (C)&nbsp;any take-over bid for, or offer to acquire or subscribe for,
any securities of Underworld or any of its subsidiaries or (D)&nbsp;any similar
transaction or business combination involving Underworld or any of its
subsidiaries (any proposal, offer or enquiry relating to the transactions
described in (A)&nbsp;through (D)&nbsp;being an &#147;Acquisition Proposal&#148;), (ii)&nbsp;enter
into any agreement or commitment related to any Acquisition Proposal or (iii)&nbsp;provide
any information with respect to any Acquisition Proposal.&#160; Underworld and its Representatives shall
suspend all discussions with any third party regarding any Acquisition Proposal
and shall postpone any scheduled third party site visits during the Agreed
Period, and shall notify Kinross in writing immediately if any person makes an
Acquisition Proposal and disclose the identity of the person that made the
Acquisition Proposal<b>  </b>and describe
the nature and terms and conditions of the Acquisition Proposal.&#160; For the purposes of this letter, &#147;Representatives&#148;
means, as to any person, such person&#146;s affiliates, shareholders, directors,
officers, employees and advisors (including financial advisors and legal
counsel), and &#147;person&#148; includes, without limitation, any corporation,
partnership, individual or other entity.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=1,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="2",CHK=421580,FOLIO='',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KC_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:44 2010' -->


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">During
the Agreed Period, Kinross will not commence an unsolicited take-over bid for
all of the outstanding securities of Underworld, <i>provided,
however</i>, and for greater certainty, nothing in this letter shall in
any way prevent Kinross from initiating an unsolicited take-over bid or making
any public announcement in connection therewith on the earlier of (i)&nbsp;the
expiry of the Agreed Period, (ii)&nbsp;anytime if Underworld has breached or
failed to perform any of its agreements and undertakings pursuant to this
letter and (iii)&nbsp;such time as Kinross genuinely believes, acting in its
discretion, that it would be unable to conclude the entering into of a Support
Agreement on terms reasonably acceptable to it prior to the expiry of the
Agreed Period.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">It
is expressly understood and agreed that, except for clauses 1, 2, 3, 4 and 5 of
this letter (the &#147;Binding Provisions&#148;), this letter will not give rise to any
legally binding obligations. For greater certainty, it is expressly understood
that Kinross is not obligated to proceed with the Offer and that no binding
agreement will exist unless and until such time as mutually acceptable
transaction documentation has been finalized and executed by the parties, which
documentation shall contain the terms and conditions outlined in this letter.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Binding Provisions shall be governed by the laws of the Province of Ontario and
this letter may be executed in any number of counterparts, each of which shall
be deemed to be an original, but all such respective counterparts shall
together constitute one and the same instrument.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">[Signature
page&nbsp;follows]</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=2,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="2",CHK=212442,FOLIO='',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KC_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:44 2010' -->


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you are in agreement with
the terms of this letter please execute a duplicate copy and return it to the
undersigned.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">KINROSS GOLD CORPORATION</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ TYE W. BURT</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tye W. Burt</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.74%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief
  Executive Officer</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted and Agreed to this
11th day of March, 2010.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNDERWORLD RESOURCES INC.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ MICHAEL WILLIAMS</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael Williams</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.74%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman, Underworld
  Resources Ltd.</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=3,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="2",CHK=76071,FOLIO='',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KC_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:44 2010' -->


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE &#147;A&#148;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SUMMARY OF TERMS AND CONDITIONS OF THE OFFER</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proposal by Kinross Gold Corporation to Acquire all
the Issued and Outstanding </font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Common Shares of Underworld Resources Inc.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">March&nbsp;11, 2010</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SUMMARY OF TERMS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Structure:</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kinross Gold Corporation&nbsp; (&#147;Kinross&#148;) shall make an offer (the
  &#147;Offer&#148;)&nbsp;to acquire all of the issued and outstanding common shares
  (&#147;Common Shares&#148;) of Underworld by way of formal take-over bid. Such Offer to
  include Common Shares issuable upon the exercise or the conversion of any
  options to purchase Common Shares (&#147;Options&#148;) or Common Share purchase
  warrants (&#147;Warrants&#148;).</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Offer Price:</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.141 of a Kinross common share plus Cdn$0.01 in cash per Common
  Share.</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total Transaction Value:</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Approximately Cdn. $<font style="color:windowtext;"><font color="black" face="Times New Roman">139.2</font></font> million (on a fully diluted
  basis).</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Support Agreement:</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Support Agreement to be entered into between Underworld pursuant to
  which Kinross shall make the Offer for the Common Shares followed by either a
  compulsory acquisition or second-stage business combination. The Offer will
  be mailed as soon as possible after the Support Agreement and Lock-up
  Agreements (described below) are entered into and will remain open for at
  least 35 days in accordance with applicable securities laws.</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Lock-up Agreements:</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contemporaneous lock-up agreement with directors, senior officers and
  certain key shareholders of Underworld, pursuant to which the shareholders
  shall agree to accept the Offer and tender all Common Shares held by it
  (including any Common Shares issuable on exercise of Options or Warrants).<b>  </b></font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt 9.0pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Conditions to Making the Offer:</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Execution of legally binding Support
  Agreement and Lock-Up Agreements;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Support Agreement shall not have been
  terminated;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">No circumstances, facts, changes, events or
  occurrences which would render impossible the satisfaction of one or more
  Offer conditions;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">No cease trade order, injunction or other
  prohibitions at law shall exist against Underworld;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Kinross shall have received all waivers,
  rulings or orders necessary for the making of the Offer;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Underworld having complied in all material
  respects with its obligations under the Support Agreement;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">All representations and warranties of
  Underworld having been true and correct in all material respects at the time
  of making the Offer;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=4,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="2",CHK=390440,FOLIO='',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KC_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:44 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">No material adverse change concerning
  Underworld; and</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Board of
  directors of Underworld shall have unanimously recommended that shareholders
  accept the offer and shall not have withdrawn or changed such recommendation.</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bid Conditions:</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Offer will be subject to the satisfaction or waiver of the conditions
  in the form attached as Schedule B<b>.</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Other Terms and Conditions:</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representations, warranties, covenants and conditions as are
  customary for a transaction of this size and type.</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Board Recommendation:</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Support Agreement will provide that the Board of Directors of
  Underworld will recommend, by the positive vote of all Directors entitled to
  vote thereon, that Underworld&#146;s shareholders accept the Offer and tender
  their shares to the Offer.</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Non-Solicitation:</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Support Agreement will contain customary exclusivity and
  non-solicitation provisions; provided, however, that the Support Agreement
  will permit the Board of Directors to respond to a superior proposal (being a
  transaction that is more favourable to Underworld shareholders than the Offer)
  and if required to do so in order to satisfy its fiduciary duties, subject to
  payment of a termination fee in the circumstances referred to below.</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Right to Match:</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to entering into any agreement regarding a Superior Proposal,
  Underworld will provide Kinross an opportunity to match any Superior Proposal
  for a period of four business days.</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt 9.0pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Termination of Support Agreement:</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Support Agreement may be terminated by:</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">mutual consent of the parties;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Kinross, if the conditions to making the offer
  are not satisfied;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Kinross, if the conditions to taking up
  Common Shares pursuant to the Offer are not satisfied;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Kinross, if Underworld breaches its
  covenants or representations or warranties;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Underworld, if Kinross breaches its
  covenants or representations or warranties;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Underworld, if Kinross has not taken up at
  least 50.1% of the Common Shares (on a fully-diluted basis);</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">either party if a court or government
  prohibits the Offer;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Kinross, if existing or pending litigation
  could reasonably be expected to prohibit or impair the Offer;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Kinross, if Underworld changes its
  recommendation or enters into a superior proposal;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Kinross, if Kinross does not exercise its
  Right to Match;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Underworld, if Kinross does not commence
  the Offer; or</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Underworld, if Underworld proposes to enter
  into an agreement relating to a superior proposal.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=5,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="2",CHK=385108,FOLIO='',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KC_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:44 2010' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Break-Up Fee:</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Break Fee equal to 3% of the equity value of the
  transaction shall be payable by Underworld to Kinross if the Support
  Agreement is terminated in any of the following circumstances:</font></p>
  <p style="margin:0in 0in .0001pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Underworld is in material default of its
  non-solicitation covenant;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">The board of directors withdraws, modifies
  or changes its recommendation in a manner adverse to Kinross, approves or
  recommends acceptance of an alternative acquisition proposal, fails to affirm
  its recommendation in favour of the Offer following request by Kinross or
  remains neutral beyond the 10-calendar day period following the announcement
  of an acquisition proposal;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Kinross determines not to exercise its
  match right or delivers an amended offer pursuant to its match right in
  respect of which the board of directors determines acting in good faith and
  in the discharge of its fiduciary duties that the acquisition proposal is a
  superior proposal;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Underworld proposes to accept, approve,
  recommend or enter into any agreement relating to a superior proposal;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Underworld enters into an agreement or an
  acquisition proposal is consummated during a period of not less than 6 months
  and not more than 12 months following termination of the Support Agreement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ordinary Course of Business:</font></b></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Support Agreement will contain ordinary course of business
  covenants, including restrictive covenants regarding the conduct of business
  and taking of corporate actions.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=6,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="2",CHK=494839,FOLIO='',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KC_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:44 2010' -->


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE B<br>
CONDITIONS OF THE OFFER</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 Time:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font><font size="2" style="font-size:10.0pt;">/</font><font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">3</font><font size="2" style="font-size:10.0pt;">% of the Common Shares
outstanding (on a fully diluted basis) at the expiry time of the Offer (the &#147;Minimum
Tender Condition&#148;);</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all
government or 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 (c)&nbsp;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&#160; Kinross, in its sole discretion, acting
reasonably;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 case:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">which would reasonably be
expected to have a Company material adverse effect or, if the Offer were
consummated, a Kinross material adverse effect;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">which
would materially and adversely affect the ability of Kinross to proceed with
the Offer (or any compulsory acquisition or any subsequent acquisition
transaction) and/or take up and pay for any Common Shares deposited under the
Offer;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">seeking
to obtain from Kinross or any its subsidiaries or Underworld or any of its
Subsidiaries any material damages directly or indirectly in connection with the
Offer (or any compulsory acquisition or any subsequent acquisition
transaction);</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">seeking
to prohibit or limit the ownership or operation by Kinross of any material
portion of the business or assets of Underworld 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 Underworld or any of its subsidiaries as a
result of the Offer (or any compulsory acquisition</font><font size="2" style="font-size:10.0pt;"> or any subsequent
acquisition transaction);</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=7,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="2",CHK=122655,FOLIO='',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KC_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:44 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 </font><font size="2" style="font-size:10.0pt;">compulsory
acquisition</font><font size="2" style="font-size:10.0pt;"> or any subsequent acquisition transaction;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all
necessary orders, authorizations or consents which are required under all
applicable securities laws for the offering, issuance and listing of the
Kinross common shares under the Offer shall have been obtained;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">no Company material
adverse effect shall have occurred or arisen (or 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);</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 disclosure document filed by
or on behalf of Underworld 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 effect;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 effect;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">at
the Expiry Time:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all representations and
warranties of Underworld in this Agreement:&#160;
(A)&nbsp;that are qualified by a reference to a 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; and</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Underworld 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 Underworld 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 obligation),</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">and Kinross shall have
received, not more than seven hours before the expiry time, a certificate of
Underworld, signed by two senior officers (without personal liability),
satisfactory to Kinross, acting reasonably, certifying the foregoing after due
inquiry;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
Support Agreement shall not have been terminated in accordance with its terms;
and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">each
of the Lock-Up Agreements shall have been complied with and shall not have been
terminated.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=8,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="2",CHK=166397,FOLIO='',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KC_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:44 2010' -->


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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The treatment of outstanding
Underworld Options, whether exercised in full, cancelled, irrevocably released,
surrendered, waived, replaced or otherwise dealt with, will be addressed in the
Support Agreement provided, however, that it is understood and agreed that
there will be no outstanding Options of Underworld upon take-up and payment by
Kinross pursuant to the Offer.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 its
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 of the Offer,
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.&#160;
If Knight waives the Minimum Tender Condition on a date that is less
than 10 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
10 days from the date or such waiver.&#160;
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 time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<TYPE>EX-2.2
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<DESCRIPTION>EXHIBIT 2.2
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
2.2</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">KINROSS GOLD CORPORATION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">- and -</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNDERWORLD RESOURCES INC.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SUPPORT AGREEMENT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">March&nbsp;<font style="color:windowtext;"><font color="black">15</font></font>, 2010</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="84%" valign="bottom" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  1</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.36%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INTERPRETATION</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitions</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interpretation
  Not Affected By Headings</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number
  and Gender</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.4</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">business
  day</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.5</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date
  for Any Action</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.6</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Time
  References</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.7</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Currency</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.8</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting
  Matters</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.9</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Meaning
  of Including</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.10</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No
  Strict Construction</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.11</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Time
  of the Essence</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.12</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedules</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  2</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.36%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE OFFER</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Actions
  by Kinross</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preparation
  of Filings</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder
  Communications</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company
  Approval of the Offer</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outstanding
  Stock Options and Warrants</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.6</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Directors</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.7</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsequent
  Acquisition Transaction</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternative
  Transaction Structure</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  3</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.36%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">REPRESENTATIONS AND WARRANTIES OF KINROSS</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Organization
  and Qualification</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authority
  Relative to this Agreement</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No
  Conflict; Required Filings and Consent</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compliance
  with Laws</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capitalization
  and Listing</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.6</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reports</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.7</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
  Statements</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.8</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Absence
  of Certain Changes or Events</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.9</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Litigation</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.10</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock
  Exchange Compliance</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.11</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain
  Securities Law Matters</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.12</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Survival
  of Representations and Warranties</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 4</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.36%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">REPRESENTATIONS AND WARRANTIES OF THE
  COMPANY</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i<a name="5653-3-KE-01_PB_i_074559_5796"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=2,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=1011813,FOLIO='i',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-01_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:09 2010' -->


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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(continued)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="84%" valign="bottom" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Organization
  and Qualification</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authority
  Relative to this Agreement</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No
  Conflict; Required Filings and Consent</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsidiaries</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compliance
  with Laws</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company
  Authorizations</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capitalization
  and Listing</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder
  and Similar Agreements</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.9</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S.
  Securities Law Matters</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.10</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reports</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.11</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
  Statements</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.12</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Undisclosed
  Liabilities</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.13</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest
  in Properties and Mineral Rights</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.14</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mineral
  Reserves and Resources</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.15</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operational
  Matters</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.16</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employment
  Matters</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.17</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Absence
  of Certain Changes or Events</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.18</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Litigation</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.19</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxes</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.20</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Books
  and Records</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.21</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insurance</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.22</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Arm&#146;s
  Length Transactions</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.23</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Benefit
  Plans</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.24</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Environmental</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.25</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restrictions
  on Business Activities</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.26</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Material
  Contracts</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.27</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Relationships
  with Customers, Suppliers, Distributors and Sales Representatives</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.28</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brokers</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.29</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reporting
  Issuer Status</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.30</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock
  Exchange Compliance</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.31</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No
  Expropriation</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.32</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Survival
  of Representations and Warranties</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 5</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.36%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COVENANTS</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conduct
  of Business by the Company</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Extension
  of the Offer</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 6</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.36%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TERMINATION, AMENDMENT AND WAIVER</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Termination</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii<a name="5653-3-KE-01_PB_ii_074725_2897"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=3,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=685669,FOLIO='ii',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-01_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:09 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(continued)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waiver</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 7</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.36%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NON-SOLICITATION</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Solicitation</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.2</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Termination
  Fee</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.3</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nature
  of Fee</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 8</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.36%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GENERAL PROVISIONS</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further
  Assurances</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notification
  of Certain Matters</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Access
  to Information</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.4</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officers&#146;
  and Directors&#146; Insurance</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.5</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expenses</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.6</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.7</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Severability</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.8</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Entire
  Agreement, Assignment and Governing Law</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.9</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-Acquisition
  Reorganization</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.10</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attornment</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.11</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Third
  Party Beneficiaries</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.12</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No
  Personal Liability</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.13</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Counterparts</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.26%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.36%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE A CONDITIONS OF THE OFFER</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii<a name="5653-3-KE-01_PB_iii_074902_3020"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=4,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=1008439,FOLIO='iii',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-01_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:09 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-decoration:underline;text-transform:uppercase;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SUPPORT AGREEMENT</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS SUPPORT AGREEMENT</font></b><font size="2" style="font-size:10.0pt;"> is made March&nbsp;<font style="color:windowtext;"><font color="black">15</font></font>, 2010 (the &#147;<b>Agreement</b>&#148;)</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BETWEEN:</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">KINROSS
GOLD CORPORATION</font></b><font size="2" style="font-size:10.0pt;">, a corporation existing under the Laws of the
Province of Ontario,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(&#147;<b>Kinross</b>&#148;),</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- and -</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNDERWORLD
RESOURCES INC., </font></b><font size="2" style="font-size:10.0pt;">a corporation existing under the Laws of the Province
of British Columbia,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(the &#147;<b>Company</b>&#148;)</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RECITALS:</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kinross wishes to make
an offer (the &#147;<b>Offer</b>&#148;) by way of take-over bid to
the Shareholders to purchase all of the outstanding Common Shares.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">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
Agreement.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contemporaneously with
entering into this Agreement, Kinross has entered into lock-up agreements
(each, a &#147;<b>Lock-Up Agreement</b>&#148;) 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></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THEREFORE</font></b><font size="2" style="font-size:10.0pt;">, in consideration of the covenants and
agreements herein contained and other good and valuable consideration (the
receipt and sufficiency of which are hereby acknowledged), the Parties hereto
covenant and agree as follows:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 1</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">INTERPRETATION</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Definitions</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this Agreement, unless the context otherwise
requires:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>1933 Act</b>&#148; means
the United States Securities Act of 1933, as amended and the rules&nbsp;and
regulations of the SEC thereunder;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Acquisition Proposal</b>&#148;
has the meaning ascribed thereto in Subsection 7.1(a)(i);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Advertisement</b>&#148;
has the meaning ascribed thereto in Subsection 2.1(a);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>affiliate</b>&#148; has
the meaning ascribed thereto in the OBCA;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Agreement</b>&#148; has
the meaning ascribed thereto in the preamble to this Agreement;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#147;<b>Appropriate Regulatory Approvals</b>&#148; 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 Offer;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>associate</b>&#148; has
the meaning ascribed thereto in the OBCA;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Authorization</b>&#148; means any authorization, order, permit,
approval, grant, licence, registration, consent, right, notification,
condition, franchise, privilege, certificate, </font><font size="2" style="font-size:10.0pt;">judgment, writ, injunction, award, determination, direction, decision,
decree, bylaw, rule&nbsp;or regulation, whether or not having the force of Law,
and includes any Environmental Permit;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#147;<b>BCBCA</b>&#148; means the <i>Business Corporation Act</i>
(British Columbia);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Board of Directors</b>&#148;
means the board of directors of the Company;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;bump transactions&#148; </font></b><font size="2" style="font-size:10.0pt;">has the meaning ascribed
thereto in Section&nbsp;8.9;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>business day</b>&#148;
means any day of the week, other than a Saturday, a Sunday or a statutory or
civic holiday observed in Toronto, Ontario or Vancouver, British Columbia;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Canadian GAAP</b>&#148;
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="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Canadian Resident</b>&#148;
means a beneficial holder of Common Shares that is (i)&nbsp;a resident of
Canada for the purposes of the Tax Act and not exempt from tax under Part&nbsp;I
of the Tax Act, or (ii)&nbsp;a partnership, any member of which is a resident
of Canada for the purposes of the Tax 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 Act);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Code</b>&#148; means the
United States Internal Revenue Code of 1986, as amended;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Common Shares</b>&#148;
means the common shares of the Company (including Common Shares issuable upon
the exercise of outstanding Options and Warrants);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Company</b>&#148; has the meaning ascribed thereto in the preamble;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="5653-3-KE-01_PB_2_075011_7091"></a></font></p>

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</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Company
Balance Sheet</b>&#148; has the meaning ascribed thereto in Section&nbsp;4.12;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Company
Benefit Plans</b>&#148; 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 or for which the Company or
its Subsidiaries could have any liability;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Company
Disclosure Statement</b>&#148; means the disclosure statement of the Company
delivered to Kinross in confidence contemporaneously with the execution and
delivery of this Agreement;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Company
Material Adverse Effect</b>&#148; 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, capitalization or financial
condition (including cash resources) or prospects of the Company and its
Subsidiaries taken as a whole; or (y)&nbsp;the continued ownership, development
and operation of the Yukon Properties, in either case, other than changes, effects,
events, occurrences or states of facts relating solely to (a)&nbsp;any change,
effect, event, occurrence or state of facts relating to the North American
economy or securities 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, or (e)&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 (a),
(b), (c)&nbsp;or (d)&nbsp;hereof; provided, however, that such change, effect,
event, occurrence or state of facts referred to in clause (a), (b), (c)&nbsp;or
(d)&nbsp;above does not primarily relate only to (or 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;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Company
Public Documents</b>&#148; means all forms, reports, schedules, statements
and other documents filed by the Company since September&nbsp;30, 2009, with
all applicable securities regulatory authorities, the TSXV and all other
applicable self-regulatory organizations;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Compulsory Acquisition</b></font><font size="2" style="font-size:10.0pt;">&#148; has the meaning
ascribed thereto in Section&nbsp;2.7;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Directors&#146;
Circular</b>&#148; has the meaning ascribed thereto in Subsection 2.4(b);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Effective
Date</b>&#148; means the date on which Kinross first pays for Common Shares
deposited to the Offer;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Encumbrances</b>&#148;
means pledges, liens, charges, security interests, leases, title retention
agreements, mortgages, restrictions, developments or similar agreements,
easements, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">rights-of-way, title defects, options or adverse
claims or encumbrances of any kind or character whatsoever;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Environmental Laws</b>&#148;
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="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Environmental Permits</b>&#148;
means Authorizations prescribed by Environmental Laws;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Exchange Act</b>&#148;
means the U.S. Securities Exchange Act of 1934, as amended and the rules&nbsp;and
regulations of the SEC thereunder;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Expiry Date</b>&#148;
means the 36th 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 day;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Expiry Time</b>&#148;
means 6:00&nbsp;p.m. (Vancouver Time) on the Expiry Date;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>fully-diluted basis</b>&#148;
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 were exercised, including for greater certainty, all Common
Shares issuable upon the exercise of Warrants and Options, whether vested or unvested;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Governmental Entity</b>&#148;
means: (a)&nbsp;any 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 TSXV; (f)&nbsp;the NYSE; 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 foregoing;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Initial Expiry Date</b>&#148;
means the Expiry Date in effect, prior to any extension, immediately prior to
the initial Take-Up Date;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Kinross</b>&#148; has
the meaning thereto in the preamble;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Kinross Material Adverse
Effect</b>&#148; 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, capitalization or financial condition (including cash resources) or
prospects of Kinross and its Subsidiaries taken as a whole, other than changes,
effects, events, occurrences or states of facts relating solely to (a)&nbsp;any
change, effect, event, occurrence or state of facts relating to the North
American economy or securities 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<b>  </b>or
(e)&nbsp;any change in the market price or trading volume of the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="5653-3-KE-01_PB_4_075035_4141"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 (a), (b), (c)&nbsp;or (d)&nbsp;hereof;
provided, however, that such change, effect, event, occurrence or state of
facts referred to in clause (a), (b), (c)&nbsp;or (d)&nbsp;above does not
primarily relate only to (or 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;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Kinross Public Documents</b>&#148;
means all forms, reports, schedules, statements and other documents filed by
Kinross since December&nbsp;31, 2009, with all applicable securities regulatory
authorities, the TSX, the NYSE and all applicable self-regulatory
organizations;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Kinross Share Reference
Price</b>&#148; means 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 Date;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Kinross Shares</b>&#148;
means the common shares in the capital of Kinross;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>knowledge</b>&#148; 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 officers and directors
of such Party and its Subsidiaries;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Laws</b>&#148; 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, and the term &#147;<b>applicable</b>&#148;
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 securities;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Lock-Up Agreement</b>&#148; has the meaning set out
in the recital C to this Agreement;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Locked-Up Shareholders</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">&#148; </font></b><font size="2" style="font-size:10.0pt;">means all of the directors and senior management of the Company, who
together hold 3,588,700 common shares of the Company and 2,775,000 Options;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>material</b>&#148;
means, with respect to Kinross or the Company (as 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
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 the case may be) or that would prevent or
materially delay completion of the Offer in accordance with this Agreement;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5<a name="5653-3-KE-01_PB_5_075103_8627"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=9,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=898570,FOLIO='5',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-01_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:09 2010' -->


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<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Material Contract</b>&#148;
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 each case, whether written or oral, express or
implied): (a)&nbsp;involving payments to or by such Person in excess of $<font style="color:windowtext;"><font color="black">100,000</font></font> annually or $<font style="color:windowtext;"><font color="black">250,000</font></font> 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&#146; notice; (c)&nbsp;which provide any
rights to one or more third parties with respect to any of the Company&#146;s
Property or Mineral Rights; (d)&nbsp;which is outside the ordinary course of
business; (e)&nbsp;which&#160; 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; (f)&nbsp;which, if terminated without the consent of
the Person, in the case of the Company, would result in a Company Material
Adverse Effect; (g)&nbsp;is with a Governmental Entity; or (h)&nbsp;is a
contract pursuant to which the Company or one of its Subsidiaries provides any
indemnification to any other Person.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Mineral Rights</b>&#148;<b>  </b>has the meaning ascribed thereto in Subsection 4.13(a);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Minimum Tender Condition</b>&#148;
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 Knight, constitutes at least
66</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font><font size="2" style="font-size:10.0pt;">/</font><font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">3</font><font size="2" style="font-size:10.0pt;">% of the Common Shares outstanding (on a fully diluted
basis, excluding the Common Shares issuable on exercise of Options held by the
Locked-Up Shareholders) at the Expiry Time;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>NYSE</b>&#148; means the
New York Stock Exchange;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>OBCA</b>&#148; means the
<i>Business Corporations Act</i> (Ontario), as
amended;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Offer</b>&#148; has the
meaning ascribed thereto in recital A to this Agreement;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Offer Deadline</b>&#148;
has the meaning ascribed thereto in Subsection 2.1(a);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Offer Documents</b>&#148;
has the meaning ascribed thereto in Subsection 2.1(g);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Offered Consideration</b>&#148;
has the meaning ascribed thereto in Subsection 2.1(a);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Offering Circular</b>&#148;
means the offer to purchase and accompanying take-over bid circular;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Options</b>&#148; means
options to purchase Common Shares granted under the Stock Option Plan;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Option Exchange Ratio</b>&#148;
means 0.141;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Parties</b>&#148; means
the Company and Kinross; and &#147;<b>Party</b>&#148; means
either one of them;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6<a name="5653-3-KE-01_PB_6_075113_7906"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=10,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=225526,FOLIO='6',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-01_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:09 2010' -->


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<div>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Person</b>&#148;
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 status;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Pre-Acquisition
Reorganization</b>&#148; has the meaning ascribed thereto in Section&nbsp;8.9;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Property</b>&#148; has
the meaning ascribed thereto in Subsection 4.13(a);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Proposed Agreement</b>&#148;
has the meaning ascribed thereto in Subsection 7.1(e);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Replacement Option</b>&#148;
has the meaning ascribed thereto in Subsection 2.5(e);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>SEC</b>&#148; means the
United States Securities and Exchange Commission;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Securities Act</b>&#148;
means the <i>Securities Act (Ontario), R.S.O. 1990</i>,
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 Date;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Securities Laws</b>&#148;
has the meaning ascribed thereto in Subsection 2.1(g);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Shareholders</b>&#148;
means the holders of Common Shares;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Special Committee</b>&#148;
has the meaning ascribed thereto in Subsection 2.4(a)(i);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Stock Option Plan</b>&#148;
means the stock option plan of the Company dated<font style="color:windowtext;"><font color="black"> December&nbsp;15, 2006, as reapproved by the Shareholders on March&nbsp;17,
2009</font></font>;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Subsequent Acquisition
Transaction</b>&#148; has the meaning ascribed thereto in Section&nbsp;2.7;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Subsidiary</b>&#148;
means, with respect to a specified body corporate, any body corporate of which
50% or more 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 Subsidiary;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Superior Proposal</b>&#148;
means an unsolicited bona 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 and offering or making available the same consideration in form
and amount per Common Share to be purchased or otherwise acquired; (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&nbsp;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), </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<!-- ZEQ.=1,SEQ=11,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=13987,FOLIO='7',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-01_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:09 2010' -->


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<div>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">will be obtained; (iv)&nbsp;which is not subject to a
due diligence and/or access condition; (v)&nbsp;that did not result from a
breach of Section&nbsp;7.1 by the Company or its representatives; (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 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 7.1(f));</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Take-Up Date</b>&#148;
means a date upon which Kinross takes up or acquires Common Shares under the
Offer;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Tax Act</b>&#148; means
the <i>Income Tax Act</i> (Canada), as amended;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Tax Returns</b>&#148;
includes all returns, reports, declarations, elections, estimates, disclosures,
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
Taxes;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Taxes</b>&#148; includes
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, 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&#233;bec and other pension plan premiums or
contributions imposed by any Governmental Entity, and any transferee liability
in respect of any of the foregoing;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Termination Fee</b>&#148;<b>  </b>has the meaning ascribed thereto in Section&nbsp;7.2(a);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Termination Fee</b>
<b>Event</b>&#148;<b>  </b>has
the meaning ascribed thereto in Section&nbsp;7.2(a);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Third Party Beneficiaries</b>&#148;
has the meaning ascribed thereto in Section&nbsp;8.11;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Transition Date</b>&#148;
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 Company;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>TSX</b>&#148; means the
Toronto Stock Exchange;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>TSXV</b>&#148; means the
TSX Venture Exchange;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8<a name="5653-3-KE-01_PB_8_075130_9621"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=12,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=160353,FOLIO='8',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-01_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:09 2010' -->



<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>U.S. Holder</b>&#148;
means any person whose address appeared or 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 States;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Warrants&#148; </font></b><font size="2" style="font-size:10.0pt;">mean
each of the common share purchase warrants issued by the Company, including in
particular (i)&nbsp;the warrants issued on October&nbsp;16, 2008 with an
exercise price of $0.55 per share and an expiry date of October&nbsp;30, 2010; (ii)&nbsp;the
warrants issued November&nbsp;5, 2008 with an exercise price of $0.55 per share
and an expiry date of November&nbsp;5, 2010; (iii)&nbsp;the warrants issued February&nbsp;27,
2009 with an exercise price of $0.40 per share and an expiry date of February&nbsp;27,
2011; (iv)&nbsp;the warrants issued June&nbsp;19, 2009 with an exercise price
of $1.55 per share and an expiry date of June&nbsp;19, 2010; (v)&nbsp;the
warrants issued June&nbsp;19, 2009 with an exercise price of $1.60 per share
and an expiry date of June&nbsp;19, 2010; and (vi)&nbsp;the warrants issued June&nbsp;19,
2009 with an exercise price of $1.65 and an expiry date of June&nbsp;19, 2010;
and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:3.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Yukon Properties</b>&#148; means all of the Company&#146;s properties
located in the Yukon Territory, together with (a)&nbsp;all privileges, rights,
easements and appurtenances both at law and equity belonging to or for the
benefit of such properties, including means of access between such properties
and a public way and (b)&nbsp;all rights associated with the ownership,
development or operation of such properties, including mineral interests and
rights (including any claims, concessions, exploration licences, exploitation
licences, prospecting permits, mining leases and mining rights).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Interpretation Not Affected By
Headings</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Number and Gender</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this Agreement, unless the contrary intention appears,
words importing the singular include the plural and vice versa, and words
importing gender include all genders.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">business day</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where the words &#147;<b>business days</b>&#148;
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
appropriate.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.5</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Date for Any Action</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 day.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9<a name="5653-3-KE-03_PB_9_075525_8715"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=13,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=449592,FOLIO='9',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-03_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:38 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.6</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Time References</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this Agreement, unless otherwise stated, any
references to time are to local time, Toronto, Ontario.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.7</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Currency</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise stated, all references in this
Agreement to sums of money are expressed in lawful money of Canada.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.8</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Accounting Matters</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 practice.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.9</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Meaning of Including</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where the word &#147;<b>including</b>&#148; or &#147;<b>includes</b>&#148; is used in this Agreement, it means &#147;including (or
includes) without limitation&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.10</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">No Strict Construction</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The language used in this Agreement is the language
chosen by the Parties to express their mutual intent, and no rule&nbsp;of
strict construction shall be applied against any Party.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.11</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Time of the Essence</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Time shall be of the essence of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.12</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Schedules</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following Schedule is annexed to this Agreement
and is incorporated by reference into this Agreement and forms part hereof:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule A&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Conditions
of the Offer</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 2</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">THE OFFER</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Actions by Kinross</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Subject to the terms and
conditions of this Agreement, Kinross agrees to use commercially reasonable
efforts to make the Offer either by way of advertisement (the &#147;<b>Advertisement</b>&#148;) 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 <font style="color:windowtext;"><font color="black">March&nbsp;29</font></font>,
2010 (the &#147;<b>Offer Deadline</b>&#148;), with mailing of
the Offer Documents to take place to registered Shareholders in Canada, the
United States and such other jurisdictions as Kinross may determine, for
consideration </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10<a name="5653-3-KE-03_PB_10_075601_563"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=14,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=813245,FOLIO='10',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-03_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:38 2010' -->


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">consisting of <font style="color:windowtext;"><font color="black">0.141<b>  </b></font></font>of a Kinross Share plus $0.01 for each Common
Share (the &#147;<b>Offered Consideration</b>&#148;), subject
to the following and in accordance in all material respects with all applicable
Securities Laws. The Offered Consideration is based on 53,042,617<b>  </b>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., 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 Agreement.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In the event that the Company
provides a notice to Kinross regarding a possible Acquisition Proposal prior to
the Offer Deadline, the Offer Deadline will be extended until the date that is
seven 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 Kinross enter into an amended agreement pursuant to Subsection
7.1(e)&nbsp;which results in the Acquisition Proposal in question not being a
Superior Proposal.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 shall not be issued in connection
with the Offer. Where on any Take-Up Date, the aggregate number of Kinross
Shares to be issued to any Shareholder in exchange for such Shareholder&#146;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.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Each beneficial owner of
Common Shares who is a Canadian Resident shall be entitled to make an income
tax election pursuant to subsection 85(1)&nbsp;of the Tax Act or, if the
beneficial owner is a partnership, subsection 85(2)&nbsp;of the Tax Act (and 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.&#160; In order to make an
election, the beneficial owner of Common Shares must provide the necessary
information on or before 90 days after the Effective Date 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 forming part of the Offer
Documents.&#160; The information will include
the number of Common Shares transferred, the consideration received and the
applicable elected </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11<a name="5653-3-KE-03_PB_11_075636_9497"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=15,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=149165,FOLIO='11',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-03_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:38 2010' -->


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amount
for purposes of such election.&#160; Kinross
will make an election under subsection 85(1)&nbsp;or 85(2)&nbsp;of the Tax Act
(and 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 Act (and any applicable
provincial legislation).&#160; 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.&#160; Kinross agrees only to
execute any election form containing information provided by the Canadian
Resident which complies with the provisions of the Tax Act (and any
corresponding provincial legislation).&#160;
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.&#160;
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)&nbsp;in the
form and manner and within the time prescribed by the Tax Act (or any
applicable provincial income tax legislation).&#160;
In its sole discretion, Kinross may choose to sign and return an
election form received by Kinross more than 90 days following the Effective Date,
but Kinross will have no obligation to do so.&#160;
References in this Section&nbsp;to the Tax Act are to the Tax Act as of
the date hereof and any modifications thereof which are consistent with the
general principle thereof.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Kinross Shares to be
issued pursuant to the Offer will be at the time of issue<b>  </b>listed
for trading on the NYSE and the TSX.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Offer shall not be subject
to any conditions, other than the conditions set out in Schedule A.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Kinross
shall prepare the Offering Circular and the related letter(s)&nbsp;of
transmittal and notice(s)&nbsp;of guaranteed delivery (collectively, the &#147;<b>Offer Documents</b>&#148;) 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&nbsp;and regulations and published
policies thereunder in Canada (collectively, the &#147;<b>Securities
Laws</b>&#148;). 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
Canada and in such other jurisdictions as permitted or required by applicable
Laws) prior to the mailing to registered Shareholders.&#160; To the extent required by Law, Kinross shall
also prepare and file with the SEC a registration statement under the 1933 Act.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 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 not
withdrawn) pursuant to the Offer. The terms of the Offer shall comply with </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12<a name="5653-3-KE-03_PB_12_075659_3641"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=16,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=644239,FOLIO='12',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-03_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:38 2010' -->


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the
terms of this Agreement. In making the Offer, Kinross shall comply with the
provisions of applicable Laws.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 that number of
Common Shares such that if taken-up, Kinross would hold 50.1% of the Common
Shares outstanding ((x)&nbsp;including those Common Shares already held by or
on behalf of Kinross or an affiliate or associate of&#160; Kinross and (y)&nbsp;calculated on a
fully-diluted basis but excluding the Common Shares issuable on exercise of
Options held by the Locked-Up Shareholders);<b>  </b>(ii)&nbsp;decrease
the Offered Consideration (except as provided in Subsection 2.1(a)); (iii)&nbsp;change
the form of the Offered Consideration (</font><font size="2" style="font-size:10.0pt;">other</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">than to increase
the total consideration per Common Share and/or add additional consideration or
consideration</font><font size="2" style="font-size:10.0pt;">
</font><font size="2" style="font-size:10.0pt;">alternatives</font><font size="2" style="font-size:10.0pt;">); (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 any terms or
conditions thereof) in a manner that is adverse to the Company or the
Shareholders.&#160; If Kinross waives the
Minimum Tender Condition on a date that is less than 10 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 10 days from the date or such
waiver.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 the later of (i)&nbsp;the Offer Deadline, or (ii)&nbsp;the date
that is two business days following receipt of the shareholder list referred to
in Subsection 2.4(c).</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Offer:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the obligations of Kinross
hereunder shall not have been terminated pursuant to Section&nbsp;6.1;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 A to be satisfied;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Offer;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13<a name="5653-3-KE-03_PB_13_075739_5250"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=17,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=524531,FOLIO='13',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-03_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:38 2010' -->


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Kinross shall have received
from all Governmental Entities all waivers, rulings or orders necessary for the
making of the Offer or necessary to mail to Shareholders the Offering Circular;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company shall have
complied in all material respects with its obligations under this Agreement;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">no Company Material Adverse
Effect shall have occurred or arisen (or 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); and</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Board of Directors shall
have unanimously recommended that Shareholders (other than Kinross) accept the
Offer and shall not have withdrawn such recommendation or changed, modified or
qualified such recommendation in a manner adverse to Kinross, or taken any
other action or made any other public statement in connection with the Offer
inconsistent with such recommendation.</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Preparation of Filings</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 of the 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 Kinross.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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&#146; 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 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 </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14<a name="5653-3-KE-03_PB_14_075758_7672"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=18,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=813402,FOLIO='14',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-03_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:38 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the circumstances in which they are made, or that
otherwise requires an amendment or supplement to the Offering Circular, the
Directors&#146; 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&#146; Circular, application, registration, consent, circular, approval,
registration statement or filing, as required.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Nothing in this Section&nbsp;2.2
shall oblige any Party to disclose to the other 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 &#147;counsel only&#148; basis.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Shareholder Communications</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as required by applicable Law or applicable
stock exchange requirements, a Party shall not make any public announcement or
statement with respect to the Offer or this Agreement without the approval of
the other Party, such approval not to be unreasonably withheld or delayed,
except to the extent necessary to comply with applicable Law or applicable
stock exchange requirements. Each Party shall use all commercially reasonable
efforts to enable the other Party to review and comment on all such public
announcements or statements prior to the release thereof and shall enable the
other Party to review and comment on such filings, prior to the filing thereof;
provided, however, that the foregoing shall be subject to each Party&#146;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 filing. Each of Kinross
and the Company agrees that, promptly after the entering into of this Agreement,
it shall issue a press release announcing the entering into of this Agreement
and, in the case of Kinross, its intention to make the Offer, which press
release shall, in each case, be satisfactory in form and substance to the other
Party acting reasonably.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Company Approval of the Offer</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Agreement:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Board of Directors has
received an oral opinion from the financial advisor, being <font style="color:windowtext;"><font color="black">Canaccord Financial Ltd.</font></font>, to the special committee of
the Board of Directors (the &#147;<b>Special Committee</b>&#148;),
to the effect that, as of the date of such opinion, the Offered Consideration
to be received under the Offer is fair, from a financial point of view, to the
Shareholders (which opinion Canaccord Financial Ltd. has agreed to provide in
writing prior to the mailing of the Directors&#146; Circular (as hereinafter defined);</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15<a name="5653-3-KE-03_PB_15_075813_536"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=19,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=849416,FOLIO='15',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-03_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:38 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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, from a financial point of view to Shareholders (other than
Kinross), and is in the best interests of the Company and the Shareholders
(other than Kinross), and accordingly, has unanimously approved the entering
into of this Agreement and the making of a recommendation that Shareholders
(other than Kinross) accept the Offer; and</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 references
to such support may be made in the Offering Circular and other documents
relating to the Offer.</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company shall prepare and make
available for distribution, to the extent practicable, contemporaneously with
the Offering Circular, and in any event not later than three business days
after the mailing of the Offering Circular, in English and, if necessary,
French and in compliance with Securities Laws, sufficient copies of a directors&#146;
circular relating to the Offer (the &#147;<b>Directors&#146; Circular</b>&#148;).
Provided the Board of Directors has not changed or withdrawn its recommendation
set out in Subsection 2.4(a)(ii), the Directors&#146; Circular shall reflect the
determinations and recommendations set forth in Subsection 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&#146; 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&#146; Circular will be determined by the Company, in its sole
discretion, acting reasonably.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company has provided, or will within
two Business Days, provide Kinross with a list (in 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 and Warrants). 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;
Co. and CEDE&nbsp;&amp; 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 Laws.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Outstanding Stock Options and
Warrants</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the receipt of all Appropriate Regulatory
Approvals, Kinross acknowledges and agrees that:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16<a name="5653-3-KE-03_PB_16_075826_5926"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=20,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=142470,FOLIO='16',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-03_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:38 2010' -->


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Shares;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company shall use
commercially reasonable efforts and represents that the Board of Directors have
determined to cause the Company to use commercially reasonable efforts to
encourage and facilitate all Persons holding Warrants to exercise those
Warrants and tender all Common Shares issued in connection therewith to the
Offer;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">(i)&nbsp;holders
of Options will be permitted to tender Common Shares issuable upon the exercise
thereof and for such purpose to exercise their Options, conditional upon
Kinross taking up and paying for the Common Shares under the Offer, which
Options shall be deemed to have been exercised concurrent with the first
scheduled expiry time of the Offer in respect of which Kinross takes up Common
Shares and (ii)&nbsp;all Common Shares that are to be issued pursuant to any
such conditional exercise shall be accepted as validly tendered under the
Offer, provided that the holders of such Options indicate that the Common
Shares are tendered pursuant to the Offer and otherwise validly accept the
Offer in accordance with its terms with respect to such Common Shares;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company shall exercise in
full any and all rights that it may have under the Warrant agreements as soon
as practicable following any such rights becoming available to accelerate the
expiry date of such Warrants;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">following the Effective Date, provided that
Kinross has taken-up and paid for Common Shares following satisfaction of the
Minimum Tender Condition and received all Appropriate Regulatory Approvals
(which Kinross agrees to use reasonable commercial efforts to obtain) 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 &#147;<b>Replacement Option</b>&#148;) 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 Common Shares
subject to such Option immediately prior to the Effective Date.&#160; 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.&#160; It is agreed </font><font size="2" style="font-size:10.0pt;">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 (provided that the Options will not expire prior to their original expiry
date, notwithstanding the holder ceases prior to the original expiry date of
such Options to be an Eligible Person (as defined in the Stock Option Plan))
and any certificate or option agreement previously evidencing the Option shall
thereafte</font><font size="2" style="font-size:10.0pt;">r
evidence </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17<a name="5653-3-KE-03_PB_17_075835_4688"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=21,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=511423,FOLIO='17',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-03_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:38 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and be
deemed to evidence such Replacement Option and such Replacement Options shall
be designed to meet the requirements under subsection 7(1.4) of the Tax
Act.&#160; 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(e);
and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to the extent applicable, the Company shall
use its commercially reasonable efforts to cause any holder of Options who,
following the Effective Date, holds Common Shares issued on exercise of Options
which have not been exercised and tendered to the Offer, to vote in favour of
any Subsequent Acquisition Transaction.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.6</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Directors</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Following the Effective Date, provided that Kinross
has taken-up and paid for that number of Common Shares such that if taken-up,
Kinross would hold 50.1% of the Common Shares outstanding ((x)&nbsp;including
those Common Shares already held by or on behalf of Kinross or an affiliate or
associate of&#160; Kinross and (y)&nbsp;calculated
on a fully-diluted basis but excluding the Common Shares issuable on exercise
of Options&#160; held by the Locked-Up
Shareholders), and from time to time thereafter, Kinross shall be entitled to
designate the directors of the Board of Directors, and any committees thereof,
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;8.4, the
Company shall not frustrate Kinross&#146;s 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 Directors).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.7</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Subsequent Acquisition
Transaction</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If, within four months after the date of the Offer,
the Offer has been accepted by holders of not less than 90% of the outstanding
Common Shares (on 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&#160; 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;<font style="color:windowtext;"><font color="black">300</font></font> of the BCBCA and otherwise in accordance with
applicable Laws (a &#147;<b>Compulsory Acquisition</b>&#148;).
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 that number of Common Shares such
that if taken-up, Kinross would hold 66</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font><font size="2" style="font-size:10.0pt;">/</font><font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">3</font><font size="2" style="font-size:10.0pt;">% of the Common Shares outstanding ((x)&nbsp;including
those Common Shares already held by or on behalf of Kinross or an affiliate or
associate of&#160; Kinross and (y)&nbsp;calculated
on a fully-diluted basis but excluding the Common Shares issuable on exercise
of Options held by the Locked-Up Shareholders), 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 &#147;<b>Subsequent</b></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18<a name="5653-3-KE-03_PB_18_075854_2983"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=22,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=7406,FOLIO='18',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-03_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:38 2010' -->



<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Acquisition
Transaction</font></b><font size="2" style="font-size:10.0pt;">&#148;) 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 shall be deemed to be at least equivalent in value to each
Kinross Share offered under the Offer.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Alternative Transaction
Structure</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 materially 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, <i>mutatis mutandis</i>, 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 style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 3</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">REPRESENTATIONS AND WARRANTIES OF KINROSS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Organization and Qualification</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 Effect.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Authority Relative to this
Agreement</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 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 any authorized
committee thereof) and no other corporate proceedings on the part of Kinross
are necessary to authorize this Agreement.&#160;
This Agreement has been duly executed and delivered by </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19<a name="5653-3-KE-05_PB_19_082200_5335"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=23,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=144956,FOLIO='19',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-05_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:46 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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&#146; 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="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">No Conflict; Required Filings
and Consent</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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&#146;s 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
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;font-weight:normal;">Compliance
with Laws</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Subsidiaries 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 Laws.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Effect.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20<a name="5653-3-KE-05_PB_20_082200_5796"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=24,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=374593,FOLIO='20',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-05_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:46 2010' -->


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<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Capitalization and Listing</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 the TSX and the NYSE.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.6</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Reports</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kinross has filed with all applicable securities regulatory authorities,
the NYSE and the TSX 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.&#160; Kinross is a reporting issuer in good
standing in each of the jurisdictions in Canada that recognizes that status.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.7</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Financial Statements</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The audited consolidated financial statements for
Kinross as at and for the fiscal years ended on December&nbsp;31, 2009
including the notes thereto and the reports by Kinross&#146;s auditors thereon 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 thereto). Such
financial statements reflect appropriate and adequate reserves in accordance
with Canadian GAAP in respect of material contingent liabilities of Kinross, if
any, of Kinross and its Subsidiaries on a consolidated basis.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The management of Kinross has established and
maintained a system of disclosure <font style="color:windowtext;"><font color="black">controls</font></font>
and procedures designed to provide reasonable assurances 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 Laws.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Neither Kinross nor any of its Subsidiaries nor, to
Kinross&#146;s knowledge, any director, officer, employee, auditor, accountant or <font style="color:windowtext;"><font color="black">representative</font></font> of Kinross or any
of its Subsidiaries has received or otherwise had 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 <font style="color:windowtext;"><font color="black">controls</font></font>, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21<a name="5653-3-KE-05_PB_21_082200_2897"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=25,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=712185,FOLIO='21',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-05_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:46 2010' -->


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<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 which, individually or in the aggregate,
would not have a Kinross Material Adverse Effect.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.8</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Absence of Certain Changes or
Events</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as disclosed or reflected in the Kinross Public Documents
publicly available on SEDAR, since January&nbsp;1, 2010 there has not been any
event, circumstance or occurrence which has had or is reasonably likely to give
rise to a Kinross Material Adverse Effect.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.9</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Litigation</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 related 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&#146;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;3.8 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).&#160; 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 Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.10</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Stock Exchange Compliance</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kinross is in compliance in all material respects with the applicable
listing and corporate governance rules&nbsp;and regulations of the TSX and the
NYSE.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.11</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Certain Securities Law Matters</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Kinross Shares to be issued in connection with the transactions
contemplated herein, including the Kinross Shares to be issued upon the
exercise of the Replacement Options, 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 &#147;control distributions&#148;, will be freely tradable within Canada by the
holders thereof.&#160; To the extent required
by Law, the Kinross Shares 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.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22<a name="5653-3-KE-05_PB_22_082200_3020"></a></font></p>

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<!-- ZEQ.=1,SEQ=26,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=414060,FOLIO='22',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-05_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:46 2010' -->


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<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.12</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Survival of Representations
and Warranties</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 terms.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 4</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">REPRESENTATIONS AND WARRANTIES OF THE COMPANY</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 Offer.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Organization and Qualification</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is duly incorporated and validly existing under the BCBCA
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 notice of articles and articles of the Company have been
delivered or made available to Kinross, and the Company has not taken any action
to amend or supersede such documents, other than to propose the adoption of a
new form of articles in its information circular filed on SEDAR on February&nbsp;25,
2010, a true and complete copy of which form of articles has been provided to
Kinross.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Authority Relative to this
Agreement</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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&#146; 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="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">No Conflict; Required Filings
and Consent</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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, Authorization, licence or
permit to which the Company or any of its Subsidiaries is a party or by </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23<a name="5653-3-KE-05_PB_23_082200_7748"></a></font></p>

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<!-- ZEQ.=1,SEQ=27,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=295715,FOLIO='23',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-05_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:46 2010' -->


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<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 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, Authorization, deed of trust, mortgage, bond, instrument,
licence or permit; or (c)&nbsp;give rise to any rights of first refusal or
rights of first offer, trigger any change in control or influence provisions or
any restriction or limitation under any such agreement, contract, indenture,
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&#146;s assets or the assets of any of its Subsidiaries. Except for the
requirement to prepare and file the Directors&#146; Circular, no authorization,
consent or approval of, or filing with, any Governmental Entity or any court or
other authority is necessary on the part of the Company for the consummation by
the Company of its obligations in connection with the Offer 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 in the Yukon Properties, 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.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Subsidiaries</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company does not have Subsidiaries or any interests in any Person,
other than those listed on Schedule 4.4 to 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.&#160; 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 4.4 to the Company
Disclosure Statement.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Compliance with Laws</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Subsidiaries 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 Laws.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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
</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24<a name="5653-3-KE-05_PB_24_082200_141"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=28,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=124594,FOLIO='24',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-05_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:46 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">failures
which, individually or in the aggregate, would not have a Company Material
Adverse Effect.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Company Authorizations</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company and its Subsidiaries have obtained all Authorizations necessary
for the ownership, operation, development, maintenance, or use of the material
assets of the Company or its Subsidiaries or otherwise in connection with the
material business or operations of the Company or its Subsidiaries and such
Authorizations are in full force and effect.&#160;
The Company and its Subsidiaries have fully complied with and are in
compliance with all Authorizations, except, in each case, for such
non-compliance which, individually or in the aggregate, would not have a
Company Material Adverse Effect.&#160; There
is no action, investigation or proceeding pending or, to the knowledge of the
Company, threatened regarding any of the Authorizations.&#160; 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 Authorizations, or of any intention of any Person to
revoke or refuse to renew any of such 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 Authorizations 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.&#160;&#160; 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 Authorizations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Capitalization and Listing</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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;<font style="color:windowtext;"><font color="black">42,177,587</font></font>
Common Shares validly issued and outstanding as fully paid and non-assessable
shares of the Company; (ii)&nbsp;outstanding Options to purchase Common Shares
issued under the Stock Option Plan providing for the issuance of <font style="color:windowtext;"><font color="black">4,070,000</font></font>&#160; Common Shares upon the exercise thereof; and (iii)&nbsp;outstanding
Warrants to purchase Common Shares issued providing for the issuance of <font style="color:windowtext;"><font color="black">6,795,030</font></font> Common Shares upon the
exercise thereof. The terms of the Options (including exercise price) are
disclosed in Schedule 4.7 to the Company Disclosure Statement. The terms of the
Warrants are disclosed in Schedule 4.7 to the Company Disclosure Statement.
Except for the Options and Warrants referred to in this Section&nbsp;4.7(a)&nbsp;and
the obligations to issue Common Shares in consideration for the acquisition of
properties as set forth in Schedule 4.7 of 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 </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25<a name="5653-3-KE-05_PB_25_082200_7608"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=29,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=347905,FOLIO='25',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-05_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:46 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">granted
by the Company or any of its Subsidiaries. The Common Shares are listed on the
TSXV, and are not listed or quoted on any market other than the TSXV.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Schedule 4.7 to the Company
Disclosure Statement sets forth, as of the date hereof, the holders of all
outstanding Options and Warrants and the number, exercise prices and expiration
dates of each grant to such holders and obligations to issue Common Shares in
consideration for the acquisition of properties. All Common Shares that may be
issued pursuant to the exercise of outstanding Options and Warrants will, when
issued in accordance with the terms of the Options and Warrants, 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.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Shares.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Shareholder and Similar
Agreements</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 Company.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.9</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">U.S. Securities Law Matters</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company is a &#147;foreign private issuer&#148; as defined
in Rule&nbsp;3b-4 under the Exchange Act.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 15(d)&nbsp;of
the Exchange Act.&#160; 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)&nbsp;of the Exchange Act.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company is not an investment company registered or
required to be registered under the <i>U.S. Investment Company
Act of 1940</i>, as amended.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">U.S. Holders do not hold more than 25% of the common
shares in the capital of the Company.&#160; As
of the end of the Company&#146;s last quarter or, if such quarter terminated or will
terminate within 60 days of the date of commencement of the Offer, as of the
end of the Company&#146;s preceding quarter, U.S. Holders did not hold more than 25%
of the common shares in the capital of the Company that were then outstanding.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The common shares in the capital of the Company have
not been traded on any national securities exchange in the United States during
the past 12 calendar months, and will not be so traded prior to the
commencement of the Offer.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26<a name="5653-3-KE-05_PB_26_082200_8146"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=30,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=408129,FOLIO='26',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-05_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:46 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.10</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Reports</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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. 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 British Columbia 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="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.11</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Financial Statements</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The audited consolidated financial statements for the
Company as at and for each of the fiscal years ended on September&nbsp;30,
2009, September&nbsp;30, 2008, and September&nbsp;30, 2007 including the notes
thereto and the report by the Company&#146;s auditors thereon have been, and all
financial statements of the Company which are publicly disseminated by the
Company 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 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.&#160;
There are no outstanding loans made by the Company or any of its
Subsidiaries to any executive officer or director of the Company.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 applicable Laws imposed by Governmental Entities is recorded,
processed, summarized and reported within the time periods specified in such
Laws imposed by such Governmental Entities. 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 applicable Laws imposed by
Governmental Entities is accumulated and communicated to the Company&#146;s
management, including its chief executive officers and chief financial officers
(or persons performing similar functions), as appropriate to allow timely
decisions regarding required disclosure.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company maintains internal control over financial
reporting.&#160; Such internal control over
financial reporting is effective in providing reasonable assurance regarding
the reliability of financial reporting and the preparation of financial </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27<a name="5653-3-KE-05_PB_27_082200_7091"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=31,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=655071,FOLIO='27',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-05_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:46 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">statements
for external purposes in accordance with Canadian GAAP and includes policies
and procedures that: (i)&nbsp;pertain to the maintenance of records that in
reasonable detail accurately and fairly reflect the transactions and
dispositions of the assets of the Company and its Subsidiaries; (ii)&nbsp;provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with Canadian GAAP, and that
receipts and expenditures of the Company and its Subsidiaries are being made
only with authorizations of management and directors of the Company and its
Subsidiaries; and (iii)&nbsp;provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or disposition of the
assets of the Company or its Subsidiaries that could have a material effect on
its financial statements.&#160; To the
knowledge of the Company, prior to the date of this Agreement: (A)&nbsp;there
are no significant deficiencies in the design or operation of, or material
weaknesses in, the internal controls over financial reporting of the Company
that are reasonably likely to adversely affect the ability of Knight to record,
process, summarize and report financial information; and (B)&nbsp;there is no
fraud, whether or not material, that involves management or other employees who
have a significant role in the internal control over financial reporting of the
Company.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">To the Company&#146;s knowledge, there is 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 of the
Company from properly providing the certifications required under National
Instrument 52-109 &#147;Certification of Disclosure in Issuers&#146; Annual and Interim
Filings&#148; under Form&nbsp;52-109FVI &#147;Certification of Annual Filings&#148; with
respect to the Company&#146;s annual filings for its fiscal year ended September&nbsp;30,
2009, without taking into account any transactions contemplated by this
Agreement.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Since September&nbsp;30, 2009, neither the Company nor
any of its Subsidiaries nor, to the Company&#146;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 Directors.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.12</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Undisclosed Liabilities</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as disclosed in the Company Disclosure Statement, 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 balance sheet of
the Company as of September&nbsp;30, 2009 (the &#147;<b>Company
Balance Sheet</b>&#148;) or in the notes thereto; or (b)&nbsp;liabilities and
obligations incurred in the ordinary course of business consistent with past
practice since September&nbsp;30, 2009, 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</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28<a name="5653-3-KE-05_PB_28_082200_455"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=32,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=175100,FOLIO='28',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-05_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:46 2010' -->



<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company Material Adverse Effect, or have a Company Material Adverse
Effect, or, as a consequence of the consummation of the Offer, have a Company
Material Adverse Effect.&#160; Without
limiting the foregoing, the Company Balance Sheet reflects reasonable reserves
in accordance with Canadian GAAP for contingent liabilities relating to pending
litigation and other contingent obligations of the Company and its Subsidiaries
except as disclosed in the Company Disclosure Statement.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.13</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Interest in Properties and Mineral
Rights</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All of the Company&#146;s and its Subsidiaries&#146; real
properties (collectively, and where material, the &#147;<b>Property</b>&#148;) and all of the Company&#146;s and its Subsidiaries&#146;
mineral interests and rights (including any material claims, concessions,
exploration licences, exploitation licences, prospecting permits, mining leases
and mining rights, in each case, either existing under contract, by operation
of Law or otherwise) (collectively, and where material, the &#147;<b>Mineral Rights</b>&#148;), including in respect of
the Yukon Properties, are set out in Schedule 4.13(a)&nbsp;of the Company
Disclosure Statement. Other than the Properties and the Mineral Rights set out
in Schedule 4.13(a)&nbsp;of the Company Disclosure Statement, neither the
Company nor its Subsidiaries, owns or has any interest in any real property or
any mineral interests and rights.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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
Property and the Mineral Rights, free and clear of any Encumbrances.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All of the Mineral Rights have been properly located
and recorded in compliance with applicable Law and are comprised of valid and
subsisting mineral claims.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Property and the 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
made.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">There is no adverse claim against or challenge to the
title to or ownership of the Property or any of the Mineral Rights.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company or a Subsidiary of the Company has the
exclusive right to deal with the Property and all of the Mineral Rights.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Except as disclosed in Schedule 4.13(g)&nbsp;of the
Company Disclosure Statement, no person other than the Company and its
Subsidiaries has any interest in the Property or any of the Mineral Rights or
the production or profits therefrom or any royalty in respect thereof or any
right to acquire any such interest.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Except as disclosed in Schedule 4.13(h)&nbsp;of the
Company Disclosure Statement, there are no back-in rights, earn-in rights,
rights of first refusal or similar provisions or rights which would affect the
Company&#146;s or a Subsidiary of the Company&#146;s interest in the Property or any of
the Mineral Rights.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29<a name="5653-3-KE-07_PB_29_072220_455"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=33,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=1227,FOLIO='29',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-07_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:51 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">There are no material restrictions on the ability of
the Company and its Subsidiaries to use, transfer or exploit the Property or
any of the Mineral Rights, except pursuant to the applicable Law.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Property or any of the Mineral Rights.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company and its Subsidiaries have all surface
rights, including fee simple estates, leases, easements, rights of way and
permits or licences operations 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
Property and the Mineral Rights as contemplated in the Company Public Documents
filed (and 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
the Property or any of the Mineral Rights as contemplated in the Company Public
Documents filed (and available on SEDAR) on or before the date hereof.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All mines located in or on the lands of the Company or
any of its Subsidiaries, or lands pooled or unitized therewith, which have been
abandoned by the Company or any of its Subsidiaries, have been abandoned in
accordance with good mining practices and in compliance with all applicable
Laws, and all future abandonment, remediation and reclamation obligations known
to the Company as of the date hereof have been accurately set forth in the
Company Public Documents without omission of information necessary to make the
disclosure not misleading.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.14</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Mineral Reserves and Resources</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The proven and probable mineral reserves and mineral resources for
various Properties and the Mineral Rights 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 43-101 &#147;Standards of Disclosure for Mineral
Projects&#148;.&#160; There has been no material
reduction in the aggregate amount of estimated mineral reserves, estimated
mineral resources or mineralized material of the Company, its Subsidiaries and
its material joint ventures, taken as a whole, from the amounts set forth in the
Company Public Documents.&#160; All material
information regarding the Property and the Mineral Rights, including all
material drill results, technical reports and studies, have been disclosed in
the Company Public Documents on or before the date hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.15</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Operational Matters</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as would not, individually or in the aggregate, be reasonably
expected to result in a Company Material Adverse Effect:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30<a name="5653-3-KE-07_PB_30_072233_4141"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=34,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=967272,FOLIO='30',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-07_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:51 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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, its Subsidiaries and its material joint
ventures, have been: (i)&nbsp;duly paid; (ii)&nbsp;duly performed; or (iii)&nbsp;provided
for prior for the date hereof; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 or material joint
ventures 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 business.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.16</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Employment Matters</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Other than as disclosed in the Company&#146;s management
information circular dated February&nbsp;10, 2010 or in the Company Disclosure
Statement, neither the Company nor any of its Subsidiaries has entered into any
written or oral agreement or understanding 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.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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
or apparent union-organizing campaigns for employees not covered under a
collective bargaining agreement.&#160; To the
knowledge of the Company, no fact or event exists that is likely to give rise
to a change in the representation in this Subsection 4.15(b)&nbsp;on or before
the Effective Date.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 be reasonably to be expected to have a Company Material
Adverse Effect. To the knowledge of the Company, no labour strike, lock-out,
slowdown or work stoppage&nbsp;is pending or threatened against or directly
affecting the Company.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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&#146; compensation, human rights, labour
relations and privacy and there are no current, pending, or to the knowledge of
the Company, 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 Effect.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31<a name="5653-3-KE-07_PB_31_072244_8627"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=35,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=924320,FOLIO='31',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-07_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:51 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">There are no Persons currently engaged by the Company
who are &#147;Consultants&#148; as such term is defined under Section&nbsp;<font style="color:windowtext;"><font color="black">1.2</font></font> of Policy <font style="color:windowtext;"><font color="black">4.4</font></font> of the TSX Venture Exchange Corporate Finance
Manual.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.17</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Absence of Certain Changes or
Events</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since September&nbsp;30, 2009:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company and its Subsidiaries have conducted their
respective businesses only in the ordinary course of business and consistent
with past practice;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 incurred;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">there has not been any event, circumstance or
occurrence which has had or is reasonably likely to give rise to a Company
Material Adverse Effect;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">there has not been any change in the accounting
practices used by the Company and its Subsidiaries;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">except as disclosed in Schedule 4.17 of the Company
Disclosure Statement and except for ordinary course adjustments to
non-executive employees, there has not been any increase in the salary, bonus,
or other remuneration payable to any non-executive employees of any of the
Company or its Subsidiaries;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Shares;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 practice;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 practice;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">except as disclosed in Schedule 4.17 of the Company
Disclosure Statement and there has not been any satisfaction or settlement of
any claims or liabilities that were not reflected in the Company&#146;s audited
financial statements, other than the settlement of claims or liabilities
incurred in the ordinary course of business consistent with past practice; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">except for ordinary course adjustments, there has not
been any increase in the salary, bonus, or other remuneration payable to any
officers or senior or executive officers of the Company or its Subsidiaries.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32<a name="5653-3-KE-07_PB_32_072254_7906"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=36,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=224063,FOLIO='32',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-07_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:51 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.18</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Litigation</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as disclosed in the Company Public Documents, 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&#146;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 Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.19</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Taxes</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 of
the Company and each of the Subsidiaries 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 business.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 it.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Each of the Company and its Subsidiaries has duly and
timely collected all amounts on account of any sales, use or transfer Taxes,
including goods and services, harmonized sales, provincial and territorial
taxes and state and local taxes, required by Law to be collected by it and has
duly and timely remitted to </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33<a name="5653-3-KE-07_PB_33_072304_3736"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=37,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=6513,FOLIO='33',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-07_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:51 2010' -->


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<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the
appropriate Governmental Entity such amounts required by Law to be remitted by
it.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 liable.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">There are no proceedings, investigations, audits or
claims now 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 Taxes.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">None of the Company or any of its Subsidiaries has
acquired property from a non-arm&#146;s length Person, within the meaning of the Tax
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 property.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company has made available to Kinross copies of
all Tax Returns for the years 2008 and 2007 and all written communication to or
from any Governmental Entity relating to the Taxes of any of the Company and
its Subsidiaries, including, but not limited to, any closing agreements under Section&nbsp;7121
of the Code or any similar provision of state, local or non-U.S. law or any
private letter ruling of the Internal Revenue Service or comparable ruling of
any other Governmental Entity, to the extent relating to periods or events in
respect of which any Governmental Entity may by Law assess or otherwise impose
any such tax on the Company or any of its Subsidiaries.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">For the purposes of the Tax Act and any other relevant
Tax purposes:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company is resident in Canada; and</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Subsidiaries of the Company are resident in the
jurisdiction in which they were formed, and are not resident in any other
country.</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 balance sheet included in the
Company&#146;s audited financial statements).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34<a name="5653-3-KE-07_PB_34_072332_9621"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=38,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=443821,FOLIO='34',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-07_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:51 2010' -->


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<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.20</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Books and Records</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.&#160; The corporate
minute books for the Company and its Subsidiaries contain minutes of all meetings
and resolutions of the directors and securityholders held.&#160; 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 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&#146;s consolidated financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.21</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Insurance</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company has in place reasonable and prudent
insurance policies appropriate for its size, nature and stage of development.
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 basis.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Each of such policies and other forms of insurance is
in full force and effect on the date hereof and shall (or comparable
replacement or substitutions therefore shall) be kept in full force and effect
by the Company through the Effective Date. No written (or 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 policy.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.22</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Non-Arm&#146;s Length Transactions</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as disclosed in the Company Public Documents, 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&#146;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 hand.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.23</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Benefit Plans</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Schedule 4.23 of the Company Disclosure Statement
contains a true and complete list of all Company Benefit Plans.&#160; Complete copies of all Company Benefit Plans
including, but not limited to, any trust instruments, insurance contracts and
all amendments thereto have been provided to Kinross.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35<a name="5653-3-KE-07_PB_35_072349_8715"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=39,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=322750,FOLIO='35',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-07_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:51 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">No Company Benefit Plan is a &#147;registered pension plan&#148;
as such term is defined in the<i>  </i>Tax Act.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Each Company Benefit Plan has been operated in
accordance with its terms and any contributions required to be made under each
Company Benefit Plan, as of the date hereof, have been timely made and all
obligations in respect of each Company Benefit Plan have been properly accrued
and reflected in the audited consolidated financial statements for the Company
as at and for the fiscal year ended on September&nbsp;30, 2009, including the
notes thereto and the report by the Company&#146;s auditors thereon.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">There has been no amendment to, announcement by the
Company or any of its Subsidiaries relating to, or change in employee
participation or coverage under, any Company Benefit Plan which would increase
materially the expense of maintaining such plan above the level of the expense
incurred therefor for the most recent fiscal year.&#160; Neither the execution of this Agreement, nor
the consummation of the transactions contemplated hereby will (i)&nbsp;entitle
any employees of the Company or any of its Subsidiaries to severance pay or any
increase in severance pay upon any termination of employment after the date
hereof other than as disclosed in the Company Public Documents, (ii)&nbsp;accelerate
the time of payment or vesting or result in any payment or funding (through a
grantor trust or otherwise) of compensation or benefits under, increase the
amount payable or result in any other material obligation pursuant to, any of
the Company Benefit Plans, or (iii)&nbsp;limit or restrict the right of the
Company or, after the consummation of the transactions contemplated hereby,
Kinross to merge, amend or terminate any of the Company Benefit Plans.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.24</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Environmental</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all facilities and operations of the Company and its
Subsidiaries have been conducted, and are now, in compliance with all
Environmental Laws;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company and its Subsidiaries are in possession of,
and in compliance with, all Environmental Permits that are required to own,
lease and operate the Property and Mineral Rights and to conduct their
respective business as they are now being conducted;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">no environmental, reclamation or closure obligation,
demand, notice, work order or other liabilities presently exist with respect to
any portion of any currently or </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36<a name="5653-3-KE-07_PB_36_072402_563"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=40,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=729904,FOLIO='36',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-07_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:51 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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, work orders or liabilities to arise in the
future as a result of any activity in respect of such property, interests,
rights, operations and business;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to the knowledge of the Company, there are no 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;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company and its Subsidiaries have made available
to Kinross all material audits, assessments, investigation reports, studies,
plans, regulatory correspondence and similar information with respect to
environmental matters; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to the Company&#146;s knowledge, the Company and its
Subsidiaries are not subject to any past or present fact, condition or
circumstance that could reasonably be expected to result in liability under any
Environmental Laws.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.25</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Restrictions on Business
Activities</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 Effect.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.26</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Material Contracts</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule 4.26 of the Company Disclosure Statement sets forth all
Material Contracts.&#160; The Company and its
Subsidiaries have performed in all material respects all respective obligations
required to be performed by them to date under the Material Contracts.&#160; 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 </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37<a name="5653-3-KE-07_PB_37_072421_9497"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=41,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=424736,FOLIO='37',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-07_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:51 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.&#160;
Prior to the date hereof, the Company has made available to Kinross true
and complete copies of all of the Material Contracts.&#160;&#160; All Material Contracts are legal, valid,
binding and in full force and effect and are enforceable by the Company (or a
Subsidiary thereof, as the case may be) in accordance with their respective
terms (subject to bankruptcy, insolvency and other applicable Laws affecting
creditors&#146; rights generally, and to general principles of equity) and are the
product of fair and arms&#146; length negotiations between the parties thereto.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.27</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Relationships with Customers,
Suppliers, Distributors and Sales Representatives</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has not received any written (or 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
its 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 Effect.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.28</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Brokers</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except for the fee to be paid to <font style="color:windowtext;"><font color="black">Canaccord
Financial Ltd.</font></font> pursuant to its engagement letter with the
Company, a true and complete copy of which has been delivered to Kinross, 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&#146;s fees in connection
with the transactions contemplated by this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.29</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Reporting Issuer Status</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date the Company is a reporting issuer not in default under
the Securities Laws of <font style="color:windowtext;"><font color="black">the provinces of
British Columbia, Alberta</font></font>, Ontario and the Northwest Territories.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.30</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Stock Exchange Compliance</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is in compliance in all material respects with the
applicable listing and corporate governance rules&nbsp;and regulations of the
TSXV.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.31</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">No Expropriation</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No property or asset of the Company or its Subsidiaries (including any
Property or 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="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38<a name="5653-3-KE-07_PB_38_072435_3641"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=42,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=224712,FOLIO='38',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-07_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 18 22:51 2010' -->



<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.32</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Survival of Representations
and Warranties</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 terms.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 5</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">COVENANTS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Conduct of Business by the
Company</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 Agreement:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company shall, and shall cause each of
its Subsidiaries to, conduct its and their respective businesses only in, not
take any action except in, and maintain their respective facilities, in the
ordinary course of business consistent with past practice</font><font size="2" style="font-size:10.0pt;"> and to use commercially reasonable efforts to
preserve intact its and their present business organization and goodwill, to
preserve intact the Company, Property and 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 them</font><font size="2" style="font-size:10.0pt;">, provided that, Kinross shall not unreasonably
withhold its consent for the disposition or transfer of a non-material
Property;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">without limiting the generality of
Subsection 5.1(a), the Company shall not, directly or indirectly, and shall
cause each of its Subsidiaries not to:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">issue, sell, award, pledge, dispose of,
encumber or agree to issue, sell, award, pledge, dispose of or encumber any
Common Shares, any Options (including pursuant to the Stock Option Plan) or any
Warrants, 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 and Warrants);</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 $<font style="color:windowtext;"><font color="black">100,000</font></font>;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">amend or propose to amend the notice of
articles, articles or other constating documents of the Company or any of its
Subsidiaries, other than as noted in Section&nbsp;4.1;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">split, combine or reclassify any
outstanding Common Shares;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39<a name="5653-3-KE-09_PB_39_072642_5250"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=43,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=330321,FOLIO='39',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-09_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:21 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">redeem, purchase or offer to
purchase any Common Shares or other securities of the company or any shares or
other securities of its Subsidiaries;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 practice;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">reorganize, amalgamate or
merge the Company or any of its Subsidiaries with any other Person;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">reduce the stated capital of
the shares of the Company or of any of its Subsidiaries;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">acquire or agree to acquire
(by 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 $<font style="color:windowtext;"><font color="black">100,000</font></font>;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 $<font style="color:windowtext;"><font color="black">100,000</font></font>,
provided however that the Company may make such investments in short-term
government grade instruments consistent with past practice;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 practice;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">adopt a plan of liquidation or
resolutions providing for the liquidation or dissolution of the Company or any
of its Subsidiaries;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 practice, of liabilities reflected or reserved against in the Company&#146;s
financial statements or incurred in the ordinary course of business consistent
with past practice;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiv)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">authorize, recommend or
propose any release or relinquishment of any contractual right, except in the
ordinary course of business consistent with past practice;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40<a name="5653-3-KE-09_PB_40_072655_7672"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=44,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=1035571,FOLIO='40',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-09_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:21 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xv)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Mineral Rights or Properties, (ii)&nbsp;any
material Authorization, lease, concession, contract or other document, or (iii)&nbsp;any
other material legal rights or claims;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvi)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 practice;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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; or</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xviii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 (none of which actions shall be unreasonable or unusual) 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 hereof;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company shall use all reasonable
commercial efforts to cause its current insurance (or 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 effect;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company shall use its best efforts to
maintain and preserve all of its rights under each of its material Mineral
Rights and Properties and under each of its material Authorizations;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41<a name="5653-3-KE-09_PB_41_072707_536"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=45,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=312085,FOLIO='41',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-09_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:21 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company shall:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">provide Kinross with prompt
written notice of: (A)&nbsp;any change (or 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, properties (</font><font size="2" style="font-size:10.0pt;">including the Property and Mineral Rights)</font><font size="2" style="font-size:10.0pt;">, notice of articles,
articles, licenses, permits (including 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 Adverse 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
Time;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Kinross 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 Kinross 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 Agreement;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">except in the ordinary course
of business consistent with past practice, not enter into or renew any agreement,
contract, lease, licence or other binding </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42<a name="5653-3-KE-09_PB_42_072721_5926"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=46,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=269885,FOLIO='42',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-09_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:21 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">obligation
of the Company or its Subsidiaries that involves or would reasonably be
expected to involve payments in excess of $<font style="color:windowtext;"><font color="black">100,000</font></font> annually or $<font style="color:windowtext;"><font color="black">250,000</font></font> in the aggregate over the term of the
contract and that is not terminable within 30 days of the Effective Date
without payment by Kinross or its Subsidiaries; and</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">except as may be set forth in (A)&nbsp;its
capital budget approved by the Board of Directors as of the date hereof, or (B)&nbsp;any
resolutions approved by the Board of Directors prior to the date hereof, copies
of which budget and resolutions have been made available to Kinross, not incur
any capital expenditures or enter into any agreement obligating the Company or
its Subsidiaries to provide for future capital expenditures involving payments
in excess of $<font style="color:windowtext;"><font color="black">100,000</font></font>
individually or $<font style="color:windowtext;"><font color="black">250,000</font></font><b>  </b>in the aggregate;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company and each of its Subsidiaries
shall:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 respects;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">timely withhold, collect, remit and pay all
Taxes which are to be withheld, collected, remitted or paid by it to the extent
due and payable;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">not make or rescind any material express or
deemed election relating to Taxes;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Taxes;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">not settle or compromise any claim, action,
suit, litigation, proceeding, arbitration, investigation, audit or controversy
relating to Taxes; and</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 <font style="color:windowtext;"><font color="black">September&nbsp;30, 2008</font></font>,
except as may required by applicable Laws;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Property or the Mineral Rights)
without the prior consent of Kinross, such consent not to be unreasonably
withheld, 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; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43<a name="5653-3-KE-09_PB_43_072737_4688"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=47,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=548127,FOLIO='43',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-09_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:21 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Extension of the Offer</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Parties agree that if prior to the Expiry Date Kinross becomes
aware that any condition set out in Schedule 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 align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 6</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">TERMINATION, AMENDMENT AND WAIVER</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Termination</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may be terminated by notice in writing:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">at any time prior to the Effective Date by
mutual consent of Kinross and the Company;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">by Kinross, if any condition to making the
Offer set forth in Subsection 2.1(k)&nbsp;is not satisfied or waived by the
Offer Deadline (other than as a result of Kinross&#146;s default hereunder);</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">by Kinross, if any condition of the Offer
set forth in Schedule A is not satisfied or waived by the Expiry Time (other
than as a result of Kinross&#146;s default hereunder);</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">by Kinross at any time if:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company is in material
default of any covenant or obligation in Article&nbsp;7;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company shall have
breached or failed to perform in any material respect any of its covenants or
obligations under this Agreement at or prior to the Effective Date;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">(A)&nbsp;any
of the representations and warranties made by the Company in this Agreement
contained herein that are qualified by materiality or Material Adverse Effect
qualifications shall have been at the date hereof untrue or incorrect</font><font size="2" style="font-size:10.0pt;"> or shall have become untrue
or incorrect at any time prior to the Expiry Time, or (B)&nbsp;any of the representations and warranties of the Company
contained herein that are not so qualified shall have been at the date hereof
untrue or incorrect in any material respect or shall have become untrue
or incorrect at any time prior to the Expiry Time in any material respect; except that the accuracy of representations and
warranties that by their terms speak as of a specified date will be determined
as of such date;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided that in the case of any of (ii)&nbsp;or
(iii)&nbsp;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 days from the date of written
notice of such breach or failure and the business day prior to the Expiry Date;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44<a name="5653-3-KE-09_PB_44_072755_2983"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=48,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=445172,FOLIO='44',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-09_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:21 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">by the Company at any time if:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Kinross shall have breached or failed to
perform in any material respect any of its covenants or obligations under this
Agreement at or prior to the Effective Date;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">(A)&nbsp;any of the representations
and warranties made by Kinross in this Agreement contained herein that are
qualified by materiality or Material Adverse Effect qualifications shall have
been at the date hereof untrue or incorrect</font><font size="2" style="font-size:10.0pt;"> or shall have become untrue or incorrect
at any time prior to the Expiry Time, or (B)&nbsp;any
of the representations and warranties of Kinross contained herein that are not
so qualified shall have been at the date hereof untrue or incorrect in any
material respect or shall have become untrue or incorrect at any time
prior to the Expiry Time in any material
respect; except that the accuracy of representations and warranties that by
their terms speak as of a specified date will be determined as of such date;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 days from the date of written
notice of such breach or failure and the business day prior to the Expiry Date;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">by the Company, if Kinross has not taken up
and paid for that number of Common Shares such that if taken-up, Kinross would
hold 50.1% of the Common Shares outstanding ((x)&nbsp;including those Common
Shares already held by or on behalf of Kinross or an affiliate or associate of
Kinross and (y)&nbsp;calculated on a fully-diluted basis but excluding the Common
Shares issuable on exercise of Options held by the Locked-Up Shareholders)
under the Offer within 90 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&#146;s 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&#146;s 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
6.1(f)&nbsp;until the earlier of (x)&nbsp;150 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 applicable;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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</font><font size="2" style="font-size:10.0pt;"> otherwise prohibiting
any of the transactions contemplated herein (unless such</font><font size="2" style="font-size:10.0pt;">  </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45<a name="5653-3-KE-09_PB_45_072811_6228"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=49,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=948939,FOLIO='45',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-09_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:21 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">order, decree or ruling
has been withdrawn, reversed or otherwise made inapplicable);</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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</font><font size="2" style="font-size:10.0pt;"> 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 Agreement;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">by Kinross if: (i)&nbsp;the Board of
Directors withdraws, modifies or changes its recommendation in a manner adverse
to Kinross; (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&#146; 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); or (iv)&nbsp;the
Board of Directors or any committee thereof remains neutral beyond the 10
calendar day period set out in Subsection 7.1(a)(iv)&nbsp;hereof in respect of
an Acquisition Proposal;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">by Kinross, if Kinross has been notified in
writing by the Company of a Proposed Agreement in accordance with Subsection
7.1(e), and either: (i)&nbsp;Kinross does not deliver an amended Offer within
four 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 Proposed Agreement continues to be a Superior Proposal
in comparison to the amended Offer of Kinross;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 2.1(a)&nbsp;and 2.1(b); and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 further provided
that the Company has not breached any of its covenants, agreements or
obligations in this Agreement.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Amendment</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may not be amended except by written instrument signed
by each of the Parties hereto.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46<a name="5653-3-KE-09_PB_46_072832_6479"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=50,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=443112,FOLIO='46',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-09_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:21 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Waiver</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 benefit.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 7</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">NON-SOLICITATION</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Non-Solicitation</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 otherwise:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 of such foregoing inquiries or proposals being referred to herein as an &#147;<b>Acquisition Proposal</b>&#148;), or participate in any discussions or
negotiations regarding, or furnish to any Person 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 other Person to do or
seek to do any of the foregoing;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">engage in any discussions
or negotiations regarding, or provide any information with respect to, or
otherwise co-operate in any way with, or</font><font size="2" style="font-size:10.0pt;"> 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 determined;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">withdraw, modify or
qualify, or propose publicly to withdraw, modify or qualify, in any manner
adverse to Kinross, the approval or</font><font size="2" style="font-size:10.0pt;">
recommendation of the Board of Directors or any committee thereof of this Agreement
or the Offer;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">approve, recommend or
remain neutral with respect to, or propose publicly to approve, recommend or
remain neutral with respect to, any Acquisition</font><font size="2" style="font-size:10.0pt;"> Proposal (it being understood that publicly taking no position or a
neutral </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47<a name="5653-3-KE-09_PB_47_072856_2639"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=51,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=112892,FOLIO='47',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-09_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:21 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">position with respect to
an Acquisition Proposal until 10 calendar days following the public
announcement of such Acquisition Proposal shall not be considered a violation
of this Subsection 7.1(a)(iv)); or</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">accept
or enter into, or publicly propose to accept or enter into, any letter of
intent, agreement in principle, agreement, arrangement or undertaking</font><font size="2" style="font-size:10.0pt;"> related to any Acquisition Proposal,</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided, however, that nothing contained in
this Subsection </font><font size="2" style="font-size:10.0pt;">7.1(a)&nbsp;</font><font size="2" style="font-size:10.0pt;">or
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 <i>bona fide</i> 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
7.1(d)&nbsp;to any Person where the requirements of that Section&nbsp;are met;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 </font><font size="2" style="font-size:10.0pt;">confidentiality,
non-solicitation or standstill agreement to which such third party is a party,
or modify or waive the terms thereof.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">From and after the date of this Agreement,
the Company shall immediately provide notice to Kinross of any unsolicited <i>bona fide</i> 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.&#160; 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.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If the Board of Directors receives a
request for material non-public information from a Person who proposes to the
Company an unsolicited <i>bona fide</i>
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</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48<a name="5653-3-KE-09_PB_48_072917_2794"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=52,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=83177,FOLIO='48',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-09_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:21 2010' -->



<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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
favourable to the Company than the Agreement;<b>  </b>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 provided.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company agrees that it will not accept,
approve or enter into any agreement (a &#147;<b>Proposed Agreement</b>&#148;),
other than a confidentiality agreement as contemplated by Subsection 7.1(d),
with any Person providing for or to facilitate any Acquisition Proposal unless:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Board of Directors determines that the Acquisition
Proposal constitutes a Superior Proposal;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company has complied with Subsections 7.1(a)&nbsp;through
7.1(d)&nbsp;inclusive;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 four
business days prior to the proposed acceptance, approval, recommendation or
execution of the Proposed Agreement by the Company.</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">four business days shall have elapsed from the date
Kinross received the notice and documentation referred to in Subsection 7.1(e)(iii)&nbsp;from
the Company and, if Kinross has proposed to amend the terms of the Offer in
accordance with Subsection 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 Kinross;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company concurrently terminates this Agreement
pursuant to Section&nbsp;6.1(l); and</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company has previously, or concurrently will have,
paid to Kinross the Termination Fee;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49<a name="5653-3-KE-11_PB_49_073104_8299"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=53,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=291317,FOLIO='49',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-11_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:24 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and the
Company further agrees that it will not withdraw, modify or qualify (or 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 the requirements of this Section&nbsp;7.1(e)(i)&nbsp;through
(iv)&nbsp;have been satisfied.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Company acknowledges and agrees that, during the </font><font size="2" style="font-size:10.0pt;">four</font><font size="2" style="font-size:10.0pt;"> business day periods referred to in Subsections </font><font size="2" style="font-size:10.0pt;">7.1(e)(iii)&nbsp;and 7.1(e)(iv)&nbsp;</font><font size="2" style="font-size:10.0pt;">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 7.1(a),
whether Kinross&#146;s 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 Offer.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Nothing
in this Agreement shall prevent the Board of Directors from responding through
a directors&#146; circular or otherwise as required by applicable Securities Laws to
an Acquisition Proposal that it determines is not a Superior Proposal,<b>  </b>or from withdrawing, modifying or changing its
recommendation as a result of Kinross having suffered a Kinross Material
Adverse Effect.&#160; 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.&#160;
Kinross and its counsel shall be given a reasonable opportunity to
review and comment on the form and content of any such disclosure, recognizing
that whether or not such comments are appropriate will be determined by the
Company, acting reasonably.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Company acknowledges and agrees that each successive modification of any</font><font size="2" style="font-size:10.0pt;"> Acquisition Proposal shall
constitute a new Acquisition Proposal for the purposes of this Section&nbsp;7.1.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50<a name="5653-3-KE-11_PB_50_073125_8247"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=54,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=932536,FOLIO='50',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-11_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:24 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Termination Fee</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Kinross shall be entitled to a cash termination
payment (the &#147;<b>Termination Fee</b>&#148;) in an amount
equal to $<font style="color:windowtext;"><font color="black">4,176,000</font></font>, upon
the occurrence of any of the following events (each, a &#147;<b>Termination
Fee Event</b>&#148;), which shall be paid by the Company within the time
specified in respect of any such event:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">this Agreement is terminated pursuant to any of
Subsections 6.1(d)(i), 6.1(i), or 6.1(j), in which case the Termination Fee
shall be paid to Kinross as soon as practicable and in any event within two
business days of the day on which this Agreement is so terminated;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">this Agreement is terminated pursuant to Subsection
6.1(l), in which case the Termination Fee shall be paid to Kinross in
accordance with Subsection 7.1(e);</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">prior to 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 <font style="color:windowtext;"><font color="black">twelve </font></font>months
after the date of this Agreement, either (A)&nbsp;any Common Shares are
acquired 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 to.</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 Kinross.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Upon written notice to the
Company, Kinross may assign its right to receive the Termination Fee to any
affiliate of Kinross.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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.&#160; 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
Termination Fee to be received by Kinross pursuant to Section&nbsp;7.2 is the
sole remedy in compensation or </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51<a name="5653-3-KE-11_PB_51_073137_5893"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=55,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=582806,FOLIO='51',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-11_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:24 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 Schedule 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></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Nature of Fee</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company acknowledges that the amount set
out in Section&nbsp;</font><font size="2" style="font-size:10.0pt;">7.2 </font><font size="2" style="font-size:10.0pt;">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 punitive.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 8</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">GENERAL PROVISIONS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Further Assurances</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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, provide complete and
executed documentation relating to any prior transactions or reorganizations
undertaken by the Company that Kinross may reasonably request; 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&#146; Circular, and using reasonable commercial
efforts to obtain all necessary waivers, consents and approvals, including the
Appropriate Regulatory Approvals and those contemplated by Sections 3.3 and 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 actions.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Notification of Certain
Matters</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52<a name="5653-3-KE-11_PB_52_073156_9862"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=56,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=242798,FOLIO='52',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-11_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:24 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Access to Information</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 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="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Officers&#146; and Directors&#146;
Insurance</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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&#146;s current directors&#146; and
officers&#146; 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&#146;s then existing
directors and officers insurance policy, if any. Kinross shall, and shall cause
the Company (or its successor) to, indemnify the directors and officers of the
Company and its Subsidiaries to the fullest extent to which Kinross and the
Company and its Subsidiaries are permitted to indemnify such officers and
directors under their respective charter, articles, by-laws, applicable Laws
and contracts of indemnity.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.5</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Expenses</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise expressly provided in this Agreement, 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53<a name="5653-3-KE-11_PB_53_073207_9111"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=57,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=690972,FOLIO='53',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-11_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:24 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.6</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Notices</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 day.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to Kinross:</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt .5in;"><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">Kinross Gold Corporation</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt .5in;"><font style="color:windowtext;"><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">25 York Street, 17</font></font><font style="color:windowtext;"><font size="1" color="black" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font></font><font style="color:windowtext;"><font size="2" color="black" style="font-size:10.0pt;">&nbsp;Floor,</font></font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt .5in;"><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">Toronto, ON</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="color:windowtext;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">M5J
  2V5</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax No.:</font></p>
  </td>
  <td width="80%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:80.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(416) 363-6622</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font></p>
  </td>
  <td width="80%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:80.24%;">
  <p align="left" style="color:windowtext;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">Chief
  Legal Officer; and <br>
  Executive Vice President, Corporate Development</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="148" style="border:none;"></td>
  <td width="226" style="border:none;"></td>
  <td width="374" style="border:none;"></td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a copy to (which shall not constitute
notice to Kinross):</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Osler, Hoskin&nbsp;&amp; Harcourt LLP</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1 First Canadian Place</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;6600</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto, ON&#160;
M5X 1B8</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.66%;">
  <p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax No.:</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(416) 862-6666</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.66%;">
  <p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Douglas Bryce</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to the Company:</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underworld Resources Inc.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">#1500 - 409 Granville Street</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vancouver, BC, Canada</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">V6C 1T2</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax No.:</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.24%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(604) 484-7155</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.24%;">
  <p align="left" style="color:windowtext;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">Chairman
  and President</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a copy to (which shall not constitute
notice to the Company):</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="color:windowtext;margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">DuMoulin
Black LLP</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font style="color:windowtext;"><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">10</font></font><font style="color:windowtext;"><font size="1" color="black" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font></font><font style="color:windowtext;"><font size="2" color="black" style="font-size:10.0pt;">&#160;floor, 595 Howe Street</font></font></p>

<p align="left" style="color:windowtext;margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">Vancouver,
BC&#160; V6C 2T5</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54<a name="5653-3-KE-11_PB_54_073647_2270"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=58,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=1023667,FOLIO='54',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-11_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:24 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.66%;">
  <p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax No.:</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(<font style="color:windowtext;"><font color="black">604) 687-8772</font></font></font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.66%;">
  <p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.34%;">
  <p align="left" style="color:windowtext;margin:0in 0in .0001pt;text-align:left;"><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">Corey
  Dean</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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;8.6.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.7</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Severability</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.8</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Entire Agreement, Assignment
and Governing Law</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">This Agreement constitutes 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.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">This Agreement: (i)&nbsp;is not intended to
confer upon any other Person any rights or remedies hereunder, except as
contemplated under Section&nbsp;8.11; (ii)&nbsp;shall not be assigned by
operation of law or otherwise, except that Kinross may assign all or any
portion of its rights under this Agreement to any affiliate upon three business
days&#146; prior written notice to the Company and provided such affiliate executes
and delivers a counterpart of this Agreement pursuant to which it agrees to be
bound by the terms of this Agreement as Kinross, but no such assignment shall
relieve Kinross of its obligations hereunder; 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 thereof.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.9</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pre-Acquisition Reorganization</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company agrees that, upon request by Kinross, the Company shall,
and shall cause each of its Subsidiaries to: (a)&nbsp;effect such
reorganizations of the Company&#146;s or the Subsidiaries&#146; business, operations and
assets or such other transactions as Kinross may request, acting reasonably
(each a &#147;<b>Pre-Acquisition Reorganization</b>&#148;); 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&#146;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&#146;s
opinion, acting reasonably and in good faith result or appear likely to result
in any breach by the Company or any of its Subsidiaries of (A)&nbsp;any </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55<a name="5653-3-KE-11_PB_55_073735_6952"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=59,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=892432,FOLIO='55',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-11_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:24 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">existing contract or commitment of the Company or any Subsidiary; or (B)&nbsp;any
Law; or (ii)&nbsp;would not reasonably be expected to impede or delay Kinross&#146;s
ability to take up and pay for the Common Shares tendered to the Offer.&#160; Kinross shall provide written notice to the
Company of any proposed Pre-Acquisition Reorganization at least 10 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;8.9. 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 A and 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 and expenses, including
reasonable legal fees and disbursements, incurred in connection with any
Pre-Acquisition Reorganization and the reversal thereof, if a reversal is
reasonably possible and the costs of such reversal are less than the losses,
costs and expenses the Company would have incurred if such reversal were not completed.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Without limiting
the generality of the foregoing, the Company acknowledges that Kinross may
enter into transactions (the &#147;<b>bump transactions</b>&#148;)
designed to step up the tax basis in certain capital property of the Company
for purposes of the Tax Act and agrees to (x)&nbsp;co-operate with Kinross in
order to facilitate the bump transactions or other reorganizations or
transactions which Kinross determines would be advisable to enhance the tax
efficiency of the combined corporate group, and (y)&nbsp;to provide such
information on a timely basis and to assist in the obtaining of any such
information in order to facilitate a successful completion of the bump
transactions or any such other reorganizations or transactions as is reasonably
requested by Kinross.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.10</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Attornment</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 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 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="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.11</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Third Party Beneficiaries</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The provisions of Section&nbsp;8.4 and Section&nbsp;8.12 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 &#147;<b>Third Party Beneficiaries</b>&#148;)
and the Company shall hold the rights and benefits of Section&nbsp;8.4 and Section&nbsp;8.12
in trust for and on behalf of the Third </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56<a name="5653-3-KE-11_PB_56_073746_9801"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=60,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=684177,FOLIO='56',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-11_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:24 2010' -->


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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 otherwise.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.12</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">No Personal Liability</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 officer.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 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
officer.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.13</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Counterparts</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">[The remainder of this page&nbsp;is intentionally
left blank.]</font></i></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57<a name="5653-3-KE-11_PB_57_073756_2440"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=61,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=833239,FOLIO='57',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-11_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:24 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF </font></b><font size="2" style="font-size:10.0pt;">the Parties have executed this
Agreement on the date first written above.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:52.08%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">KINROSS GOLD CORPORATION</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:52.08%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:52.08%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.84%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Geoffrey
  Gold&#148;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Geoffrey
  Gold</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive
  Vice President&nbsp;&amp; Chief Legal Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.84%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Shelley
  M. Riley&#148;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:6.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="41%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shelley M.
  Riley</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice
  President, Administration and Corporate Secretary</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:52.08%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNDERWORLD RESOURCES INC.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.12%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.72%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.12%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.72%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.84%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Adrian
  Fleming&#148;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:6.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="41%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adrian
  Fleming</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.84%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Robert
  McLeod&#148;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:6.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="41%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert
  McLeod</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice
  President, Exploration</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58<a name="5653-3-KE-11_PB_58_074207_5340"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=62,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=658597,FOLIO='58',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-11_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 20:24 2010' -->



<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SCHEDULE A</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">CONDITIONS OF THE OFFER</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 Time:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Minimum Tender Condition;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 (othoper than as
referred to in paragraph (c)&nbsp;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;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 case:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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; or</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">which would reasonably be expected to have a Company
Material Adverse Effect or, if the Offer were consummated, a Kinross Material
Adverse Effect; or</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">which would materially and
adversely affect the ability of Kinross to proceed with the Offer (or any
Compulsory Acquisition or any Subsequent Acquisition Transaction) and/or take
up and pay for any Common Shares deposited under the Offer;</font><font size="2" style="font-size:10.0pt;"> or</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">seeking to obtain from
Kinross or any of its Subsidiaries or the Company or any of its Subsidiaries
any material damages directly or indirectly in connection with the Offer (or
any Compulsory Acquisition</font><font size="2" style="font-size:10.0pt;">
or any Subsequent Acquisition Transaction); or</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=63,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=274508,FOLIO='',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-13_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:09 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsidiaries or to compel Kinross or its Subsidiaries to dispose of or
hold separate any material portion of the business or assets of</font><font size="2" style="font-size:10.0pt;"> the Company or any of its Subsidiaries as a result
of the Offer (or any Compulsory Acquisition</font><font size="2" style="font-size:10.0pt;"> or any Subsequent Acquisition
Transaction);</font><font size="2" style="font-size:10.0pt;"> or</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 </font><font size="2" style="font-size:10.0pt;">Compulsory Acquisition</font><font size="2" style="font-size:10.0pt;"> or any Subsequent Acquisition Transaction;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all necessary orders, authorizations or consents which
are required under all applicable Securities Laws and the rules&nbsp;and
policies of the TSX and NYSE for the offering, issuance and listing of the
Kinross Shares under the Offer shall have been obtained;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">no Company Material Adverse Effect shall have occurred
or arisen (or 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);</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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</font><font size="2" style="font-size:10.0pt;"> 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 Effect;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 effect;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">at the Expiry Time:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all representations and warranties of the Company in
this Agreement:&#160; (A)&nbsp;that are
qualified by a reference to a 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; and</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 obligation),</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="5653-3-KE-13_PB_2_074537_6763"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=64,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=596189,FOLIO='2',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-13_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:09 2010' -->


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<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">personal liability), satisfactory to Kinross, acting reasonably,
certifying the foregoing after due inquiry;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Agreement shall not have been
terminated in accordance with its terms; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">each of the Lock-Up Agreements shall have
been complied with and shall not have been terminated.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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&#146;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 Kinross may have, provided that Kinross may not waive the Minimum Tender
Condition to acquire less than that number of Common Shares such that if
taken-up, Kinross would hold 50.1% of the Common Shares outstanding ((x)&nbsp;including
those Common Shares already held by or on behalf of Kinross or an affiliate or
associate of Kinross and (y)&nbsp;calculated on a fully-diluted basis but
excluding the Common Shares issuable on exercise of Options held by the
Locked-Up Shareholders) without the prior written consent of the Company.&#160; If Kinross waives the Minimum Tender
Condition on a date that is less than 10 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 10 days from the date or such
waiver.&#160; 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 time.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="5653-3-KE-13_PB_3_074542_158"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=65,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="3",CHK=518645,FOLIO='3',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KE-13_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:09 2010' -->


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<DESCRIPTION>EXHIBIT 2.3
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
2.3</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><img width="124" height="42" src="g56533kgi001.jpg" alt="GRAPHIC"></font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Kinross Gold Corporation<br>
  </font></b><font size="2" style="font-size:10.0pt;">25 York Street, 17th Floor<br>
  Toronto, ON Canada M5J 2V5<b><br><br></b></font></p>
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">phone: 416-365-5123</font></p>
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">fax: 416-363-6622</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:right;"><font style="color:windowtext;font-weight:bold;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">March&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></b></font><font size="2" style="font-size:10.0pt;">, 2010</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">STRICTLY
  CONFIDENTIAL</font></u></b></p>
  </td>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.84%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(the &#147;Seller&#148;)</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Sirs/Mesdames:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Underworld Resources Inc.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement
is made in the context of a proposed take-over bid in which Kinross Gold
Corporation (the &#147;<b>Offeror</b>&#148;) will
make an offer (the &#147;<b>Offer</b>&#148;) for all
of the issued and outstanding Common Shares of Underworld Resources Inc. (the &#147;<b>Company</b>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This letter
sets out the terms and conditions upon which (a)&nbsp;the Offeror agrees to
commence the Offer and (b)&nbsp;the Seller agrees to (i)&nbsp;support the Offer
and (ii)&nbsp;irrevocably and unconditionally deposit under the Subject Shares
(as defined herein).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capitalized
terms used in this Agreement that are not defined herein but that are defined
in the Support Agreement shall have the respective meanings ascribed to them in
the support agreement between the Offeror and the Company (the &#147;<b>Support Agreement</b>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Offer for Securities of the Company</u></font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Offeror agrees to make the
Offer for all of the Common Shares within the time period and upon and subject
to the terms and conditions provided for in the Support Agreement.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Agreement to Deposit</u></font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">This Agreement when signed and
delivered by the Seller to the Offeror will constitute the agreement of the
Seller, among other things, to irrevocably and unconditionally accept the Offer
and validly to deposit, and to cause all acts and things necessary to be done
to deposit, the Subject Shares under the Offer on the terms and conditions set
out herein.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Seller agrees that if the
Offeror makes the Offer on the term and conditions provided for in the Support
Agreement, the Seller shall deposit with the depositary under the Offer all of
the Subject Shares in accordance with the terms</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=1,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="4",CHK=510711,FOLIO='',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KG_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:18 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of the Offer as promptly as practicable but in any event within 10 days
of the mailing of the Bid Circular, and thereafter, except as may be permitted
by this Agreement, the Seller shall not withdraw or permit such shares to be
withdrawn from the Offer.&#160; The Offeror
will take up and pay for the Subject Shares deposited under the Offer in
accordance with the terms of the Offer within the periods required by
applicable law and upon the conditions of the Offer having been satisfied or
waived.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">For greater certainty, for the
purposes of this Agreement, the term &#147;<b>Subject</b>  <b>Shares</b>&#148; shall refer to all the Common Shares which the
Seller is required to deposit under the Offer pursuant to the terms of this
Agreement and shall include all shares or other securities which the Subject
Shares may be converted into, exercised for, exchanged for or otherwise changed
into, prior to the acquisition of the Subject Shares by the Offeror.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Covenants of the Seller</u></font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Seller agrees that during
the period commencing on the date hereof and continuing until the expiry or
termination of the Offer, except to the extent permitted hereunder or in the
case of a director or officer of the Company, in compliance with Section&nbsp;7
of the Support Agreement:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">it will not and will cause its
affiliates not, to take any act, directly or indirectly, which may in any way
adversely affect the success of the Offer or the purchase of any Common Shares
under the Offer;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">it will use its reasonable
best efforts to do, or cause to be done, all things necessary, proper or
advisable under applicable laws and regulations, to consummate the transactions
contemplated by this Agreement and the Offer, including using its reasonable
best efforts to (A)&nbsp;support the Offer; (B)&nbsp;obtain all necessary
consents, approvals and authorizations as are required to be obtained by the
Seller&#160; under any federal, provincial or
foreign law or regulations with respect to this Agreement or the Offer; (C)&nbsp;lift
or rescind any injunction or restraining order or other order adversely
affecting the Seller&#146;s ability to consummate the transactions contemplated
hereby or by the Offer; and (D)&nbsp;fulfill all conditions and satisfy all
provisions of this Agreement and the Offer applicable to the Seller;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Seller shall not and shall
not permit any of its affiliates to sell, transfer, pledge or encumber in any
way any Subject Shares or relinquish or modify such Seller&#146;s right or the right
of any of its affiliates to sell, exercise control or direction over or to vote
any Subject Shares or enter into any agreement to do any of the foregoing;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Seller will not and will
cause its affiliates not to, prior to the public announcement by the Offeror of
the terms of the Offer, directly or indirectly, disclose to any person, firm or
corporation (other than the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="5653-3-KG_PB_2_081218_7056"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=2,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="4",CHK=632451,FOLIO='2',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KG_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:18 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company and the financial and legal advisors of the Seller, in each
case, who need to know such information in order to facilitate completion of
the transactions contemplated hereby) the existence of the terms and conditions
of this Agreement, or the possibility of the Offer being made or any terms or
conditions or other information concerning any possible offer to be made for
Common Shares;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">it will immediately cease and
cause to be terminated existing discussions, if any, with parties (other than
the Offeror) with respect to any Acquisition Proposal and it will not, directly
or indirectly, make, solicit, initiate, promote or encourage inquiries from or
submission of proposals or offers from any other Person other than the Offeror
or its Affiliates, relating to any Acquisition Proposal, enter into any
agreement related to any Acquisition Proposal, furnish to any Person any
information with respect to, or otherwise cooperate in any way with, or
otherwise assist or participate in, facilitate or encourage, any effort or
attempt by any Person other than the Offeror or its Affiliates to do or seek to
do any of the foregoing;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">it will not grant or agree to
grant any proxy or other right to the Subject Shares, or enter into any voting
trust, vote pooling or other agreement with respect to the right to vote, call
meetings of shareholders or give consents or approvals of any kind with respect
to the Subject Shares, other than pursuant to (A)&nbsp;the Offer and (B)&nbsp;the
Annual General and Special Meeting of the Company previously called and
scheduled to be held March&nbsp;17, 2010;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Seller shall take all such
steps as are required to ensure that at the time at which the Offeror becomes
entitled to take up and pay for Common Shares pursuant to the Offer, and at the
time at which the Offeror so takes up and pays for such Common Shares, the
Subject Shares will be beneficially owned 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 and
encumbrances of any nature or kind whatsoever, and will not be subject to any
shareholders&#146; agreements, voting trust or similar agreements or any right or
privilege (whether by law, pre-emptive or contractual) capable of becoming a
shareholders&#146; agreement, voting trust or other agreement affecting the Subject
Shares or the ability of any holder thereof to exercise all ownership rights
thereto, including the voting of any such shares (collectively, &#147;<b>Encumbrances</b>&#148;); and</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to vote (or cause to be voted)
all the Subject Shares at any meeting of holders of Common Shares called in
order to consider the Offer or any adjournment thereof, and in any action by
written consent of holders of Common Shares: (i)&nbsp;in favour of the
approval, consent, ratification and adoption of the Offer or any Alternative
Transaction (as defined below) </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="5653-3-KG_PB_3_081249_5335"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=3,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="4",CHK=370638,FOLIO='3',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KG_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:18 2010' -->


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and any actions required or deemed advisable by the
Offeror in furtherance thereof; (ii)&nbsp;against any action that is intended
or would reasonably be expected to impede, interfere with, delay, postpone or
discourage the Offer or any Alternative Transaction.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Representations and Warranties of the Seller</u></font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Seller by its acceptance hereof represents and warrants as follows
and acknowledges that the Offeror is relying upon such representations and
warranties in connection with entering into this Agreement and the purchase by
the Offeror of the Subject Shares:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Seller is the beneficial
owner of or exercises control or direction over, the Common Shares and/or
Options set forth on Schedule A to this Agreement;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">for the purposes of this
Agreement, the Common Shares referred to in clause (a)&nbsp;above and any
Common Shares subsequently obtained, directly or indirectly, by the Seller,
including through the exercise of Options are collectively, the &#147;<b>Subject Shares</b>&#148;. The only securities of the Company held of
record or beneficially owned by the Seller on the date hereof are those listed
in Schedule A to this Agreement. None of the Seller&#146;s Shares are or will be
subject to any shareholders&#146; agreements, voting trust or other similar
agreements or any right or privilege (whether by law, pre-emptive or
contractual) capable of becoming a shareholders&#146; agreement, voting trust or
other agreement affecting the Seller&#146;s Shares or the ability of any holder
thereof to exercise all ownership rights thereto;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">(i)&nbsp;the Seller has the
sole right to sell and vote and direct the sale and voting of the Subject
Shares and (ii)&nbsp;all the Subject Shares will, at the time at which the
Offeror takes up and pays for such shares, be beneficially owned by the Seller
with a good and marketable title thereto, free and clear of any and all
Encumbrances;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">no person, firm or corporation
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 such Seller of any of the Subject Shares
or any interest therein or right thereto, except the Offeror pursuant hereto;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">none of the execution and delivery
by the Seller of this Agreement or the completion of the transactions
contemplated hereby or the compliance by the Seller with the Seller&#146;s
obligations hereunder will result in a breach of: (i)&nbsp;in the case of a
Seller that is a corporation, the constating documents of the Seller; (ii)&nbsp;any
agreement or instrument to which the Seller is a party or by which the
Seller&#160; or any of the property or assets
of the Seller&#160; are bound; (iii)&nbsp;any
judgment, decree, order or award of any court, governmental body or arbitrator;
or (iv)&nbsp;any applicable law, statute, ordinance, regulation or rule;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Seller (i)&nbsp;if a
corporation, is a validly existing corporation and (ii)&nbsp;has all necessary
power, authority and right to execute and deliver this agreement and to </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="5653-3-KG_PB_4_081319_5796"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=4,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="4",CHK=823150,FOLIO='4',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KG_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:18 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">perform its obligations hereunder and to consummate the transactions
contemplated hereby;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">if the Seller is a corporation
or partnership, the execution and delivery of this Agreement and the
consummation of the transactions contemplated by this Agreement by the Seller
have been authorized by all necessary corporate or partnership action on its
part and on the part of its general partner, as applicable.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">(i)&nbsp;If the seller is a
corporation, this Agreement has been duly executed and delivered by the Seller,
and (ii)&nbsp;this Agreement 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&#146; rights generally and subject to the qualification
that equitable remedies may only be granted in the discretion of a court of
competent jurisdiction; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">(i)&nbsp;the only securities
of the Company held of record, beneficially owned or over which control or
direction is exercised, directly or indirectly, by the Seller or any of its
affiliates, are the Subject Shares, (ii)&nbsp;Other than the Options listed on
Schedule A, the Seller 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 any of its
affiliates or transfer to the Seller or any of its affiliates of additional
securities of the Company;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Representations and Warranties of the Offeror</u></font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Offeror represents and warrants as follows and acknowledges that
the Seller is relying upon such representations and warranties in connection
with the sale to the Offeror of the Subject Shares:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Offeror is a validly
existing corporation under the OBCA and has all necessary corporate power and
authority to own its assets and conduct its business as currently owned and
conducted;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Offeror has the power,
authority and right to enter into this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby.&#160; The execution and delivery of this Agreement
by the Offeror and the consummation by the Offeror of the transactions
contemplated by this Agreement have been authorized by the Board of Directors
of the Offeror, and no other proceedings on the part of the Offeror are
necessary to authorize this Agreement or the transactions contemplated
hereby.&#160; This Agreement has been duly
executed and delivered by the Offeror and constitutes a valid and binding
obligation of the Offeror, enforceable against the Offeror in accordance with
it terms, subject to bankruptcy, insolvency and other laws affecting the
enforcement of creditors&#146; rights generally and subject to the qualification
that equitable remedies may only be granted in the discretion of a court of
competent jurisdiction; and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5<a name="5653-3-KG_PB_5_081340_2897"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=5,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="4",CHK=989108,FOLIO='5',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KG_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:18 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the execution and delivery by
the Offeror of this Agreement and performance by it of its obligations
hereunder and the completion of the Offer, will not be in breach of its
constating documents or any agreement or instrument to which the Offeror is a
party or by which the Offeror or any of the Offeror&#146;s property or assets are
bound.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Termination Date; Extensions</u></font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement
may be terminated by notice in writing:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">at any time by mutual consent
of the Offeror and the Seller;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">by the Seller or the Offeror,
if (i)&nbsp;the Subject Shares have not been taken up and paid for by the
Offeror by a date that is 90 days after the Offer is commenced; or (ii)&nbsp;the
Support Agreement is terminated in accordance with its terms for any reason;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">by the Offeror, if the Seller
is in material default of any covenant or obligation under this Agreement or if
any representation or warranty of the Seller shall have been at the date
hereof, or subsequently becomes, untrue or incorrect in any material respect,
provided that the Offeror has notified the Seller in writing of any of the foregoing
events and the same has not been cured by the Seller within 10 days of the date
such notice was received by the Seller; or</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">by the Seller, if the Offeror
is in material default of any covenant or obligation hereunder or if any
representation or warranty of the Offeror under this Agreement shall have been
at the date hereof, or subsequently becomes, untrue or incorrect in any
material respect; provided that the Seller has notified the Offeror in writing
of any of the foregoing events and the same has not been cured by the Offeror
within 10 days of the date such notice was received by the Offeror,</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided,
however, that any such termination shall not prejudice the rights of a party as
a result of any breach by the other party of its obligations hereunder. Upon
termination of this Agreement, the Seller shall be entitled to withdraw the
Subject Shares deposited under the Offer.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Change in Nature of Transaction</u></font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If the Offeror after receiving
the advice of its counsel determines it is necessary or desirable to proceed
with another form of transaction (an &#147;<b>Alternative Transaction</b>&#148;)
whereby the Offeror 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 will support the completion of
such Alternative Transaction.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In the event of any proposed
Alternative Transaction, the references in this Agreement to the Offer shall be
deemed to be changed to &#147;Alternative </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6<a name="5653-3-KG_PB_6_081357_3020"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=6,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="4",CHK=126975,FOLIO='6',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KG_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:18 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transaction&#148; and all provisions of this
Agreement shall be and shall be deemed to have been made in the context of the
Alternative Transaction.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Seller covenants that it
will not exercise any rights of dissent provided under the applicable corporate
statute or otherwise in connection with any Alternative Transaction.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Seller, on the one hand,
and the Offeror, on the other hand, will from time to time execute and deliver
any and all such further documents and instruments and do any and all such acts
and things as the other party may, either before or after the expiry of the
Offer or the Alternative Transaction, as the case may be, reasonably require to
effectively carry out the full intent and meaning of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General</u></font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All notices, requests, demands
and other communications hereunder shall be in writing and shall be delivered
in person or transmitted by telecopy or similar means of recorded electronic
communication to, in the case of the Seller, <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;</u>&nbsp;(with
a facsimile copy to <font style="color:windowtext;font-weight:bold;"><b><u><font color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></font>,
Attention: <font style="color:windowtext;font-weight:bold;"><b><u><font color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></font>,
Facsimile: <font style="color:windowtext;font-weight:bold;"><b><u><font color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></font>,
and, in the case of the Offeror, <font style="color:windowtext;font-weight:bold;"><b><font color="black" style="font-weight:normal;">Kinross Gold Corporation, 25 York Street, 17</font></b></font></font><font style="color:windowtext;font-weight:bold;"><b><font size="1" color="black" style="font-size:6.5pt;font-weight:normal;position:relative;top:-3.0pt;">th</font></b></font><font style="color:windowtext;font-weight:bold;"><b><font size="2" color="black" style="font-size:10.0pt;font-weight:normal;">&#160;Floor, Toronto, Ontario, M5J 2V5</font></b></font><font style="color:windowtext;font-weight:bold;"><b><font size="2" color="black" style="font-size:10.0pt;">  </font></b></font><font size="2" style="font-size:10.0pt;">&#160;Attention: <font style="color:windowtext;font-weight:bold;"><b><font color="black" style="font-weight:normal;">Executive Vice-President and Chief
Legal Officer</font></b></font>, Facsimile: <font style="color:windowtext;font-weight:bold;"><b><font color="black" style="font-weight:normal;">(416) 365-2604</font></b></font>
(with a facsimile copy to <font style="color:windowtext;font-weight:bold;"><b><font color="black" style="font-weight:normal;">Osler, Hoskin&nbsp;&amp; Harcourt LLP</font></b></font>,
Attention: <font style="color:windowtext;font-weight:bold;"><b><font color="black" style="font-weight:normal;">Doug Bryce</font></b></font>,
Facsimile: <font style="color:windowtext;font-weight:bold;"><b><font color="black" style="font-weight:normal;">(416) 862-6666</font></b></font>,
or such other address as may be designated in writing hereafter, in the same
manner, by such person.&#160; 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) unless actually received at the point
of delivery after 4:00&nbsp;p.m. (Toronto time) in which case it shall be
deemed to have been given and received on the next business day.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">This Agreement sets forth the
entire agreement and understanding of the parties hereto in respect of the
transactions contemplated hereby.&#160; There
are no warranties, representations, terms, conditions or collateral agreements,
expressed, implied or statutory, between the Seller and the Offeror other than
as expressly set forth in this Agreement.&#160;
This Agreement and the rights hereunder are not transferable or
assignable by the Seller or the Offeror without the prior written consent of
the other and except that the Offeror may assign its rights and obligations
under this Agreement to any affiliate thereof, but no such assignment shall
relieve the assignor of its obligations hereunder.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The representations and
warranties set forth in this Agreement shall survive the purchase of the
Subject Shares and, notwithstanding such purchase but subject to the changes
that will result from the purchase of the Subject Shares, shall continue </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7<a name="5653-3-KG_PB_7_081513_7748"></a></font></p>

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</div>
<!-- ZEQ.=1,SEQ=7,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="4",CHK=207157,FOLIO='7',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KG_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:18 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in full force and effect for the benefit of the party
to whom such representations and warranties are given.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 distinct.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Time shall be of the essence
of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">This Agreement may be executed
by facsimile and in counterparts, each of which shall be deemed to be an
original but all of which together shall constitute one and the same agreement.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 the other party from and
against any and all claims against the other party for &#147;finder&#146;s&#146;&#148; or &#147;agency&#148;
fees relating to the transactions contemplated hereby.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In this Agreement: all
references to $ or dollars are to Canadian dollars; &#147;affiliate&#148; means, with
respect to any person or company (each as defined in the <i>Securities
Act</i> (Ontario)), any other person or company that directly, or
through one or more intermediaries, controls or is controlled by or is under
common control with such person or company.&#160;
For purposes of the foregoing, &#147;control&#148; means the possession, direct or
indirect, or the power to direct or cause the direction of the management and
policies of a person or company, whether through the ownership of voting
securities, by contract, or otherwise; and &#147;business day&#148; means any day on
which commercial banks are generally open for business in Toronto and Vancouver,
other than a Saturday, a Sunday or a day observed as a holiday under the laws
of the Province of Ontario or the federal laws of Canada.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[Signature
page&nbsp;follows]</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8<a name="5653-3-KG_PB_8_081535_141"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=8,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="4",CHK=280904,FOLIO='8',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KG_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:18 2010' -->


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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the
foregoing accurately reflects the terms and conditions of our agreement, would
you kindly indicate your acceptance hereof by signing, dating and returning to
the Offeror the enclosed duplicate original of this Agreement by facsimile.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">KINROSS GOLD
  CORPORATION</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Irrevocably accepted and agreed to this&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;day
of <font style="color:windowtext;font-weight:bold;"><b><font color="black" style="font-weight:normal;">March</font></b></font>,
2010.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9<a name="5653-3-KG_PB_9_082107_7608"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=9,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="4",CHK=502777,FOLIO='9',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KG_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:18 2010' -->


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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE
A</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECURITIES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Shares beneficially owned or over
which control or direction is exercised:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Options beneficially owned or over which
control or direction is exercised:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=10,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="4",CHK=247111,FOLIO='',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KG_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 17 21:18 2010' -->


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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>5
<FILENAME>a2197419zex-4_1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
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<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 4.1</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONSENT OF OSLER, HOSKIN&nbsp;&amp;
HARCOURT LLP</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;19, 2010</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the
references to our name contained under the heading &#147;Legal Matters&#148; and to our
opinion contained under the heading &#147;Certain Tax Considerations &#151; Certain
Canadian Federal Income Tax Considerations&#148; 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 of Kinross Gold Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[Remainder of page&nbsp;intentionally left blank]</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=1,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="5",CHK=406584,FOLIO='',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KM_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 19 22:15 2010' -->


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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ OSLER,
  HOSKIN&nbsp;&amp; HARCOURT LLP</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Osler,
  Hoskin&nbsp;&amp; Harcourt LLP</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=2,EFW="2197419",CP="KINROSS GOLD CORPORATION",DN="5",CHK=953891,FOLIO='',FILE="DISK124:[10ZAP3.10ZAP45303]5653-3-KM_ZAP45303.CHC",USER="RMCIVOR",CD='Mar 19 22:15 2010' -->


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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>6
<FILENAME>a2197419zex-4_2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
4.2</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUDITORS&#146; CONSENT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the Board of Directors
of Kinross Gold Corporation</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We consent to the incorporation by reference in this registration statement
on Form&nbsp;F-8 of Kinross Gold Corporation of:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-autospace:none;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">our auditors&#146;
report dated February&nbsp;17, 2010 on the consolidated balance sheets of Kinross
Gold Corporation (&#147;the Company&#148;) as at December&nbsp;31, 2009 and December&nbsp;31,
2008 and the consolidated statements of operations, cash flows, common
shareholders&#146; equity and, comprehensive income (loss) for each of the years in
the three-year period ended December&nbsp;31, 2009</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-autospace:none;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-autospace:none;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">our auditors&#146;
report on the reconciliation to United States GAAP dated February&nbsp;17,
2010.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;width:93.34%;">
 <tr>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ KPMG LLP</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chartered Accountants,
  Licensed Public Accountants</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toranto, Ontario</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March 19, 2010</font></p>
  </td>
 </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>7
<FILENAME>a2197419zex-4_3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 4.3</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONSENT OF ROBERT D.
HENDERSON</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;19, 2010</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I,
<font style="color:windowtext;"><font color="black">Robert D. Henderson</font></font>, am
named and identified as a &#147;qualified person&#148; in connection with the mineral
reserve and resource estimates (except for the Fruta del Norte deposit) in the
Annual Information Form&nbsp;for the year ended December&nbsp;31, 2008 (the &#147;AIF&#148;)
and the Annual Report on Form&nbsp;40-F for the year ended December&nbsp;31,
2008 (the &#147;Form&nbsp;40-F&#148;) and have prepared a report entitled &#147;Kinross Gold
Corporation, Fruta del Norte Project, Ecuador, NI 43-101 Technical Report&#148;,
dated January&nbsp;28, 2010 (the &#147;Technical Report&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I
hereby consent to the use of my name and to the inclusion or incorporation by
reference of the information contained in the AIF and the Form&nbsp;40-F and
derived from the Technical Report into this Registration Statement on Form&nbsp;F-8
and any amendments thereto.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[Remainder of page&nbsp;intentionally left blank]</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ ROBERT D.
  HENDERSON</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert D. Henderson</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
