HispanicBusiness

Consolidated statements of cash flows

(unaudited, expressed in millions of United States dollars)----------------------------------------------------------------------------                                                       Three months ended                                                      March 31,   March 31,                                                           2013        2012                                                    ------------------------Net inflow (outflow) of cash related to the following activities:Operating:Net earnings from continuing operations              $    162.1  $     90.8Adjustments to reconcile net earnings from continuing operations to net cash provided from (used in) operating activities:  Depreciation, depletion and amortization                227.7       142.5  Gains on sale of other assets - net                      (0.8)          -  Equity in losses of associate and joint venture           0.9           -  Non-hedge derivative gains - net                            -       (10.1)  Settlement of derivative instruments                      0.2        28.4  Share-based compensation expense                          8.7         9.5  Accretion expense                                         5.4         5.4  Deferred tax (recovery) expense                         (20.8)       97.4  Foreign exchange (gains) losses and other                28.4       (16.2)  Changes in operating assets and liabilities:    Accounts receivable and other assets                   28.7       (28.5)    Inventories                                           (34.9)        1.2    Accounts payable and accrued liabilities               28.1       118.1                                                    ------------------------Cash flow provided from operating activities              433.7       438.5                                                    ------------------------  Income taxes paid                                       (75.6)      (58.5)                                                    ------------------------Net cash flow of continuing operations provided from operating activities                                     358.1       380.0                                                    ------------------------Investing:  Additions to property, plant and equipment             (317.8)     (529.3)  Net proceeds from the sale of long-term   investments and other assets                               -         0.2  Additions to long-term investments and other   assets                                                 (24.5)      (12.7)  Net proceeds from the sale of property, plant and   equipment                                                1.3           -  Disposals of short-term investments                     349.8         1.1  Decrease in restricted cash                                 -         0.9  Interest received                                         2.1         0.9  Other                                                       -        (0.3)                                                    ------------------------Net cash flow of continuing operations provided from (used in) investing activities                            10.9      (539.2)                                                    ------------------------Financing:  Issuance of common shares on exercise of options   and warrants                                             1.6         1.9  Proceeds from issuance of debt                              -       127.4  Repayment of debt                                      (487.0)     (151.8)  Interest paid                                            (1.5)       (3.2)  Dividends paid to common shareholders                   (91.3)      (91.1)  Other                                                       -        (0.7)                                                    ------------------------Net cash flow of continuing operations used in financing activities                                    (578.2)     (117.5)                                                    ------------------------Effect of exchange rate changes on cash and cash equivalents of continuing operations                      (2.7)        2.6                                                    ------------------------Decrease in cash and cash equivalents                    (211.9)     (274.1)Cash and cash equivalents, beginning of period          1,632.7     1,724.8                                                    ------------------------Cash and cash equivalents, end of period             $  1,420.8  $  1,450.7                                                    ------------------------                                                    --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Operating Summary----------------------------------------------------------------------------                                                               Ore                                      Tonnes        Ore  Processed                                         Ore  Processed      (Heap                                       Mined   (Milled)     Leach)     Grade        Mine      Period Ownership       (1)        (1)        (1)    (Mill)----------------------------------------------------------------------------                               (%)     ('000      ('000      ('000                                     tonnes)    tonnes)    tonnes)     (g/t)----------------------------------------------------------------------------North   Fort Knox America          Q1 2013      100     7,361      2,894        536      0.88                  ----------------------------------------------------------                  Q4 2012      100     7,805      3,273      6,530      1.03                  Q3 2012      100     7,998      3,238     12,873      0.76                  Q2 2012      100     5,115      3,452      9,632      0.51                  Q1 2012      100     5,019      3,241        915      0.46        --------------------------------------------------------------------        Round         Mountain Q1 2013       50     6,474        936      6,468      0.64                  ----------------------------------------------------------                  Q4 2012       50     3,820        867      3,864      0.68                  Q3 2012       50     5,376      1,026      5,118      0.72                  Q2 2012       50     5,186        922      3,752      0.82                  Q1 2012       50     6,240        810      4,310      0.91        --------------------------------------------------------------------        Kettle         River    Q1 2013      100        91        121          -     13.21                  ----------------------------------------------------------                  Q4 2012      100       101         87          -     13.96                  Q3 2012      100        81         95          -     15.23                  Q2 2012      100        93        111          -     11.52                  Q1 2012      100       111        112          -     12.81----------------------------------------------------------------------------Russia  Kupol         (4)(5)   Q1 2013      100       338        328          -     10.57                  ----------------------------------------------------------                  Q4 2012      100       337        329          -     11.89                  Q3 2012      100       302        332          -     12.34                  Q2 2012      100       320        329          -     12.23                  Q1 2012      100       301        309          -     11.76        --------------------------------------------------------------------South   Paracatu America          Q1 2013      100    13,971     14,068          -      0.37                  ----------------------------------------------------------                  Q4 2012      100    15,791     13,692          -      0.39                  Q3 2012      100    13,336     13,386          -      0.38                  Q2 2012      100    12,544     12,988          -      0.38                  Q1 2012      100    13,329     12,910          -      0.35        --------------------------------------------------------------------        La Coipa         (3)      Q1 2013      100       990      1,400          -      0.97                  ----------------------------------------------------------                  Q4 2012      100     1,298      1,421          -      1.07                  Q3 2012      100       896      1,297          -      0.65                  Q2 2012      100       585      1,256          -      0.72                  Q1 2012      100       210      1,467          -      0.56                  ----------------------------------------------------------        Maricunga Q1 2013      100     4,452          -      3,861         -                  ----------------------------------------------------------                  Q4 2012      100     5,704          -      3,937         -                  Q3 2012      100     5,326          -      3,755         -                  Q2 2012      100     3,808          -      3,487         -                  Q1 2012      100     3,574          -      4,014         -        --------------------------------------------------------------------West    Tasiast Africa           Q1 2013      100     6,164        639      4,154      1.87                  ----------------------------------------------------------                  Q4 2012      100     9,522        659      3,681      1.31                  Q3 2012      100     6,637        643      1,887      1.55                  Q2 2012      100     5,636        656      4,477      1.74                  Q1 2012      100     1,783        595      1,002      1.71        --------------------------------------------------------------------        Chirano -         100%     Q1 2013       90     1,005        816          -      2.73                  ----------------------------------------------------------                  Q4 2012       90     1,311        879          -      3.27                  Q3 2012       90     1,252        846          -      2.67                  Q2 2012       90     1,016        802          -      2.70                  Q1 2012       90     1,149        854          -      2.97        --------------------------------------------------------------------        Chirano         (6)      Q1 2013       90     1,005        816          -      2.73                  ----------------------------------------------------------                  Q4 2012       90     1,311        879          -      3.27                  Q3 2012       90     1,252        846          -      2.67                  Q2 2012       90     1,016        802          -      2.70                  Q1 2012       90     1,149        854          -      2.97--------------------------------------------------------------------------------------------------------------------------------------------------------Operating Summary----------------------------------------------------------------------------                                       Grade               Gold Eq                                       (Heap  Recovery  Production   Gold Eq        Mine      Period Ownership    Leach)       (2)         (7)  Sales(7)----------------------------------------------------------------------------                               (%)     (g/t)       (%)    (ounces)  (ounces)----------------------------------------------------------------------------North   Fort Knox America          Q1 2013      100      0.25        84%     93,252   118,034                  ----------------------------------------------------------                  Q4 2012      100      0.30        84%    119,582   100,923                  Q3 2012      100      0.30        84%    106,698   100,172                  Q2 2012      100      0.33        85%     71,952    71,978                  Q1 2012      100      0.36        84%     61,716    60,365        --------------------------------------------------------------------        Round         Mountain Q1 2013       50      0.38        75%     39,421    38,796                  ----------------------------------------------------------                  Q4 2012       50      0.40        70%     41,220    41,371                  Q3 2012       50      0.44        71%     53,205    53,237                  Q2 2012       50      0.43        74%     53,147    52,433                  Q1 2012       50      0.46        78%     44,758    43,551        --------------------------------------------------------------------        Kettle         River    Q1 2013      100         -        92%     39,870    39,673                  ----------------------------------------------------------                  Q4 2012      100         -        93%     33,548    33,242                  Q3 2012      100         -        94%     43,942    44,049                  Q2 2012      100         -        92%     35,985    40,354                  Q1 2012      100         -        90%     42,618    39,321----------------------------------------------------------------------------Russia  Kupol         (4)(5)   Q1 2013      100         -        93%    124,498    83,799                  ----------------------------------------------------------                  Q4 2012      100         -        93%    146,535   130,759                  Q3 2012      100         -        94%    155,533   164,025                  Q2 2012      100         -        93%    149,214   156,716                  Q1 2012      100         -        93%    126,970   126,735        --------------------------------------------------------------------South   Paracatu America          Q1 2013      100         -        75%    119,891   122,028                  ----------------------------------------------------------                  Q4 2012      100         -        75%    132,114   137,534                  Q3 2012      100         -        70%    111,558   104,937                  Q2 2012      100         -        74%    118,419   118,389                  Q1 2012      100         -        72%    104,618   110,527        --------------------------------------------------------------------        La Coipa         (3)      Q1 2013      100         -        84%     53,729    57,242                  ----------------------------------------------------------                  Q4 2012      100         -        86%     63,429    58,935                  Q3 2012      100         -        79%     41,585    42,240                  Q2 2012      100         -        77%     36,113    30,325                  Q1 2012      100         -        78%     37,740    43,712                  ----------------------------------------------------------        Maricunga Q1 2013      100      0.57        nm      55,062    54,791                  ----------------------------------------------------------                  Q4 2012      100      0.59        nm      64,568    61,046                  Q3 2012      100      0.64        nm      46,971    45,818                  Q2 2012      100      0.65        nm      60,841    61,367                  Q1 2012      100      0.66        nm      63,989    69,063        --------------------------------------------------------------------West    Tasiast Africa           Q1 2013      100      0.35        91%     62,757    68,381                  ----------------------------------------------------------                  Q4 2012      100      0.59        91%     46,051    44,400                  Q3 2012      100      0.51        92%     51,842    48,045                  Q2 2012      100      0.47        86%     49,807    46,296                  Q1 2012      100      0.60        89%     37,634    40,827        --------------------------------------------------------------------        Chirano -         100%     Q1 2013       90         -        93%     67,130    69,453                  ----------------------------------------------------------                  Q4 2012       90         -        94%     86,070    87,724                  Q3 2012       90         -        93%     67,599    69,698                  Q2 2012       90         -        92%     63,660    62,978                  Q1 2012       90         -        93%     75,906    78,251        --------------------------------------------------------------------        Chirano         (6)      Q1 2013       90         -        93%     60,417    62,508                  ----------------------------------------------------------                  Q4 2012       90         -        94%     77,463    78,952                  Q3 2012       90         -        93%     60,839    62,728                  Q2 2012       90         -        92%     57,294    56,680                  Q1 2012       90         -        93%     68,315    70,426--------------------------------------------------------------------------------------------------------------------------------------------------------Operating Summary----------------------------------------------------------------------------                                              Production                                   Production    cost of                                     costs of   sales(8)        Mine      Period Ownership   sales(8)        /oz    Cap Ex      DD&A----------------------------------------------------------------------------                               (%)         ($        ($/        ($        ($                                    millions)     ounce) millions) millions)----------------------------------------------------------------------------North   Fort Knox America          Q1 2013      100 $     65.9 $      558 $    49.4 $    27.2                  ----------------------------------------------------------                  Q4 2012      100       49.8        493      37.8      20.7                  Q3 2012      100       64.9        648      13.7      25.7                  Q2 2012      100       54.5        757      38.4      11.3                  Q1 2012      100       52.0        861      24.8       9.1        --------------------------------------------------------------------        Round         Mountain Q1 2013       50       31.2        804      10.0       4.9                  ----------------------------------------------------------                  Q4 2012       50       32.6        788      18.8       5.4                  Q3 2012       50       32.2        605      14.4       6.6                  Q2 2012       50       34.7        662      19.3       8.4                  Q1 2012       50       37.3        856      13.6       7.8        --------------------------------------------------------------------        Kettle         River    Q1 2013      100       20.3        512       1.2      16.4                  ----------------------------------------------------------                  Q4 2012      100       15.4        463       4.7      15.1                  Q3 2012      100       20.7        470       1.0      21.7                  Q2 2012      100       20.5        508       3.2      18.2                  Q1 2012      100       18.9        481       0.5      18.9----------------------------------------------------------------------------Russia  Kupol         (4)(5)   Q1 2013      100       45.9        548      29.0      14.9                  ----------------------------------------------------------                  Q4 2012      100       62.0        474      21.5      24.6                  Q3 2012      100       76.5        466      59.0      30.1                  Q2 2012      100       73.2        467      43.5      29.4                  Q1 2012      100       61.2        483      39.9      23.6        --------------------------------------------------------------------South   Paracatu America          Q1 2013      100      101.4        831      14.4      26.1                  ----------------------------------------------------------                  Q4 2012      100      109.8        798      61.7      31.5                  Q3 2012      100       92.0        877      81.0      20.0                  Q2 2012      100      108.2        914      67.2      19.2                  Q1 2012      100      105.4        954      74.6      14.6        --------------------------------------------------------------------        La Coipa         (3)      Q1 2013      100       40.3        704       1.5      36.8                  ----------------------------------------------------------                  Q4 2012      100       43.2        733       8.4      26.8                  Q3 2012      100       45.9      1,087      25.9      12.2                  Q2 2012      100       34.9      1,151      21.9       6.2                  Q1 2012      100       43.6        997      14.4       4.3                  ----------------------------------------------------------        Maricunga Q1 2013      100       59.8      1,091      16.3      32.3                  ----------------------------------------------------------                  Q4 2012      100       56.6        927       0.5       5.4                  Q3 2012      100       40.0        873      33.9       4.9                  Q2 2012      100       44.5        725      50.7       5.5                  Q1 2012      100       43.7        633      35.6       6.3        --------------------------------------------------------------------West    Tasiast Africa           Q1 2013      100       60.2        880     155.6      33.3                  ----------------------------------------------------------                  Q4 2012      100       47.1      1,061     291.6      23.1                  Q3 2012      100       32.2        670     190.4      18.6                  Q2 2012      100       44.5        961     124.3      19.9                  Q1 2012      100       35.9        879     260.0      13.8        --------------------------------------------------------------------        Chirano -         100%     Q1 2013       90       50.7        730      28.1      33.8                  ----------------------------------------------------------                  Q4 2012       90       61.2        698      41.3      45.1                  Q3 2012       90       51.3        736      15.9      39.5                  Q2 2012       90       49.1        780      20.6      36.9                  Q1 2012       90       53.7        686      22.5      41.8        --------------------------------------------------------------------        Chirano         (6)      Q1 2013       90       45.6        730      25.3      30.4                  ----------------------------------------------------------                  Q4 2012       90       55.1        698      37.2      40.6                  Q3 2012       90       46.2        736      14.3      35.6                  Q2 2012       90       44.2        780      18.5      33.2                  Q1 2012       90       48.3        686      20.3      37.6----------------------------------------------------------------------------(1)  Ore processed is to 100%, production and costs are to Kinross' account.(2)  Due to the nature of heap leach operations, recovery rates at Maricunga     cannot be accurately measured on a quarterly basis.  Recovery rates at     Fort Knox, Round Mountain and Tasiast represent mill recovery only.(3)  La Coipa silver grade and recovery were as follows: Q1 (2013) 35.61     g/t, 58%; Q4 (2012) 49.45 g/t, 50%; Q3 (2012) 55.58 g/t, 45%; Q2 (2012)     42.04 g/t, 46%(4)  The Kupol segment includes the Kupol and Dvoinoye mines.(5)  Kupol silver grade and recovery were as follows:  Q1 (2013) 128.44 g/t,     85%; Q4 (2012) 155.53 g/t, 85%; Q3 (2012) 163.68 g/t, 85%; Q2 (2012)     187.49 g/t, 87%(6)  Includes Kinross' share of Chirano at 90%.(7)  Gold equivalent ounces include silver ounces produced and sold     converted to a gold equivalent based on the ratio of the average spot     market prices for the commodities for each period. The ratios for the     quarters presented are as follows:  Q1 2013: 54.19:1, Q4 2012: 52.55:1,     Q3 2012: 55.44:1, Q2 2012: 54.77:1.(8)  "Production cost of sales" is equivalent to "Total cost of sales" per     the interim financial statements less depreciation, depletion and     amortization and impairment charges.

(1)  Unless otherwise stated, production figures in this news release are     based on Kinross' 90% share of Chirano production. Prior year     production figures have been adjusted to exclude Crixas due to its sale     in Q2 2012.(2)  These figures are non-GAAP financial measures and are defined and     reconciled on pages eight to 10 of this news release.(3)  Attributable margin per ounce sold is a non-GAAP measure defined as     "average realized gold price per ounce" less "attributable production     cost of sales per gold equivalent ounce sold".(4)  "Net earnings (loss) figures in this release represent "net earnings     (loss) from continuing operations attributable to common shareholders".(5)  See Kinross' Annual Information Form for the year ended December 31,     2012, page 62, "Risk Factors".(6)  Refers to all of the currencies in the countries where the Company has     mining operations, fluctuating simultaneously by 10% in the same     direction, either appreciating, or depreciating, taking into     consideration the impact of hedging and the weighting of each currency     within our consolidated cost structure.