EVOLUTION MINING LIMITED — Major Shareholding Notification 2018

Feb 1, 2018

2 February 2018

The Manager Market Announcements Office ASX Limited Level 4, Exchange Centre 20 Bridge Street Sydney NSW 2000

ABN 74 084 669 036

Sydney Office P +61 2 9696 2900 F +61 2 9696 2901 Level 30 175 Liverpool Street Sydney NSW 2000

www.evolutionmining.com.au

Dear Sir / Madam

Evolution Mining Limited (ASX Code: EVN) – Change in Substantial Shareholder Notice and Equity Derivative Disclosure

We attached a notice received from La Mancha Group International B.V. (La Mancha) containing details of a change in their interests as a substantial shareholder and a market announcement containing details of the termination of an equity derivative transaction previously entered into with Citigroup Capital Markets Limited.

Yours sincerely

Evan Elstein Company Secretary Evolution Mining Limited

____________________

LA MANCHA GROUP INTERNATIONAL B.V. A private limited liability company organized under the laws of the Netherlands with a share capital of € 18,000 Registered office : Prins Bernhardplein 200 1097 JB Amsterdam, The Netherlands Registration number 55617786 www.lamancha.com

Mr Evan Elstein Company Secretary Evolution Mining Limited Level 30, 175 Liverpool Street SYDNEY NSW 2000

1 February 2018

Evolution Mining Limited- change in substantial shareholder notice and equity derivatives disclosure

Dear Evan.

Please find attached an ASIC Form 604 (Notice of change of interests of substantial holder) for La Mancha Group International B.V and its associates as listed in that form, as well as a market announcement containing details of the termination of an equity derivative transaction previously entered into by La Mancha.

Yours faithfully,

Amr El Adawy

Director La Mancha Group International B.V.

LA MANCHA GROUP INTERNATIONAL B.V. A private limited liability company organized under the laws of the Netherlands with a share capital of € 18,000 Registered office : Prins Bernhardplein 200 1097 JB Amsterdam, The Netherlands Registration number 55617786 wow lamancha com

Market Announcement

Pursuant to Takeovers Panel Guidance Note 20, La Mancha Group International B.V. (La Mancha) advises that it has terminated the equity derivative collar financing and associated stock lending arrangement with Citigroup Global Markets Limited which was previously announced on ASX on 24 March 2017 (Collar Financing), under which it had lent Citigroup 123,852,934 shares in Evolution Mining Limited (Evolution). La Mancha has agreed to terminate its right to be retransferred all but 2,124,478 of the shares it lent to Citigroup under the Collar Financing. As a result. La Mancha's direct interest in Evolution is now 20% and it continues to be its largest shareholder.

As a part of the termination of the Collar Financing, Citigroup completed a successful bookbuild sale of 22.1 million Evolution shares after market close on 1 February 2018. The shares were sold at A\$2.81 per share, representing a discount of just 0.7% to the closing price. La Mancha understands that the shares were mainly purchased by large institutional investors, including a number of supportive Evolution shareholders.

In commenting on the transaction, Mr Naguib Sawiris, Chairman of La Mancha, said:

"As we previously communicated, we entered into this structure to provide ourselves with additional financing capacity for La Mancha as we intend to make additional investments in the Gold sector and expand in new geographies, while retaining a core investment in Evolution. With the ongoing strong operational delivery of Evolution, the market presented an opportunity to terminate the Collar Financing with the share price trading close to the collar price. We were delighted with the strong demand from high quality investors, and the very tight discount is testament to the strength of market support. We remain committed and supportive shareholders of Evolution and intend to retain our current holding of 20%."

Form 604 Corporations Act 2001
Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme		Evolution Mining Limited
ACN/ARSN	084 669 036
Details of substantial holder (1) 1.
Name	La Mancha Group International B.V. (Incorporated in the Netherlands, trade register number 55617786) ("LMGI") and its associates being each entity listed in Annexure A (the "La Mancha Group")
ACN/ARSN (if applicable)	N/A
There was a change in the interests of the
substantial holder on		1/02/2018
The previous notice was given to the company on		19/09/2017
The previous notice was dated		16/09/2017

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
IORD	454,698,137	26.87%	338,522,410	20.00%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
1/02/2018	La Mancha Group	Termination of right to be retransferred shares under stock lloan	\$301.020.997	107,124,910 ordinary shares	107,124,910
16/09/2017	La Mancha Group	Sale of shares on market	\$7,173,629.53	2,943,269 ordinary shares	2,943,269
19/09/2017	La Mancha Group	Sale of shares on Imarket	\$3,114,022.47	1,298,754 ordinary shares	1,298,754
20/09/2017	La Mancha Group	Sale of shares on market	\$1,989,395.55	849,008 ordinary shares	849,008
21/09/2017	La Mancha Group	Sale of shares on market	\$378,354.60	161,690 ordinary shares	161,690
20/10/2017	La Mancha Group	Sale of shares on lmarket	\$15,083.64	6,446 ordinary shares	6,446
21/10/2017	La Mancha Group	Sale of shares on market	\$2,464,448.30	1,063,454 ordinary shares	1,063,454

24/10/2017	La Mancha Group	Sale of shares on market	\$233,623.73	101,241 ordinary Ishares	101,241
25/10/2017	La Mancha Group	Sale of shares on lmarket	\$4,087,001.28	1,796,800 ordinary Ishares	1,796,800
26/10/2017	La Mancha Group	Sale of shares on lmarket	\$2,893,474.71	1,280,922 ordinary Ishares	1,280,922
27/10/2017	La Mancha Group	Sale of shares on Imarket	\$3,871,851.80	1,667,967 ordinary Ishares	1,667,967
28/10/2017	La Mancha Group	Sale of shares on lmarket	\$1,889,504.41	824,535 ordinary lshares	824,535

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of	Registered	Person entitled	Nature of	Class and	Person's votes
relevant	holder of	to be registered	relevant	number of
interest	securities	as holder (8)	interest (6)	securities
ILa Mancha lGroup	Citicorp Nominees Pty Citicorp Nominees Ltd as custodian for Pty Ltd as custodian LMGI	for LMGI	Pursuant to sections [608(1)(a), 608(1)(b),] $(608(1)(c)$ and $608(3)$ of the Corporations Act 2001 (Cth)	338,522,410 ordinary shares	338,522,410

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
The Marchmont Trust	The Marchmont Trust ceased to have a relevant interest in EVN shares as a result of an off market transfer of shares in Marchmont Limited (an indirect holding company of La Mancha Group International B.V., the direct beneficial owner of the EVN shares) from the Marchmont Trust to Mrs Yousriya Loza-Sawiris.

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
La Mancha Group	c/- La Mancha Holding S.aR.L., 1 boulevard de la foire, L. 1528 Luxembourg, Grand Duchy of Luxembourg
Citicorp Nominees Pty Ltd	Level 16, 120 Collins Street, Melbourne, Victoria 3000 Australia

Signature

print name Amr El Adawy	capacity	Director
sign here	date	01/02/2018

DIRECTIONS

Annexure A

This is Annexure A of 5 pages referred to in Form 604 Notice of change of interests of substantial holder by La Mancha Group International B.V.

Signed:

Name: Amr El Adawy Capacity: Director Date: 1 February 2018

Party/entity name	Country	ACN (if applicable)
Ms Yousriya Nassif Loza	Egypt
Marchmont Limited	Cayman Islands
Mocsaro Holding S.à r.l.	Luxembourg
Oil Technology LLC	USA
Texegy LLC	USA
New Egypt Investments Holdings S.à r.l.	Luxembourg
New Egypt Holdings BV	The Netherlands
Ezdehar Egypt MCF Coop	The Netherlands
Marchco Holding Limited	Cayman Islands
Orascom TMT Investments S.à r.l.	Luxembourg
OTMT Malta Investments 1 Limited	Malta
OTMT Acquisition S.à r.l.	Luxembourg
OTMT Acquisition II S.à r.l.	Luxembourg
OTMT Finance Investments limited	Malta
Tango SP 1 S.à r.l.	Luxembourg
Libero Acquisition S.à r.l.	Luxembourg
ltNet Srl	Italy
Mix Srl	Italy
ltaliaOnLine SPA	Italy
MOQU ADV Srl	Italy
Consodata S.p.A.	Italy

Party/entity name	Country	ACN (if applicable)
11 88 0 Solutions AG	Italy
Prontoseat S.r.l	Italy
74 companies for digital local services	Italy
DADA SPA	Italy
Clarence Srl	Italy
Register.it SPA	Italy
4W Marketplace S.r.l	Italy
Nominalia Internet SL	Spain
Agence des Medias Numeriques SAS	France
Namesco Limited	UK
Namesco Ireland	Ireland
Pounhost Internet ltd	UK
Simply Virtual Server Limited	UK
Simply Transit ltd	UK
Sfera Networks S.r.l.	Italy
Amen Nederland BV	The Netherlands
Amenworld-Servicos Internet, Sociedade Unipessoal Lda	Portugal
Etinet S.r.l	Italy
Fueps SPA	Italy
lntY Holdings Limited	UK
Inty Egypt L.LC Co	Egypt
Inty Cascade Limited	Ireland
lntY Limited	UK
lnTY USA Inc	USA
ACDC Fund LP	Cayman Islands
ACDC Holdings S.à .r.l	Luxembourg
Supernap International SA	Luxembourg
Supernap Canada Inc	Canada

Party/entity name	Country	ACN (if applicable)
Supernap ltalia Srl	Italy
Open Hub Med Scrl	Italy
Supernap (Thailand) Company Limited	Thailand
Orascom Telecom Media and Technology Holding SAE	Egypt
O Capital for Services & Contracting	Egypt
O Capital for Energy S.A.E.	Egypt
Middle East and North Africa fir Sea Cables	Egypt (Free zone II)
Societa' del Medioriente & Nord Africa per i Cavi Marittimi Srl	Italy
Trans World Associates (Ptv) Ltd	Pakistan
TES Media (Private) Limited	Pakistan
Trans World Enterprise Services (Private) Limited	Pakistan
Trans World Infrastructure Services (Private) Limited	Pakistan
CHEO Technology JV Company	DPKR
Orascom Telecom Ventures SAE	Egypt
Orascom Telecom Lebanon SAL	Lebanon
Oracap Holding Co.	Port Tawfic Free Zone I (Egypt)
Oracap Far East Limited	Malta
Beltone Financial Holding S.A.E.	Egypt
Beltone Assets Management S.A.E.	Egypt
Misr Beltone for management of funds administration	Egypt
Beltone Investment Banking S.A.E.	Egypt
Beltone Investment Holding - Free Zone S.A.E.	Egypt
Beltone for information Technology S.A.E.	Egypt
Skidmore	Egypt
Beltone Market Maker S.A.E.	Egypt
Beltone Securities Holding S.A.E.	Egypt

Party/entity name	Country	ACN (if applicable)
Beltone Securities Brokerage S.A.E.	Egypt
Beltone Financial Securities Emirates	Egypt
Beltone Fixed Income S.A.E.	Egypt
International For Security Company - Libya	Libya
Beltone Financial – USA	USA
Beltone Financial – UK	UK
Beltone EFT EGX 30	Egypt
Beltone Administration Dawleya for Fund Administration Service	Egypt
New Frontier Securities LLC	USA
Beltone for real Estate	Egypt
Victoire Investment Holding Coöperatie U.A.	The Netherlands
Victoire Investment Co B.V.	The Netherlands
Victoire 2	Brazil
Victoire 9	Brazil
Victoire 11	Brazil
Victoire 13	Brazil
Victoire 17	Brazil
Victoire 18	Brazil
Victoire 19	Brazil
La Mancha Holding S.à r.l.	Luxembourg
La Mancha Precious Metals SA	Luxembourg
La Mancha Group International B.V.	The Netherlands
La Mancha Capital B.V.	The Netherlands
Evolution Mining Ltd	Australia
La Mancha Africa S.à r.l.	Luxembourg
La Mancha Mali	Mali
La Mancha Amalco Holdings Pty Ltd	Australia	163 023 498
Minera Patagonia SA	Argentina

Party/entity name	Country	ACN (if applicable)
COMINOR SAS	France
La Mancha Sudanese Mining Co Ltd	Sudan
La Mancha Africa Holding Ltd	Malta
Endeavour Mining Corp	Cayman Islands
March Fund Holdings	Cayman Islands
March Capital Investment S.à r.l.	Luxembourg
OTMT Malta Investments DWC Ltd	Malta
OTMT Malta Investments Monreith Ltd	Malta
OTMT Malta Investments FE Ltd	Malta
HOF Capital GCI Fund (Cayman) LP	Cayman Islands
March Capital Holding S. à r.l.	Luxembourg
Riverbank SA	Luxembourg