EVOLUTION MINING LIMITED — Regulatory Filings 2017

Nov 22, 2017

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Annual General Meeting 23 November 2017

Forward lookin statements g

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• These materials prepared by Evolution Mining Limited (or “the Company”) include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

• Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

• Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

• Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

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Overview

Overview
ASX code	EVN
Shares outstanding	1,693M
Market capitalisation(1)	A$4,232M
Average daily share turnover(2)	A$25M
Net bank debt(3)	A$282M
Forward sales(3)	393,144oz at A$1,661/oz
Major shareholders	La Mancha 27%(4), Van Eck 10%
New dividend policy	Payout of 50% of after tax earnings

Group AISC[(5)] (per ounce)

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US$1,259
A$1,228
A$1,083
A$1,036
US$995 A$1,014
A$907
US$867
US$739
US$684
FY13 FY14 FY15 FY16 FY17
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Operating cash flow (A$M)

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707
628
306
245
168
FY13 FY14 FY15 FY16 FY17
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(1) Based on share price of A$2.50 per share on 20 November 2017 (2) Average daily share turnover for three months through to 20 November 2017

(3) As at 31 October 2017 (4) Relevant Interest

• (5) US$ values calculated using average AUD:USD FX in relevant financial year

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FY17 Performance

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Safet y

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
A continuous improvement culture driving positive initiatives Total Recordable Injury Frequency Rate
to keep our people safe 24.4 (TRIFR)
 FY17 focus on assurance reviews of critical control plans 19.9

Significant reduction in vehicle incidents achieved
12.0
 NSW Mining HSEC award winner for Project Arrive Alive 9.6 9.7 8.0

Queensland Mining Industry highly commended award for
Evolution’s Health and Wellbeing program
FY12 FY13 FY14 FY15 FY16 FY17
Lost Time Injury Frequency Rate
(LTIFR)
5.3
3.7
2.1
1.8
1.0
0.4
FY12 FY13 FY14 FY15 FY16 FY17
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O erations p

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Ernest Henry (Economic interest) Mt Carlton (100%) Ore Reserves: 6.6Moz Mt Rawdon (100%) Mineral Resources: 13.3Moz Cracow (100%) Mungari (100%) Cowal (100%)

Bubble size represents expected FY18 production

FY17 production 844koz at AISC A$907/oz (US$684/oz)

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Financial hi hli hts g g

FY17 financial highlights	Units	FY16	FY17	Change
StatutoryProfit after tax	A$M	(24.3)	217.6	-
UnderlyingProfit after tax1	A$M	134.5	206.6	54%
EBITDA	A$M	607.6	713.9	17%
OperatingCash flow	A$M	628.4	706.5	12%
GroupCash flow	A$M	365.0	382.0	5%
EBITDA Margin2	%	46%	49%	7%
AIC Margin	A$/oz	463	568	23%
Gearing	%	15.1%	15.9%	5%
Total dividend3	cps	3	5	67%

1. FY16 underlying profit after tax restated. Refer to “Underlying net profit reconciliation” on slide 20 for full details 2. FY17 excludes Pajingo 3. FY17 final dividend fully franked; FY17 interim and FY16 dividends unfranked

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EBITDA mar ins g

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• Longest life assets generating highest margins

 Benefits of diverse portfolio – no dependence on any single asset

Group EBITDA Margin

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49%
Site EBITDA Margin 46%
40%
FY16
64%
59% 59% 61% 58% 55% FY17 [(1)] 33%
48% 49% 47% 49%
39%
18%
11%
Cowal Ernest Henry Mt Carlton Mt Rawdon Mungari Cracow Edna MayEdna May FY14 FY15 FY16 FY17Group [(1)]
(Divested)
FY17 Excludes Pajingo
 Group margin up
10+ years [(2)] 6-8 years [(2)] 3-6 years [(2)] 50% from FY14
EBITDA Contribution EBITDA Contribution EBITDA Contribution
 Delivered by mix of
3-6 years cost reductions; gold
10+
years 24% price and change in
47%
6-8 asset portfolio
years 1. FY17 excludes Pajingo
29% 2. Indicative reserve life based on FY17
production level
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Balance sheet

• Significant improvement in liquidity

• Cash and undrawn debt of A$413.0M

• Repayment of A$325.0M of debt during FY17

• Syndicated debt at 31 Oct 2017 of A$395.0M

• No debt payment obligations until April 2018

• Gearing reduced to 11.3%

• Adequate hedging in place out to June 2020

• Total of 393,144oz at A$1,661/oz average

• Dividend policy changed to payout of 50% of earnings

• FY17 final dividend of 3 cents (fully franked)

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Debt Repayments and Commitments (A$M)

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322 325
135
120
30 80
20 20 30
FY16 FY17 FY18 FY19 FY20 FY21 FY22
Early Repayments Repayments Commitments
Dividends Declared A$M (Pre-DRP)
Dividends Declared A$M (Pre-DRP)
50
50
2929
77 7777 141477 1515 3434
FY13FY13 FY14FY14 FY15FY15 FY16FY16 FY17FY17
InterimInterim FinalFinal
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• FY17 final dividend was paid on 29 September 2017

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Business Development

Portfolio mana ement im act on AISC g p

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Acquisition of
Mungari economic
interest in
acquisition
with La Mancha Ernest
(AISC A$30/oz) Henry
(AISC A$100/oz)
Cowal
Mt Carlton acquisition FY10FY18
(AISC A$100/oz)
first concentrate
FY10
FY17
produced
March 2013
FY10
Evolution (AISC A$25/oz) FY16
formed FY10
FY15
780koz at
November 2011
FY10FY14 A$845/oz [3]
844koz at
FY10 A$907/oz
FY13 803koz at
FY10FY12 437koz at A$1,014/oz Edna May
divested
428koz at A$1,036/oz Pajingo (AISC A$50/oz)
divested
A$1,083/oz
393koz at
(AISC A$15/oz)
A$1,228/oz [2]
280koz [1]
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1. Annual gold production

2. All-in Sustaining Costs

3. Mid point production and AISC guidance for FY18

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Current asset ortfolio p

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$2,250 $2,000 $1,750 The Group average asset produces at an $1,500 AISC of A$830/oz and has a ~9 year reserve life $1,250 $1,000 Mt Carlton Mt $750 Rawdon Mungari $500 Cracow $250

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Ernest
Henry
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Cowal
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Bubble size represents FY18 production

$0 -

2 yrs 4 yrs 6 yrs 8 yrs 10 yrs 12 yrs 14 yrs Indicative reserve life based on reserve ounces divided by FY18 production guidance midpoint

Source: Data sourced from company reported figures and guidance where available 1. This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released by Evolution to ASX on 20 April 2017 and is available to view on Keep to this font and colour for pictures www.evolutionmining.com.au

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Discovery

Strate ic focus g

• Epithermal and orogenic lode gold deposits

• Will consider iron oxide coppergold deposits (opportunistic)

• Primary focus in Australia, opportunistic assessment of targets offshore

• Driven by our ability to discover an orebody across a 3 – 5 year period

• Leverage external partnerships with junior explorers

• Riversgold cornerstone investment

• South Gawler JV (EVN earning up to 70%)

• Tennant Creek JV (EVN earning up to 75%)

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Australian Gold Endowment

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Cowal

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Growth

• Ore Reserves increased from 1.6Moz to 3.2Moz under Evolution ownership[1]

Opportunities

• E41 West follow-up drilling extends mineralisation along strike and down-dip of holes E41D2801 and E41D2802:

• 21m grading 2.19g/t Au from 349m and 88m grading 0.72g/t Au from 448m (E41D2804)[2]

• Drilling on the Galway-Regal corridor confirmed the geologic model and extending mineralisation at depth

• 16.0m grading 4.35g/t Au from 259m (1535DD311)[3]

• 6.0m grading 10.75g/t Au from 305m (1535DD311)[3]

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E41 West oblique section showing recent drill hole results

1. Asset acquired in July 2015. See Evolution’s Group Mineral Resources and Ore Reserves and footnotes in the appendix of this presentation for details on Ore Reserve and Mineral Resource estimates

2. This information is extracted from ASX release entitled “Business Update” released on 23 November 2017 and is available on www.evolutionmining.com.au

3. This information is extracted from ASX release entitled “September 2017 Quarterly Report” released on 16 October 2017 and is available on www.evolutionmining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information in the original market announcement Reported intervals are down hole widths as true widths are not currently known

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Cracow

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New resource definition drilling at Imperial delivering impressive results[1]

• 8.7m (7.4m etw) at 10.99 g/t Au (IMU062)

• 8.3m (6.9m etw) at 46.22 g/t Au (IMU065)

• 5.8m (5.6m etw) at 12.65g/t Au (IMU072)

• 9.8m (9.4m etw) at 25.85g/t Au (IMU074)

• 11.2m (9.4m etw) at 8.13 g/t Au (IMU075)

Opportunities

• Imperial open up-dip

• Coronation, Imperial and Empire untested at depth

• Potential for additional shoots to be developed to the same depth as the base of the Kilkenny ore body

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Long section illustrating location of the new Imperial shoot defined between the Coronation and Empire ore bodies

1. This information is extracted from ASX release entitled “Business Update” released on 23 November 2017 and is available on www.evolutionmining.com.au

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Mun ari g

• Strategic footprint in world-class Kalgoorlie region

• Total tenement package now ~990km[2 ] – previous owners focused primarily on shallow, oxide mineralisation

• Regional resource definition drilling extends high grade mineralisation beyond existing resources

• Emu – 12m (9.6m etw) grading 4.55g/t Au (EMUD011)[1]

• Burgundy – 14m (11.9m etw) grading 7.09g/t Au (BURC105)[1]

• Resource definition drilling continuing at White Foil

• Discovery drilling indicates potential extensions to historic open cut near Ora Banda

• Lady Agnes – 4m (3.3m etw) grading 60.2g/t Au (EVRC0168)[1]

• Wide drill fences identifying new mineralized positions across strike

• This information is extracted from ASX release entitled “September 2017 Quarterly Report” released on 16 October 2017 and is available on www.evolutionmining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information in the original market announcement Reported intervals are down hole widths as true widths are not currently known

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Location map of Mungari regional projects and drilling targets

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Inspired People

Our People
People are critical to our success We continue to build Evolution’s reputation in the marketplace We have a highly engaged and capable workforce, who are acting like owners We’re creating opportunities for our people Our investment in developing our people is delivering great results We strive to make our people’s experience at Evolution thehighlight of their careers	Employment summary Dec 2013 Oct 2017 Total workforce (permanent, temp & casual) 808 1,279 12 month rolling turnover 30.0% 17.4% Voluntary 16.0% 12.9% Involuntary 14.0% 4.5%
	Employment summary	Dec 2013	Oct 2017
	Total workforce (permanent, temp & casual)	808	1,279
	12 month rolling turnover	30.0%	17.4%
	Voluntary	16.0%	12.9%
	Involuntary	14.0%	4.5%

“Systems drive big mining companies, people drive Evolution” Andrew Millar, Cracow

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Community Relations

Social res onsibilit p y

Environmental Enhancement Projects

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Mt Carlton
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Partnering with North Queensland Dry Tropics on Lower Burdekin wetlands protection and innovative reuse of weeds

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Cowal
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Partnering with Lake Cowal Foundation to protect Malleefowl in Bland Shire

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Shared Value Projects

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Mungari
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Cracow
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Partnering with Coolgardie Primary School on sensory play area and bush tucker garden

Partnering with Banana Shire Council on Cracow Community Caravan Park to encourage tourism & local business development

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Cowal
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Mt Carlton
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Partnering with Gudjuda Aboriginal Reference Group on market garden and native plant nursery to grow Indigenous jobs and training

Partnering on regional tourism initiative supporting economic development in Forbes, Lachlan & Bland Shires

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Technology and Innovation

Thinkin di itall g g y

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▪ Our approach

• Align people, process and tools with culture of thinking ‘digitally’

• Promote culture of innovation through Act Like and Owner and our Leadership Development programs

• Focus on productivity improvements – “if it don’t make dollars, it don’t make sense”

• Our digital journey

• Data analytics

• Software robotics

• Overall equipment effectiveness

• Mobility solutions

• Automation

• Big data in exploration

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Vision

Vision

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Move meaningfully down the Bradley curve for risk

Be known as a company that is good for your career

Improve operational efficiency and productivity

Develop an ore body we have discovered

Inspired people creating Australia’s premier gold company

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ASX code: EVN

www.evolutionmining.com.au

FY18 uidance g

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FY18 Guidance	Gold production	C1 cash costs1	All-in sustaining cost1
	(oz)	(A$/oz)	(A$/oz)
Cowal	235,000 - 245,000	660 – 720	950 – 1,000
Mungari	120,000 - 130,000	860 – 910	990 – 1,050
Mt Carlton	100,000 - 110,000	420 – 470	680 – 730
Mt Rawdon	105,000 - 115,000	670 – 720	850 – 900
Cracow	85,000 - 90,000	810 – 860	1,150 – 1,200
Ernest Henry	85,000 - 90,000	(500) – (300)	(200) – (150)
Edna May3	20,000 - 25,000	1,300 – 1,330	1,500 – 1,550
Corporate			35 – 40
Group	750,000 - 805,000	550 – 610	820 – 870

1. A copper price assumption of up to A$7,700/t has been used for by-product credits 2. Using an AUD:USD exchange rate of 0.78

2. Edna May divested on 3 October 2017

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Evolution Gold Ore Reserves

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Gold	Gold	Gold	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve	Competent Person
Project	Type	Cut-Off	**Tonnes (Mt) **	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
Cowal1	Open pit	0.4	43.7	0.71	994	73.02	0.94	2,207	116.71	0.85	3,200	1
Cracow1	Underground	3.5	0.34	6.54	71	0.71	5.25	120	1.05	5.67	192	2
Mt Carlton1	Open pit	0.8	-	-	-	4.67	4.6	691	4.67	4.6	691	3
Mt Carlton	Underground	3.7	-	-	-	0.17	7.77	42	0.17	7.77	42	6
Mt Carlton	Total		-	-	-	4.84	4.71	733	4.84	4.71	733
Mt Rawdon1	Open pit	0.3	1.7	0.6	33	30.99	0.84	840	32.69	0.83	873	4
Mungari1	Underground	2.9	0.45	6.01	87	1.1	4.88	173	1.55	5.21	260	5
Mungari1	Open pit	0.7	0.58	0.93	18	5.19	1.69	282	5.77	1.61	299	5
Mungari1	Regional	0.85	-	-	-	0.98	1.35	43	0.98	1.35	43	5
Mungari1	Total		1.03	3.15	105	7.27	2.13	498	8.3	2.25	602
Ernest Henry2	Underground	0.9	7.15	0.71	163	52.3	0.48	801	59.45	0.5	964	7
Total			53.92	0.79	1,366	169.13	0.96	5,198	223.05	0.92	6,564

1. Includes stockpiles 2. Ernest Henry is reported at 0.9 % CuEq Note: Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding Group Ore Reserve Competent Person Notes refer to: 1. Jason Floyd; 2. Sam Myers; 3. Tony Wallace; 4. Dimitri Tahan; 5. Matt Varvari; 6. Ian Patterson; 7. Alexander Campbell (Glencore)

This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released to ASX on 20 April 2017 and available to view at www.evolutionmining.com.au. Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled “Glencore Resources and Reserves as at 31 December 2016” released February 2017 and available to view at www.glencore.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Report and that all material assumptions and technical parameters underpinning the estimates in the Report continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Report

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Evolution Gold Mineral Resources

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Gold	Gold	Gold	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total Resource	Total Resource	Total Resource	Competent Person
Project	Type	Cut-off	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
Cowal1	Total	0.4	43.7	0.71	994	129.71	0.93	3,861	4.24	1.35	184	177.65	0.88	5,039	1
Cracow1	Total	2.8	0.24	10.89	83	1.21	6.64	258	1.85	3.06	181	3.29	4.94	522	2
Mt Carlton1	Open pit	0.35	0.52	1.67	28	8.94	2.74	788	0.74	4.48	107	10.21	2.81	923
Mt Carlton	Underground	2.4	–	–	–	0.16	8.01	42	0.05	8.36	14	0.22	8.09	56
Mt Carlton	Total		0.52	1.67	28	9.1	2.84	830	0.79	4.76	121	10.43	2.92	979	4
Mt Rawdon1	Total	0.2	1.7	0.6	32	45.6	0.74	1,089	3.49	0.58	65	50.79	0.73	1,186	5
Mungari1	Open pit	0.5	0.58	0.93	17	6.38	1.74	357	0.04	0.75	1	7	1.67	376
Mungari1	Underground	2.5/1.5	0.97	7.88	247	3.98	3.56	456	1.6	2.19	113	6.55	3.87	815
Mungari1	Total		1.55	5.29	264	10.35	2.44	813	1.64	2.16	114	13.55	2.73	1,191	3
**Mungari Regional **	Total	0.5	–	–	–	32.47	1.01	1,040	11.44	1.5	552	43.91	1.13	1,592	3
Ernest Henry2	Total	0.9	12.1	0.7	272	68.7	0.59	1,303	9	0.5	145	89.8	0.6	1,720	6
Marsden	Total		–	–	–	160	0.21	1,070	15	0.07	30	180	0.2	1,100	7
Total			59.81	0.87	1,673	457.15	0.7	10,264	47.45	0.91	1,392	569.42	0.73	13,330

1. Includes stockpiles 2. Ernest Henry is reported at 0.9 % CuEq Note: Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding

Group Mineral Resources Competent Person Notes refer to 1. Joseph Booth; 2. Shane Pike; 3. Andrew Engelbrecht; 4. Matthew Obiri-Yeboah; 5. Hans Andersen; 6. Colin Stelzer (Glencore); 7. Michael Andrew

This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released to ASX on 20 April 2017 and available to view at www.evolutionmining.com.au. Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled “Glencore Resources and Reserves as at 31 December 2016” released February 2017 and available to view at www.glencore.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Report and that all material assumptions and technical parameters underpinning the estimates in the Report continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Report

30

Evolution Co er Reserves and Resources pp

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Group Copper Ore Reserves Statement

Copper	Copper	Copper	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve	Competent Person
Project	Type	Cut-Off	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)
Ernest Henry2	Total	0.9	2.13	1.41	30	15.69	0.96	151	17.82	1.02	182	8
Mt Carlton1	Open pit	0.8	-	-	-	4.67	0.62	29	4.67	0.62	29	4
Mt Carlton1	Underground	3.7	-	-	-	0.17	0.70	1	0.17	0.70	1	7
Mt Carlton1	Total		-	-	-	4.84	0.62	30	4.84	0.62	30
Total			2.13	1.41	30	20.53	0.88	181	22.66	0.94	212

Group Copper Mineral Resources Statement

Copper	Copper	Copper	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total Resource	Total Resource	Total Resource	Competent Person
Project	Type	Cut-Off	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)
Marsden1	Total	-	-	-	-	160.00	0.40	640	15.00	0.19	30	180.00	0.38	670	8
Ernest Henry2	Total	0.9	3.63	1.33	48	20.61	1.15	237	2.70	1.10	30	26.94	1.17	315	7
Mt Carlton1	Open pit	0.35	0.52	0.25	1	8.94	0.44	40	0.74	0.82	6	10.21	0.47	47
Mt Carlton	Underground	2.4	-	-	-	0.16	0.74	1	0.05	1.74	1	0.22	0.98	2
Mt Carlton	Total		0.52	0.25	1	9.10	0.45	41	0.79	0.89	7	10.43	0.47	49	5
Total			4.15	1.18	49	189.71	0.48	918	18.49	0.36	67	217.37	0.48	1,034

1. Includes stockpiles 2. Ernest Henry is reported at 0.9 % CuEq Note: Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding Group Ore Reserves Competent Person Notes refer to: 4. Tony Wallace; 7. Ian Patterson; 8. Alexander Campbell (Glencore). Group Mineral Resources Competent Person Notes refer to 5. Matthew Obiri-Yeboah; 7. Colin Stelzer (Glencore); 8. Michael Andrew

This information is extracted from the report entitled “Annual Mineral Resources and Ore Reserve Statement” released to ASX on 20 April 2017 and available to view at www.evolutionmining.com.au. Full details of the Ernest Henry Mineral Resources and Ore Reserves are provided in the report entitled “Glencore Resources and Reserves as at 31 December 2016” released February 2017 and available to view at www.glencore.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Report and that all material assumptions and technical parameters underpinning the estimates in the Report continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Report

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