producing and explorings1.q4cdn.com/851853033/files/doc_presentations/rbc...2 includes cash, cash...

1

PRODUCING

AND

EXPLORING

RBC CAPITAL MARKETS -

AFRICAN PRECIOUS METALS

CONFERENCE

MAY 21, 2013

2

FORWARD LOOKING STATEMENTS

This presentation contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking

statements”). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or

achievements of Teranga, or developments in Teranga’s business or in its industry, to differ materially from the anticipated results, performance, achievements or

developments expressed or implied by such forward-looking statements. Forward-looking statements include, without limitation, all disclosure regarding possible

events, conditions or results of operations that are based on assumptions about future economic conditions and courses of action. Teranga cautions you not to place

undue reliance upon any such forward-looking statements, which speak only as of the date they are made. The risks and uncertainties that may affect forward-

looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, changes in economic conditions,

changes in the worldwide price of gold and other key inputs, changes in mine plans and other factors, such as project execution delays, many of which are beyond

the control of Teranga, as well as other risks and uncertainties which are more fully described in the Company’s Annual Information Form dated March 27, 2013, and

in other company filings with securities and regulatory authorities which are available at www.sedar.com. Forward-looking statements are based on management's

current plans, estimates, projections, beliefs and opinions, and, except as required by law, Teranga does not undertake any obligation to update forward-looking

statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Nothing in this presentation should be construed as

either an offer to sell or a solicitation to buy or sell Teranga securities.

This presentation is dated as of May 14, 2013. All references to the Company include its subsidiaries unless the context requires otherwise.

This presentation contains references to Teranga using the words “we”, “us”, “our” and similar words and the reader is referred to using the words “you”, “your” and

similar words.

http://www.sedar.com/

3

Ticker symbol TGZ: TSX/ASX

Shares outstanding (1,2) 245.6M

Share price (as at May 14, 2013) C$0.82

Market capitalization (as at May 14, 2013) C$201M

Profit 2012

US$79.9M ($0.33/share)

Cash position (3) (March 31, 2013) US$57.4M

Hedge balance 100% hedge free

Project finance outstanding (4) US$60M

Mining fleet loan facility (5) US$22.7M

1 As part of the demerger Mineral Deposits Ltd. retained 40M TGZ shares and received C$50M from the IPO proceeds

2 Stock options outstanding 17.1M.

3 Includes cash, cash receivable and $6.4 million of bullion receivable.

4 2-Year Project Finance Facility with Macquarie Bank – repaid on or before June 30, 2014

5 Outstanding under the new mining fleet finance loan facility with Macquarie Bank as at March 31, 2013

FOCUSED

ON GROWTH

THROUGH:

GROWING

RESERVES

GROWING

PRODUCTION

FINANCIAL

STRENGTH

CAPITALIZATION SUMMARY

4

FOCUSED

ON GROWTH

THROUGH:

GROWING

RESERVES

GROWING

PRODUCTION

FINANCIAL

STRENGTH

RESULTS - Q1 2013

Production - 68,301oz. - 63% higher than Q1 2012

due to higher grade & higher throughput

Profit - $45.0M or $0.18/sh - compared to a loss

of $2.1M in Q1 2012

Op. Cash Flow - $23.6M - compared to $35.9M in Q1

2012, mainly due to delivery of 45koz.

into hedge

Cash Costs - $535/oz. - 18% lower than Q1 2012

while gross costs increased by 14% due

to higher mining and processing rates

Cash Balance(1) - $57.4M – 27% higher than FYE 2012

Gold Hedge - 100% hedge free as of April 15th

1 Includes cash, cash receivable and $6.4 million of bullion receivable as at March 31, 2013.

5

OUR VISION

To become a preeminent gold producer in West Africa while setting

the benchmark for responsible mining in Senegal

Phase 1: Become a mid-tier gold producer in Senegal with 250,000 to 350,000 oz.

of annual gold production leveraging off existing infrastructure

• 2011 production of 131,461oz.

• 2012 production of 214,310oz. at cash costs of $627/oz.

• 2013 forecast production of 190,000 – 210,000oz. at cash costs of $650-$700/oz.

• 2014 forecast production of 200,00 – 250,000oz. pending the timing of Gora production

Phase 2: Increase annual gold production to 400,000 to 500,000 oz. with mill

expansion as reserves increase

6

SABODALA IS SENEGAL’S ONLY

LARGE-SCALE GOLD MINE Population of ~ 12.8M

Democratic Government

• Smooth process and power transition in 2012 elections

• Peaceful democracy since independence from France in

1960

• Use of the eight-country West African CFA France currency

fully guaranteed by the French treasury and pegged to the

Euro (WAEMU)

• Sabodala is the only large-scale gold mine in Senegal

Government has vested interest in Sabodala’s success given:

• 10% free-carried interest

• 5% gross production royalty effective Jan. 1, 2013

• 25% income tax (after tax holiday expires in 2015)

• Employment and regional development opportunities

7

NEW AGREEMENT PROVIDES FOR

LONG-TERM PARTNERSHIP THROUGH:

• Price and formula to acquire Government’s additional option

on satellite deposits and to incorporate these into the existing

ML and fiscal regime

• Supporting drilling of the Niakafiri deposit on the ML

• Extending the ML by five years to 2022 and five key

exploration licences by 18 months

• Ensuring full access to exploration targets currently occupied

by artisanal miners

• Settling all outstanding tax assessments

• Settling the Special Contribution Tax of 5% through an

increase in royalties to 5% and accelerated dividend payments

8

TERANGA IS MINING RESPONSIBLY

AND SHARING THE BENEFITS

Corporate Social Responsibility is fundamental to the success of

our business

• Health, safety, education and sustainability are all priorities

• Developing schools, health clinics, and improving access to

potable water

• Have engaged a renowned Canadian group to assist in putting

together a comprehensive Regional Development Plan in

partnership with the local, regional, and national government

• Committed to improving the livelihoods of those in the

communities in which we operate

A key component of our vision is to set the benchmark for

responsible mining in Senegal

9

SABODALA GOLD OPERATION IS

PRODUCING CONSISTENTLY

Gold Production Since 2009

• First gold pour in March ‘09 with over $500M invested to date

Well Developed Infrastructure

• Located 650 km east of the capital Dakar and ~100 km north

of the town Kedougou – paved road within 56 km of mine site

• 36 MW heavy fuel oil power plant located on site

Completed Mill Expansion

• New ball mill and downstream plant, secondary crusher and

new stockpile/reclaim facility commissioned

• Expands annual production base to ~200,000 oz.

• Mill capacity increased to ~3.5Mtpa of fresh (hard) ore or

~6Mtpa of oxide (soft) ore

Modest Incremental Sustaining Capital Going Forward

• US$125M – $150M LOM

• Includes Gora, community relocations, further mobile

equipment expenditure, pit delineation and additional

tailings facilities

10

1 Updated as per Q1 2013 revised guidance on Page 21.

2 Includes cash, cash equivalents and bullion receivable: $5.3M FYE 2012 and $17.1M at FYE 2011.

3 Hedge book extinguished on April 15, 2013.

2013 - REDUCTION IN CAPEX AND

EXPLORATION EXPENDITURES

Units 2011

Actuals 2012

Actuals 2013 Guidance

Ranges (1) % Change

Mine Site Capex ($ millions) 62.1 52.9 20 -62%

Capitalized Reserve

Development (ML) ($ millions) 14.4 26.1 5 -81%

Exploration Expense

(RLP) ($ millions) 31.7 16.7 3 -82%

Development of Gora ($ millions) - 4.3 10 +133%

Administration Expense ($ millions) 13.4 17.9 13 -27%

Profit for the Period ($ millions) -16.0 79.9 - -

Cash Balance at End of

Period (2) ($ millions) 24.6 45.0 - -

Gold Hedge

Outstanding (3) (koz.) 174.5 59.8 0 -100%

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Economics

• Capital cost est. $45M - $50M

• Est. total cash cost to average $675 - $700/oz.

• NPV (5%) at $1500/oz. of $105 million

• IRR 69%

Open Pit

• 26km from mill

• Technical Study and ESIA complete –

permitting underway

• M&I of 374,000 oz. at 5.0gpt

• Proven & Probable reserves of 285,000oz. at

4.2gpt. (2.1M tonnes of ore)

• Estimated 4-year mine life

• Stripping ratio of 19:1

Timing

• Development to start in Q4 2013 with majority

of capital expenditure in 2014 in order to

support 2013 free cash flow

• Estimated production start in H1 2014

GORA – OUR MOST ADVANCED

SATELLITE DEPOSIT

Source – Teranga Gold Corporation: Typical section of Gora looking South West, 2012.

12

-

50,000

100,000

150,000

200,000

250,000

300,000

2011 2012 2013 2014 2015

Production Profile ('000oz.) (1)

2013 Guidance Range Gora Production ML Production

FOCUSED ON GROWING

PRODUCTION AND CASH MARGINS

1 Assumes increased production from regional exploration success 2 Cash costs of $627/oz. excluding deferred stripping adjustment.

• 2012 Production Results: 214,310oz. at cash costs of $556/oz. (2)

• 2013 Production Estimated: 190,000 – 210,000oz. at cash costs of $650 - 700/oz.

• 100% hedge free as of April 15, 2013

• Margin expansion now that hedges are

extinguished

• Full participation in higher spot prices

13

FOCUSED ON GROWING RESERVES

1 See pages 26/27 2 M+I Resources are inclusive of reserves 3 Includes Sabodala, Niakafiri, Niakafiri West, Soukhoto, Diadiako, Majiva, Masato and Gora

1.59

2.87

1.67

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

Proven andProbable Reserves

Measured andIndicated

Resources

Inferred Resources

Mo

z.

Reserves and Resources (1,2,3)

December 31, 2012

14

2013 Exploration Program (1)

Mine Licence Exploration (ML) $5M

Regional Exploration (RLP) $3M

TOTAL $8M

2012 Exploration Program (2)

Mine Licence Exploration $26M 104,400m (RC/DD)

Regional Exploration(3) $20M 62,500 RAB 42,300 RC 2,400 DD

TOTAL $46M

FOCUSED ON GROWING RESERVES

1 Additional funding allocated on a priority basis for prospects with clear potential for reserve definition 2 Full drill results are posted at terangagold.com 3 Includes ~$3M for Gora exploration

15

Mine Licence Exploration (ML) Regional Land Package (RLP)

33km2 1,200km2

MINE LICENSE MAKES UP ~3% OF

TERANGA’S TOTAL LAND PACKAGE

16

SABODALA PIT –

MAIN FLAT EXTENSION /

LOWER FLAT ZONE

DINKOKHONO

• Potential to expand gold inventory on

ML with the objective of increasing

mine life to the year 2020/25

ML EXPLORATION $5 MILLION

33km2

NIAKAFIRI & NIAKAFIRI

WEST

SOUKHOTO

17

NINYENKO

SORETO /

DIABOUGOU

1,200km2

35km from Mill

RLP EXPLORATION $3 MILLION

GOUMBOU GAMBA

TOUROKHOTO (Main and Marougou)

18

FOCUS IS ON CONTINUED GROWTH Focused on Growing Reserves

• To secure a reserve life to year 2020/25

• Growth through exploration

• Growth through regional opportunities (JV’s, acquisitions)

Focused on Growing Production

• Phase 1: 250,000 – 350,000oz. annual production by

leveraging existing mill and land package

• Phase 2: 400,000 – 500,000oz. annual production, will

require another mill expansion

Focused on Building Financial Strength

• Hedge book eliminated

• Maximizing cash margins

• Producing free cash flow

• Increasing cash balance

• Using free cash flow to self-fund growth strategy

• Focusing on the ounces that provide the best returns

• Increasing earnings and cash flow per share (minimizing

dilution)

19

SUMMARY

Year To Date:

• Hedge Book Eliminated

• “Agreement In Principle” signed with Government: Paving

the way for deposits not currently on our ML to go through

our mill under our fiscal regime

• $50M Equipment Facility completed

• Strong Q1: Operationally - reaffirmed 2013 guidance

Financially - $57.4M cash(1) at quarter end

• Currently trading at a P/E ratio of around 3

Going Forward:

• Generating free cash flow in 2013 @ $1400/oz Au

• No expectation to issue equity other than for M&A

1 Includes cash, cash receivable and $6.4 million of bullion receivable as at March 31, 2013.

20

APPENDICES

21

2013 DISCRETIONARY SPEND REDUCED

TO GENERATE FREE CASH FLOW

Revised Guidance Original Guidance

Operating results

Production (oz) 190,000 - 210,000 190,000 - 210,000

Total cash cost (incl. royalties)1,2 ($/oz sold) 650 – 700 650 – 700

Exploration and evaluation expense ($ millions) 3.0 10.0 – 15.0

Administration expenses ($ millions) 13.0 15.0 – 20.0

Capital expenditures ($ millions)

Mine site 20.0 20.0 - 25.0

Capitalized reserve development 5.0 5.0 - 10.0

Gora development costs

Mobile equipment 5.0 30.0 - 35.0

Site development 5.0 15.0 - 20.0

Total Gora development costs 10.0 45.0 - 50.0

Capitalized deferred stripping235.0 35.0 - 40.0

Total capital expenditures 70.0 105.0 - 125.0

2 Includes the impact of adopting IFRIC 20 – Stripping Costs in the Production Phase of a Surface Mine.

For the year ended December 31, 2013

1 Total cash cost per ounce is a non-IFRS financial measures with standard meaning under IFRS.

22

GOVERNMENT OPTION FORMULA - GORA

Initial Payment Example Gora

Reserves per feasibility study (oz.) 285,000

Recovery rate 95%

Recovered reserves (oz.) 270,750

Less government royalties 13,538

Recovered ounces to shareholders (oz.) 257,213

Average realized gold price last 12 months $ 1,650

Reserve payment percentage 1.00%

Reserve payment dollars per ounce $ 16.50

Payment due on production maximum $10 million $ 4,244,006

Additional payments required when:

1. Increase in the gold price

2. Increase in production

3. Exceeds $10 million cap

23

WHAT IF PRODUCTION/PRICE CHANGES?

No Change in Production/Gold Price

Year 1 Year 2 Year 3 Year 4 Cumulative production (oz.) 67,500 135,000 202,500 270,750

Less government royalties 3,375 6,750 10,125 13,538

Cumulative production to shareholders 64,125 128,250 192,375 257,213

Weighted average realized gold price ($/oz.) $ 1,650 $ 1,650 $ 1,650 $ 1,650

Reserve payment percentage 1.00% 1.00% 1.00% 1.00%

Reserve payment dollars per ounce $ 16.50 $ 16.50 $ 16.50 $ 16.50

Cumulative payment due $ 1,058,063 $ 2,116,125 $ 3,174,188 $ 4,244,006

Initial Payment / Subsequent Payments $ 4,244,006 $ 4,244,006 $ 4,244,006 $ 4,244,006

Payment due $ - $ - $ - $ -

* Cumulative production calculation performed annually after year end and if payment due, paid by June 30th of the following year.

Change Gold Price

Year 1 Year 2 Year 3 Year 4 Cumulative production (oz.) 67,500 135,000 202,500 270,750



Weighted average realized gold price ($/oz.) - increase gold price $ 1,650 $ 1,700 $ 1,750 $ 1,800





Payment due $ - $ - $ - $ 385,819


Change in Production

Year 1 Year 2 Year 3 Year 4 Cumulative production (oz.) - increase in production 75,000 150,000 225,000 300,000








Payment due $ - $ - $ - $ 458,494


24

WHAT IF WE EXCEED THE $10M CAP?

Exceeds $10 million over time with gold price constant Still under cap First pay over cap Subsequent pay Subsequent pay

Cumulative production (oz.) 600,000 700,000 800,000 950,000


Cumulative production to shareholders (oz.) 570,000 665,000 760,000 902,500






Payment due $ - $ 972,500 $ 1,567,500 $ 2,351,250


Exceeds $10 million over time gold price increases Still under cap First pay over cap Subsequent pay Subsequent pay

Cumulative production (oz.) 600,000 700,000 800,000 950,000


Cumulative production to shareholders (oz.) 570,000 665,000 760,000 902,500






Payment due $ - $ 1,305,000 $ 1,995,000 $ 2,945,000


25

QUARTERLY OPERATING STATISTICS

Mar-13 Dec-12 Sep-12 Jun-12 Mar-12

Quarter Quarter Quarter Quarter Quarter

Ore mined ('000t) 1,312 2,038 655 2,105 1,117

Waste mined ('000t) 7,536 5,274 6,242 5,130 6,316

Total mined ('000t) 8,848 7,312 6,897 7,235 7,433

Grade Mined (g/t) 1.87 2.04 1.92 2.25 1.38

Ounces Mined (oz) 78,929 133,549 40,516 152,603 49,516

Strip ratio waste/ore 5.7 2.6 9.5 2.4 5.7

Ore processed ('000t) 696 725 650 491 573

Head grade (g/t) 3.31 3.40 3.11 3.22 2.52

Gold recovery (%) 92% 91% 85% 90% 90%

Gold produced (1) (oz) 68,301 71,804 55,107 45,495 41,904

Gold sold (oz) 69,667 71,604 62,439 38,503 35,268

Average price received $/oz 1,090 1,296 1,290 1,608 1,712

Total cash costs per ounce sold2 (including

Royalties) $/oz 535 532 509 592 650

1 Gold produced includes change in gold in circuit inventory plus gold recovered during the period.

2 Total cash costs per ounce sold for 2012 were restated to comply with the Company’s adoption of IFRIC 20 - Stripping Costs in the

Production Phase of a Surface Mine, in line with the Company’s accounting policies and industry standards.

26

RESERVES & RESOURCES (1,2)

Deposit

Proven Probable Proven and Probable

Tonne

s Grade Au

Tonne

s Grade Au

Tonne

s Grade Au

(Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)

Sabodala 6.55 1.5 0.315 11.07 1.24 0.443 17.62 1.34 0.758

Sutuba - - - 0.37 1.40 0.017 0.37 1.40 0.017

Niakafiri 0.23 1.69 0.013 7.58 1.12 0.274 7.81 1.14 0.287

Gora 0.57 4.07 0.074 1.53 4.27 0.21 2.1 4.22 0.284

Stockpiles 7.32 1.02 0.24 - - - 7.32 1.02 0.24

Total 14.67 1.36 0.642 20.56 1.43 0.944 35.23 1.40 1.586

• Reserves remain similar to that of 2011 net of production

• Focused on growing our reserves and are confident that we will

add reserves on the ML

• M&I resources increased 34% to 2.9Moz.

1 Please see page 29 for Competent Persons Statement relating to this reserves estimate. 2 Based on assays received as of August 2012.

Deposit

Measured Indicated Measured and

Indicated

Tonnes Grade Au Tonne

s

Grad

e Au

Tonne

s

Grad

e Au

(Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)

Sabodala 28.06 1.24 1.12 31.47 0.96 0.97 59.53 1.09 2.09

Sutuba - - - 0.50 1.27 0.02 0.50 1.27 0.02

Niakafiri 0.30 1.74 0.02 10.50 1.10 0.37 10.70 1.12 0.39

Gora 0.49 5.27 0.08 1.84 4.93 0.29 2.32 5.00 0.37

Total 28.85 1.32 1.22 44.31 1.16 1.65 73.05 1.22 2.87

27

Area

Inferred

Tonnes Grade Au

(Mt) g/t (Moz)

Sabodala 12.36 0.87 0.35

Niakifiri 7.20 0.88 0.21

Niakifiri West 7.10 0.82 0.19

Soukhoto 0.60 1.32 0.02

Gora 0.21 3.38 0.02

Diadiako 2.90 1.27 0.12

Majiva 2.60 0.64 0.05

Masato 19.18 1.15 0.71

Total 52.15 1.00 1.67

RESERVES & RESOURCES (1,2)

1 Please see page 29 for Competent Persons Statement relating to this reserves estimate. 2 Based on assays received as of August 2012.

28

Alan R. Hill

Executive Chairman

• Mining engineer with over 20 years experience globally in project evaluations, acquisitions and mine development

as Executive VP of Barrick Gold

• Currently a Director of Gold Fields

• Former President and CEO of Gabriel Resources (2005 – 2009) and non-Executive Chairman of Alamos Gold

(2004 – 2007)

Richard S. Young

President & CEO

• Over 10 years experience in mining finance, development, corporate development, and investor relations with

Barrick Gold

• Former VP and CFO of Gabriel Resources (2005 – 2010)

Mark English

VP, Sabodala Operations

• Over 24 years experience in the gold mining industry

• Previously worked for several companies in Australia, East and West Africa being involved in operating mines and

development, inclusive of greenfield start-ups

• Joined Mineral Deposits Ltd. in June 2006

Paul Chawrun

VP, Technical Services

• Mining Engineer and geologist with over 24 years experience

• Former EVP Corporate Development for Chieftain Metals

• Former Director, Technical Services Detour Gold

Navin Dyal

VP & CFO

• Over 13 years in finance, most recently 7 years with Barrick Gold (2005 - 2012)

• Former Director of Finance, Global Copper Business Unit – Barrick Gold

• Chartered Accountant – Four years at major public accounting firm

David Savarie

VP, General Counsel & Corporate

Secretary

• Over 10 years experience in the legal industry

• Former Deputy General Counsel and Corporate Secretary of Gabriel Resources

• Previously in private practice at Miller Thomson LLP

Kathy Sipos

VP, Investor & Stakeholder Relations

• 10 years experience in Corporate Communications and Investor Relations with Barrick Gold (1996 – 2006)

• Former VP of Corporate Communications and Investor Relations of Gabriel Resources (2006 – 2009)

Macoumba Diop

General Manager & Government

Relations Manager

• Geological Engineer, Master of Science in Finance with over 12 years experience in the mining industry

• Previously spent 11 years in a consulting business and mineral project marketing and development

• Joined SGO in July 2011.

MANAGEMENT

29

COMPETENT PERSONS STATEMENT The technical information contained in this presentation relating to the mineral reserve estimates within the Sabodala, Sutuba, Niakafiri and Gora deposits and the

Stockpiles, is based on information compiled by Julia Martin, P.Eng., MAusIMM (CP), a full time employee with AMC Mining Consultants (Canada) Ltd., is independent of

Teranga, is a “qualified person” as defined in NI 43-101 and a “competent person” as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration

Results, Mineral Resources and Ore Reserves”. Ms. Martin has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to

the activity she is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral

Resources and Ore Reserves”. Ms Martin has reviewed and accepts responsibility for the reserve estimates disclosed above. Ms Martin has consented to the inclusion in

the report of the matters based on her information in the form and context in which it appears in this presentation.

The technical information contained in this presentation relating to the mineral resources is based on information compiled by Ms. Patti Nakai-Lajoie, who is a Member of

the Association of Professional Geoscientists of Ontario. Ms. Patti Nakai-Lajoie is full time employee of Teranga and is not “independent” within the meaning of National

Instrument 43-101. Ms. Patti Nakai-Lajoie has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the

activity which she is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral

Resources and Ore Reserves”. Ms. Patti Nakai-Lajoie is a “Qualified Person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects and she

consents to the inclusion in the report of the matters based on her information in the form and context in which it appears in this presentation.

The technical information contained in this presentation relating to exploration results is based on information compiled by Mr. Martin Pawlitschek, who is a Member of the

Australian Institute of Geoscientists. Mr. Pawlitschek is a consultant of Teranga and is not “independent” within the meaning of National Instrument 43-101. Mr.

Pawlitschek has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to

qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr.

Pawlitschek is a “Qualified Person” in accordance with NI 43-101 and he consents to the inclusion in the report of the matters based on his information in the form and

context in which it appears in this presentation.

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