The document provides an overview of Teranga Gold Corporation's operations and growth strategy. It summarizes that Teranga operates the Sabodala gold mine in Senegal, which is currently producing around 140,000 ounces of gold per year. Teranga plans to increase production to over 200,000 ounces per year through mill expansions and exploration successes. The company has over 1,455 square kilometers of exploration land with several targets identified that could significantly increase reserves over the next few years. Teranga intends to remain financially strong by self-funding its growth through maintaining a strong balance sheet and cash flow.

1. Producing and Exploring
July 2011

2. Cautionary Statement
This presentation contains forward looking information, within the meaning of applicable Canadian securities legislation, and forward looking
statements, within the meaning of applicable United States securities legislation, which reflects management’s expectations regarding
Teranga Gold Corporation’s (“Teranga” or the “Company”) future growth, results of operations (including, without limitation, future production
and capital expenditures), performance (both operational and financial) and business prospects (including the timing and development of
new deposits and the success of exploration activities) and opportunities. Wherever possible, words such as “plans”, “expects”, “does not
expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or
statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have been used to
identify such forward looking information. Although the forward looking information contained in this presentation reflect management’s
current beliefs based upon information currently available to management and based upon what management believes to be reasonable
assumptions, Teranga cannot be certain that actual results will be consistent with such forward looking information. A number of factors
could cause actual results, performance or achievements to differ materially from the results expressed or implied in the forward looking
information, including those listed in the “Risk Factors” section of the prospectus of Teranga, dated November 11, 2010 (the “Prospectus”).
These factors should be considered carefully and prospective investors should not place undue reliance on the forward looking information.
Forward looking information necessarily involves significant known and unknown risks, assumptions and uncertainties that may cause
Teranga’s actual results, performance, prospects and opportunities in future periods to differ materially from those expressed or implied by
such forward looking information. Although Teranga has attempted to identify important risks and factors that could cause actual actions,
events or results to differ materially from those described in the forward looking information, there may be other factors and risks that cause
actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that the forward looking information
will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly,
prospective investors should not place undue reliance on such forward looking information. The forward looking information is stated as of
the date of the Prospectus and, except as required under applicable laws, Teranga assumes no obligation to update or revise such
information to reflect new events or circumstances.
Forward looking information and other information contained herein concerning mineral exploration and management’s general expectations
concerning the mineral exploration industry are based on estimates prepared by management using data from publicly available industry
sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which
management believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions,
market shares and performance characteristics. While management is not aware of any misstatements regarding any industry data
presented herein, mineral exploration involves risks and uncertainties and industry data is subject to change based on various factors.
In addition, please note that statements relating to “reserves” or “resources” are deemed to be forward looking information as they involve
the implied assessment, based on certain estimates and assumptions, that the resources and reserves described can be profitably mined in
the future.
2

3. Capitalization Summary
Ticker symbol: TGZ: TSX/ASX
Shares outstanding (1): 245.6 million
Stock options outstanding: 14.4 million
Share price (as at July 5, 2011): C$2.50
Market capitalization: C$614million Focused on GROWTH
40 MM
Cash position(2): US$93.8 million(3) 20%
• Focused on Growing Reserves
Debt position (2)(4): US$21.5 million • Focused on Growing Production
• Focused on Financial Strength
Net cash position (2): US$72.3 million
(1) As part of the demerger Mineral Deposits Ltd. retained 40 million TGZ shares and received C$50 million from the IPO proceeds.
(2) As at March 31, 2011 3
(3) Includes short-term investments and restricted cash
(4) US$23.6 MM drawn under the mining fleet finance lease facility with Societe Generale.

4. Assets
Large exploration land package in Senegal, W.A.
• 1,488km2 virtually unexplored land surrounding operating mill
• An emerging world class gold district
Operating mine / mill
• Proven performance
• Only gold mining operation in the country
Strong balance sheet
• Able to self-fund exploration / expansion growth
Experienced management team
• Proven track record
4

5. Sabodala Gold (Senegal)
• Sabodala is the only large scale gold
mine in Senegal
• Senegal
– Mining Code passed in November 2003
– Successful democracy
– Stable political environment
– Estimated population of 13.7 million
– Mining friendly regime
– Government holds 10% free-carried interest
in Sabodala and 3% royalty
– Tax-free holiday that ends May 2015
5

6. Sabodala Gold Operations
• First gold pour in March 2009
– Approx. cost of $330M
• Mill expansion from 2 MM tpa to ~4 MM
tpa underway
– Est. 140,000 oz Au production 2011 expanding
to >200,000 oz Au
– Expected to be completed early 2012 at a cost
of US$56 MM
• Well developed infrastructure
– Located 650 km east of the capital Dakar and
96 km north of the town Kedougou – paved
road within 56 km of mine site
– 30 MW heavy fuel oil power plant located on
site (36 MW with mill expansion)
6

7. Highlights
Investor concerns during the IPO (Nov. 2010):
 Short mine life
 High cash costs
 Hedge book
During the first full quarter, the Company:
Increased reserves and provided reserve guidance
Increased production and lowered cash cost guidance for 2011 and 2012
Redesigned pit
Committed to take Gora from exploration into development
Ramped up exploration program
 Expect consistent news flow
 Expect more discoveries on the Regional Land Package
Delivering against hedge
Focused on adding reserves
7

8. Growth Strategy
Focused on Growing Reserves - 1.5Moz currently to …
• Objective: 10-15+ year mine life
• Growth through exploration – aggressive exploration program on 1,455km2 Regional Land
Package of virtually unexplored prolific land
• Growth through regional opportunities – primary focus Senegal
Focused on Growing Production – 140,000oz currently to …
• Leveraging off our existing mill – Land package all truckable
• Doubling mill capacity – could increase further
Focused on Financial Strength – maintain strong balance sheet to self-fund growth
• Eliminating hedge book – quickly but prudently
• Margin expansion (eliminate hedge and lower costs)
• Significant free cash flow to self-fund growth strategy
• Manageable capex requirements
8

9. Focused on Growing Production
Production Profile (000 ozs)
500
• Assumes increased
450 production from regional
400 exploration success
350
300
250
200
150
100
50
0
2011 2012 2013 2014
Production Exploration Success
Calendar Year 2011
•Est. production 140,000 oz at $750 - $775/oz
•CapEx $59.5M (primarily for mill expansion and exploration)
Calendar Year 2012
•Est. production 220,000 oz at $575-$625/oz
•CapEx ~ $25M (primarily for exploration) (1)
Post 2012 cash costs are expected to remain around the $600-650/oz level
(1) Excludes capital cost to develop regional deposits
9

10. Focused on Financial Strength
Cash Margin - expansion ($/oz) (1)
1,000
• Assumes $1500/oz spot
gold price
900
• Rate of margin expansion
800
is a function of increasing
Cash Margin ($/oz)
production through regional
700
exploration success
600
500
400
300
200
2011 2012 2013 2014
Maintain strong balance sheet to self-fund growth
• IPO recapitalization of balance sheet – net cash position US$72.3M(2)
• Eliminating hedge book – quickly but prudently – YE 2011~ 160,000oz at ~ $828/oz(3)
Book to be eliminated by mid 2013 if not sooner
• Margin expansion + increased production profile = significant free cash flow
• Manageable capex requirements
(1) Assumes $1500/oz gold price and cash cost of $600/oz
(2) As at March 31, 2011 10
(3) Non-Deferred Hedge Schedule Appendix page 34

11. Focused on Growing Reserves
West Africa: Prolific, Under Explored Gold Belt
11

12. Focused on Growing Reserves
Gold Reserves and Resources(1)
2,100
Reserve/Resource (000's oz)
1,800
2,254
1,500
(@1.33 g/t)
1,200
1,51
900
(@1.47 g/t)
600 774
300 (@1.06 g/t)
0
(3)
Proven and Measured and Inferred
(2)(3)
Probable Indicated
Kedougou-Kenieba Inlier – A Birimian Greenstone Belt
(1) See Appendix page 33
(2) M+I resources are inclusive of reserves 12
(3) As at June 30, 2010, see Sabodala Technical Report

13. Focused on Growing Reserves
Exploration Program (Calendar 2011)
SSC
1. Mine License Exploration:
$8 MM (~60,000m)
(YTD 15,000m)*
5 Drill Rigs
2. Regional Exploration:
$17 MM (~80-90,000)
( YTD 14,400m)*
10 Drill Rigs
TOTAL: + US$25 MM (140-150,000m)
(+180,000m RAB)
15 drill rigs
* Majority of assays are pending – as at March 31, 2011 13

14. 1. Mine License Exploration 2. Regional Exploration
Budget: $8 M Budget: $17M
1,455km2
33km2
35 km radius
GORA
14

15. 1. Sabodala Mine License Exploration
• US$8 MM exploration program is underway on the Sabodala Mine License(1)
• 10 targets identified for follow up
• Potential to expand proven and probable reserves from 1.51 Moz gold to 2 to 3 Moz gold over the next
12 to 24 months increasing the mine life to ~ 10 to 15 years
“The Corridor”:
• Continuation of the main Sabodala
structural trend to the north
Sambaya Hill:
• Confluence of Niakafiri Shear Zone
with Main Flat from Sabodala and
Masato Shear
Masato Extension:
• Continuation of Masato deposit
Niakafiri, Niakafiri West &
Soukhoto:
• Down-dip extension of Niakafiri,
strike extension of Niakafiri West
and Soukhoto
(1) to be completed by June 30, 2011
15

16. Sabodala Mine License – “The Corridor”
SABODALA STRUCTURAL TREND
(“The Corridor”)(1)
•Northerly trending extension of Sabodala pit
•Mineralization traced more than 100m north of the existing
pit along trend
Ayoub’s
Mylonite •Open to north and west
Shear Zone
Thrust
•Drilling intersected wide widths of alteration similar to
Sabodala and Niakafiri
•Drilling 20m centres
•Plan is to conduct 10,800 metres of RC and Diamond
drilling to test target at depth and along strike
•Expect resources defined to be converted to reserves in
2011
Sabodala Pit
note that the target “Sabodala Structural Corridor”, was previously identified as 3 separate targets in the September 27, 2010
(1) Please
Sabodala Technical Report but now has been consolidated to 1 target which therefore brings the total Mining Lease targets to 10. 16

17. Sabodala Mine License – Masato / Sambaya Hill Target
MASATO / SAMBAYA HILL
•Masato structural trend (1.6 Moz on Oromin JV) strikes
across onto our mine license
•Plan to conduct a RC and Diamond drilling program to
define structural trend and test structure at depth
•Initially being tested over a 500 metre strike length, 20 drill
Sabodala Pit
Masato Down Dip holes totaling 6,150 metres of drilling
Sambaya Hill •First drill hole SMRC055
• 11m of 1.08 g/t from 234m down hole
• 20m of 3.53 g/t from 267m down hole
• Will be extended with core as part of
program
•Multiple mineralized zones have been identified with high
Masato Extensions
grade intervals apparent from aqua regia assays conducted
on site
•Expect to define new resources in calendar 2011
• Sambaya Hill - Trend defined by an IP and geochemical
anomaly
17

18. 1. Mine License Exploration 2. Regional Exploration
Budget: $8 M Budget: $17M
1,455km2
33km2
35 KM radius
GORA
18

19. 2. Regional Exploration
• From 2007 – 2009, no significant drilling was
done on the 1,455 km2 Regional Land Package
due to cash constraints
• There are 27 drill targets identified to drill by
end of year; drilling program (US$17M)
35km radius
currently underway
“The Donut”
• 14,400m of DD and RC and 34,600m of RAB
drilling completed March 31, 2011 Gora GORA
• 10 drill rigs are currently on the Regional Land
Package
• All targets in trucking distance of the existing
mill Tourokhoto
Toumboumba
19

20. Gora – High-Grade Quartz Vein System
•Most advanced target: moving from exploration to development
•Inferred resource of 106,000 oz @ 6 g/t Au
•22 km from Sabodala mill
•800m strike length auriferous quartz vein, outcropping
•Deposit open in all directions
•4 active drill rigs (3 DD, 1 RC/DD)
•Induced polarization (“IP”) survey has been completed over the Gora
deposit and has identified gold anomalies along strike and parallel to
Gora – follow-up testing required
•Now understood to be a stacked vein system (vs. single-vein)
• Vein 1 extended (currently 8.8 g/t Au)
• Vein 2 now more continuous (3.0 g/t Au)
• Vein 3 now important mineralized body
• Vein 5 discovered just below Vein 1
•Excellent potential for bulk style mineralization
20

21. Gora – High-Grade Quartz Vein System
1. Drilling completed to date – 107 RC or DD holes, 18,000m
• Current phase of 25,000m to be completed by July 2011, test to vertical depth of 130m
• Assays pending for 15 holes
2. Step-out program
• Minimum 2,400m DD
• 5 holes completed to date of 9 planned
• All assays pending but confirmed presence of mineralized structure
3. Exploration of immediate North and South – 6,200m program
• RC program, late July to Sept (depending on rig availability)
4. Further 10,000m of RC, 5,000m DD
• Test strike extent of Gora mineralized trend and nearby parallel IP anomalies
• Commencement of program likely early October depending on rig availability
•Selected latest results include:
June 13, 2011 July 11, 2011
5m @ 33.7 g/t from 111m (Vein 1) 2m @ 20.6 g/t from 88m
2m @ 61.3 g/t from 126 m (Vein 1) 2m @ 27.3 g/t from 108m
3m @ 26.7 g/t from 154 m (Vein 1) 2m @ 20.7 g/t from 79m
3m @ 47.7 g/t from 164 m (Vein 5) 4m @ 23.2 g/t from 132m
1m @ 33.0 g/t from 156m (Vein 4) 3m @ 24.1 g/t from 155m
4m @ 10.7 g/t from 145m (Vein 2) 4m @ 34.1 g/t from 155m
1m @ 51.8 g/t from 112m (Vein 2
9m @ 3.2 g/t from 87m (Vein 1)
•Ongoing exploration, permitting, and feasibility
•Expect to bring resource to reserve by end of calendar 2011 with the goal of processing high-grade ore as soon as late 2012
21

22. Toumboumba – Newest Target
•Latest discovery, potential to become second regional
deposit through the mill
•Located 10 km NW from Sabodala mill
•Alteration hosted mostly in granite
•RAB drilling program commenced in April
•Expanded to encompass entire structural domain
•To date, 927 holes, 40,000m on a 100 x 50m grid
•Require additional 155 RAB holes, 6,200m
•Expected to be completed by August
•Significant widths of ore mineralization were encountered
in western portion of anomaly, RAB holes grading >0.5 g/t
•Targets identified by RAB program are the subject of the
current RC program
•To date, 33 RC holes, 5,400m completed
•Continues to return wide auriferous zones
•Further 10 holes planned as part of initial testing
•Oxide mineralization of up to 50m in depth
•At minimum, potential for heap leaching
•Production could be fast tracked without displacing
material from Sabodala mill
•Deeper drilling required
22

23. Toumboumba – Newest Target
June 13, 2011 July 11, 2011
-early RAB results -RAB results
10m @ 2.35 g/t, including 2m @ 9.69 g/t 2m @ 6.65 g/t from 16m
8m @ 5.45 g/t, including 2m @ 17.75 g/t 4m @ 6.06 g/t from 8m
6m @ 18.85 g/t, including 4m @ 27.7 g/t 2m @ 32.87 g/t from 38m
2m @ 3.57 g/t from 12m
3m @ 6.34 g/t from 30m
-early RC results -RC results
3m @ 6.13 g/t, including 1m @ 15.4 g/t 6m @ 1.91 g/t from 17m, including 1m @ 8.07 g/t
3m @ 11.99 g/t, including 1m @ 25.2 g/t 3m @ 17.15 g/t from 39m, including 1m @ 50 g/t
6m @ 2.68 g/t from 56m, including 1m @ 8.79 g/t
3m @ 11.85 g/t from 36m, including 1m @ 30.5 g/t
11m @ 5.18 g/t from 37m, including 1m @ 37.6 g/t and 4m @
6.23 g/t from 52m, including 1m @ 21.8 g/t
23

24. Toumboumba – Newest Target
24

25. Diegoun North – “THE DONUT”
Sabodala Ore Body •7km x 4 Km complex of gold anomalism
•Contrasting rock types, porphyries, granites, dolerite & sediments
•Rock samples to 80 g/t Au
•RAB drilling has defined gold mineralization in bedrock
CINNAMON
•5000m of RC allocated, early RC planned over RAB anomalies
JAM
JAM
HONEY
HONEY
•19,000m RAB drill program commenced at Cinnamon – 11,000m
completed
•10,000m first pass RC drilling with 17 RC holes (2,300m)
•Several intervals of anomalous gold identified: widths up to 40m
25

26. Tourokhoto
•>5Km long, up to 1Km wide gold anomaly defined by termite sampling
•Parallels NE trending shears of the MTZ
•3 Moz Massawa deposit hosted on MTZ about 25Km south
•>240 ppb Au contours coincide with areas where MTZ shears are
intersected by later NE fault structures
•Rock sampling returned up to 10 g/t Au from sparse outcrop
•Wide zones of sheared sediments and quartz-feldspar porphyries
observed
•Quartz tourmaline Veining observed
•Commenced 23,000m RAB drill program over 5km gold geochemical
anomaly
•13,000m of RAB drilling completed to date
•Program will define bedrock gold bearing zones
•Program will provide targets for follow up DD and RC drilling
•Commenced 1,600m, 5-hole DD program
•Identified significant gold-bearing structure and alteration
•Follow-up continues
26

27. Goundamekho - Extensive Surface Gold Workings on Structures
• 35 RC holes for 4,200m completed
• Multiple gold bearing structures warrant follow-up drilling
Gold from Trenches
75g nugget from artisan workings
27

28. Exploration Team / On Site Assay Lab
Mapping Trenches at Dembala Berola Part of team at Exploration Office Mapping at Makana
Niang, Database and GIS
Management Field Work Sounkounkou On site assay lab
Structural Mapping Geochem Sampling Team at Makana RC Drilling at Bransan
28

29. Social Responsibility
• Teranga seeks to engage openly and honestly with our employees and communities to address concerns and respect
local laws, customs and culture. We aim to maximize the positive impacts of our activities and minimize or avoid potential
negative effects.
• Our community investment activities are managed through our Regional Socio-economic Development Program and
include:
– Improving health care through the provision of health facilities and service providers
– Improving education infrastructure and services, and promoting academic excellence
– Improving community infrastructure and basic services, such as water and sanitation, electricity, housing and roads
– Improving livelihood and facilitating access to enterprise development
• Consultation and partnership is a key part of our sustainability approach and business planning process, and is carried out
in a transparent, culturally appropriate manner.
• We work closely with host communities, governments, non-governmental and development organizations involved in
community projects to gain the benefit of multiple perspectives
29

30. Focused on self-funding GROWTH
Kedougou-Kenieba Inlier – A Birimian Greenstone Belt
An emerging world class gold district.
30

31. Summary - Focused on GROWTH
1. Experienced Management Team
2. Senegal West Africa – 1,488km2 land position
• Largest land position in Senegal
3. Operating mine and mill – only mill in Senegal
4. Planned mill expansion
• from 2Mtpa to ~4Mtpa - increasing gold production profile
5. Aggressive exploration program
• US$25M to be spent in calendar 2011
• ~15 drill rigs
6. Strong Balance sheet – increasing free cash flow – with margin expansion
31
World-class asset in its early stages

32. Producing and Exploring
July 2011

33. Appendices
Competent Persons Statement
The scientific and technical information contained in this release relating to exploration activities within the mining license is based on
information compiled by Mr. Bruce Van Brunt, who is a Fellow with The Australasian Institute of Mining and Metallurgy and is also a registered
professional geologist in the State of Washington, USA. He is qualified as a Competent Person as defined in the 2004 Edition of the
“Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and as defined in NI43-101. Mr. Van Brunt
has consented to the inclusion of this information in the form and context in which it appears in this release. Mr. Van Brunt is a full-time
employee of Teranga and not independent of Teranga within the meaning of NI43-101.
The scientific and technical information contained in this release relating to the regional exploration is based on information compiled by Mr.
Martin Pawlitschek, who is a member of the Australian Institute of Geoscientists. Mr. Pawlitschek is qualified as a Competent Person as
defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and as a
Qualified Person as defined in NI43-101. Mr. Pawlitschek has consented to the inclusion of this information in the form and context in which it
appears in this release. Pawlitschek is a full-time employee of Teranga and not independent of Teranga within the meaning of NI43-101.
The latest grade estimates as presented have been classified as a combination of Measured, Indicated and Inferred Mineral Resources in
accordance with CIM Definitions (2005) resource reporting classification guidelines and reconciled to the JORC Code (2004).
Mssrs. Van Brunt and Pawlitschek have reviewed and verified the data contained in this press release, including sampling, analytical and test
data underlying the estimates provided. Verification of the data included numerous site visits, database validation of historical drill results and
review of sampling and assaying protocols.

34. Sabodala Gold Project: Reserves & Resources
Ore Grade Contained Gold
(000 tonnes) (g/t Au) (000 oz Au)
Proven & Probable
Sabodala 24,350 1.57 1,231
Niakafiri 7,623 1.15 281
Total 31,973 1.47 1,512
Measured & Indicated
Sabodala 41,892 1.39 1,869
Niakafiri 10,741 1.12 386
Total 52,633 1.33 2,254(1)
Inferred Resources
Sabodala 7,310 1.22 287
Niakifiri 7,248 0.88 205
Niakifiri West 7,144 0.82 188
Soukhoto 566 1.32 24
Gora 387 5.60 70
Total 22,655 1.06 774(1)
(1) See the Sabodala Technical Report ; #’s as at June 30, 2010
34

35. Non-Deferred Hedge Schedule
Delivery Date Price US$/oz Ounces
17-Aug-2011 846.00 18,500
17-Nov-2011 846.00 18,500
17-Feb-2012 846.00 28,000
17-May-2012 846.00 28,000
15-Aug-2012 846.00 27,500
21-Nov-2012 832.92 25,000
20-Feb-2013 832.92 25,000
17-May-2013 790.66 25,000
21-Aug-2013 791.50 16,000
Total 832.24 211,500
Note: See page 40 of the Prospectus
35

36. Management & Board
• Mining engineer with over 20 years experience globally in project evaluations, acquisitions and mine
development as Executive VP of Barrick Gold
Alan R. Hill
• Currently a Director of Gold Fields
Executive Chairman & CEO
• Former President and CEO of Gabriel Resources (2005 – 2009) and non-Executive Chairman of
Alamos Gold (2004 – 2007)
• Over 10 years experience in mining finance, development, corporate development, and investor
Richard S. Young
relations with Barrick Gold
President & CFO
• Former VP and CFO of Gabriel Resources (2005 – 2010)
• Mining engineer with over 20 years experience in property valuation, scoping, feasibility studies and
Christopher R. Lattanzi project monitoring on a global basis
Director • Currently a Director of Argonaut Gold and Spanish Mountain Gold
• Founding member and former president of Micon International (1988 – 2005)
• Over 30 years experience in the mineral resource industry with a wide range of experience in financing,
research and marketing
Oliver Lennox-King • Non-Executive Chairman of Fronteer Gold and director of CGX Energy
Director • Instrumental in the formation of Southern Cross Resources (1997), former President of Tiomin
Resources (1992 – 1997)
• MDL Director not standing for re-election
• Director/Trustee and CFO of Labrador Iron Ore Royalty
Alan R. Thomas
• Former Director of Gabriel Resources (2006 – 2010), CFO of ShawCor (2000 – 2006), and CFO of
Director
Noranda (1987 – 1998)
• Over 25 years experience as a director and senior officer of, and legal counsel to, a number of Canadian
public mining companies and has extensive legal and business experience in the mineral industry,
particularly in the areas of public financing, project debt financing, permitting of large scale mining
projects, and strategic mergers and acquisitions in the international minerals industry
Frank Wheatley
• Currently the Executive Director, Corporate Affairs and Strategy of Talison Lithium Limited
Director
• Currently a director of Lithic Resources Ltd. and Portal Resources Ltd.
• Former Vice-President and General Counsel of Gabriel Resources Ltd. (2000 - 2009)
• Former Vice President, Legal Affairs of Eldorado Gold Corporation
36