[PPT] - IN JAMES BAY, QUEBEC TSX:ER | OTCQX:EANRF EASTMAIN RESOURCES INC. PowerPoint Presentation

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IN JAMES BAY, QUEBEC

EASTMAIN RESOURCES INC.

CORPORATE PRESENTATION

TSX:ER | OTCQX:EANRF

APRIL 2020

EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

Certain information set forth in this presentation may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or timing of future plans, and include, but not limited to actual results of current and future exploration activities at the Company's properties, and the potential success of the Company’s future exploration and development strategies. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain, including, but not limited to the results of the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, the availability of financing, timely completion of proposed studies and technical reports, and risks associated with the exploration, development and mining industry generally such as economic factors as they affect exploration, future commodity prices, changes in interest rates, safety and security, political, social or economic developments, environmental risks, insurance risks, capital expenditures, operating or technical difficulties in connection with development activities, personnel relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of Mineral Resources, contests over property title, and changes in project parameters as plans continue to be refined. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.

FORWARD-LOOKING STATEMENTS

All currencies are reported in Canadian dollars unless otherwise specified.

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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EASTMAIN HIGHLIGHTS FOUNDATION

Eau Claire: Critical mass +1.3 M oz gold resource with PEA, 86 k oz annual production, 27% after tax IRR based on

US$1250/oz gold price

Three Pillared Strategy

SPRINGBOARD

Opportunity – Undervalued when compared to peers

TORQUE

Leverage to gold price
Large land package in need of exploration near Eau Claire

INVESTED

Management and board significant shareholders

RUNWAY

Various stages of exploration/development assets in world-class region (majors Newmont, BHP active)
Growing gold camp +10 M oz, underexplored
Scarcity of advanced gold projects

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

Total ER property portfolio 112,528 hectares

AN EMERGING GOLD CAMP – JAMES BAY

FOUNDATION

Eau Claire

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Elmer Discovery Azimut Cheechoo Deposit Sirios

Elmer Discovery Azimut

Total ER property portfolio 112,528 hectares

✓ World Class Mining Location

Supportive government and pro-mining community
Clearly defined permitting process

✓ Robust Preliminary Economic Assessment ✓ Archean Greenstone belt setting ✓ Nearby Mines and Deposits:

Éléonore gold mine (Newmont)
Cheechoo Deposit (Sirios)
Elmer Discovery (Azimut)

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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EASTMAIN THREE PILLAR STRATEGY

FOUNDATION

ADVANCE EAU CLAIRE TOWARDS PRODUCTION

Update PEA with focus on mining method optimization/layout and incorporating preliminary environmental data
Continue preliminary permitting activities
Further test depth potential

EXPLORE WITHIN TRUCKING DISTANCE OF EAU CLAIRE

Priority is near surface to add to Eau Claire critical mass
Knight Serendipity trend
Reservoir

MONETIZE NON CORE ASSETS

Optioned Eastmain property to Benz Mining 2019
Eleonore South Joint Venture

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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Tonnes Contained Au oz g/t Au Open Pit Production 1,641,000 199,400 3.78 UG Production 4,762,000 801,500 5.24 Total Production 6,403,000 1,000,900 4.86

ONE MILLION OUNCES OF GOLD – EXTRACTABLE

FOUNDATION

✓ 71% of 2018 Mineral Resource Estimate tonnes converted to Potentially Extractable ✓ 63% of Potentially Extractable are 2018 Measured and Indicated Mineral Resources

Potentially Extractable Portion of Mineral Resource (P&E Mining Consultants Inc. 2018)(1-4)

1. Mineral resources, which are not Mineral Reserves, do not have demonstrated economic viability. Environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues may materially affect the estimate of Mineral Resources. 2. The Inferred Mineral Resource in this estimate has a lower level of confidence that that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration 3. The potentially extractable portion of the Mineral Resource Estimate was prepared by Eugene Puritch, P. Eng., FEC, CET and Andrew Bradfield P.Eng. of P&E Mining Consultants Inc. Mineral Resource Estimate reported in this press release was estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions. 4. The potentially extractable portion of the Open pit Mineral Resources are reported at a cut-off grade of 0.66 g/t gold and the potentially extractable portion of the Open pit Mineral Resources underground Mineral Resources are reported at a cut-off grade of 2.7 g/t gold. Cut-off grades are based on a gold price of US$1,250 per ounce, a foreign exchange rate of US$0.80, and a gold recovery of 95%. Table entries are rounded

Eau Claire Gold Deposit Open Pit and Underground Mineral Resource Estimate* OPEN PIT (Surface – 150m) UNDERGROUND (150m – 860 m) Tonnes Gold Grade (g/t) Contained Au (oz) Tonnes Gold Grade (g/t) Contained Au (oz) M&I 1, 210,000 5.86 228,000 3,084,000 6.30 625,000 Inferred 43,000 5.06 7,000 2,339,000 6.56 493,000

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$0 $50 $100 $150 $200 $250 Per Ounce (C$/oz)

Developer Peer Group (Canadian Assets)

Source: Thompson Reuters; LBS

EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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$11/oz

UNDERVALUED TO ITS PEERS

SPRINGBOARD

Average is $63/oz, with Osisko Mining removed

CURRENT EV OF $11M WELL BELOW $40M SPENT IN THE PAST 4 YEARS ALONE

FS PFS PEA Resource

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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Project Enterprise Value Total Resource EV/oz Ticker Company Location (C$mm) (mm oz) (C$/oz) Stage OSK Osisko Mining Quebec $708 3.6 $195 PEA SBB Sabina Gold & Silver Nunavut $334 7.2 $46 FS PGM Pure Gold Ontario $201 2.5 $79 FS MOZ Marathon Gold Newfoundland $196 4.1 $48 PEA KOR Corvus Gold Nevada $168 1.4 $120 PEA AOT Ascot Resources British Colombia $156 3.2 $48 FS AUG Auryn Resources Nunavut/BC/Peru $134 2.1 $63 Resource FF First Mining Ontario $111 11.1 $10 PEA MAX Midas Gold Idaho $101 6.6 $15 PFS ITR Integra Resources Idaho $99 4.4 $23 PEA RMX Rubicon Minerals Ontario $69 1.3 $54 PEA PRB Probe Metals Quebec/Ontario $69 3.2 $22 Resource TLG Troilus Gold Quebec $61 6.5 $9 Resource BAR Balmoral Resources Quebec $57 1.2 $48 Resource NHK Nighthawk Northwest Territories $54 2.6 $21 Resource FPC Falco Resources Quebec $51 7.7 $7 FS TML Treasury Metals Ontario $38 1.2 $31 PEA MQR Monarques Gold Quebec $35 2.9 $12 FS ME Moneta Porcupine Ontario $20 1.3 $16 Resource ER Eastmain Resources Quebec $19 1.7 $11 PEA ATC ATAC Resources Canada $18 0.7 $26 PEA MAE Maritime Resources Newfoundland $8 1.1 $7 Resource GQC Goldquest Mining Dominican Republic $7 2.5 $3 PFS Average $40

UNDERVALUED TO ITS PEERS

SPRINGBOARD

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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EAU CLAIR IS IN TOP 15% RESOURCE GRADE

SPRINGBOARD

Beacon Securities, 2020-02-19 “Gold Explorers With Resources Quarterly”

EASTMAIN 6.18 g/t Au (MI&I)

Eau Claire updated Mineral Resource Estimate (effective Feb. 4, 2018)1-6

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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LACK OF ACCESS TO CAPITAL FOR ADVANCED PROJECTS

SPRINGBOARD

56 companies with a public technical report (not including CuAu porphyry projects)
Total capital required $19 BN
2 projects require +$1 BN
4 projects require +$800 M
8 u/g mines, 7 blend and 34 OP (8 OP w/ <1/ g/t Au)
4 reports show >400 k /yr production, +8 show 200-400k /yr
16 have capex>NPV
IN ADDITION: 8 CuAu porphyry development projects requiring a combined $10 BN in capex

<100 M 100-200 M 200-400 M 400-800 M >800 M # of Projects 14 19 10 7 6 Capex > NPV ($) 2 5 3 1 4 Targets 10 5 6 1 OP/UG 14/14 10/14 4/9 5/6 5/52 Total Capital ($) 800 M 2.8 BN 3.2 BN 3.6 BN Total Debt (50%) ($) 400 M 900 M 1.6 BN 1.8 BN

Global Pool of Public Equity Capital estimated at $20 Billion (All-Time Low)

Starting to see a CHANGE

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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EAU CLAIRE EXPLORATION UPSIDE

TORQUE

Pit Outlines

Rotated Isometric View of the Eau Claire Deposit Vein Wire Frames

0 m

400 m
900 m

0 m

400 m
900 m

0 m

400 m
900 m

QT Vein Definition Potential QT Veins HGS Veins 100 m

~ 1 M oz from surface to 400 m Underexplored and open to depth

30% of PEA mineable resource

found in HGS wireframes

Currently HGS defined only in

top 400 m

HGS Vein Definition Potential

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

MINERAL RESOURCE DISTRIBUTION SHOWS OPPORTUNITY FOR GROWTH

TORQUE

Actual depth MASL

MINERAL RESOURCE GROWTH POTENTIAL

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Depth 0 -100 m 100 - 200 m 200 - 300 m 300 - 400 m 400 - 500 m 500 - 600 m 600 - 700 m 700 - 800 m 800 - 900 m

Drill Intensity

OUNCES PER METER in TOP 600 m Resource: 2,500 oz/m Mineable: 1,700 oz/m

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Eau Claire Open Pit - Mineable: 1.6 M tonnes, 199,400 oz

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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Eau Claire Deposit

3D geometry, ore distribution and time‐integrated mass transfer through the quartz–tourmaline–gold vein network of the Sigma deposit (Abitibi belt, Canada)

Source: P.Garofalo et al Geofluids 2002

Sigma Deposit EAU CLAIRE ANALOGOUS TO SIGMA DEPOSIT

TORQUE

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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FINANCIAL AND OPERATIONAL HIGHLIGHTS

TORQUE

Financial

C$260M NPV5% (after-tax) 27% IRR (after-tax) 3.1 years Payback C$175M Pre-Production Capex C$108M Sustaining Capex (LOM) $41.07 / t processed $49.47 / t processed Open Pit Mining Cost Underground Mining Cost US$486/oz C$632/oz Average LOM Total Cash Costs US$574/oz C$746/oz All-In Sustaining Cost (AISC) Key assumptions ✓ US$1,250/oz Au ✓ C$/US$ 0.77 FX

Operating

12 years Mine Life 1,500 tpd Daily Throughput (LOM) 86,100 oz/y Average Annual Production (Yrs 1-10) 951,000 oz LOM Au Produced 1.0 Moz Mineable Ounces 63% / 37% M&I / Inferred OP: 3.78 g/t Au UG: 5.24 g/t Au 4.86 g/t Au Average Head Grade (fully diluted) 95% Process Plant Recovery 79,200 oz/y LOM Average Annual Production Total: 6.40 Mt Total Mineralization Processed OP: 1.64 Mt UG: 4.76 Mt Total (blended)

*Technical Report: Updated Mineral Resource Estimate and Preliminary Economic Assessment

n the Eau Claire Gold Deposit, Clearwater Property, Québec, Canada

Effective February 4, 2018, Signing date July 3, 2018

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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HIGH LEVERAGE TO GOLD PRICE

TORQUE

PROJECT SENSITIVITY ANALYSIS (after-tax) %

5%

Base Case +5% +10% +15% +20% US$/oz 1,188 1,250 1,313 1,375 1,438 1,500 NPV ($Millions) 226 260 295 329 363 397 IRR % 24 27 29 32 34 36 At US$1,500/oz AU, Eau Claire value increases:

Post-Tax NPV ↑ 53% (+$137 M) Post-Tax IRR ↑ 33% (+9%)

Conservative scenario demonstrates attractive economics Project economics rise significantly at current spot price

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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DISTRICT OPPORTUNITY ON CLEARWATER

RUNWAY

EAU CLAIRE PROJECT SERENDIPITY

PERCIVAL

CLEARWATER PROPERTY

CAMP

NEW TARGETS

14 km

0.97 g/t Au over 74.5 m ER19-836

1.46 g/t Au over 78.5 m ER18-822

10.9 g/t Au Surface Sample

2.35 g/t Au over 87.0 m ER18-823

1.86 g/t Au over 52.7 m ER19-832 0.68 g/t Au over 33.0 m ER19-819

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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UNDEREXPLORED REGION – FEW GOLD DEPOSITS

RUNWAY

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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RESEVOIR – PROJECT OVERVIEW

RUNWAY

100% Eastmain; 87 km2
Project straddles Eleonore Mine horizon

(sediments)

C-52 Gold Zone – Copper Gold Silver system

2 km x 100 m

Mitlin Showing – avg 4.53 g/t Au, 2.74% Ag

4.86% Cu

C-58 Zone – up to 8% Cu and 8 g/t Au
Drilling results include:
5.35 g/t Au over 6 m
Numerous metre-wide intervals >10 g/t Au
Surface channel samples up to 5% Cu,

36 g/t Au and 52 g/t Ag

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

Property size: 147 sq km MAIN PROSPECTIVE CORRIDOR

4 km long x 0.5 km wide
Tonalite intrusion in metasediments
ESJV is shown to be the continuation of the Cheechoo

deposit NEWMONT GOLDCORP’S ELEONORE MINE

2020 production outlook: 355,000 oz
Sedimentary-hosted gold deposit

JOINT VENTURE PARTNERS

Eastmain (36.7% - Operator)
Newmont Goldcorp (36.7%)
Azimut (26.6%)

ELEONORE SOUTH JOINT VENTURE

>7 M oz Au (MI&I)

DISCOVERY

EXPLORATION NEXT TO A WORLD-CLASS GOLD MINE

RUNWAY

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

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“…we are quite confident that in the near future, we can increase the grade and size of the deposit with additional work and negotiations with adjacent property owners...”

Dominique Doucet, Sirios Resources

Press release December 19, 2019 ELEONORE SOUTH JV

ESJV & SIRIOS SHARE THE SAME DEPOSIT

RUNWAY C R O S S S E C T I O N

Geologic model Block model

CHEECHOO CHEECHOO

Block model

P L A N V I E W

ELEONORE SOUTH JV

Geologic model

EJSV DISCOVERY

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

CAPITAL STRUCTURE MARCH 2020 Shares outstanding 290,623,095 Options 16,597,933 Warrants 14,280,615 Market Capitalization (20-day VWAP) $26 million Share Price (20-day VWAP) $0.09 52 Week High/Low $0.215 - $0.075 Daily Avg Vol (20-day avg) 703,869 Cash (as of March 9, 2019) $4.75 million

EASTMAIN CAPITAL STRUCTURE

INVESTED

ANALYST PRICE TARGET CONSENSUS : $0.71

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Carrying Value of Projects

$68 million

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

INSIDERS – 2.8%

Blair Schultz 3.0 million 1.0% Joe Fazzini 2.4 million 0.8% Laurie Curtis 0.8 million 0.3% Mike Hoffman 0.8 million 0.3% Bill McGuinty 0.6 million 0.2% Maura Lendon 0.4 million 0.1% Herve Thiboutot 0.3 million 0.1% Retail 72%

Shareholder

Institutional Corporate Insider Retail

Geographic Location

Canada USA UK Germany Switzerland

SHAREHOLDERS

INVESTED

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INSTITUTIONAL/CORPORATE SHAREHOLDERS ~ 20% Eldorado Gold 8.9 million 3.1% Konwave AG 8.3 million 2.8% Caisse de Depot 7.3 million 2.5% Van Eck Associates 6.6 million 2.3% Goodman & Co. 6.0 million 2.1% Ninepoint Partners 4.4 million 1.5% Sprott 3.3 million 1.1% Mackenzie Financial 2.6 million 0.9% Sidex 2.5 million 0.8%

Dr. Vermögensverwalt (NESTOR)

2.1 million 0.7%

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

UPCOMING CATALYSTS

➢ PEA Optimization ➢ Eau Claire Extensional Drilling ➢ Regional Exploration

UPCOMING CATALYSTS TO CREATE VALUE

UNIQUE VALUE PROPOSITION

➢ One of the best mining jurisdictions in the world ➢ Excellent infrastructure ➢ High-grade Gold assets – 6 g/t Au ➢ District potential

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CURRENTLY UNDERVALUED

➢ Emerging from a difficult gold environment and well-positioned for share price upside ➢ Enterprise Value per Oz (EV/Oz for Meas. & Ind. and Inf.) ~ $30 ➢ Gold price rallying past US$1,500/oz though junior gold equities only starting to catch up

Delivering results - driving the assets forward!

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Blair Schultz Interim President & CEO bschultz@eastmain.com Alison Dwoskin CPIR Investor Relations Manager dwoskin@eastmain.com Office: 647-347-3735

www.eastmain.com TSX: ER OTCQB: EANRF

EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

FOR MORE INFORMATION

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