INDEPENDENCE GROUP NL ANNUAL REPORT 2017

Directors' report 30 June 2017 (continued) Operating and financial review (continued) Below is a reconciliation of Underlying EBITDA to NPAT for FY17: Depreciation and amortisation expense of $89.8 million was $9.9 million lower than the previous financial year (2016: $99.7 million), in line with the lower reserve depletion throughout the year, and includes $47.5 million relating to Tropicana, $16.5 million to Jaguar Operation, $24.5 million to Long Operation and the balance to corporate assets. Independence Group NL 6 IGO ANNUAL REPORT 2017— 37 DIRECTORS’ REPORT 30 JUNE 2017 (continued)