HOT BRIQUETTED IRON (HBIA) Ltd.

presents

Guide for Assessing Product Quality

* Direct Reduced Iron (A) Briquettes, hot moulded in the International Maritime Solid Bulk Cargoes (IMSBC) Code
published by the International Maritime Organization (IMO)

HBI - Steels Versatile Metallic

HOT BRIQUETTED IRON (HBI)*

Guide for
ASSESSING PRODUCT QUALITY

Published by
HBI Association Ltd.
* Direct Reduced Iron (A) Briquettes, hot-moulded in The International Maritime Solid Bulk
Cargoes (IMSBC) Code published by the International Maritime Organization (IMO)

Copyright

2011 by HBI Association, Ltd.

This guide published by HBI Association, Ltd.

All rights reserved. No part of this guide may be used or reproduced in any manner whatsoever
without the written permission of the Publisher.
2011 HBI Association Ltd.
ISBN 978-0-615-57430-1
Printed and bound in the United States of America

DISCLAIMER
The information presented in this guide is intended for general information only and
should not be used in relation to any specific application without independent
examination and verification of its applicability and suitability by professionally qualified
personnel. Those making use thereof or relying thereon assume all risks and liability
arising from such use or reliance.

ACKNOWLEDGEMENTS
HBI Association Ltd. (HBIA) wishes to thank Dr. Oscar Dam, Technical Committee Chairman,
HBI Association Ltd., and Ernesto Nuez, Senior Research Specialist, Orinoco Iron S.C.S., for
preparing and editing the information presented in this guide.
Dr. Dam and MSc. Nunez wish to recognize the companies and people who assisted in creating
the modeling, executing the tests, collecting the data, and preparing this guide for printing:
Materiales Siderrgicos S.A. (MATESI)
Felix Moya
General Manager
CVG Ferrominera Orinoco
Wilfredo Rivas
Commercial Department Chief Direct Reduction
Complejo Siderrgico de Guayana (COMSIGUA)
Alexander Gonzalez
Manager, Marketing & Procurement
Alberto Hassan for his guidance and support in making this guide a reality
Collin Bartlett, Gerhard Fritsch, Robert Hunter, Tom Scarnati, and Wolfgang Schtze for their
input and review
Frank Griscom for editing and production

FOREWORD
The purpose of the HBI Association Ltd. (HBIA) is threefold:
x To promote HBI as steels most versatile metallic
x To inform ship owners/operators, charterers, and terminal operators of the
handling, shipping, and storage benefits of HBI
x To assist iron and steel producers in the effective use of HBI
Therefore, the HBIA has sponsored the preparation of this guide to better inform those
involved in the use, transport, handling, and storage of steelmaking metallics of the
proper procedures and methods for sampling and testing hot briquetted iron (HBI).
The guide is divided into the following parts:
1 DEFINITIONS AND TERMS
2 HANDLING AND SAMPLING OF HBI
3 ISO STANDARDS
4 REFERENCES
The guide draws from the collective experience of Venezuelan producers of Direct
Reduced Iron (DRI) and HBI who have manufactured, used, and exported these
products and their byproducts for more than 35 years plus the experiments carried out
by recognized laboratories and recommendations made by shipping insurance
organizations during the period.
We believe you will find this guide for sampling and testing HBI, or DRI (A) Briquettes,
hot-moulded, as described in the IMSBC Code of the International Maritime
Organization (IMO), to be both informative and helpful.
Respectfully,

Alberto Hassan
President
HBI Association Ltd.

PREFACE
This document concentrates solely on the quality assessment of Direct Reduced Iron
(A) Briquettes, hot moulded, as per the International Maritime Solid Bulk Cargoes
(IMSBC) Code of the International Maritime Organization (IMO). The product is
commonly known as Hot Briquetted Iron (HBI).
The purpose of this document is to provide a guideline for producers, consumers, and
all others involved in the handling, shipping, and storing of HBI for assessing product
quality.
The information contained in this document is not relevant to the other forms of Direct
Reduced Iron : DRI (B) Lumps, pellets, cold-moulded briquettes and DRI (C) Byproduct fines.

Oscar Dam G. (MSc, PhD)

Technical Committee Chairman
HBI Association Ltd.

Ernesto Nez (MSc)

Senior Research Specialist
Orinoco Iron S.C.S.

PROLOGUE
i.

Introduction

Every day around the world the iron and steel industry relies on the products of HBIA members
to get the job done. The HBIA Certificate of Compliance Program was created to allow the
Producer Members a tool to demonstrate the quality of their products to the steel industry.
The HBIA is committed to maintaining the highest level of confidence in its testing and
certification program by providing impartial and objective assessment of the quality assurance
systems of its Producer Members. This commitment includes involvement to manage conflicts
of interest, ensure personnel competence, and maintain confidentiality of the information while
promoting openness and improving communication among members.
ii.

Standards

Achieving consensus on a comprehensive set of standards through active involvement with the
International Organization for Standards (ISO) has been a goal of the HBIA.
The HBIA, in cooperation with its Producer Members and technology and proprietary equipment
manufacturer members (Associate Members), recognizes and suggests practices,
specifications, technical publications, reports, and studies that address the HBI industry and the
safe use of its products. These standards and practices are the basis of the HBIA Certificate of
Compliance program.
iii.

Environmental Principles

The members of the HBIA are fully committed to improving the environmental compatibility of
their operations and the handling, shipping, storage, and use of their products. Our members
recognize their responsibility to develop and use natural resources in an environmentally sound
manner while protecting the health and safety of their employees, service suppliers, and
customers.
To meet these responsibilities, HBIA members pledge to manage their businesses according to
ISO Standards 9001-2000, 14001-2004, and to observe local laws and regulations according
with the following principles:
x To recognize community concerns for the raw materials used, products manufactured,
and the processes and systems operated.
x To operate plants and facilities and handle raw material and products in such a way that
protects the environment and the safety and health of employees and the public.
x To make safety, health, and environment considerations a priority in planning
improvements and developing new products, processes, and practices.
x To promptly advise employees, service suppliers, and customers of significant industryrelated safety, health and environmental hazards information and to recommend
protective measures.
x To counsel customers, carriers, and related parties in the safe use, transportation, and
disposal of raw materials, products, and related wastes.
x To commit to reduce overall emissions and waste generation.
x To promote these principles and practices by sharing experiences and offering
assistance to others who produce, handle, use, transport, or dispose of similar
products.
iv.

Safe Stowage and Shipment

The HBIA and its members follow international and national regulations for safe stowage and
shipment of HBI, with special attention given to properly conforming to the IMSBC Code for the
shipment of solid bulk cargos such as DRI (A).

CONTENTS
PART 1

DEFINITIONS & TERMS

1.1

Apparent Density

1.2

ASTM

1.3

Bulk Density

1.4

Drop Test

1.5

HBI

1.6

IMO

1.7

IMSBC

1.8

ISO

1.9

Metallization

1.10

True Density

1.11

Tumble Test

PART 2

HANDLING AND SAMPLING OF HBI

2.1

Introduction

2.2

HBI Sampling And Analysis Procedures Used

2.2.1 Objective and Field of Application
2.2.2 General
2.2.3 Sampling Location and Method
2.2.4 Calculating Increment Mass
2.2.5 Calculation Example
2.2.6 Sampling Equipment
2.2.7 Physical Analysis
2.2.8 HBI Chemical Analysis

2.3

PART 3

Quality Loss in Storage

ISO STANDARDS AND RECOGNIZED TESTING PROCEDURES

3.1

Introduction

3.2

Product Specifications
3.2.1 ISO Product Quality Standards Followed for HBI
3.2.2 ISO Physical Standards

PART 4

REFERENCES

PART 1
DEFINITIONS & TERMS
This section aims to provide some clarification for the appropriate used of the technical
terms of common use in industry regarding the DRI(A) products handling.
1.1 Apparent Density
Particle density considering pores
1.2 ASTM Standards
Technical standards for a wide range of naterials, products, systems, and services
developed and published by ASTM International.
1.3 Bulk Density
The weight of solids, air, and water per unit volume. Bulk density is expressed in
kilograms per cubic meter (kg/m3), in general. The void spaces in the cargo may be
filled with air and water.
1.4 Drop Test (a.k.a. Shatter Test)
Test used to determine the physical strength of bulk materials, such as coal, coke,
sinter, iron ore pellets, and HBI. Material is dropped from a certain height a number of
times and the fraction of +20mm is screened out. Consequently the percentage of the
material larger than 20mm is reported as the drop strength.
1.5 HBI
Hot Briquetted Iron is known as Direct Reduced Iron (A) Briquettes, hot-moulded in the
IMSBC Code. HBI is produced by reducing iron oxide lumps, pellets, or fines and
compressing at a temperature of at least 650 C to achieve an apparent density of at
least 5.0g/cm2.
1.6 IMO
International Maritime Organization (IMO) is a United Nations agency responsible for
regulating the safety of shipping in an international framework.
1.7 IMSBC Code
The International Maritime Bulk Cargoes (IMSBC) Code is published by IMO to
embody the best practices for the loading and unloading of ships and informs seafarers
about the risks associated with bulk cargoes.
1.8 ISO
International Standards Organization
1.9 Metallization
Percentage of total iron in HBI present as metallic iron.
1.10 True Density
Particle density without any pores
1.11 Tumble Test
Test in which material is rotated in a drum and the fraction of 6.35 mm is screened out.
Consequently the percentage of the material larger than 6.35 mm is reported as the
tumble strength. Furthermore, a fines fraction (e.g. less than 0.5mm) can be reported
as the abrasion index.

PART 2
HANDLING AND SAMPLING OF HBI
2.1

Introduction

HBIA Producer Members have manufactured HBI in four different direct reduction
processes: FIOR and FINMET fluid bed processes and MIDREX and HYL pellet/lumpbased processes. All four processes use natural gas as reductant and as fuel.
The physical and chemical properties of the HBI produced by the four processes are
similar but not identical due to different feed-stocks and processing parameters.
Typical HBI chemical analyses are listed in TABLE I.
NAME
Fe Total
Fe Metallic
Carbon
Sulfur
Phosphorus
Gange
Fines <6.35 mm
Bulk Density
Apparent Density

UNIT
%
%
%
%
%
%
%
t/m3
g/cm3

SPECIFICATION
CHEMICAL
91
85
0.6 - 1.5
0.02
0.10
5.5 max.
PHYSICAL
5 max.
--5.0 min.

EXPECTED

depending
depending
depending
depending

92
84.7
on the
on the
on the
on the

producer
producer
producer
producer

3.0
2.5-2.8
5.0-5.5

TABLE I - Typical HBI Specifications

2.2

HBI Sampling And Analysis Procedures Used

2.2.1 Objective and Field of Application
These procedures cover the HBI sampling methods used by HBIA members to
perform physical and chemical analysis.
2.2.2 General
For sampling of HBI at the loading and unloading ports, the incremental
sampling method is used and the following information should be taken into
account:
x Tons of briquettes to be discharged - Normally the tonnage carried by
vessels ranges from 15,000-50,000 tons, and vessels of this category
normally have at least 5 to 7 holds.
x Size of the increment to be taken - Since the briquettes are uniform in
size and a constant weight, the size increments should be calculated
according to sampling method. Statistically the HBI quality has shown to
be constant with respect to composition. As a result the variability is
considered to be small when selecting the number of increments.
x Determination of number of increments - In order to determine how
many increments, or samples, should be taken, TABLE II should be
used and values should be selected from the small variation column of
TABLE II.

TABLE II - Example of minimum number of increments required (n1)

for desired sampling precision ()
Source: Direct reduced iron and hot briquetted iron Sampling and sample preparation
ISO 10835:2007 (E)

2.2.3 Sampling Location and Method

The sampling normally should be done on the discharge belt conveyor only, not
on the piles, using either an automatic sampling system or executed manually.
The discharge system will have an influence on the method of sampling, and
the procedure should take this into consideration.
The recommended sampling should be carried out according to the following
procedure:
x The sample can be taken with the conveyor belt in service if the sampler
is automatic. The conveyor must be shut down to sample manually. The
location to take the sample and the procedure must to be well defined in
advance, keeping in mind the safety of the personnel.
x To take the sample manually, a cut of the product will be made on the
belt and a complete sample will be removed using shovel and broom to
collect fines.
The samples taken will be placed in special containers designed for samples.
When sampling is finished, all containers will be transported to the laboratory to
be prepared for physical and chemical analysis.
2.2.4 Calculating Increment Mass
a. Increment Mass for Falling-Stream Sampling
The mass of increment, m1, in kilograms, taken either mechanically or
manually by a cutter-type primary sampler from the HBI stream at the
discharge end of a conveyor belt is given by the equation:
m1 = ql1/3,6vc
where:
q is the flow rate, in tons per hour of HBI on the conveyor belt
l1 is the cutter aperture, in meters, of the primary sampler
vc is the cutter speed, in meters per second, of the primary sampler

The minimum increment mass that can be taken, while still avoiding
bias, is determined by the minimum cutter aperture and the maximum
cutter speed.
b. Increment Mass for Stopped-Belt Sampling
The mass of increment, m1, in kilograms, taken manually from a stopped
belt is equal to the mass of a complete cross-section of HBI on the
conveyor is given by the equation:
m1 = ql2/3,6vB
where:
q is the flow rate, in tons per hour, of HBI on the conveyor belt
l2 is the length of section of HBI removed from the conveyor, in
meters
vB is the speed of the conveyor belt, in meters per second
2.2.5 Calculation Example.
In order to demonstrate the use of the procedure, suppose that a total of 35,000
tons of briquettes are discharged.
x The increment mass is calculated according to 2.4.1 or 2.4.2
x For small quality variations, TABLE II shows that 35 increments should
be taken
x The interval between increments will be Tonnage/(2 x n) = 35000/(2 x
35) = 500 tons
Therefore, samples should be taken every 500 tons
The first sample can be taken at random at the beginning of the discharge, and
subsequent samples should be taken at intervals equal to Tonnage at first
sample + 500 tons.
The sample can be stored either in consecutively numbered containers or in a
single large container with all samples.
2.2.6 Sampling Equipment
The following is the recommended equipment and tools for sample preparation
and sampling of HBI:
x Containers to save prepared samples
x 50 kg manual balance with large metal pan
x Sample screens of 1", 1/2", 3/8", 1/4" and 5, 80 and 100 mesh
x Primary jaw crusher that can crush to 1/2" size
x Secondary jaw crusher that can crush to 1/4" size
x Sample riffle type splitters of various reduction ratios
x Ring roller mill for grinding
x 125 ml plastic sample containers
x Electronic balance accurate to 0.01 g
x Drying oven
2.2.7 Physical Analysis
In the physical analysis area of the laboratory, the entire sample of HBI has to
be processed. This can be done either by hold or by entire cargo.

The physical analysis should consider the following:

a. Grain Size Distribution
The following screens should be used for the analysis: 25,4 mm; 12,7
mm; 9,525 mm; 6,35 mm and -6,35 mm (Pan) (1", 1/2", 3/8", 1/4", and 1/4 (Pan)). Some clients may request that different screens are used.
The material that does not pass through the 25.4 mm or 1" screen
should be weighed. The rest should be screened on a lab screen sizer
to determine the weight of each size.
The briquettes used for the physical analysis should be saved for the
chemical analysis.
b. Apparent Density (minimum sample 10 briquettes)
Dried briquettes are weighed in air, soaked in water, surface dried and
weighed again: first in air and then in water. The apparent density and
water absorption are determined, by calculation, from the masses
obtained.
x
x
x
x
x
x
x

x
x

Sampling and sample preparation shall be in accordance with

ISO 10835.
A test sample to provide at least 100 briquettes shall be obtained.
Sieve the test sample by hand on a 40 mm test sieve to discard
any - 40 mm material.
Spread the test sample to form a single layer of briquettes, in the
shape of a rectangle.
At least 4 test portions, each of at least 6 briquettes, shall be
prepared by taking at random single briquettes and placing them
consecutively in 4 piles or containers.
Take at random one of the test portions. The briquettes in the
test portion may either all be tested at the same time or be tested
individually in random order and the results averaged.
Oven-dry the briquettes to constant mass at 105 C +/-5 C. Cool
the test portion in air to room temperature and remove any
adhering dust. Determine and record the mass (m1) of the test
portion.
Soak the dried briquettes of the test portion in a vessel containing
water at a temperature of 22 C +/- 5 C. Allow the briquettes to
remain submerged until all air bubbling stops.
Remove the soak briquettes from the vessel. Let them drain
momentarily and then gently surface-dry them with paper towels.
Place them on a weighing device and immediately weigh.
Determine and record the total mass (m2) of the test portion.
Two methods are allowed for the determination the mass of
soaked briquettes in water (ISO 15968): Testing of entire test
portion Wire suspension method (m3 , m4)
and Testing
individual briquettes Wire suspension method (m4).
 
  
 a) is calculated from the following
formula:
Wire basket method
a = m1 / (m4 - m3)
Wire suspension method
a = m1 /m4

Assuming density of water to be 1.0 g/cm3.

m1 is the mass in air, in grams, of the dried briquettes;
m3 is the apparent mass in water, in grams, of the wire suspension
basket. This is equivalent to the "apparent volume" of the basket. In the
case of the wire suspension method, m3 is negligible;
m4 is the apparent mass in water, in grams, of the soaked briquettes.
This is equivalent to the "apparent volume" of the briquettes.
c. Tumble and Abrasion Indices (per ISO 15967)
The test portion is tumbled in a circular drum for a total of 200
revolutions, at 25 rpm. The product material is sieved with test sieves
having square openings of 6.35 mm and 0.5 mm. The tumble index is
expressed as the mass percentage of material greater than 6.35 mm,
and the abrasion index as the mass percentage of material-less than 0.5
mm.
x
x
x
x
x
x
x

Sampling of a lot of HBI and sample preparation shall be in

accordance with ISO 10835.
A test sample of at least 70 kg, on dry basis, shall be obtained.
Oven-dry the test sample to constant mass at 105 C 5 C and
cool it to room temperature before preparation of the test
portions.
Sieve the test sample by hand on a 40 mm test sieve to discard
any - 40 mm material.
Spread the test sample on a smooth and flat plate to form a
single layer of briquettes, in the shape of a rectangle.
At least 4 test portions, each of approximately 15 kg shall be
prepared by taking at random single briquettes and placing them
consecutively in 4 piles or containers.
Take at random one of the test portions, record its mass (m0) and
place it in the tumble drum. Tightly fasten the door and rotate the
drum at 25 rpm 1 rpm for a total of 200 revolutions. Stop the
drum and keep the door fastened for at least 2 min before
opening to allow the dust to settle.
Remove all the material carefully from the drum and hand sieve it
on the 6.35 mm and 0.5 mm sieves. Determine and record the
mass of each fraction retained on 6.35 mm (m1) and 0.5 mm (m2)
sieves to the nearest 0.1 g. Material lost during sieving shall be
considered to be part of the minus 0.5 mm fraction.
The tumble index (T) and abrasion index (A), expressed as
percentages by mass, are calculated from the following formula:
T = (m1 / m0) x 100
A = [m0 - (m1 + m2)]/ m0 x 100
m0 is the mass, in grams, of the test portion as weighed out and
placed in the tumble drum;
m1 is the mass, in grams, of the +6.35 mm fraction of the
tumbled test portion;

m2 is the mass, in grams, of the -6.35 + 0.5 mm fraction of the

tumbled test portion
2.2.8 HBI Chemical Analysis
In order to do chemical analysis, the samples have to be prepared using the
sequence indicated in Figure 1.

Figure 1 - Example Sampling and Sample Preparation Flowsheet

Source: Direct reduced iron and hot briquetted iron Sampling and sample preparation
ISO 10835:2007 (E)

The HBI sample is to be prepared for chemical analysis as specified below:

1. The complete sample will be ground in the primary jaw crusher to 12.7
mm (1/2"). The sample will be homogenized in all directions using a
metal shovel.
2. The sample will be split with the splitter into 4 equal parts. Three parts
will be discarded and the fourth will be further ground with the secondary
jaw crusher to 6.35 mm (1/4").
3. The sample will be homogenized with a splitter of 12.7 mm (1/2")
opening and one half will be discarded.
4. The sample will once again be homogenized and split. The largest
portion will be discarded.
5. The smallest remaining portion will be repeatedly reduced in the splitter
until a sample of 500g remains.

6. This 500g sample will be ground in the ring-roller mill for 2 minutes to
obtain a -100 mesh sample.
The prepared sample will be homogenized and split into 3 portions which will be
stored in plastic containers and labeled as:
x Sample for chemical analysis- Buyer.
x Sample for chemical analysis- Seller.
x Referee Sample.
The sample then can be analyzed for chemical composition using the ISO methods
shown in TABLE IV of section 3.2

2.3

Quality Loss in Storage

HBI will slowly re-oxidize or rust in storage, which results in a loss of metallic iron and
metallization. The losses are higher on the outside layers of the pile, particularly on the
surface layer, and diminish toward the center of the pile (see Figure 2).

Figure 2 Effect of Weathering on HBI (Outdoor Storage)

PART 3
ISO STANDARDS AND RECOGNIZED TESTING PROCEDURES
3.1

Introduction

This section presents the ISO Standards and internationally recognized testing
procedures that, when properly applied, define the HBI and the characterization of all
its properties as a manufactured product.
3.2

Product Specifications
3.2.1 ISO Product Quality Standards Followed For HBI
The ISO Chemical Standards shown in TABLE IV are the ones agreed and of
common use on the HBI producing laboratories worldwide.
These standards are used not only for quality assurance by the producer but
also for setting guaranties and verification by the customers.

DESCRIPTION
Total Fe
Metallic Fe

Carbon
Sulfur
Phosphorus as
Apatite

SiO2

MgO

CaO

Al2O3

QUALITY ASSURANCE AND PROCEDURES FOR

HBI
ANALYSIS METHOD
Stannous chloride reduction and potassium dichromate
titration
Ferrous Chloride method
Bromine methanol and potassium dichromate titration
(*)
Infrared absorption by induction furnace
Infrared absorption by induction furnace
X Ray Fluorescence Spectrometry
Molybdenum blue spectrophotometric
Inductively coupled plasma atomic emission
spectrometric
X Ray Fluorescence Spectrometry
Gravimetric method
Inductively coupled plasma atomic emission
spectrometric
Flame atomic absorption spectrometric
X Ray Fluorescence Spectrometry
Inductively coupled plasma atomic emission
spectrometric
Flame Atomic Absorption Spectrometric
X Ray Fluorescence Spectrometry
Inductively coupled plasma atomic emission
spectrometric
Flame atomic absorption spectrometric
X Ray Fluorescence Spectrometry
Inductively coupled plasma atomic emission
spectrometric
TABLE IV - ISO Chemical Standards

ISO STANDARD
2597-1-1986
2597-2-1986
ISO/DTS 16878
5416-2006
9686-2006
9686-2006
9516-1-2003
4687-1992
11535-2006
9516-1-2003
2598-1-1992
11535-2006
10204-2006
9516-1-2003
11535-2006
10203-2006
9516-1-2003
11535-2006
4688-2006
9516-1-2003
11535-2006

The bromine methanol is not advised to be used on a regular basis by the

producers due to human health risk, but it is useful for precision analysis on
claims or clarification issues.
Due to the variety of standards and the new analytical techniques, the selection
and use of a particular standard could be a matter of agreement between the
producer and the customer.
3.2.2 ISO Physical Standards
TABLE V shows the industry accepted ISO standards for physical assurance of
HBI quality. These tests require the agreement of producers and customers.
DESCRIPTION
Sampling and
Sample Preparation
Apparent Density
Bulk Density
Size Distribution
Hygroscopic
moisture
Moisture of a lot

QUALITY ASSURANCE AND PROCEDURES FOR HBI

ANALYSIS METHOD
Direct reduced iron and hot briquetted iron
Suspension wire or wire basket
Bulk density
Sieving
Gravimetric, Karl Fisher and mass-loss

ISO STANDARD
10835-2007
15968-2000
3852-2007
4701-2008
2596-2006
3087-1998
15967

Tumble and
Abrasion Indices
TABLE V - ISO Physical Standards

PART 4
REFERENCES
1. ISO Standards Manuals.
2. International Maritime Solid Bulk Cargoes Code and Supplement
3. Dam, Oscar G. - Orinoco Iron Manual for the Transport, Handling and use of
Orinoco Iron HBI.
4. Dam, Oscar G., and Gibellini, Ido - Guide for The Safe Handling, Storing and
Transport of DRI A (HBI). 1st Edition-HBIA 2009.
5. Dam, Oscar G., & Ido Gibellini - Guide for The Safe Handling, Storing and
Transport of DRI C (High Moisture). 1st Edition. HBIA 2009.
6. Nuez, Ernesto, Jaimes, Ender & Benguria, Joseba.- Orinoco Iron Quality Dpt.
Modeling of the Hydrogen Emission and the Effect of the ventilation in a Hold of
Boat with DRI Fines. September 2006.

NOTES

HBI Association Ltd.

624 Matthews-Mint Hill Road
Suite 410
Matthews, North Carolina 28105
USA
HBI Association Ltd, December 2011