Certificate N°: 1610200696

Page N°: 1/ 2

CERTIFICATE OF ANALYSIS
Vessel : MV NORD DRACO
Port of Loading : Vysotsk, Russia
Commenced Sampling : 11th of October, 2016
Completed Sampling : 14th of October, 2016
B/L Dated : 14th of October, 2016
B/L Weight : 57,763.883 Metric Tons
Commodity : Russian Steam Coal in Bulk
Our Reference : 181202-371044-SP-MIN-1043-16/A

THIS IS TO REPORT that in accordance with instructions received from our Principal, to perform sampling and analysis
at loading port of the above mentioned shipment, we hereby report the following.
SAMPLING: Samples were collected throughout the entire loading of the vessel by manual sampling, in accordance with
ASTM Standards.
ANALYSIS : 10 (ten) Sub-lot samples were analysed in accordance with ASTM Standard Methods.
We report the following weighted average:
Proximate Analysis As Received Air Dried Dry Basis
Total Moisture % 11.90 2.39 ---
Ash % 9.85 10.91 11.18
Volatile Matter % 30.73 34.05 34.88
Fixed Carbon % 47.52 52.65 53.94
Total Sulphur % 0.37 0.41 0.42
Gross Calorific Value kcal/kg 6233 6906 7075
Net Calorific Value kcal/kg 5940 6644 6821
We report the following on the composite sample:
Ultimate Analysis As Received Air Dried Dry Basis
Carbon % 63.58 70.44 72.17
Hydrogen (excludes H in moisture) % 4.35 4.82 4.94
Nitrogen % 1.75 1.94 1.99
Oxygen by Difference (excludes O in moisture) % 8.20 9.08 9.30
Total Hydrogen % 5.68 5.08 ---
Total Chlorine % <0.02 <0.02 <0.02
Total Fluorine ppm 73 81 83
Hardgrove Grindability Index 64
(continued next page)

This document is issued by the Company subject to its General Conditions of Service
(www.sgs.com/en/Terms-and-Conditions.aspx). Attention is drawn to the limitations of liability,
SGS Vostok Limited indemnification and jurisdictional issues established therein.
This document is to be treated as an original within the meaning of UCP 600. Any holder of this
5 Sovetskaya, 44, 2F, 193144, St.Petersburg document is advised that information contained hereon reflects the Company’s findings at the
Russian Federation time of its intervention only and within the limits of client’s instructions, if any. The Company’s
t : +7 812 449 04 66 f : +7 812 449 04 67 sole responsibility is to its Client and this document does not exonerate parties to a transaction
from exercising all their rights and obligations under the transaction documents. Any
e: ru.spboffice@sgs.com unauthorized alteration, forgery or falsification of the content or appearance of this document is
www.ru.sgs.com unlawful and offenders may be prosecuted to the fullest extent of the law.
Member of SGS Group The authenticity of this document may be verified at
https://sgsonsite.sgs.com/en/v2/common/ecertificate/authenticateeCertificate.jsp.
 Certificate N°: 1610200696
Page N°: 2/ 2

(continued)
No. 181202-371044-SP-MIN-1043-16/A

Ash Fusion Temperature Reducing Atmosphere Oxidizing Atmosphere

IDT (Initial Deformation) Deg.C 1241 Deg.C 1291
Spherical (Softening) Deg.C 1270 Deg.C 1318
Hemispherical Deg.C 1296 Deg.C 1348
Flow (Fluid) Deg.C 1346 Deg.C 1401

Elemental Ash Analysis,

dry basis Unit Result
Silicon as SiO2 % 54.90
Aluminum as Al2O3 % 22.08
Iron as Fe2O3 % 6.60
Calcium as CaO % 5.17
Magnesium as MgO % 1.68
Sodium as Na2O % 0.81
Potassium as K2O % 1.97
Phosphorus as P2O5 % 0.98
Titanium as TiO2 % 0.86
Manganese Dioxide as MnO2 % 0.09
Strontium as SrO % 0.25
Barium as BaO % 0.27
Sulphur SO3 % 3.83
Undetermined % 0.51
Total % 100.00
Coal Ash Properties
Slagging Index 0.09
Fouling Index 0.17
Base Acid Ratio 0.21

Size 0 – 50 mm
0-1 mm – 9.7 %
Sieve test was performed using square holed sieves.

This document is a witness of survey services rendering.

Issued by SGS Vostok Limited at Loading Port For and on behalf of

20 October 2016 SGS Vostok Limited
As Independent Surveyor

This document is issued by the Company subject to its General Conditions of Service
(www.sgs.com/en/Terms-and-Conditions.aspx). Attention is drawn to the limitations of liability,
SGS Vostok Limited indemnification and jurisdictional issues established therein.
This document is to be treated as an original within the meaning of UCP 600. Any holder of this
5 Sovetskaya, 44, 2F, 193144, St.Petersburg document is advised that information contained hereon reflects the Company’s findings at the
Russian Federation time of its intervention only and within the limits of client’s instructions, if any. The Company’s
t : +7 812 449 04 66 f : +7 812 449 04 67 sole responsibility is to its Client and this document does not exonerate parties to a transaction
from exercising all their rights and obligations under the transaction documents. Any
e: ru.spboffice@sgs.com unauthorized alteration, forgery or falsification of the content or appearance of this document is
www.ru.sgs.com unlawful and offenders may be prosecuted to the fullest extent of the law.
Member of SGS Group The authenticity of this document may be verified at
https://sgsonsite.sgs.com/en/v2/common/ecertificate/authenticateeCertificate.jsp.