Certificate N: 1709010531

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CERTIFICATE OF SAMPLING AND ANALYSIS

Vessel MV MANDARIN FORTUNE

Port of Loading Richards Bay Coal Terminal, South Africa
Sampling Commenced 20 August 2017 @ 15h00
Sampling Completed 21 August 2017 @ 10h35
Bill of Lading Date 21 August 2017
Quantity (as per SGS Draft Survey) 6000 Metric Tons (as a part of 54500 Metric Tons)
Description of goods Steam Coal in Bulk of South African Origin
Our Reference BO 400044

THIS IS TO REPORT that in accordance with instructions received from our Principal, Mercuria Energy
Trading , to perform sampling and analysis of the above mentioned shipment, we hereby report the
following:-

SAMPLING MECHANICAL SAMPLING - SGS, operated as per ISO 13909 Part 2. Samples collected
throughout the entire loading of the vessel. Mechanical Sampling System (MSS) was
checked by SGS prior to loading and confirmed that the MSS was designed and operated
in accordance with ISO 13909 Part 2. Performance Monitoring of the MSS, and collection
of extraction ratios, confirmed that the MSS continues to perform as designed. Bias Test
data was made available to SGS.
ANALYSIS Reported results are based on a calculated weighted average of 6 Sub-lot(s) analysis
results using weights and qualities on the same moisture basis, and composite analysis
results where applicable. Analysis performed in accordance with ISO Standards or other
International Standards.

Size (in mm): 50mm

We report the following on weighted average for proximate analysis:

Proximate Analysis Unit As Received Air Dry Dry Basis
Basis (ARB) Basis
Total Moisture % 6.84 ----- -----
Moisture in Analysis Sample % ----- 3.22 -----
Ash % 14.65 15.22 15.72
Volatile Matter % 24.56 25.52 26.36
Fixed Carbon % 53.95 56.04 57.92
Sulphur % 0.50 0.52 0.53
Gross Calorific Value kcal/kg 6259 6502 6718
Net Calorific Value (NCV in Kcal/KG) kcal/kg 6047 6303 6531

Ultimate Analysis Unit As Received Air Dry Dry Basis

Basis Basis
Total Carbon % 64.93 67.45 69.69
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 South Africa (Proprietary) 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
Harrowdene Office Park, Building 1 this document is advised that information contained hereon reflects the Companys findings at
the time of its intervention only and within the limits of clients instructions, if any. The
Western Service Road Companys sole responsibility is to its Client and this document does not exonerate parties to
Woodmead a transaction from exercising all their rights and obligations under the transaction documents.
Any unauthorized alteration, forgery or falsification of the content or appearance of this
Johannesburg document is unlawful and offenders may be prosecuted to the fullest extent of the law.
Phone: +27 11 800 1000 The authenticity of this document may be verified at
https://sgsonsite.sgs.com/en/v2/common/ecertificate/authenticateeCertificate.jsp.
Certificate N: 1709010531
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Hydrogen (excludes H in moisture) % 3.54 3.67 3.80

Total Nitrogen % 1.65 1.71 1.77
Oxygen by diff.(excludes O in moisture) % 7.90 8.21 8.49
Total Hydrogen (includes H in moisture) % 4.30 4.04 -----
Oxygen (includes O in moisture) % 13.97 11.07 -----

HGI 51

Ash Fusion Temperatures In a reducing

term
Initial Deformation (IDT) Deg.C 1430
Spherical (Softening) Deg.C 1450
Hemispherical Deg.C 1470
Flow (Fluid) Deg.C 1490

Mineral Ash Analysis (Dry Basis) Unit Result

SiO2 % 48.53
Al2O3 % 31.60
Fe2O3 % 2.97
Calcium Oxide in Ash (DB) % 8.60
MgO % 1.21
Na2O % 0.06
K2O % 0.47
P2O5 % 2.00
TiO2 % 1.92
MnO2 % 0.02
SO3 % 2.09
Undetermined % 0.53
Total % 100.00

Issued by SGS South Africa at Loading Port For and on behalf of

24 August 2017 SGS South Africa
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 South Africa (Proprietary) 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
Harrowdene Office Park, Building 1 this document is advised that information contained hereon reflects the Companys findings at
the time of its intervention only and within the limits of clients instructions, if any. The
Western Service Road Companys sole responsibility is to its Client and this document does not exonerate parties to
Woodmead a transaction from exercising all their rights and obligations under the transaction documents.
Any unauthorized alteration, forgery or falsification of the content or appearance of this
Johannesburg document is unlawful and offenders may be prosecuted to the fullest extent of the law.
Phone: +27 11 800 1000 The authenticity of this document may be verified at
https://sgsonsite.sgs.com/en/v2/common/ecertificate/authenticateeCertificate.jsp.