A GRADE STEAM COAL
Origin: RICHARDS BAY COAL TERMINAL; SOUTH AFRICA

This Offer is valid till 07th day of May 2012

TYPICAL ANALYSIS:

Analyses                                                 Unit                    As Recived        Air Dry          Dry Basis

Total MOISTURE                                    %                         5.80                      -                          -
Sample ASH Content                               %                          -                         2.3                        -
Volatile Matter                                         %                         13.20                  13.70                 14.00
Fixed Carbon                                            %                         26.30                  27.30                 27.90
Total Sulphur                                            %                          0.59                     0.61                   0.62
Gross Calorific Value                           Mj/Kg                     26.47                  27.45                 28.10
Gross Calorific Value                        Kcal/Kg                      6323                   6558                  6712
Net Calorific Value                              Mj/kg                      25.58                      -                         -
Net Calorific Value                           Kcal/Kg                      6111                      -                         -
Hydrogen                                                  %                           3.65                    3.79                   3.88

Terms of Delivery:      FREE_ON_BOARD
Price per metric ton:    $112.00
Total Tons available:   150 000 m/t
Date of Availability:    30th day of April 2012
Payment Terms:           Letter of Credit / MT760 Swift

STANDARD TERMS AND CONDITIONS APPLY.