PRODUCTS UPDATE; MAY 2012

Delivery Terms:  Free-on-Board; Richards Bay Coal Terminal; South Africa

Price PMT:          $ 111.00

Total Quantity:  150 000 to 300 000 metric tons per month for 12 (twelve) months with

                            extentions.

First Delivery:      07 to 10th of May 2012

Steam coal in accordance with the following typical specifications on an ISO basis (the “Coal”):

A Grade “Steam Coal” – RBCT COAL TERMINAL, RICHARDS BAY, SOUTH AFRICA
Analysis	Unit	As Received	Air Dry	Dry Basis
Total Moisture In	%	5.80	-	-
Sample ASH	%	-	2.3	-
Content	%	13.2	13.7	14.0
Volatile Matter	%	26.3	27.3	27.9
Fixed Carbon	%	54.7	56.7	58.6
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