Analytical Report No. LV.20.16.0354.1

Cargo grade Charcoal

Sample Description / No. 1 x 1.6 kg plastic bag/ No. 2618-PC

Sample labelled Composite sample "Ryazan"

Sample taken * Unknown *

Sample received by laboratory on 27th

of September, 2016Sealed Unsealed

Date of Testing on 27th

- 28th

of September, 2016Client OBBA Technologies

TESTS, UNITS METHODS SPECIFICATION RESULTS

Total Moisture, % mass ISO 579 - 4.44

Analitical Moisture, % mass ISO 11722 - 2.64

Ash, % mass ISO 1171 (modified) - 1.89

Volatile Matter, % mass ISO 562 - 13.52

Total Sulphur, % mass ISO 19579 - 0.01

Gross Calorific Value, kcal/kg ISO 1928 - 7 780

Fixed carbon, % mass Calculation - 81.95

The below table is received by recalculation of the analitical data according to method LVS EN 15296:

Tests, Units As-Analysed (ad) Dry(d) Dry Ash-free(daf) As-Received (ar)

Moisture, % mass 2.64 — — 4.44

Ash, % mass 1.89 1.94 — 1.86

VM, % mass 13.52 13.89 14.16 13.27

Sulfur, % mass 0.01 0.01 0.01 0.01

Q (gross), kcal/kg 7 780 7 991 8 149 7 636

Q (gross), kJ/kg 32 573 33 457 34 119 31 971

Q (gross), MWh/ton 9.05 9.29 9.48 8.88

Q (net), ** kcal/kg — 7 810 — 7 439

Q (net), kJ/kg — 32 701 — 31 146

Q (net), MWh/ton — 9.08 — 8.65

Hydrogen, % mass (excludes H in moisture) 3.57 3.67 3.74 3.51

The results shown in this test report specifically refer to the sample(s) tested as received unless otherwise stated.

All tests have been performed using the latest revision of the methods indicated, unless specifically marked otherwise on the report.

Precision parameters apply in the determination of the above results.

The laboratory is accredited by Latvian National Accreditation Bureau (LATAK) according to LVS EN ISO/ IEC 17025.

LATAK registration No.: LATAK-T-320.

Accreditation certificate is valid until 25th. March 2020.

* The sample was taken by "OBBA Technologies" company.

- The sample(s), to which the findings recorded herein (the "FINDINGS") relate, was (were) drawn and / or provided by the Client or a third party acting on Clients directions.

- The Findings constitute no warranty of the samples representativity of all the goods and strictly relate to the samples.

- The Company accepts no liability with regard to the origin or source from which the samples is/are said to be extracted.

** The net calorific value is calculated at constant volume.

For and on behalf ofSGS LATVIJA Ltd.

Riga, 28th of September, 2016

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