coal methodology

METHODOLOGY AND SPECIFICATIONS GUIDE

Coal(Latest update: July 2015)

INTRODUCTION 2HOW THIS METHODOLOGY STATEMENT IS ORGANIZED 2

PART I: DATA QUALITY AND DATA SUBMISSION 2WHAT TO REPORT 2HOW TO REPORT 3MOC DATA PUBLISHING PRINCIPLES 3

PART II: SECURITY AND CONFIDENTIALITY 4

PART III: CALCULATING INDEXES AND MAKING ASSESSMENTS 4MOC PRICE ASSESSMENT PRINCIPLES 4

PART IV: PLATTS EDITORIAL STANDARDS 7

PART V: CORRECTIONS 7

PART VI: REQUESTS FOR CLARIFICATIONS OF DATA AND COMPLAINTS 7

PART VII: DEFINITIONS OF THE TRADING LOCATIONS FOR WHICH PLATTS PUBLISHES DAILY INDEXES OR ASSESSMENTS 8PLATTS DAILY PHYSICAL ASSESSMENTS 8PLATTS INTERNATIONAL 90-DAY DAILY PHYSICAL ASSESSMENTS 11PLATTS WEEKLY 90-DAY ASSESSMENTS 12PLATTS FORWARD CURVE – COAL 14PLATTS US COAL ASSESSMENTS 15PETCOKE – AMERICAS PETCOKE ASSESSMENTS 16PETCOKE – TURKEY AND INDIA PETCOKE ASSESSMENTS 17BIOMASS – WOOD PELLET ASSESSMENTS 17OTHER INDICES AND PRICING DATA 18GERMAN AND UK DARK SPREAD ASSESSMENTS,

COAL TRADER INTERNATIONAL 19PLATTS DAILY RICHARDS BAY-INDIA FREIGHT ASSESSMENTS 20PLATTS DAILY METALLURGICAL COAL ASSESSMENTS 20PLATTS MONTHLY METALLURGICAL COAL ASSESSMENTS 20PLATTS US EMISSIONS METHODOLOGY 20

SPECIFICATIONS 21

CODE LIST 22

REVISION HISTORY 33

[COAL]

METHODOLOGY AND SPECIFICATIONS GUIDE COAL, JULY 2015

2COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL

INTRODUCTION

Platts’ methodologies are designed to produce price assessments that are representative of market value, and of the particular markets to which they relate. Methodology documents describe the specifications for various products reflected by Platts’ assessments and indexes, the processes and standards Platts adheres to in collecting data, and the methods by which Platts arrives at final assessment values for publication. These guides are freely available on Platts’ website for public review.

Platts discloses publicly the days of publication for its price assessments and indexes, and the times during each trading day in which Platts considers transactions in determining its assessments and index levels. This schedule of publication is available on Platts’ website, at the following link: http://www.platts.com/HolidayHome.

The dates of publication and the assessment periods are subject to change in the event of outside circumstances that affect Platts’ ability to adhere to its normal publication schedule. Such circumstances include network outages, power failures, acts of terrorism and other situations that result in an interruption in Platts’ operations at one or more of its worldwide offices. In the event that any such circumstance occurs, Platts will endeavor, whenever feasible, to communicate publicly any changes to its publication schedule and assessment periods, with as much advance notice as possible.

All Platts methodologies reflect Platts’ commitment to maintaining best practices in price reporting.

Platts’ methodologies have evolved to reflect changing market conditions through time, and will continue to evolve as markets change. A revision history, a cumulative summary of changes to this and future updates, is included at the end of the methodology.

HOW THIS METHODOLOGY STATEMENT IS ORGANIZED

This description of methodology for indexes and assessments is divided into seven major parts (I-VII) that parallel the entire process of producing the end-of-day price values.

■■ Part I describes what goes into Platts indexes and price values, including details on what data market participants are expected to submit, the process for submitting data and criteria for timeliness of market data submissions.

■■ Part II describes any security and confidentiality practices that Platts uses in handling and treating data, including the separation between Platts price reporting and its news reporting.

■■ Part III is a detailed account of how Platts collects bids, offers, trades and other market data, and what Platts does with the data to formulate its indexes and assessments. It includes descriptions of the methods that Platts uses for reviewing data, and the methods used to convert raw data into indexes and assessments, including the procedures used to identify anomalous data. This section describes how and when judgment is applied in this process, the basis upon which transaction data may be excluded from a price assessment, and the relative importance assigned to each criterion used in forming the price assessment. This section describes the minimum amount of transaction data required for a particular price assessment to be published, and the criteria for determining which values are indexes, and which are assessments, based on reported transactions and other market information. Finally, this section describes how Platts addresses assessment periods where one or more reporting entities submit market data that constitute a significant proportion of the total data upon which the assessment is based.

■■ Part IV explains the process for verifying that published prices comply with Platts’ standards.

■■ Part V lays out the verification and correction process for revising published prices and the criteria Platts uses to determine when it publishes a correction.

■■ Part VI explains how users of Platts assessments and indexes can contact Platts for clarification of data that has been published, or to register a complaint. It also describes how to find out more about Platts’ complaint policies.

■■ Part VII is a list of detailed specifications for the trading locations and products for which Platts publishes indexes or assessments in this commodity. This section describes why specific units of

measurement are used, and what conversion factors are used to move between units of measurement, where relevant.

PART I: DATA QUALITY AND DATA SUBMISSION

Platts’ objective is to ensure that the submission of transactional information and other data inputs that editors use as the basis for their price assessments is of the highest quality. Ensuring that data used in Platts’ assessments is of high quality is crucial to maintaining the integrity of Platts’ various price assessment processes.

Platts encourages entities that submit any market data for consideration in its assessment processes to submit all market data that they have which may be relevant to the assessment being made. Platts’ aim is to determine the full circumstances surrounding all reported transactional data, including details of quality, specifications, order sizes, dimensions, lead times and any locational and loading/delivery information. Platts uses that information to determine a typical and repeatable market level for coal being assessed.

Platts routinely, and as part of standard editorial practice, reviews the companies participating in its price assessment processes. These reviews ensure the suitability of data and information that are used to formulate Platts’ end-of-day price assessments. These reviews are conducted on a regular basis, and may take into consideration an array of issues including, but not limited to, adherence to editorial guidelines, operational and logistical issues, as well as counterparty acceptance.

The reviews are not designed to impede a company’s ability to bilaterally engage in market transactions; the objective at all times is to ensure the integrity of published price assessments. Platts does not disclose the nature or scope of routine reviews of data providers that participate in its price assessment activities.

WHAT TO REPORT

■■ Firm bids that are open to the marketplace as a whole, with standard terms

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■■ Firm offers that are open to the marketplace as a whole, with standard terms

■■ Expressions of interest to trade with published bids and offers, with standard terms

■■ Confirmed trades

■■ Indicative values, clearly described as such

■■ Reported transactional activity heard across the market, clearly described as such

■■ Other data that may be relevant to Platts assessments

HOW TO REPORT

Platts accepts information provided for publication in real-time across a wide variety of media. The following reporting methods are accepted by Platts’ editorial staff:

■■ Commonly used Instant Messaging software

■■ Telephone

■■ Email

■■ Fax

MOC DATA PUBLISHING PRINCIPLES

Platts assesses the value of coal globally using its Market on Close (MOC) assessment process. The MOC assessment process establishes core standards for how data is collected and published, how data is prioritized by value, and ultimately how data is analyzed in the course of completing Platts assessments.

Transparency underpins Platts’ data publishing processes in the coal markets. Under Platts MOC guidelines for collecting and publishing data, Platts publishes market information including but not limited to

firm bids and offers from named companies, expressions of interest to trade and confirmed trades that are received from market participants throughout the day.

This information is published in real-time, as it is received, on Platts’ information service, Platts Global Alert, Platts Global Coal Alert, Coal Trader and Coal Trader International. Platts publishes all information received so that it can be fully tested by the market at large. Information collected and published includes the identities of buyers and sellers, confirmed prices, volumes, location, and stated trading terms.

Platts’ assessments are designed to reflect repeatable market value at the close of the assessment process. Platts tracks market price evolution during the entire day, and publishes a wide range of data relating to market value as it does so. All data that has been published through the day is analyzed during the assessment process. Towards the close of the day, Platts focuses its assessment process to publish named firm bids and offers, expressions of interest to trade and confirmed trades, with all relevant details. This transparent data is prioritized in the assessment process, because it is available to the entire market for testing.

Platts applies a survey assessment methodology where market conditions do not support an MOC assessment environment. Platts collects a wide variety of transactional and market information through a survey of participants, which typically includes communicating with sources via phone, email, and instant messaging, among other communication methods. Although the survey assessment methodology is in many respects similar to the MOC assessment methodology there are key distinctions between the assessment approaches.

In such environments, Platts collects as much data as possible, including bids, offers, interest to trade, transactions that have been previously concluded, and indications of value from participants in the market. Platts seeks to collect, confirm and analyse as much information as possible in survey markets, and encourages market participants to provide all relevant information. Platts publishes credible information collected that meets our methodological standards, typically through real-time information services and with as much transparency as possible. This information is considered when determining and completing a final assessment.

All Platts market reporters are trained to analyse the data they receive

and to question sources to establish the fullest set of information possible around price data. Reporters are trained to seek a wide variety of information to test reported transactional activity, including the specific price agreed, the counterparty to the trade, the point of origin and destination for delivery of the commodity, the size of the transaction, any physical quality commitments agreed as part of the trade, the terms and conditions of a trade and when a trade was agreed.

Survey and MOC environments are linked. Survey assessment environments are a common ground for future MOC assessment environments, and Platts regularly reviews its survey environments to determine which may be suited to an MOC approach. Similarly, MOC environments are underpinned by data collected by surveying sources throughout the day, to ensure that Platts is aware of market values as the MOC process begins, and so that Platts has data to review when considering information collected through MOC, particularly if an MOC environment yields little or no data on a given day.

For analysis of the data, Platts survey methodologies will typically give priority to data collected that is confirmed and published, and which is most relevant to closing values in the markets covered.

In order to ensure that all firm bids and firm offers that still stand at the close of the assessment process have been fully tested in the market at large, Platts has established clearly defined time cut-offs that apply when publishing firm bids and firm offers in the MOC process. Time cut-offs for the submission and subsequent publication of new bids and offers are applied so that MOC participants cannot bid or offer late in the process, and to ensure that every bid and offer published by Platts is logistically executable.

Bids and offers published by Platts are considered to be firm until Platts is informed otherwise, or until the close of the assessment process for the day, whichever comes first. Platts will consider all firm bids and offers as open to the market at large and executable unless informed otherwise by the counterparty submitting the market information. If no communication is made to Platts to withdraw or change the parameters of the bid or offer it is assumed that it is available to the marketplace. Platts seeks verification of any transaction originating from a bid or offer submitted for inclusion in the Platts MOC process.



Detailed guidelines on MOC timings can be found at http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/timingincrementguidelines.pdf. The purpose of the time cut-offs is primarily to ensure logistical executability and standards of incrementability and repeatability to ensure orderly price discovery. As such, they may be changed at short notice if evolving market conditions require.

To ensure proper dissemination of market information, new bids and offers for publication by Platts must be received by Platts no later than stated cut-off periods.

In order to ensure that all published data is fully tested in the market, Platts has established guidelines around how quickly bids and offers may be improved when they have been published, and by what amount. These incrementability guidelines define the quantum and speed at which bids and offers may typically be improved in the MOC assessment process. Incrementability does not apply to bids and offers that are moving away from market value, though Platts analyzes bids and offers that are moved lower, and higher, respectively, to ensure reasonability.

Incrementability varies between each market assessed through the MOC assessment process and can be found at http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/timingincrementguidelines.pdf.

Platts may notify the market of any adjustment to the standard increments in the event of market volatility or a disruptive event. A market participant can withdraw a bid or offer from Platts MOC process at any time, so long as no other potential trading counterparty has indicated that it has interest to buy or sell into the bid/offer.

Platts expects that market participants bidding and offering in the MOC process should perform on their bid/offer with the first company of record to express interest to Platts for publication during the MOC process. In the event of a dispute on the timing, Platts will review its records and determine which company communicated to Platts first its intention to execute on a bid/offer displayed on the Platts systems. All the Platts systems operate on a first come, first served basis. This sequence is critical for orderly price discovery.

Platts’ editorial guidelines governing its assessment process require it must consider only those transactions, bids or offers where market participants perform under typical contractual terms. Platts accepts that individual companies may have trading limits with counterparties and that national legislation may prevent companies from dealing in materials of certain origins. Such counterparty issues are dealt with on a case-by-case basis. Platts tracks all circumstances surrounding trades reported during its MOC assessment process, and any issues regarding performance. Platts not only focuses on the performance of the transaction at the time of trade, but also on any significant issues stemming from such trades, including logistics and eventual delivery of the product. Post-deal tracking enables Platts to determine the actual performance of the participants in the trade and the validity of their inputs. Platts therefore may request documentary material to determine performance and validity.

Platts cannot make any guarantee in advance about how and whether market information received and published but not fully adhering to its defined methodology will be incorporated in its final assessments.

PART II: SECURITY AND CONFIDENTIALITY

Data is stored in a secure network, in accordance with Platts’ policies and procedures. Platts coal assessments are produced in accordance with Platts’ Market on Close assessment methodology. This means that all data for use in Platts’ coal assessments may be published by Platts editorial staff while assessing the value of the markets.

Platts believes that all subscribers have a right to review and analyze market data that is provided for use in its coal assessments, and therefore Platts does not have confidentiality agreements for information provided for use in coal assessments.

PART III: CALCULATING INDEXES AND MAKING ASSESSMENTS

The following section describes how Platts uses the specific volume, concluded and reported transactions, bids, offers and any other market information it has collected, in the manner described in section one, to formulate its price assessments. Additionally, this section

describes other information, including the normalization of market data, assumptions and extrapolations that are considered when making a final assessment.

MOC PRICE ASSESSMENT PRINCIPLES

Through the MOC assessment process, Platts considers market information gathered throughout the normal trading day, and publishes such information throughout the day. Platts analyzes all published information in determining its final published price assessments.

Through the MOC assessment process, Platts seeks to establish and publish the value of markets that prevail at the close of the assessment process itself. Platts has aligned the timestamps reflected in its assessments with what typically is a period of high activity in the markets that Platts observes. The typical period of high activity in coal markets tends to be in the afternoon in every major trading location around the world. Platts believes that aligning its price assessments to typical periods of greater market activity and liquidity provides a robust basis upon which to derive a reliable assessment of market value.

Platts has adopted the MOC methodology in order to provide complete clarity over the precise point in time reflected in its market assessments. Like the quality of coal, its delivery location, delivery dates, contract terms, and the volume to be supplied, the time of commercial activity is an important attribute considered in Platts price assessments. The time that a bid or offer is shown to the market, or a transaction concluded, is vitally important in understanding the market value of the respective commodity, in the same way that the quality of the coal, where it will be delivered and when it will be delivered are important factors. By clearly reflecting value at a defined point in time Platts is able to properly reflect outright and spread values.

The clarity established by providing a well-defined timestamp for Platts assessments is important in understanding every coal assessment published by Platts. It is also important for understanding the relationships between the markets that Platts assesses. By ensuring that all assessments within a region reflect market values at the same moment in time, spreads that exist between those products are also able to be fully and properly reflected. For example,

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comparing the value of CFR India East 4,200 GAR to FOB Kalimantan 4,200 GAR is possible when both values have been determined at the same moment in time. By contrast, comparing the price of FOB Newcastle 5,500 NAR in the morning, to CIF ARA 6,000 NAR in the afternoon, might deeply impair the relationship between the products – particularly when the respective market prices move independently during the intervening period.

By providing clear timestamps for assessments, the Platts MOC process is designed to provide assessments that properly reflect outright and spread values during times of high volatility equally well as in times of modest volatility.

MOC guidelines are designed to avoid distortion of the final price assessments by eliminating inputs that are not fully verifiable, and by disregarding one-offs or unrepeatable transactions, or those that may distort the true market level. Transactions between related parties are, for instance, not considered in the assessment process.

Platts does not specify a minimum amount of transaction data, or a transaction data threshold, for the publication of its price assessments. Physical commodity markets vary in liquidity. Any particular market analyzed on its own will typically demonstrate rising and falling levels of transactional activity through time. Platts is committed to providing an assessment of value for every market that it covers, equally well in times of heightened or reduced liquidity.

Platts seeks to receive market information from as broad a cross section of the market as possible. If a very limited number of market-makers are active in the market, or if a limited number submit data that constitutes a significant proportion of the total data upon which the assessment is based, Platts will continue to seek fully transparent and verifiable data from the market at large and to apply Platts methodology principles of transparency and time sensitivity. Platts considers data for assessment of any market where a single company provides more than half of all available information to be one where such a company provides a significant proportion of data. For consideration in the MOC process such a company’s bids or offers must be clearly available for execution by any other potential MOC trading counter party.

Normalization price adjustment techniques

Platts seeks to align the standard specifications for the coal markets it assesses and the timestamps reflected in its assessments with standard industry practice. However, physical commodity markets are generally heterogeneous in nature – not only can time of transactional activity considered for inclusion in the price assessment process vary through the day, other key attributes often vary from the base standard reflected in Platts assessments as coal is supplied to market.

The quality of fuel supplied, delivery location, and other specific terms of trade may be varied in the physical commodity markets assessed by Platts. This is one reason among many why data collected from the physical coal markets may not be simply averaged to produce a representative benchmark value.

Because of the complex nature of the physical coal markets, coal market data typically must be aligned with standard definitions to allow for a fully representative final published assessment. Platts aligns data collected through an analysis of the physical coal markets with its standard assessment specifications through a process called normalization.

Normalization is an essential price adjustment technique applied by Platts, to align reported market information to reflect the economic relationship between specific reported activity and the base standard reflected in Platts’ price assessments.

By surveying markets and observing the economic impact of variance from the base standard reflected in Platts’ assessments, Platts regularly normalizes disparate information from the diverse physical commodity markets back to the standard reflected in Platts’ price assessments. This is done by analyzing freight rates (for locational differences), quality premiums (for quality differences), the movements of all markets through time (for time differences) and other premiums associated with the size of trades and delivery terms.

Normalization for time may be done by analyzing movement in a related market observed through time, and that movement may provide a basis by which to align market value of an earlier reported bid, offer or transaction to market value at the MOC close. This alignment for time is essential to ensure that Platts’ price assessments reflect the prevailing value of a market at the close of the MOC process.

Prioritizing data

Platts assessment process considers firm bids, firm offers and transactions that are transparent and open to any counterparty with the proper financial and operational resources. Bids, offers or transactions that are not transparent may not be considered in the assessment process. Naturally, bids above transparent offers or offers below transparent bids are not considered in the assessment process. Platts considers changes to bids or offers when those changes are made transparently and in normal increments.

The level of each bid or offer must stand firm in the marketplace long enough for any counterparty to hit the bid or lift the offer, otherwise the bid or offer may be deemed non-executable. Platts may not consider bids, offers or transactions that are the result of market gapping, i.e. changes that are in excess of normal market practice.

Transparency underpins Platts’ assessment process, just as it does Platts data publishing processes, in the coal markets. When determining a final market assessment, Platts gives the greatest priority to fully verifiable and transparent market information. A firm bid or offer that has been published by Platts in accord with its data publishing standards, and which still stands open to the marketplace at the close of the assessment process, will establish clear parameters for Platts’ final published assessments. Platts will typically assess market value somewhere between the best bid, and best offer, open to the market at the close of the MOC process. This ensures that Platts assessments reflect the transactable value of the commodities it is assessing at the close of the market.

Completed, transparent transactions that are fully published by Platts are important in helping establish where trading interest prevails in the market, and may help determine where, in a bid/offer spread, Platts may assess value for publication.

Firm bids and offers that are available to the entire market take precedence over trades that have been concluded earlier in the assessment process when establishing the value of the market, particularly if bids are available at the close above previously traded levels, or offers are available to the market below previously traded levels. Value is a function of time.



Similarly, firm bids and offers that are available to the entire market take precedence over transactional activity reported to Platts after the fact.

When no bid, offer or transaction data exists, Platts may consider other verifiable data reported and published through the day, including fully and partially confirmed trades, notional trading values and other market information as provided for publication. Under such circumstances, Platts may also be able to observe direct market activity or the effect of commonly traded commodities on illiquid markets via spread differentials or via blending and shipping economics.

Platts also analyzes the relationships between different products, and factors these relationships into assessments for markets where transactional data falls to low levels. Finally, Platts normalizes other available data that may be relevant to the assessment during periods when low amounts or no transactional data exists, including transactional data from related markets, in the manner described above.

To do this, Platts takes into account representative transactions executed at arms-length in the open market occurring during the MOC price assessment period and additionally taking into account bid and offer information submitted during this period. Platts editors always seek direct verification from the principals to a reported bid, offer or deal.

Platts MOC guidelines are designed to avoid any distortion of the final price assessment and so inputs that are not verifiable are eliminated and “one-off” or unrepeatable transaction data may be disregarded from the price assessment process.

Single transactions may be a reflection of market value. However single transactions need to be measured against the broad span of similar transactions. If for instance a buyer decides to lift an offer but is unwilling to buy more material offered at the same level if the seller reoffers it would be determined that the buyer failed the repeatability test. Equally if the seller does not reoffer, the seller fails the repeatability test. As such the transaction may not be fully reflected in the price assessment.

A variant on this action is price “gapping” when bids are made too high and offers are made too low through untested levels of price support or resistance. Platts may not publish such bids and offers during the MOC process. When transactions are concluded at levels that have not been fully tested by the market because price changes have been non

incremental, Platts may determine that actual market value is somewhere between the last incremental bid and the transaction at the gapped level.

Assessment calculations

Platts publishes its assessments reflecting the currencies and units of measurement in which the products typically trade.

Coal is generally traded in US dollars, and Platts assessments are typically published in that currency as a result. Certain markets, such as regional markets, trade using local currency. Platts assesses the value of such markets as appropriate in local currency.

Coal is typically traded in metric tons internationally and in short tons in the United States, and Platts publishes its assessments using these units of measurement as they prevail in practice. The minimum and maximum volume considered for each individual Platts assessment of a physical market is described in section Vll of this document.

In certain cases Platts converts its assessments to other currencies or units of measurement to allow for ease of comparison or analysis in regional markets. Such conversions are done using published exchange rates and conversion factors.

Platts reporters follow specific methodology when exercising editorial judgment during their assessment process. Platts editors apply judgment when determining (1) whether information is suitable for publication, (2) when normalizing data and (3) when determining where to assess final value of market.

Judgment may be applied when analyzing transactional data to determine if it meets Platts standards for publication; judgment may also be applied when normalizing values to reflect differences in time, location, and other trading terms when comparing transactional data to the base standard reflected in Platts assessments.

All such judgment is subject to review by Platts editorial management for adherence to the standards published in Platts methodologies. The following section illustrates how these guidelines work when calculating indexes and making assessments.

To ensure the assessments are as robust as possible, Platts editorial systems are backed by a strong corporate structure that includes managerial and compliance oversight. To ensure reporters follow Platts methodological guidelines in a consistent manner, Platts ensures that reporters are trained and regularly assessed in their own and each other’s markets.

Application of professional judgment guidelines promotes consistency and transparency in judgments and are systematically applied by Platts. Where professional judgment is exercised, all information available is critically analysed and synthesised. The various possibilities are critically analysed and fully evaluated to reach a judgment. Platts manages and maintains internal training guides for each of the different products assessed which aim to assist assessors and ensure Platts’ price assessments are produced consistently. Platts’ price assessments are reviewed prior to publication and exercise of professional judgment is further discussed and verified during this process. Finally, consistent with the concept of proportionality, assessments that are referenced by derivatives contracts are supported by assessment rational, including the application of judgment, which is published together with the price assessment offering full transparency to the market.

Reporters are trained to identify potentially anomalous data. We define anomalous data as any information, including transactions, which is inconsistent with or deviates from our methodology or standard market conventions.

As a publisher owned by McGraw Hill Financial, independence and impartiality are at the heart of what Platts does. Platts has no financial interest in the price of the products or commodities on which it reports. Platts’ aim is to reflect where the actual market level is.

Platts focuses primarily on assessing the value of coal trading in the spot market. A spot price for a physical commodity is the value at which a standard, repeatable transaction for merchantable material takes place, or could take place in the open market at arms’ length. In coal, Platts’ spot price assessments reflect the value at which transactions take place, or could take place, at precisely the close of the MOC process.

Platts’ overall objective is to reflect the transactable value of the commodity assessed. In cases where the apparent value of the commodity includes extra optionalities, the intrinsic value of the commodity may be masked.



In such cases, Platts may use its editorial judgment to factor out such extraneous elements from the value of the commodity, or it may decide not to use the bid, offer or transaction in its assessment process. Optionalities that may mask the value of the commodity include but are not limited to loading or delivery options held by the buyer or seller, volume option tolerances exercisable by the buyer or seller or quality specifications.

Platts assesses the outright value of coal around the world, as well as differentials for coal assessments when they trade with reference to a benchmark. Platts analyses all data collected and published by Platts throughout the day. Final assessments are above firm bids, and below firm offers, that stand at the close of the Market on Close assessment process. This is true for outright values and differentials. In the event of an observed conflict between outright values and differentials, outright values prevail in Platts final published assessments.

Platts produces time-sensitive assessments that reflect the value of the markets it covers precisely at the close of the MOC price assessment process in Singapore, Beijing, London and Houston. By providing clear timestamps for every region the Platts assessment process is designed to provide price assessments that properly reflect outright and spread values.

Assessments reflect typical loading and delivery schedules for each market assessed. The standard loading and delivery windows are specified under each data code.

PART IV: PLATTS EDITORIAL STANDARDS

All Platts’ employees must adhere to the McGraw Hill Financial Code of Business Ethics (COBE), which has to be signed annually. The COBE reflects McGraw Hill Financial’s commitment to integrity, honesty and acting in good faith in all its dealings.

In addition, Platts requires that all employees attest annually that they do not have any personal relationships or personal financial interests that may influence or be perceived to influence or interfere with their ability to perform their jobs in an objective, impartial and effective manner.

Market reporters and editors are mandated to ensure adherence to published methodologies as well as internal standards that require accurate records are kept in order to document their work.

Platts has a Quality & Risk Management (QRM) function that is independent of the editorial group. QRM is responsible for ensuring the quality and adherence to Platts’ policies, standards, processes and procedures. The QRM team conducts regular assessments of editorial operations, including checks for adherence to published methodologies.

McGraw Hill Financial’s internal auditor, an independent group that reports directly to the parent company’s board of directors, reviews the Platts risk assessment programs.

PART V: CORRECTIONS

Platts is committed to promptly correcting any material errors. When corrections are made, they are limited to corrections to data that was available when the index or assessment was calculated.

PART VI: REQUESTS FOR CLARIFICATIONS OF DATA AND COMPLAINTS

Platts strives to provide critical information of the highest standards, to facilitate greater transparency and efficiency in physical commodity markets.

Platts customers raise questions about its methodologies and the approach taken in price assessments, proposed methodology changes and other editorial decisions in relation to Platts’ price assessments. Platts strongly values these interactions and encourages dialogue concerning any questions a customer or market stakeholder may have.

However, Platts recognizes that occasionally customers may not be satisfied with responses received or the services provided by Platts and wish to escalate matters. Full information about how to contact Platts to request clarification around an assessment, or make a complaint, is available on the Platts website, at: http://www.platts.com/ContactUs/Complaints.

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PART VII: DEFINITIONS OF THE TRADING LOCATIONS FOR WHICH PLATTS PUBLISHES DAILY INDEXES OR ASSESSMENTS

The following Coal specifications guide contains the primary specifications and methodologies for Platts Coal assessments throughout the world. The various components of this guide are designed to give Platts subscribers as much information as possible about a wide range of methodology and specification issues.

This methodology is current at the time of publication. Platts may issue further updates and enhancements to this methodology and will announce these to subscribers through its usual publications of record. Such updates will be included in the next version of the methodology. Platts editorial staff and managers will usually be ready to provide guidance when assessment issues require clarification.

All Platts thermal coal price assessments will be published daily in Platts Coal Trader International, and on Platts real-time news service Platts Global Coal Alert (pages GCA 0910) and the assessments will be available via Market Data in the Coal International (CI) category.

PLATTS DAILY PHYSICAL ASSESSMENTS

Platts publishes forward price assessments every UK business day for thermal coal on a CIF Antwerp-Rotterdam-Amsterdam (ARA) basis, an FOB Richards Bay coal terminal, South Africa basis and an FOB Newcastle, Australia basis.

Price assessments: The assessments in US dollars per metric ton reflect the commercial value of coal sold in the spot market on a CIF ARA 15-60 day forward delivery window basis from date of publication and FOB Richards Bay and FOB Newcastle basis, loading on a 7-45 day forward basis from date of publication.

Specifications: The standard specifications for the assessments is as follows:

CIF ARA 6,000 kcal/kg NAR: a standard calorific value of 6,000 kcal/kg on a net-as-received basis with maximum sulfur content of 1% as received and maximum ash of 16% as received from any origin

FOB Richards Bay 6,000 kcal/kg NAR: a standard calorific value of 6,000 kcal/kg NAR with maximum sulfur of 1% as received and maximum ash of 16% as received for any destination

FOB Newcastle 6,300 kcal/kg GAR: a standard calorific value of 6,300 kcal/kg GAR with maximum sulfur 0.7% as received and maximum ash 13% air dried basis for any destination

Volume: The assessments reflects cargoes of 50,000 mt. All shipment volumes, including standard or typical split and part-sized cargoes, are normalized to a typical cargo of 50,000 mt.

Timing: The assessments reflect the price of coal for delivery 15-60 days forward from the date of publication (CIF ARA - expected notice of readiness -NOR - will be taken as the date of arrival), and for loading 7-45 days forward from the date of publication (FOB Richards Bay, FOB Newcastle). For example, on January 2, Platts assesses cargoes for delivery between January 17 and March 2 (CIF ARA) and for loading between January 9 and February 15 (FOB Richards Bay, FOB Newcastle).

The assessments reflect the mid-point of the delivery/loading period. Cargoes traded with more prompt or further forward laycans or NOR are normalized to the middle of the delivery window for assessment purposes.

Assessment Time: The assessments reflect the transactable value prevailing at 17:00 London local time. The assessment methodology reflects values on a market on close basis. Trading activity, including bids/offers and transactions, is covered during the typical operating day with data cut off for inclusion in the assessment precisely at 17:00 London local time.

Platts FOB 5,500 Daily Assessments

Platts publishes daily 7-45 day forward price assessments for thermal coal with a calorific value of 5,500 kcal/kg net-as-received Free on Board Newcastle, New South Wales, Australia (launched January 3, 2012) and Richards Bay, KwaZuluNatal, South Africa (launched June 3, 2013).

Price Assessment: The assessments in US dollars per metric ton reflect the commercial value of coals sold in the spot market on a FOB basis Newcastle, Australia or on a FOB basis Richards Bay, South Africa loading 7-45 days from date of publication.

Specifications Newcastle: The standard specification for Newcastle 5,500, is as follows: a standard calorific value of 5,500 kcal/kg on an NAR basis with total sulfur content of 0.65% as received, typical ash of 20% on an air dried basis and typical total moisture of 10%.

Platts considers as relevant to the assessment process coals of a merchantable quality in a range of 5,300 - 5,700 kcal/kg NAR, sulfur up to 1.00%, ash content 17-23% and moisture to a maximum of 15% and normalizes to the standard specifications.

Ash Differential: As part of this normalization process, as of August 15, 2012, Platts publish a differential, expressed in both a percentage and a $/mt value, for each 1 percentage point of ash within the standard 17-23% range for FOB Newcastle 5,500. This differential is checked regularly and adjusted as needed as part of the standard daily assessment process to maintain its reflection of market values. This differential is published with the assessment in Coal Trader International.

Specifications Richards Bay: The standard specification for FOB Richards Bay 5,500 kcal/kg NAR, is as follows: a standard calorific value of 5,500 kcal/kg on an NAR basis with total sulfur content of 0.8% as received, typical ash of 20% on an air dried basis and typical total moisture of 8.5%.

Platts considers as relevant to the assessment process coals of a merchantable quality in a range of 5,300 - 5,700 kcal/kg NAR, sulfur up to 1.00%, ash content 17-23% and moisture to a maximum of 13% and will normalize to the standard specifications.

The FOB Richards Bay 5,500 kcal/kg NAR price assessment covers cargoes of thermal coal loading at Durban Coal Port or Maputo Port’s



Matola Coal Terminal and normalized to Richards Bay Coal Terminal, South Africa.

Volume: The assessments reflect cargoes of 75,000 mt. All shipment volumes, including standard or typical split and part-sized cargoes, are normalized to a typical Panamax type vessel of 75,000 mt.

Timing: The assessments reflect the price of coal loading FOB Newcastle or FOB Richards Bay 7-45 days forward from the date of publication. For example, on January 2, Platts assesses cargoes for loading between January 9 and February 15.The assessment reflects the mid-point of the loading period. Cargoes traded with more prompt or further forward laycans are normalized to the middle of the period for assessment purposes.

Assessment Time: The assessments reflect the transactable value prevailing at 17:30 Singapore local time (FOB Newcastle 5,500 kcal/kg NAR and ash differential) and at 17:00 London local time (FOB Richards Bay 5,500 kcal/kg NAR) on a market on close basis. Trading activity, including bids/offers and transactions, is covered during the typical operating day with data cut off for inclusion in the assessment precisely at 17:30 Singapore local time and 17:00 London local time.

Availability: The assessments are published daily in Platts Coal Trader International, and on Platts’ real-time news service Platts Global Coal Alert (pages GCA 0910) and are available via Market Data in the Coal International (CI) category.

Platts Daily 7-45 Day FOB Kalimantan Assessments

Platts publishes daily 7-45 day forward price assessments t for thermal coal with a calorific value of 4,200 kcal/kg gross-as received Free on Board Kalimantan, Indonesia (launched July 11, 2012) and 3,800 kcal/kg gross-as received Free on Board Kalimantan, Indonesia (launched April 1, 2013).

Price Assessment: The assessments in US dollars per metric ton reflects the commercial value of coals sold in the spot market on an FOB basis Kalimantan, Indonesia, loading 7-45 days from the date of publication.

Specifications 4,200 GAR: The standard specification is: a standard calorific value of 4,200 kcal/kg on a GAR basis with total sulfur content of 0.60% as received, typical ash of 7% as received and typical total moisture of 35% as received.

Platts considers as relevant to the assessment process coals in a range of 4,000 - 4,400 kcal/kg GAR, sulfur up to 1.00%, ash content up to 10% and total moisture up to 40% and normalizes to the standard specification.

Specifications 3,800 GAR: The standard specification is: a standard calorific value of 3,800 kcal/kg on a GAR basis with typical total sulfur content of 0.30% as received, typical ash of 6% as received and typical total moisture of 38% as received.

Platts considers as relevant to the assessment process coals in a range of 3,600 – 4,000 kcal/kg GAR, sulfur up to 0.60%, ash content up to 9% and total moisture up to 41% and normalizes to the standard specification.

For both assessments Platts takes into consideration cargoes loading at the terminals in East Kalimantan and South Kalimantan provinces (Samarinda, Balikpapan, Banjarmasin, Taboneo, Tanjung Pemancingan, Muara Satui and the Indonesia Bulk Terminal) and for freight purposes the assessment is normalized to Banjarmasin.

Volume: The cargo size for consideration is a minimum of 50,000 mt with a minimum load rate of 8,000 mt per day. All other sizes including split and part cargoes are normalized to this volume. All payment terms are normalized to cash or at sight basis.

Timing: The assessments reflect the price of coal loading FOB Kalimantan 7-45 days forward from the date of publication. For instance, on June 1, Platts would assess cargoes for loading between June 7 and July 15. The assessment reflects the midpoint of the loading period. Cargoes traded with more prompt or further forward laycans are normalized to the middle of the month for assessment purposes.

Assessment Time: The assessments reflect the transactable value prevailing at 17:30 Singapore local time. The assessment methodology reflects values on a market on close basis. Trading activity, including bids/offers and transactions, is covered during the typical operating day with data cut off for inclusion in the assessment precisely at 17:30 Singapore local time.

Platts China Coal Assessments

On August 3, 2015, Platts launched eight daily thermal coal assessments under the Platts China Coal assessment suite labeled PCC. The assessments are PCC 1, PCC 2, PCC 6, PCC 6 (VAT included), PCC 7, PCC 7 (VAT included), PCC 8 and PCC 8 (Duty & VAT included). PCC Index editors follow the same assessment process as that listed in Part III: Calculating indexes and making assessments.

The PCC 1 and PCC 2 Indexes are published as daily 7-45 day forward price assessments for thermal coal, with PCC 1 assessing a calorific value of 5,500 kcal/kg net-as-received Free on Board Qinhuangdao, north China and PCC 2 assessing a calorific value of 5,000 kcal/kg net-as-received Free on Board Qinhuangdao, north China.

The PCC 6 and PCC 7 indexes are published as daily 30-60 day forward price assessments with PCC 6 assessing thermal coal with a calorific value of 3,800 kcal/kg net-as-received and PCC 7 assessing thermal coal with a calorific value of 4,700 kcal/kg net-as-received on Cost and Freight to south China basis. The PCC 8 Index is published as a daily 15-60 day forward price assessment for thermal coal with a calorific value of 5,500 kcal/kg net-as-received on a Cost and Freight to south China basis.

PCC 6 (VAT included), PCC 7 (VAT included) and PCC 8 (Duty & VAT included) are automated values derived from PCC 6, PCC 7 and PCC 8 US$ denominated assessments by converting to Yuan and adding VAT and/or duty at the prevailing rate.

Changes to the prevailing rate of VAT and/or duty will be applied immediately on public notification from the relevant Chinese authorities.

The foreign exchange conversion rate is the prevailing Bank of China mid-point of the Cash Buying and Cash Selling rates at the timestamp for the PCC thermal coal assessment series.

Specifications PCC 1: The standard specification for PCC 1 is as follows: a standard calorific value of 5,500 kcal/kg NAR, typical sulfur content of 0.8% as received, typical ash of 15% on an as received basis, typical total moisture of 10% on a net as received basis and typical volatile matter of 25% as received.

PCC 1 Index editors consider as relevant to the assessment process coals



in a range of 5,300 - 5,700 kcal/kg NAR with a maximum sulfur content of 1% as received, maximum ash on a net-as-received basis of up to 20%, total moisture to a maximum of 18% on a net as received basis, volatile matter of up to 40% and will normalize to the standard specifications.

Specifications PCC 2: The standard specification for PCC 2 is as follows: a standard calorific value of 5,000 kcal/kg NAR, typical sulfur content of 0.80% as received, typical ash of 20% as received, typical total moisture of 10% on a net as received basis, and typical volatile matter of 25% as received.

PCC 2 Index editors consider as relevant to the assessment process coals in a range of 4,800 – 5,200 kcal/kg NAR with a maximum sulfur content of 1% as received, maximum ash on net as received basis of up to 25%, total moisture to a maximum of 18% on a net as received basis, volatile matter of up to 40% and normalize to the standard specifications.

Specifications PCC 6: The standard specification for PCC 6 are: a standard calorific value of 3,800 kcal/kg NAR or 4,200 kcal/kg GAR – with total sulfur content of 0.60% as received, typical ash of 7% as received and typical total moisture of 35% as received.

PCC 6 Index editors consider as relevant to the assessment process coals in a range of 3,600 - 4,000 kcal/kg NAR, sulfur up to 1.00%, ash content up to 10%, total moisture up to 40% and normalize to the standard specification.

Specifications PCC 7: The standard specification for PCC 7 are: a standard calorific value of 4,700 kcal/kg NAR -- or 5,000 kcal/kg GAR -- typical sulfur content of 0.8% as received, typical ash of 8% on an as received basis and typical total moisture of 26% as received.

PCC 7 Index editors consider as relevant to the assessment process coals in a range of 4,500 - 4,900 kcal/kg NAR with maximum sulfur content of 1% as received, maximum ash on a net-as-received basis of up to 12%, total moisture to a maximum of 30% on a net as received basis and normalize to the standard specifications.

Specifications PCC 8: The standard specification for PCC 8 is: a standard calorific value of 5,500 kcal/kg NAR, typical sulfur content of 0.7% as received, typical ash of 20% on an as received basis, typical total moisture of 12% and typical volatile matter of 25% as received.

PCC 8 Index editors consider as relevant to the assessment process coals in a range of 5,300 - 5,700 kcal/kg NAR with a maximum sulfur content of 1% as received, maximum ash on a net-as-received basis of up to 23%, total moisture to a maximum of 18% on a net as received basis, maximum volatile matter of 40% and normalize to the standard specifications.

Basis and Location: The PCC 1 and PCC 2 Index editors take into consideration cargoes of thermal coal loading at north China ports including but not exclusive to Caofeidian, Jingtang, and Tianjin and normalized to Qinhuangdao. The PCC 6, 7 & 8 Index editors take into consideration cargoes of thermal coal traded on the seaborne market and brought into southern China from countries including, but not exclusive to Australia, Colombia, Indonesia, Russia and South Africa and delivered to south China ports including but not exclusive to Guangzhou, Fangcheng, Shenzhen, Xiamen, Zhanjiang and Zhuhai and normalized to Guangzhou.

Volume: The minimum-sized cargo applicable for PCC 1 and for PCC 8 price assessment purposes is 25,000 mt, for PCC 2, PCC 6 and PCC 7 price assessment purposes is 40,000 mt. All other sizes including split and part cargoes are normalized to this volume.

Timing: The PCC 1 and PCC 2 indices reflect the price of coal loading FOB Qinhuangdao 7-45 days forward from the date of publication. For instance, on June 1 cargoes loading between June 7 and July 15 would be considered. The PCC 6 and PCC 7 indexes reflect the prices of coal delivered CFR Guangzhou 30-60 days forward from the date of publication. For instance, on June 1 cargoes scheduled for delivery between June 30 and July 30 would be considered. The PCC 8 index reflects the price of coal delivered CFR Guangzhou 15-60 days forward from the date of publication. For instance, on June 1, cargoes scheduled for delivery to south China ports between June 15 and July 30 would be considered. The assessment reflects the midpoint of the delivery period. Cargoes traded with more prompt or further forward laycans are normalized to the middle of the month for assessment purposes.

Price Assessment: The PCC 1 and PCC 2 assessments in Chinese RMB per metric ton, with a US dollar conversion rate, reflect the commercial value of coals sold in the spot market on an FOB Qinhuangdao basis, loading 7-45 days from the date of publication, including Value Added Tax. The PCC 6, PCC 7 and PCC 8 assessments in US dollars per metric ton, with a Chinese RMB conversion rate, reflect the commercial value of coals sold in the spot market on a CFR South China basis, delivered

30-60 days for PCC 6 and PCC 7 or 15-60 days for PCC 8 from the date of publication, excluding Value Added Tax and any applicable duty.

Payment terms: Letter of Credit, cash or cash equivalent payable at sight.

Availability: The PCC Index is published daily in Platts Coal Trader International, and is available via Market Data in the Coal International (CI) category.

Assessment Time: The PCC Index reflects the transactable value prevailing at 17:30 Beijing local time. The assessment methodology reflects values on a market on close basis. Trading activity, including bids/offers and transactions, is covered during the typical operating day with data cut off for inclusion in the assessment precisely at 17:30 Beijing local time.

Platts Daily 30-60 Day CFR India Assessments

Platts added 90-day forward price points to the India thermal coal assessments portfolio on September 1, 2010, and on October 15, 2013, were updated to publish daily 30-60 day forward price assessment for thermal coal with a calorific value of 3,800 kcal/kg gross-as-received and 4,200 kcal/kg gross-as-received on delivered basis to India – Cost and freight (CFR) – to both east and west coasts of India.

Specifications 3,800 GAR: The standard specification for the assessments CFR India East 3,800 and CFR India West 3,800 are: Standard geared and grabbed Supramax shipment of 50,000 mt, a standard calorific value of 3,800 kcal/kg on a gross-as-received basis with total sulfur content of 0.30% as received, typical ash of 6% as received and typical total moisture of 39% as received.

Platts considers as relevant to the assessment process coals in a range of 3,600 - 4,000 kcal/kg GAR coal with standard specifications, sulfur up to 0.6%, ash content up to 8% and total moisture up to 41% and normalizes to the standard specification.

Specifications 4,200 GAR: The standard specification for the assessments CFR India East 4,200 and CFR India West 4,200 are as follows: A standard gearless Panamax shipment, a standard calorific



value of 4,200 kcal/kg on a gross-as received basis with total sulfur content of 0.60% as received, typical ash of 7% as received and typical total moisture of 35% as received.

Platts considers as relevant to the assessment process coals in a range of 4,000 - 4,400 kcal/kg GAR, sulfur up to 1.00%, ash content up to 10% and total moisture up to 40% and normalizes to the standard specification.

Volume: The cargo size for consideration is a minimum of 50,000 mt with a minimum load rate of 8,000 mt per day for CFR India 3,800 kcal/kg GAR East and West prices, while for CFR India 4,200 kcal/kg GAR East and West prices a minimum 60,000 mt with a minimum load rate of 8,000 mt per day will be considered. All other sizes including split and part cargoes will be normalized to these volumes.

For 3,800 GAR, Platts also considers Ultramax geared and grabbed vessels of up to 60,000 mt and normalizes to the standard Supramax specification. For 4,200 GAR, Platts also considers vessel size of up to 80,000 mt Post Panamax shipments and normalizes to the standard Panamax specification. All payment terms will be normalized to cash or at sight basis.

On August 1, 2014, Platts made changes to its daily 90-day forward price assessments for thermal coal with a calorific value of 5,000 kcal/kg gross-as-received on delivered basis to India – Cost and freight (CFR) – to both east and west coasts of India -- named CFR India West 5,000 GAR and CFR India East 5,000 GAR.

The changes are as follows:

Specifications 5,000 GAR: The standard specification for the assessment, named CFR India East 5,000 GAR and CFR India West 5,000 GAR are: Standard gearless Panamax shipment of 70,000 mt, a standard calorific value of 5,000 kcal/kg on a GAR basis – equivalent to 4,700 kcal/kg NAR -- with total sulfur content of 0.80% as received, typical ash of 8% as received and typical total moisture of 26% as received.

Platts considers as relevant to the assessment process coals in a range of 4,800 – 5,200 kcal/kg GAR coal with standard specifications, sulfur up to 1%, ash content up to 12% and total moisture up to 30% and will normalize to the standard specification.

Volume: The cargo size for consideration is a minimum of 70,000 mt with a tolerance of +/-10%, with a minimum load rate of 8,000 mt per day for both CFR India East 5,000 GAR and CFR India West 5,000 GAR prices. All other sizes including split and part cargoes are normalized to this volume. All payment terms are normalized to cash or at sight basis.

Platts publishes a daily 30-60 day forward price assessment for thermal coal with a calorific value of 5,500 kcal/kg Net-As-Received on delivered basis to India – Cost and freight (CFR)- to both east and west coasts of India (launched August 1, 2014).

Specifications 5,500 NAR: The standard specification for the assessments CFR India East 5,500 NAR and CFR India West 5,500 NAR, are: a standard Panamax shipment of 75,000 mt, a standard calorific value of 5,500 kcal/kg coal on a Net As Received (NAR) basis, typical sulfur content of 0.8% as received, typical ash of 20% as received and typical moisture of 8.5% as received.

Platts considers as relevant to the assessment process coals of a merchantable quality of 5,300 – 5,700 kcal/kg NAR, sulfur up to 1%, ash content up to 23% and total moisture up to 20% and normalizes to the standard specifications.

Volume: The cargo size for consideration is a minimum of 75,000 mt with a minimum load rate of 8,000 mt per day for both CFR India East 5,500 NAR and CFR India West 5,500 NAR prices. All other sizes including split and part cargoes will be normalized to this volume. All payment terms will be normalized to cash or at sight basis.

On August 1, 2014, Platts revised its methodology for the daily 90-day forward price assessment thermal coal with a calorific value of 6,300 kcal/kg gross-as-received on delivered basis to India - Cost and freight (CFR) - to both east and west coasts of India, named CFR India West 6,300 GAR and CFR India East 6,300 GAR.

The changes are as follows:

Specifications 6,000 NAR: The standard specification for the assessment renamed CFR India 6,000 NAR, is: a standard Capesize shipment of 150,000 mt, a standard calorific value of 6,000 kcal/kg coal on a Net As Received (NAR) basis with maximum total sulfur of 1%, maximum ash content of 15% and maximum total moisture of 15%.

For all CFR India prices, Platts will take into consideration cargoes discharged on both east and west coasts of India (New Mangalore, Tuticorin, Kakinada, Paradip, Kandla, Gangavaram, Visakhapatnam, Krishnapatnam, Muldwarka, Bhavnagar, Pipavav, Goa, Haldia, Magdalla, Hazira, Dahej, Mundra, Bedi, and Navlakhi) and the assessments will be normalized to Krishnapatnam Port on the east coast and Mundra Port on the west coast. For CFR India 3,800 and 4,200 the loadports considered for evaluation purposes will be terminals in East Kalimantan and South Kalimantan provinces (Samarinda, Balikpapan, Banjarmasin, Taboneo, Tanjung Pemancingan, Muara Satui and the Indonesia Bulk Terminal) and for freight purposes the assessment will be normalized to Banjarmasin.

Volume: The cargo size for consideration is a minimum of 150,000 mt with a minimum load rate of 8,000 mt per day. All other sizes including split and part cargoes will be normalized to this volume. All payment terms will be normalized to cash or at sight basis.

Assessment Time: All CFR India thermal coal assessments reflect the transactable value prevailing at 17:30 Singapore local time. The assessment methodology reflects values on a market on close basis. Trading activity, including bids/offers and transactions, is covered during the typical operating day with data cut off for inclusion in the assessment precisely at 17:30 Singapore local time.

Timing: All CFR India assessments reflect the price of coal discharging between 30-60 days forward from the date of publication. For instance, on June 1, Platts would assess cargoes for discharging between June 30 and July 30. The assessment reflects the midpoint of the discharging period. Cargoes traded with more prompt or further forward laycans are normalized to the middle of the month for assessment purposes.

Price Assessment: The CFR India assessments in US dollars per metric ton reflects the commercial value of coals sold in the spot market on a delivered basis to any port in India in the next 30-60 days from the date of publication.

PLATTS INTERNATIONAL 90-DAY DAILY PHYSICAL ASSESSMENTS

Platts increased the frequency to daily from weekly for the following five 90-day forward coal assessments on July 26, 2010.



Specifications:

CIF ARA: 6,000 kcal/kg NAR, max sulfur 1%, 16% ash max.

FOB Richards Bay: 6,000 kcal/kg NAR, max sulfur 1%, 16% ash max.

FOB Newcastle: 6,080 kcal/kg NAR (6,300 kcal/kg GAR), max sulfur 0.7%, 13% ash max.

On July 6, 2015, Platts updated the specifications for both FOB Kalimantan 5,900 GAR and FOB Kalimantan 5,000 GAR thermal coal price assessments:

FOB Kalimantan 1: 5,900 kcal/kg GAR [CSAKH00]: The standard specification for this assessment is as follows: A standard calorific value of 5,900 kcal/kg on a GAR basis with total sulfur content of 0.80% as received, typical ash of 8% as received and typical total moisture of 15% as received. Platts will continue to consider as relevant to the assessment process coals in the range of 5,700-6,100 kcal/kg GAR, sulfur up to 1% as received, ash up to 15% as received and total moisture up to 20% as received.

FOB Kalimantan 2: 5,000 kcal/kg GAR [CSAKI00]: The standard specification for this assessment is as follows: A standard calorific value of 5,000 kcal/kg on a GAR basis -- equivalent to 4,700 kcal/kg NAR -- with total sulfur content of 0.80% as received, ash of 8% as received, and total moisture of 26% as received. Platts will continue to consider as relevant to the assessment process coals in a range of 4,800-5,200 kcal/kg GAR coal with standard specifications, sulfur up to 1% as received, ash content up to 12% as received and total moisture up to 30% as received and will normalize to the standard specification.

Volume: Assessments are normalized to 50,000 mt cargoes.

Timing: The assessments reflect the price of coal delivered or loaded in the next 90-day (three-month) period. The prompt month of the 90-day period moves forward as of the 8th of each month, or closest forward business day. For instance, the three months of the 90-day window on February 7 will be February, March and April but as of February 8 will become March, April and May.

Assessment Time: The daily assessments are derived from firm trades, bids and offers prevailing at market close at 17.00 London time

for CIF ARA, FOB Richards Bay and FOB Newcastle 6080 NAR and at 17.30 Singapore time for FOB Kalimantan 5,900 kcal/kg GAR and FOB Kalimantan 5,000 kcal/kg GAR.

PLATTS WEEKLY 90-DAY ASSESSMENTS

Platts publishes weekly 90 day forward price assessment for thermal coal with a calorific value stated and locations listed in the table below. On September 6, 2013 after a period of market consultation Platts amended the FOB Bolivar, 6,300 GAR specification to reflect thermal coal of 6,000 NAR FOB Colombia. At the same time notice was given to discontinue the 6,450* GAR FOB Bolivar assessment by November 2013.

Availability: Weekly 90-day forward thermal coal price assessment are published in Platts Coal Trader International, and on Platts real-time news service Platts Global Coal Alert (pages GCA 506) and the assessments are available via Market Data in the Coal International (CI) category.

Volume: The assessments reflect cargoes of 75,000 mt. All shipment volumes, including standard or typical split and part-sized cargoes, are normalized to a typical Panamax type vessel of 75,000 mt.

Basis and Location: Platts normalizes deliveries to or from the basis port in the standard for each location. Platts defines base locations in its price assessments which act as a pricing basis point, and differentials may be assessed off these when deals or bids/offers are reported on a different location port basis.

Timing: The assessments reflect the value of coal loading at the basis location in the next 90-day (three-month) period forward from the date of publication. The 90-day assessment window rolls forward every week. For example, for the price being assessed on January 1, Platts assesses cargoes for loading from January 1 to March 31 but as of January 8 it will be from January 8 to April 7. The assessments reflect the mid-point of the loading period. Cargoes traded with more prompt or further forward laycans are normalized to the middle of the period for assessment purposes.

Assessment Time: The assessments reflect the transactable value prevailing at 17.00 London local time on the date of publication. The assessment methodology reflects values on a market on close basis. Trading activity, including bids/offers and transactions, is covered

during the typical operating week with data cut off for inclusion in the assessment precisely at 17.00 London local time.

Unit price: Prices are to be quoted in US dollars per metric ton ($/mt) to two decimal places.

FOB Colombia 6,000 kcal/kg NAR

Specifications: A standard calorific value of 6,000 kcal/kg with a typical total sulfur content of 0.75% as received, typical ash of 10% on an as received basis and typical total moisture of 12%. Platts considers as relevant to the assessment process coals of a merchantable quality in a range of 5,750 – 6,100 kcal/kg NAR, maximum sulfur of 0.9%, maximum ash content of 12% and maximum moisture of 15% and will normalize to the standard specifications.

Basis and Location: The assessment covers cargoes of coal loaded free on board at the following ports in Colombia: Puerto Bolivar, Puerto Drummond, Puerto Nuevo, Rio Cordoba, and Carbosan, but is normalized to Bolivar for assessment purposes.

FOB Poland Baltic 6,000 kcal/kg NAR

Specifications: A standard calorific value of 6,000 kcal/kg Net As Received with a typical total sulfur content of 0.7% as received, typical ash of 8% as received and typical total moisture of 10%. Platts considers relevant to the assessment process coals of a merchantable quality in the range of 5,800-6,100 kcal/kg NAR, maximum sulfur of 0.8%, maximum ash content of 16% and maximum total moisture of 14% and will normalize to the standard specifications.

Basis and Location: The assessment covers cargoes of coal loaded free on board at the following ports in Poland: Gdansk, Gdynia, Swinoujscie and Szczecin and is normalized to Szczecin for assessment purposes.

FOB Russia Baltic 6,000 kcal/kg NAR

Specifications: A standard calorific value of 6,000 kcal/kg Net As Received with a typical total sulfur content of 0.5% as received, typical



ash of 8% as received and typical total moisture of 10%. Platts considers relevant to the assessment process coals of a merchantable quality in the range of 5,800-6,100 kcal/kg NAR, maximum sulfur of 1%, maximum ash content of 16% and maximum total moisture of 14% and will normalize to the standard specifications.

Basis and Location: The assessment covers cargoes of coal loaded free on board at the following Baltic ports: St Petersburg, Vyborg, Vysotsk, Ust-Luga, Kaliningrad (Russia), Tallinn (Estonia), Ventspils, Riga, Liepaja (Latvia) and Klaipeda (Lithuania) and normalized to Ventspils for assessment purposes.

CIF Turkey 6,000 kcal/kg NAR

Specifications: A standard calorific value of 6,000 kcal/kg with a typical total sulfur content of 0.8% as received, typical ash of 11% on an as received basis and typical total moisture of 13%. Platts considers as relevant to the assessment process coals of a merchantable quality in a range of 5,850 – 6,300 kcal/kg NAR, sulfur content of 0.5-1%, ash content of 6-15% and moisture of 10-15% and will normalize to the standard specifications.

Basis and Location: The assessment covers cargoes of coal discharged CIF at the following ports in Turkey: Colakoglu OVA, ICDAS, Eren Enerji, Isken Enerji and Akcansa, but is normalized to ICDAS port in the Marmara Sea for assessment purposes.

FOB Gladstone 6,500 kcal/kg GAR

Specifications: A standard calorific value of 6,500 kcal/kg Gross As Received with a typical total sulfur content of 0.5% as received, typical ash of 10% as received, typical total moisture of 8% as received and volatile matter to a maximum of 30%.

Platts considers relevant to the assessment process coals of a merchantable quality in the range of 6,300-6,700 kcal/kg GAR, maximum sulfur of 0.6 %, maximum ash content of 12%, maximum total moisture of 10%, and volatile matter of up to 30% and will normalize to the standard specifications.

Basis and Location: The assessment covers cargoes of thermal

coal loaded free on board at Gladstone port in the Australian state of Queensland, including from Barney Point and RG Tanna coal terminals.

FOB Qinhuangdao 6,200 kcal/kg GAR

Specifications: A standard calorific value of 6,200 kcal/kg Gross As Received with a typical total sulfur content of 0.7% as received, typical ash of 8% as received, typical total moisture of 10% and volatile matter of 25% as received. Platts considers as relevant to the assessment process coals of a merchantable quality in a range of 6,100-6,300 kcal/kg GAR, maximum sulfur of 0.8%, maximum ash of 10%, maximum total moisture of 12% and volatile matter of up to 30% and will normalize to the standard specifications.

Basis and Location: The assessment covers cargoes of thermal coal loaded free on board at ports bordering the Bohai Sea in northeastern China including, Caofeidian, Jingtang and Tianjin, and is normalized to Qinhuangdao.

FOB Russia Pacific 6,300 kcal/kg GAR

Specifications: A standard calorific value of 6,300 kcal/kg Gross As Received with a typical total sulfur content of 0.3% as received, typical ash of 8% as received basis, typical total moisture of 10% and volatile matter of 25% as received. Platts considers as relevant to the assessment process coals of a merchantable quality in a range of 6,200-6,400 kcal/kg GAR, maximum sulfur of 0.4%,maximum ash of 15%, maximum total moisture of 14% and volatile matter of up to 30% and will normalize to the standard specifications.

Basis and Location: The assessment covers cargoes of thermal coal loaded free on board at the following ports on Russia’s eastern seaboard on the Pacific Ocean: Nakhodka, Posyet, Vanino, Vladivostok and Vostochny, and is normalized to Vostochny for assessment purposes.

CIF Japan 6,080 kcal/kg NAR

Specifications: A standard calorific value of 6,080 kcal/kg Net As Received with a typical total sulfur content of 0.6% as received, typical

ash of 12% as received and typical total moisture of 10% as received. Platts considers as relevant to the assessment process coals of a merchantable quality in a range of 5,850-6,250 kcal/kg NAR, maximum sulfur of 1%, maximum ash of 14%, maximum total moisture of 15% and volatile matter of up to 30% and will normalize to the standard specifications.

Basis and Location: The assessment covers cargoes of thermal coal delivered to discharge terminals in Japan including Nagoya, Onahama, Tokyo and Yokkaichi, and normalized to Yokkaichi port in central Honshu for assessment purposes.

CIF Korea 6,080 kcal/kg NAR

Specifications: A standard calorific value of 6,080 kcal/kg Net As Received with a typical total sulfur content of 0.6% as received, typical ash of 14% as received and typical total moisture of 10% as received. Platts considers as relevant to the assessment process coals of a merchantable quality in a range of 5,850-6,250 kcal/kg NAR, maximum sulfur of 1%, maximum ash of 17%, maximum total moisture of 15% and volatile matter of up to 30% and will normalize to the standard specifications.

Basis and Location: The assessment covers cargoes of thermal coal delivered to discharge terminals in the Republic of Korea such as Boryeong, Dangjin, Hadong, Taean and Youngheung, and normalized to Samcheonpo discharge terminal in southwestern Korea for assessment purposes.

Platts Daily CFR South China & FOB Qinhuangdao Assessments

Platts publishes a daily 15-60 day forward price assessment for thermal coal with a calorific value of 5,500 kcal/kg net-as-received on a Cost and Freight basis to South China and a daily 7-45 day forward price assessment for thermal coal with a calorific value of 5,500 kcal/kg net-as-received on a Free on Board (FOB) basis from north China (launched March 1, 2013).

Price Assessment: The assessment in US dollars per metric ton, with a Chinese RMB conversion rate, reflects the transactable value of merchantable thermal coals sold in the spot market on a CFR South China



basis, delivered 15-60 days from the date of publication. The assessment in Chinese RMB per metric ton, with a US dollar conversion rate, reflects the commercial value of coals sold in the spot market on an FOB Qinhuangdao basis, loading 7-45 days from the date of publication.

Specifications CFR S China: The standard specification for CFR China 5,500 kcal/kg NAR is: standard calorific value of 5,500 kcal/kg NAR, with typical sulfur content of 0.7% as received, typical ash of 17% on an air dried basis and typical total moisture of 12% and volatile matter of 35%. Platts considers as relevant to the assessment process coals in a range of 5,300 - 5,700 kcal/kg NAR with a maximum sulfur content of 1% as received, maximum ash on a net-as-received basis of up to 23%, total moisture to a maximum of 18% on a net as received basis, volatile matter of up to 45% and normalizes to the standard specifications.

For CFR China, Platts takes into consideration international cargoes of thermal coal traded on the seaborne market and brought into southern China from countries including, but not exclusive to Australia, Colombia, Indonesia, Russia and South Africa.

Specifications FOB Qinhuangdao: The standard specification for FOB Qinhuangdao 5,500 kcal/kg NAR is: standard calorific value of 5,500 kcal/kg NAR with typical sulfur content of 0.7% as received, typical ash of 12% on an air dried basis, typical total moisture of 10% and volatile matter of 25%.

Platts considers as relevant to the assessment process coals in a range of 5,300 - 5,700 kcal/kg NAR with a maximum sulfur content of 1% as received, maximum ash on a net-as-received basis of up to 14%, total moisture to a maximum of 12% on a net as received basis, volatile matter of up to 30% and normalizes to the standard specifications.

Basis and Location: The CFR China price assessments cover cargoes of imported thermal coal delivered to south China ports including Guangzhou, Fangcheng, Hong Kong, Shanghai, Shenzhen, Xiamen, Zhanjiang and Zhuhai and normalized to Guangzhou. The FOB Qinhuangdao price assessment covers cargoes of thermal coal loading at north China ports including Caofeidian, Jingtang, and Tianjin and normalized to Qinhuangdao.

Volume: The minimum-sized cargo applicable for price assessment purposes is 40,000 mt. All other sizes including split and part cargoes are

normalized to this volume.

Payment terms: Letter of Credit payable at sight, all other terms will be normalized to this standard.

Assessment Time: Platts thermal coal assessments reflect the transactable value prevailing at 17:30 Singapore local time. The assessment methodology reflects values on a market on close basis. Trading activity, including bids/offers and transactions, is covered during the typical operating day with data cut off for inclusion in the assessment precisely at 17:30 Singapore local time.

Platts Regional Daily FOB Barge ARA Assessment

Platts assesses coal on an FOB Barge ARA basis. The assessment is published every UK business day and reflects coal for delivery in the next 90-day loading period.

Specifications are:

■■ typical energy content of 6,000 kcal/kg net calorific value as received coal.

■■ minimum calorific value of at least 5,800 kcal/kg net as received.

■■ sulfur content of 1% maximum.

The assessment reflects firm bids, offers and transactions where the seller has the obligation to provide a reasonable loading window to the buyer within the contractual period. The seller has the option to declare the loading facility or discharge vessel for onward loading to receiving barge/vessel. The buyer has the obligation to ensure its barge is ready to load in a reasonable and practical time frame with no extra charges if loading occurs from stockpile or vessel. Terminal loading locations considered in the assessment process are Amsterdam, Rotterdam or Antwerp. Such loading facilities must have adequate installations and stocking facilities congruent in the volume of the trade. The buyer must also have access to barges/vessels congruent with its level of purchasing.

FOB barge parcels are generally traded in lots of 5,000 mt on the spot market and assessments are normalized to 5,000 mt cargoes.

The assessment reflects the price of coal in the next 90-day loading period. From the 1st-15th of the current month the assessment period includes the current month, current month +1 and current month +2. From the 16th of the month forward the assessment period consists of current month +1, current month +2 and current month +3.

Trading activity, including bids/offers and transactions, is covered during the typical operating hours of the market with the assessment reflecting market values at 4:30 pm London time.

PLATTS FORWARD CURVE – COAL

Platts Forward Curve-Coal has been carefully structured to provide independent assessments of key contracts and spreads traded in thermal coal derivatives markets, as well as in-depth market commentary on why prices are moving in active markets.

Specifications:

Platts Forward Curve-Coal assesses the prevailing forward prices for three standardized coal contracts in Europe and Asia. The contracts are:

■■ CIF ARA (Rotterdam) contract based on 6,000 kcal/kg, net as received.

■■ FOB Richards Bay, South Africa contract based on 6,000 kcal/kg net as received.

■■ FOB Newcastle, Australia contract based on a 6,300 kcal/kg gross as received (equivalent to 6,080 NAR).

Prices are expressed as US dollars per metric ton. Prices are assessed for the forward two months, four quarters and three years. The months roll forward on the 1st day of each month or the nearest business day thereafter; the quarters roll forward on the first day of the calendar quarter or the nearest business day thereafter, and the forward years on January 1 or the nearest business day thereafter. For example, on January 1, Platts assesses the two forward months February and March, the four forward quarters Q2, Q3 and Q4 of the current year and Q1 of the next year and the three forward years will be the next three calendar years.



Prices are buy/sell assessments with a midpoint, reflecting the product value at market closing at 17:00 London time daily. Transactions done after closing time are disregarded.

Standards for derivatives reporting:

Platts Forward Curve assessments represent a market-on-close value, and include actual transactions, where discoverable, and bids/offers each day.

PLATTS US COAL ASSESSMENTS

Price assessment: Coal Trader’s Daily OTC Assessments and OTC Broker Index reflect over-the-counter trading in five standard US OTC coal products for delivery in the prompt month, the prompt month plus one, three forward quarters, and forward calendar year for selected specifications. Four of the Platts Daily OTC Assessments were renamed effective December 20, 2010. The underlying specifications and methodology were not changed. The fifth assessment, the Illinois Basin 11,500 OTC product, was added October 20, 2014.

Coal Outlook’s Weekly US Price Survey covers trading in the traditional physical market in forward quarters and the forward calendar year in all major US producing regions. Two assessments in the Weekly US Price Survey were renamed effective December 20, 2010; the underlying specifications and methodology were not changed. Coal Outlook’s OTC Hedge Price Monitor gives the Friday-through-Thursday average of the Platts Daily OTC Assessments published in Coal Trader for delivery in forward quarters and the forward calendar year. The weekly averages in the OTC Hedge Price Monitor were renamed effective December 20, 2010 to reflect the name changes in the Platts Daily OTC Assessments.

All prices are current prices for physical delivery in the specified forward period or, in the case of financially settled transactions, for the specified forward contract.

Frequency: The Platts Daily OTC Assessments published in Coal Trader are market-on-close assessments based on trading through 2:30 pm US Eastern time; US weekly assessments for the traditional physical market published in the Weekly US Price Survey close at 2 pm US Eastern time on the final trading day of the week. The petcoke market, assessed weekly, closes at 11 am US Eastern time on the final trading day of the week.

Timing: The rollover date for Coal Trader’s Daily OTC Assessments and Coal Trader’s OTC Broker Index assessments is the 26th of the month. For example, for assessments for trade date February 25, the prompt month is March. On February 26, April becomes the prompt month. The rollover date is applied consistently to quarters. When the 25th falls on a weekend or a holiday, the last business day preceding the 25th becomes the final day for that prompt month. When the 26th falls on a weekend or a holiday, the new prompt month begins on the first business day following the 26th.

Specifications: For the Platts Daily OTC Assessments and the OTC Broker Index assessments, specifications are the same as those of the US Coal Trading Association and of CME Group for its future and swaps contracts based on the standardized OTC products. The specifications for the four US FOB export assessments reflect various coals for export, which are normalized to the specific standard specifications for each assessment. There are no specifications for export coals adopted by the US Coal Trading Association.

Coal quality: Heat and sulfur content are considered the primary determinants of steam coal price; ash as a secondary determinant is included in some international tables. Specifications in all tables should be considered a composite benchmark of physical characteristics of available coals in the region. They are not intended to represent a particular grade or brand of a given producer.

Basis, Location & Volume: Prices, with the exception of the US FOB export assessments, are US$/short ton based on FOB quotes at the rail or barge origin point. Prices for the US FOB export assessments are US$/metric ton. Source standards for the Platts Daily OTC Assessments are the same as those of the US Coal Trading Association and of CME Group for its future and swap contracts based on the standardized OTC products. CAPP barge OTC is sourced from any dock located on the Ohio River between MP 306 and MP 317 or on the Big Sandy River; CAPP rail (CSX) OTC is sourced from any rail loadout located on the CSX railroad within the Kanawha Rate District or the Big Sandy Rate District capable of loading 100 car/10,000 ton unit trains in four hours or less; PRB 8,800 OTC and PRB 8,400 OTC are sourced from any rail loadout located on the joint rail line in the southern Powder River Basin within Converse or Campbell counties, Wyoming, capable of loading 12,000 to 15,000 ton unit trains; Illinois Basin 11,500 OTC is sourced from any dock located on the Ohio River between MM 776.1 to MM 918.5.

Platts Daily FOB US Assessments

Platts publishes daily 14-45 day forward price assessments for thermal coal with a calorific value of 6,500 kcal/kg net-as-received Free on Board US East Coast, a calorific value of 6,000 kcal/kg net-as-received, Free on Board US Gulf Coast, a calorific value of 5,000 kcal/kg gross-as received Free on Board US Gulf Coast for Eastern bituminous coals (mined east of the Mississippi River) and a calorific value of 5,000 kcal/kg gross-as received Free on Board Canada/US West Coast for Western sub-bituminous coals (mined west of the Mississippi River, primarily from the Powder River Basin). These assessments were launched on October 1, 2012.

Price Assessment: The assessments in US dollars per metric ton reflects the commercial value of coals sold in the spot market on an FOB basis, loading 14-45 days from the date of publication.

Specifications: The standard specification for the assessment FOB US East Coast Thermal Coal, is: a standard calorific value of 6,500 kcal/kg on a NAR basis with total sulfur content of 1% as received and typical ash of 12% as received.

Platts considers as relevant to the assessment process coals in a range of 6,300 - 6,700 kcal/kg NAR, sulfur up to 3% and ash content up to 16%, and normalizes to the standard specification.

For FOB US East Coast Thermal Coal, Platts takes into consideration cargoes loading at terminals from Baltimore, Maryland, to Hampton Roads, Virginia, and for freight purposes the assessment are normalized to Hampton Roads.

Specifications: The standard specification for the assessment, named FOB US Gulf Coast Eastern Thermal Coal, is: a standard calorific value of 6,000 kcal/kg on a NAR basis with total sulfur content of 3% as received and typical ash of 12% as received.

Platts considers as relevant to the assessment process coals in a range of 5,800 - 6,200 kcal/kg NAR, sulfur up to 5% and ash content up to 16%, and normalizes to the standard specification.

For FOB US Gulf Coast Eastern Thermal Coal, Platts considers cargoes loading at terminals from New Orleans, Louisiana, to Mobile, Alabama, and for freight purposes the assessment is normalized to New Orleans.



Specifications: The standard specification for the assessment, named FOB US Gulf Coast Western Thermal Coal is: a standard calorific value of 5,000 kcal/kg on a GAR basis with total sulfur content of less than 0.5% as received, typical ash of 5.5% as received and typical total moisture of 27% as received.

Platts considers as relevant to the assessment process coals in a range of 4,800 - 5,200 kcal/kg GAR, sulfur up to 1%, ash content up to 10% and total moisture up to 30%, and normalizes to the standard specification.

For FOB US Gulf Coast Western Thermal Coal, Platts takes into consideration cargoes loading at terminals from New Orleans, Louisiana, to Houston, Texas and for freight purposes the assessment is normalized to Houston, Texas.

Specifications: The standard specification for the assessment, named FOB Canada/US West Coast Thermal Coal, is: a standard calorific value of 5,000 kcal/kg on a GAR basis with total sulfur content of less than 0.5% as received, typical ash of 5.5% as received and typical total moisture of 27% as received.

Platts considers as relevant to the assessment process coals in a range of 4,800 - 5,200 kcal/kg GAR, sulfur up to 1%, ash content up to 10% and total moisture up to 30%, and normalizes to the standard specification.

For FOB Canada/US West Coast Thermal Coal, Platts takes into consideration cargoes loading at terminals from Ridley, British Columbia to Los Angeles, California and for freight purposes the assessment is normalized to Vancouver, British Columbia.

Availability: The FOB US Thermal Coal assessments are published daily in Platts Coal Trader and Coal Trader International (on a delayed basis), on Platts Global Coal Alert, and via Platts Market Data.

Volume: The assessment reflects cargoes of 75,000 mt. All shipment volumes, including standard or typical split and part-sized cargoes, are normalized to a typical Panamax type vessel of 75,000 mt.

Timing: The assessments reflect the price of coal loading FOB US East Coast Thermal Coal, FOB US Gulf Coast Western Thermal Coal and FOB Canada/US West Coast Thermal Coal 14-45 days forward from the date of publication. For instance, on June 1, Platts assesses cargoes for loading

between June 14 and July 15. The assessment reflects the midpoint of the loading period. Cargoes traded with more prompt or further forward laycans are normalized to the middle of the month for assessment purposes.

Assessment Time: Platts US thermal coal assessments reflect the transactable value prevailing at 14:30 US Eastern Prevailing time. The assessment methodology reflects values on a market on close basis. Trading activity, including bids/offers and transactions, is covered during the typical operating day with data cut off for inclusion in the assessment precisely at 14:30 US Eastern Prevailing time.

PETCOKE – AMERICAS PETCOKE ASSESSMENTS

Platts’ Americas petcoke assessments reflect current spot prices for green petcoke for the forward 15-45 day loading periods basis FOB US Gulf Coast, FOB US West Coast and FOB Venezuela. The Americas assessments reflect current market value as of 11:00 US Eastern Prevailing time each Wednesday (or in the case of a public holiday, the nearest preceding US business day).

Price Assessments: The assessments are in US dollars per metric ton. The assessment is based on confirmed spot transactions as well as firm bids and offers. Negotiations on current contracts may be taken into account for trend purposes. Deals and bids/offers must be deemed to be repeatable between typical counterparties. Platts assessments may also take into account market surveys as well as other relevant market data such as supply/demand constraints and prices in related markets (i.e. thermal coal, natural gas and residual fuel prices).

Specifications: The Americas green petcoke assessments reflect FOB prices for petcoke produced at regional refineries and available for export. Sulfur content is considered the primary determinant of petcoke prices. The Hardgrove Grindability Index (HGI), a measure for the grindability of coal and petcoke, is a secondary determinant and may be included in the price commentary each week if deals are heard that specify HGI.

Volume: Standard loadings of more than 10,000 mt, loading in Handysize, Supramax, or Panamax class-sized vessels

Frequency: Platts’ Americans green petcoke assessments are published

weekly at the end of business each Wednesday, or in the case of a public holiday, the nearest preceding US business day.

FOB US Gulf Coast >6% Sulfur

Specifications: For green petcoke loading on the US Gulf Coast with greater than 6% sulfur.

Location: In addition to loading points along the Lower Mississippi River, Port Arthur and Houston, Platts will also take into account spot bids/offers or trades basis barge loading in the Upper Mississippi River/Chicago area, and will be analyzed to determine the equivalent FOB US Gulf Coast basis taking into consideration barge rates to the US Gulf Coast/Mississippi River ports.

FOB US Gulf Coast 5% to 6% Sulfur

Specifications: For green petcoke loading on the US Gulf Coast of between 5% and 6% sulfur.


FOB US Gulf Coast 4% to <5% Sulfur

Specifications: For green petcoke loading on the US Gulf Coast of between 4% and less than 5% sulfur.




FOB Venezuela 4% Sulfur

Specifications: For green petcoke loading at any terminal in Venezuela with 4% sulfur. Cargoes with less than or greater than 4% sulfur will be normalized to 4% sulfur.

Location: Platts will also take into account spot bids/offers or trades basis barge loading at any dry bulk port in Venezuela.

FOB US West Coast >2.5% Sulfur

Specifications: For green petcoke loading at any terminal on the US West Coast with greater than 2.5% sulfur.

Location: In addition to loading points in Southern California, Platts will also take into account spot bids/offers or trades basis any other US West Coast loading point. Platts will also take into account spot bids/offers or trades basis barge loading along the rest of the US West Coast, and will be analyzed to determine the equivalent FOB US West Coast basis.

FOB US West Coast less than and equal to 2.5% Sulfur

Specifications: For green petcoke loading at any terminal on the US West Coast with less than or equal to 2.5% sulfur.

Location: In addition to loading points in Southern California, Platts will also take into account spot bids/offers or trades basis any other US West Coast loading point. Platts will also take into account spot bids/offers or trades basis barge loading along the rest of the US West Coast, and will be analyzed to determine the equivalent FOB US West Coast basis.

PETCOKE – TURKEY AND INDIA PETCOKE ASSESSMENTS

Platts’ weekly petcoke assessments reflect current spot prices for fuel-grade petcoke on a forward 30-60 day delivery period basis CIF Turkey and CFR India East and West.

Price Assessments: The assessments are in US dollars per metric ton

and are based on confirmed spot transactions as well as firm bids and offers. Negotiations on current contracts may be taken into account for trend purposes. Deals and bids/offers must be deemed to be repeatable between typical counterparties. Platts assessments may also take into account market surveys as well as other relevant market data such as supply/demand constraints and prices in related markets (i.e. thermal coal, natural gas and residual fuel prices).

Specifications: The petcoke assessments reflect the delivered prices for petcoke shipped to ports, power plants and cement plants. Sulfur content is considered the primary determinant of petcoke prices. The Hardgrove Grindability Index (HGI), a measure for the grindability of coal and petcoke, is a secondary determinant and may be included in the price commentary each week if deals are heard that specify HGI.

Volume: Standard loadings of more than 10,000 mt, loading in Handysize, Supramax, or Panamax class-sized vessels.

Timing: All CFR/CIF petcoke assessments reflect the price of coal discharging between 30-60 days forward from the date of publication. For instance, on June 1, Platts would assess cargoes for discharging between June 30 and July 30. The assessments reflect the midpoint of the discharging period. Cargoes traded with more prompt or further forward laycans are normalized to the middle of the month for assessment purposes.

CIF Turkey 4% to 5.5% Sulfur

Specifications: The price assessment will be normalized to reflect the price of mid-sulfur petcoke of 5% sulfur content and 50 HGI on a 7,500 kcal/kg net as received calorific value basis.

Platts considers relevant to the assessment process petcoke of a merchantable quality in the range of calorific value of 7,000-8,000 kcal/kg NAR, 4-5.5% sulfur content and HGI of 30-80.

Volume: The assessment reflects cargoes of 50,000 mt. All shipment volumes, including standard or typical split and part-sized cargoes, are normalized to a typical Supramax type vessel of 50,000 mt.

Basis and Location: The assessment covers cargos of petcoke

discharged CIF at the following ports in Turkey: Iskenderun, Izmir, Marmara and Samsun, but is normalized to Iskenderun for assessment purposes.

Assessment Time: The assessment reflects current market value as of 16:30 London local time each Wednesday (or in the case of a public holiday, the nearest preceding US business day).

CFR India East 6% to 8% Sulfur and CFR India West 6% to 8% Sulfur

Specifications: The price assessments will be normalized to reflect the price of high sulfur petroleum coke of 6.5% sulfur content and HGI of 40 on a 7,500 kcal/kg net as received calorific value basis.

Platts considers relevant to the assessment process petcoke of a merchantable quality in the range of calorific value of 7,000-8,000 kcal/kg NAR, 6-8% sulfur content and HGI of 38-55.

Volume: The assessments reflect cargoes of 50,000 mt. All shipment volumes, including standard or typical split and part-sized cargoes, are normalized to a typical Supramax type vessel of 50,000 mt.

Basis and Location: The CFR India East assessment covers cargoes discharged at all ports on the east coast of India but is normalized to Krishnapatnam Port for assessment purposes.

The CFR India West assessment covers cargoes discharged at all ports on the west coast of India but is normalized to Kandla Port for assessment purposes.

Assessment Time: The assessments reflect current market value as of 17:30 Singapore local time each Wednesday (or in the case of a public holiday, the nearest preceding Singapore business day).

BIOMASS – WOOD PELLET ASSESSMENTS

Platts publishes forward price assessments every Friday (or in the case of a public holiday, nearest preceding UK business day) for ‘I2’ industrial wood pellets on a CIF Northwest Europe basis.



Price assessments: The assessments in US dollars per metric ton and US dollars per MWh reflect the commercial value of industrial wood pellets sold in the spot market on a CIF Northwest Europe 7-45 day forward delivery window basis from the date of publication.

Specifications: The standard basis specifications for the assessments are as follows: a standard calorific value of 17 GJ/mt on a net-as-received basis with typical sulfur content of 0.1% as received and typical ash of 1% as received from any origin.

Platts considers as relevant to the assessment process wood pellets of a merchantable quality in a range of 16-18 GJ/mt NAR, sulfur up to 0.2%, ash content 0-1.5% and moisture (water content) to a maximum of 10% and normalizes to the standard specifications.

Platts assesses wood pellets with the following I2 Initiative Wood Pellet Buyers specifications:

Basis and Location: Platts editors take into consideration cargoes traded on the seaborne market and brought into Europe from countries including, but not exclusive to, the US and Canada and delivered to European ports including but not exclusive to Rotterdam, Amsterdam, Antwerp, Ghent, Tyne, Immingham, Hull, Liverpool and Copenhagen. The assessment is normalized to Rotterdam.

Availability: The wood pellet assessments are published weekly in Coal Trader International and European Power Daily, and on Platts real-time news service Global Coal Alert and will be available via Market Data in the Coal International (CI) category.

Volume: The assessments reflect Handymax cargoes of 25,000 – 30,000 mt and Supramax cargoes of 45,000 mt. All shipment volumes, including standard or typical split and part-sized cargoes, are normalized to a typical cargo size of 25,000 mt.

Timing: The assessments reflect the price of wood pellets for delivery 7-45 days forward from the date of publication. The expected notice of readiness -NOR – will be taken as the date of arrival. For example, on January 2, Platts assesses CIF NW Europe cargoes for delivery between January 9 and February 15. The assessment reflects the mid-point of the delivery period. Cargoes traded with more prompt or further forward laycans or NOR are normalized to the middle of the delivery window for assessment purposes.

Platts industrial wood pellet assessments reflect the transactable value of wood pellets delivered CIF Rotterdam prevailing at 16:30 London local time. The assessment methodology reflects values on a market on close basis. Trading activity, including bids/offers and transactions, is covered during the typical operating day with data cut off for inclusion in the assessment precisely at 16:30 London local time.

Assessments are published every Friday. In the event of a UK public holiday, the assessment will be made on the previous working weekday.

Platts UK Wood Pellet Spreads

Platts UK wood pellet spreads are weekly indicative prices giving the average difference between the cost of wood pellets and the equivalent price of UK electricity on any given day.

The pellet spreads are based on CIF Northwest Europe 45-day wood pellet assessments, equivalent prompt UK power assessments, the UK Levy Exemption Certificate (LEC) and Renewable Obligation Certificate (ROC) subsidy bandings for biomass power generation.

The UK LEC exempted generators from the Climate Change Levy, of which the current rate was £5.54/MWh set on April 1, 2015. From August 1, 2015, the UK government removed the Climate Change levy exemption for electricity from renewable sources including biomass.

The formula for the UK pellet spreads uses an energy conversion factor of 4.722 (converting 1 metric ton of 17 GJ/t wood pellets into MWh) and the latest average auction price of UK Renewable Obligation Certificates.

The full formula is as follows: Baseload power in GBP + (Average ROC price in GBP x banding multiplier) + LEC – ((pellet price in US dollar + exchange rate)/energy conversion factor of 4.722)/fuel efficiency

UK pellet spreads are published in GBP/MWh and Eur/MWh for 100% dedicated, 100% conversion, 85-100% co-fired, 50-85% co-fired and up to 50% co-fired power plants operating at 30%, 35% and 40% efficiencies.

Wood Pellet Cost – Adjusted

Wood Pellet Cost – Adjusted is an indicative price giving the efficiency-adjusted cost of industrial wood pellets on a GBP/MWh and Eur/MWh basis.

The full formula is as follows: ((Industrial pellet price in $/t / exchange rate) /energy conversion factor of 4.722)/fuel efficiency

Monthly Average ROC auction price: The monthly average ROC auction price in GBP is the average price of Renewable Obligation Certificates traded in monthly e-ROC on-line auctions held by the Non-Fossil Purchasing Agency Ltd (NFPA).

OTHER INDICES AND PRICING DATA

Monthly and Quarterly Averages for Platts’ Forward Benchmark Assessments: As an indicator of coal market trends, Platts calculates the

Wood Pellet Specs CIF Northwest Europe - Industrial ‘I2’ Unit Limit TolerancePhysical Parameters

Diameter mm 6-10 mm within rangeLength <= 50 mm weight % 99.90% within rangeLength <=40 mm weight % 99% within rangeWater content weight % AR <=10% 0.5% absoluteBulk (apparent) density kg/m3 >=600 2% of limitMaximum bulk temperature ˚C <=60 1˚CFines <= 3.15 mm (round hole sieves) weight % AR <=5% 1% absoluteDurability weight% AR 97-99% 0.5% absolute

Particle size distribution of disintegrated pellets

% < 3.15 mm (round hole sieve) weight % >98% 1%absolute% <2 mm (square hole sieve) weight % >90% 2% absolute%<1 mm (square hole sieve) weight % 50% 5% absoluteNet calorific value at constant pressure GJ/ton AR >=16.5 0.3 GJ/tonAsh content weight% DM <=1.5% 10% of limit

Elementary composition

Cl weight % DM <=0.05% 0.01%absoluteN weight % DM <=0.3% 10% of limitS weight % DM <=0.2% 20% of limit

Trace Elements

As mg/kg DM <=2 0.064 absoluteCd mg/kg DM <=1 0.06 absoluteCr mg/kg DM <=15 0.032 absoluteCu mg/kg DM <=20 0.043 absolutePb mg/kg DM <=20 0.033 absoluteHg mg/kg DM <=0.1 0.0046 absoluteZn mg/kg DM <=200 5.43 absolute



mathematical average of its Forward Benchmark coal price assessments during two previous months and three previous quarters. Averages include all assessments made within the calendar period; the date of assessment is noted in the column heading of the Forward Benchmark Coal Price Assessments.

Before August 2006, the averages were calculated using the ICR publication date, rather than the day of assessment, as the reference date.

Cross-fuel comparisons, US: Coal Trader editors designed these comparisons by tracking major flows of coal, as shown in Department of Energy and Federal Energy Regulatory Commission records, from the Appalachian and Western coal fields, particularly the heavily traded Central Appalachian barge and rail coals and the Western Powder River Basin 8,800 spec coals. Usage concentrations for coal were matched as closely as possible with hubs where spot trading in natural gas and electricity are active. The regions of Cincinnati, Atlanta and Kansas City were chosen for these comparisons

For each region, Coal Trader gives daily price assessments plus a transport adder and a total coal cost including current sulfur dioxide allowances for these three coals, expressed in dollars per ton and per MMBtu. Spot costs for natural gas are provided by Gas Daily. In each region, a typical cost per megawatt-hour is calculated for a coal plant with a 10,000 Btu/kWh heat rate and for a gas plant with an 8,000 Btu/kWh heat rate.

Coal plants are assumed to have nitrogen oxide emission rates of 0.60 lb/MMBtu with no controls and 0.15 lb/MMBtu with controls. Coal costs are calculated for hypothetical plants needing no allowances, needing SO2 controls only, and in the May 1-September 30 ozone season, for plants needing NOx allowances, with and without NOx controls.

Plants in Georgia and Missouri are not currently subject to the US government’s NOx SIP Call program, but hypothetical costs are calculated for readers’ information.

The MWh costs, for gas and coal, are compared with the day’s spot price in the region’s electricity market, as provided by Megawatt Daily. Spark spreads are shown for coal needing sulfur allowances, coal not needing allowances, and natural gas in each region. During the ozone

season, spark spreads are also shown for coal-burning units needing NOx allowances, both with and without NOx control equipment.

Priced for the Cincinnati region are the following: CAPP barge OTC spec coal (12,000 Btu/lb, 1% sulfur) plus barge transportation, Columbia Gas Transmission, Appalachia natural gas hub, and Cinergy electricity hub. Priced for the Atlanta region are: CAPP rail (CSX) OTC coal (12,500 Btu/lb, 1%sulfur), plus rail transportation, Transcontinental Gas Pipe Line, zone 3 gas hub, and Into Southern electricity hub. Priced for Kansas City are: PRB 8,800 OTC coal (8,800 Btu/lb, 0.35% sulfur), plus rail transportation, CenterPoint, East gas hub, and Into Entergy electricity hub.

GERMAN AND UK DARK SPREAD ASSESSMENTS, COAL TRADER INTERNATIONAL

Dark Spreads

Platts dark spreads are indicative prices giving the average difference between the cost of coal and the equivalent price of electricity on any given day.

Prices are quoted for the UK and German markets.

Both UK and German dark spreads are based on CIF ARA coal assessments and equivalent UK and German electricity assessments. For the UK, Platts publishes dark spreads for two months ahead, two quarters ahead and one season ahead. For Germany, Platts publishes dark spreads for two months ahead, two quarters ahead and three calendar years ahead. The source of all coal prices is Coal Trader International. The source of all power prices is European Power Alert and European Power Daily.

The formula for UK and German dark spreads uses an energy conversion factor of 6.978 (revised from 7.1 with effect from April 1, 2014; converting 1 metric ton of 6,000 kcal/kg NAR coal into MWh) and a fuel efficiency factor (coal) of 35%.

The full formula is as follows: Baseload power price in euro – (((coal price in US dollar ÷ exchange rate) ÷ energy conversion factor) ÷ fuel efficiency factor)

Clean Dark Spreads

Platts clean dark spreads are indicative prices giving the average difference between the cost of coal and emissions, and the equivalent price of electricity on any given day.

Prices are quoted for the UK and German markets.

Both UK and German clean dark spreads are based on CIF ARA coal assessments, equivalent EU emissions allowances assessments, and equivalent UK and German electricity assessments.

For the UK, Platts publishes clean dark spreads for two months ahead, two quarters ahead and one season ahead. For Germany, Platts publishes clean dark spreads for two months ahead, two quarters ahead and three calendar years ahead.

Effective April 1, 2014, Platts also publishes UK CPS clean dark spreads that incorporate the cost of the UK government’s Carbon Price Support (CPS) levy at the confirmed rates of GBP9.55/mt from April 1, 2014 to March 31, 2015, GBP18.08/mt from April 1 2015 to March 31, 2016 and GBP18.00/mt from April 1, 2016 to March 31, 2017. The full formula for CPS clean dark spreads is: Platts UK dark spread in GBP/MWh at 35% fuel efficiency - (EUA emissions price in euro/mt converted to GBP + CPS levy in GBP/mt * emissions intensity factor 0.973). Eur/MWh and $/MWh conversions will be available.

The source of all coal prices is Coal Trader International. The source of all power and emissions prices is European Power Alert and European Power Daily.

The formula for the UK and German clean dark spreads uses an energy conversion factor of 6.978 (converting 1 metric ton of 6,000 kcal/kg NAR coal into MWh), a fuel efficiency factor (coal) of 35% and a carbon intensity factor of 0.973 mtCO2/MWh (revised from 0.96 with effect from April 1, 2014).

The full formula is as follows: Baseload power price in euro – (((coal price in US dollar ÷ exchange rate) ÷ energy conversion factor) ÷ fuel efficiency factor) – (EUA price in euro x carbon intensity factor)

CIF ARA, Carbon adjusted, Coal Trader International: The CIF ARA



Carbon Adjusted price reflects the price of spot physical thermal coal discharged at the northern European ports of Amsterdam, Rotterdam and Antwerp factoring in the added cost of carbon emissions certificates.

The formula for the price is: CIF ARA Prompt month in US dollar + ((EU Emission Allowance in euro x euro/dollar exchange rate) x 2.194 [tons of carbon per metric ton of coal])

Platts assessments of forward-traded European Union emissions Allowances reflect a December annual expiry date. Platts clean fuel spread calculations will typically reference the emissions contract most relevant to the delivery period for the fuel legs of the spread. For example, if today is January 2015, the front-month clean dark spread applies to February 2015 for CIF ARA coal and power. The nearest equivalent emissions contract would be EUAs expiring in December 2015. Similarly, if today is January 2015, the front-year clean dark spread applies to calendar year 2016 and the nearest equivalent emissions contract would be December 2016-expiring EUAs. In the UK, seasonal clean fuel spreads that include delivery during winter periods which touch on two calendar years will use an average of two emissions contracts for the ‘clean’ component of the spread. For example, if today is April 2015, the season-ahead clean dark spread is Winter 2015/2016 and the emissions component of the spread will be the average EUA price for the December 2015 and December 2016 contracts.

Platts currently assesses three emissions contracts ahead and an exact fuel/emissions equivalent is not always possible. For example, if today is January 2015, the third year-ahead clean dark spread applies to calendar year 2018 delivery for CIF ARA coal and power while the nearest equivalent emissions contract is December 2017.

Effective December 1, 2014, Platts moved the expiry date for its EUA assessments to mid-December from December 1. The emissions component of the day-ahead clean fuel spread calculations will roll accordingly in mid-December each year. The last day of assessments for December-dated contracts from 2014 to 2017 will be December 15, 2014, December 14, 2015, December 19, 2016, and December 18, 2017.

Virtual Freight, Coal Trader International: The Virtual Freight price reflects an implied freight differential between the price of spot physical thermal coal discharged at the northern European ports of Amsterdam, Rotterdam and Antwerp on a CIF basis and spot thermal coal loaded at Richards Bay, South Africa on an FOB basis.

The formula for the price is: CIF ARA (6,000 kcal/kg NAR) prompt month in US dollar – FOB Richards Bay (6,000 kcal/kg NAR) prompt month in US dollar

Freight Differential, Coal Trader International: The Freight Differential reflects the spread between the cost of real physical spot Capesize freight for the Richards Bay-Rotterdam route and the Platts Virtual Freight.

The formula for the price is: Freight RB to ARA in US dollar – Virtual Freight in US dollar

US emissions prices: Platts publishes daily assessments of US emission allowances for sulfur dioxide and nitrogen oxide based on its own market surveys in Coal Trader. Platts also publishes weekly and monthly broker-based indices in Coal Trader and Coal Outlook. For more information on emissions prices, see Platts’ Methodology and Specifications Guide for Emissions.

PLATTS DAILY RICHARDS BAY-INDIA FREIGHT ASSESSMENTS

Please see our Freight/Shipping Methodology and Specifications Guide at http://www.platts.com/methodology-specifications/shipping

PLATTS DAILY METALLURGICAL COAL ASSESSMENTS

Daily Metallurgical Coal: Detailed information on Platts daily spot price assessments for hard coking coal FOB Australia, CFR China and CFR India is available at: http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/metcoalmethod.pdf.

PLATTS MONTHLY METALLURGICAL COAL ASSESSMENTS

Following market consultation, Platts discontinued its monthly Coking Coal 90-day forward price assessments on August 29, 2014, having determined that the monthly assessments had been superseded by the onset and acceptance of Platts’ daily metallurgical coal assessments.

PLATTS US EMISSIONS METHODOLOGY

Please see our US Emissions Methodology and Specifications Guide at http://www.platts.com/methodology-specifications/coal

http://www.platts.com/methodology-specifications/shipping

http://www.platts.com/methodology-specifications/coal



SPECIFICATIONS

Platts OTC Broker Index

SO2 Lbs Sulfur / MMBtu Percent

Coal product Transport Btu/lb (max) (max)

NYMEX look-alike – Barge 12,000 1.67 1 12,000 Btu/lb -1% CSX (Big Sandy/Kanawha) – Rail 12,500 1.5 <1.00 12,500 Btu/lb -1%PRB -- 8,800 Btu/lb Rail 8,800 0.8 0.35PRB -- 8,400 Btu/lb Rail 8,400 0.8 0.35Illinois Basin 11,500 OTC* Barge 11,500 5 2.88

*Maximum 0.35% Chlorine

OTC Hedge Price Monitor


Region/product Transport Btu/lb (max) (max)

Central Appalachia

CAPP barge OTC Barge 12,000 1.67 1CAPP rail (CSX) OTC Rail 12,500 1.6 <1.00

Powder River Basin

PRB 8,800 OTC Rail 8,800 0.8 0.35PRB 8,400 OTC Rail 8,400 0.8 0.35

Daily FOB US Thermal Coal Assessments

(Standard specifications used as basis for normalizing) Btu/lb Kcal/kg Sulf.% Ash%FOB US East Coast Thermal Coal 12,168 GAR 6,500 NAR 1 12FOB US Gulf Coast Eastern Thermal 11,268 GAR 6,000 NAR 3 12FOB US Gulf Coast Western Thermal 8,997 GAR 5,000 GAR <0.5 5.5FOB Canada/US West Coast Thermal 8,997 GAR 5,000 GAR <0.5 5.5

Petcoke Spot Price Assessments

Origin SulfurUS Gulf Coast >6%US Gulf Coast 5% to 6%US Gulf Coast 4% to <5% US West Coast >=2.5%US West Coast <2.5%

Origin SulfurVenezuela 4%CIF Turkey 5%CFR India West 6.5%CFR India East 6.5%

Editor’s Note: All petroleum coke prices are quoted in metric tons

Weekly US Price Survey

US Basin Origin/Product Btu/lb SO2 lb Transport (FOB transport) /MMBtu Mode

Northern Appalachia Pittsburgh Seam 13,000 <3.0 Rail Pittsburgh Seam 13,000 4 Rail Upper Ohio River 12,500 6+ BargeCentral Appalachia CAPP barge physical 12,000 1.67 Barge Big Sandy/Ohio River 12,000 1.2 Barge CAPP rail (CSX) physical 12,500 1.6 CSX Big Sandy/Kanawha 12,500 1.2 CSX Thacker/Kenova 12,500 1.5 NS Thacker/Kenova 12,500 1.2 NSIllinois Basin 11,800 5 Rail 11,500 2.5 Rail 11,500 5 Barge 11,000 5 Barge 10,500 6+ RailPowder River Basin 8,800 0.8 Rail 8,400 0.8 RailRocky Mountain Colorado 11,700 0.8 Rail 11,000 0.8 Rail Utah 11,500 0.8 Rail

OTC Benchmark Physical Steam Coal Pricing Table

Nation/Area Basis Kcal/kgEurope ARA CIF NAR 6,000Richards Bay FOBT NAR 6,000Newcastle FOBT GAR 6,300Bolivar FOBT GAR 6,300Qinhuangdao FOBT GAR 6,200Barge ARA FOBT NAR 5,800-6,000

PFC-Coal Forward Paper Coal Pricing Table

Basis Kcal/kg Sulfur % max

Atlantic Market

CIF ARA - Europe CIF NAR 6,000 <1%Richards Bay FOBT NAR 6,000 <1%

Pacific Market

Newcastle FOBT GAR 6,300 0.80%

Platts Daily OTC Assessments


Transport Btu/lb (max) (max)

CAPP barge OTC Barge 12,000 1.67 1CAPP rail (CSX) OTC Rail 12,500 1.6 <1.00PRB 8,800 OTC Rail 8,800 0.8 0.35PRB 8,400 OTC Rail 8,400 0.8 0.35Illinois Basin 11,500 OTC* Barge 11,500 5 2.88

*Maximum 0.35% Chlorine

Coal Trader International

Coal Trader and Coal Trader International

Coal Trader



PLATTS DAILY PHYSICAL ASSESSMENTS

Assessment UNIT CODE Wavg Qavg Mavg

CIF ARA 6,000 kcal/kg NAR: USD CSARM01

CIF ARA 6,000 kcal/kg NAR: EUR CSEUR00

FOB Richards Bay 6,00 kcal/kg NAR: USD CSRBM01

FOB Richards Bay 6,00 kcal/kg NAR: EUR CSEUS00

FOB Newcastle 6,300 kcal/kg GAR: USD CSNCB00

FOB Newcastle 6,300 kcal/kg GAR: EUR CSNCC00

Platts FOB 5,500 Daily AssessmentsThermal coal FOB Newcastle 5500 kcal/kg NAR 7-45 Day $/mt USD AAVUW00

Thermal coal FOB Newcastle 5500 kcal/kg NAR 7-45 Day Euro/mt EUR AAVUX00

Thermal Coal FOB Newcastle 5500 kcal/kg NAR Penalty / Premium - Ash $/mt USD AAVVA00

FOB Richards Bay 5,500 kcal/kg NAR: USD AAXEX00

FOB Richards Bay 5,500 kcal/kg NAR: EUR AAXEY00

Platts Daily 7-45 Day FOB Kalimantan Assessments

Thermal Coal FOB Kalimantan 4200 kcal/kg GAR 7-45 Day $/mt USD CSBKI00

Thermal Coal FOB Kalimantan 4200 kcal/kg GAR 7-45 Day Euro/mt EUR CSCKI00

Thermal Coal FOB Kalimantan 3800 kcal/kg GAR 7-45 Day $/mt USD CSCKJ00

Thermal Coal FOB Kalimantan 3800 kcal/kg GAR 7-45 Day Euro/mt EUR CSCKK00

Platts China CoalThermal Coal Platts PCC 1 FOB Qinhuangdao 5500 kcal/kg NAR 7-45 day (VAT) Yuan/mt Yuan PCCQG00

Thermal Coal Platts PCC 1 FOB Qinhuangdao 5500 kcal/kg NAR 7-45 day (VAT) $/mt USD PCCQH00

Thermal Coal Platts PCC 2 FOB Qinhuangdao 5000 kcal/kg NAR 7-45 day (VAT) Yuan/mt Yuan PCCPM00

Thermal Coal Platts PCC 2 FOB Qinhuangdao 5000 kcal/kg NAR 7-45 day (VAT) $/mt USD PCCPN00

Thermal Coal Platts PCC 6 CFR S China 3800 kcal/kg NAR 30-60 day $/mt USD PCCPQ00

Thermal Coal Platts PCC 6 CFR S China 3800 kcal/kg NAR 30-60 day Yuan/mt Yuan PCCPR00

Thermal Coal Platts PCC 6 CFR S China 3800 kcal/kg NAR 30-60 day (VAT) Yuan/mt Yuan PCCPS00

Thermal Coal Platts PCC 7 CFR S China 4700 kcal/kg NAR 30-60 day $/mt USD PCCPP00

CODE LIST



Thermal Coal Platts PCC 7 CFR S China 4700 kcal/kg NAR 30-60 day Yuan/mt Yuan PCCPO00

Thermal Coal Platts PCC 7 CFR S China 4700 kcal/kg NAR 30-60 day (VAT) Yuan/mt Yuan PCCFB00

Thermal Coal Platts PCC 8 CFR S China 5500 kcal/kg NAR 15-60 day $/mt USD PCCSC00

Thermal Coal Platts PCC 8 CFR S China 5500 kcal/kg NAR 15-60 day Yuan/mt Yuan PCCSD00

Thermal Coal Platts PCC 8 CFR S China 5500 kcal/kg NAR 15-60 day (Duty&VAT) Yuan/mt Yuan PCCFA00

Platts Daily 30-60 Day CFR India Assessments:Thermal Coal CFR India East 3800 kcal/kg GAR 30-60 Day $/mt USD TCAKS00

Thermal Coal CFR India West 4200 kcal/kg GAR 30-60 Day $/mt USD TCAKT00

Thermal Coal CFR India East 4200 kcal/kg GAR 30-60 Day $/mt USD TCAKU00

Thermal Coal CFR West Coast India 5000 kcal/kg GAR USD TCAKP00

Thermal Coal CFR West Coast India 5000 kcal/kg GAR 90 Day Euro/mt EUR TCAKQ00

Thermal Coal CFR East Coast India 5000 kcal/kg GAR USD TCAKJ00

Thermal Coal CFR East Coast India 5000 kcal/kg GAR 90 Day Euro/mt EUR TCAKK00

Thermal coal CFR West Coast India 5500 kcal/kg NAR $/mt USD CIWCI00

Thermal coal CFR East Coast India 5500 kcal/kg NAR $/mt USD CIECI00

Thermal Coal CFR India West Coast 6000 kcal/kg NAR 30-60 day $/mt USD CIIWD00

Thermal Coal CFR India West Coast 6000 kcal/kg NAR 30-60 day EUR/mt EUR CIIWD10

Thermal Coal CFR India East Coast 6000 kcal/kg NAR 30-60 day $/mt USD CIIED00

Thermal Coal CFR India East Coast 6000 kcal/kg NAR 30-60 day EUR/mt EUR CIIED10

Platts International 90-day Daily Physical AssessmentsCIF ARA 6,000 kcal/kg NAR: USD CSABG00

EUR CSEUA00

FOB Richards Bay 6,000 kcal/kg NAR: USD CSACN00

EUR CSEUD00

FOB Newcastle 6,300 kcal/kg GAR: USD CSAGB00

EUR CSEUE00

FOB Kalimantan 1: USD CSAKH00

Thermal Coal FOB Kalimantan 5900 kcal/kg GAR 90 Day Euro/mt EUR CSEUP00

FOB Kalimantan 2: USD CSAKI00

Thermal Coal FOB Kalimantan 5000 kcal/kg GAR 90 Day Euro/mt EUR CSEUQ00

PLATTS DAILY PHYSICAL ASSESSMENTS (CONTINUED)




PLATTS WEEKLY 90-DAY ASSESSMENTS


FOB Colombia 6,000 kcal/kg NAR USD CSABZ00

EUR CSEUC00

FOB Poland Baltic 6,000 kcal/kg NAR USD CSAKB00

EUR CSEUK00

FOB Russia Baltic 6,000 kcal/kg NAR USD CSAKC00

EUR CSEUL00

CIF Turkey 6,000 kcal/kg NAR USD CTCMT04

EUR CTCME04

Thermal Coal FOB Russian Pacific 6300 kcal/kg GAR 90 Day $/mt Wkly USD CSAKG00

Thermal Coal FOB Russian Pacific 6300 kcal/kg GAR 90 Day Euro/mt Wkly EUR CSEUO00

Thermal Coal CIF Japan 6300 kcal/kg GAR 90 Day $/mt Wkly USD CSAGD00

Thermal Coal CIF Japan 6300 kcal/kg NAR 90 Day Euro/mt Wkly EUR CSEUG00

Thermal Coal CIF Korea 6080 kcal/kg NAR 90 Day $/mt Wkly USD CSAGE00

Thermal Coal CIF Korea 6080 kcal/kg NAR 90 Day Euro/mt Wkly EUR CSEUI00

Thermal Coal FOB Gladstone Australia 6500 kcal/kg GAR 90 Day $/mt Wkly USD CSAKE00

Thermal Coal FOB Gladstone Australia 6500 kcal/kg GAR 90 Day Euro/mt Wkly EUR CSEUM00

Thermal Coal FOB Qinhuangdao 6200 kcal/kg GAR 90 Day $/mt Wkly USD CSAGH00

Thermal Coal FOB Qinhuangdao 6200 kcal/kg GAR 90 Day Euro/mt Wkly EUR CSEUH00

Platts Daily CFR South China & FOB Qinhuangdao Assessments

Thermal Coal CFR China 5500 kcal/kg NAR 15-60 Day $/mt USD AAVSZ00

Thermal Coal CFR China 5500 kcal/kg NAR 15-60 Day Yuan/mt Yuan AAVTA00

Thermal Coal FOB Qinhuangdao 5500 kcal/kg NAR 7-45 Day Yuan/mt Yuan AAVTN00

Thermal Coal FOB Qinhuangdao 5500 kcal/kg NAR 7-45 Day $/mt USD AAVTM00

Platts Regional Daily FOB Barge ARA Assessment

FOB ARA Barge 6000 kcal/kg NAR 90 Day USD AARCQ00 AARCQ04

EUR AARCR00 AARCR04



PLATTS FORWARD CURVE - COAL


Thermal Coal Forward Curve ARA Prompt Month USD CSAM001

Thermal Coal Forward Curve ARA Prompt Month +1 USD CSAM002

Thermal Coal Forward Curve ARA Prompt Quarter USD CSAQ001

Thermal Coal Forward Curve ARA Prompt Quarter +1 USD CSAQ002



Thermal Coal Forward Curve ARA Prompt Calendar Year USD CSAY001

Thermal Coal Forward Curve ARA Prompt Calendar Year +1 USD CSAY002

Thermal Coal Forward Curve ARA Prompt Calendar Year +2 USD CSAY003

Thermal Coal Forward Curve Richards Bay South Africa Prompt Month USD CSBM001

Thermal Coal Forward Curve Richards Bay South Africa Prompt Month +1 USD CSBM002

Thermal Coal Forward Curve Richards Bay South Africa Prompt Quarter USD CSBQ001

Thermal Coal Forward Curve Richards Bay South Africa Prompt Quarter +1 USD CSBQ002



Thermal Coal Forward Curve Richards Bay South Africa Prompt Calendar Year USD CSBY001

Thermal Coal Forward Curve Richards Bay South Africa Prompt Calendar Year +1 USD CSBY002

Thermal Coal Forward Curve Richards Bay South Africa Prompt Calendar Year +2 USD CSBY003

Thermal Coal Forward Curve Newcastle Australia Prompt Month USD CSCM001

Thermal Coal Forward Curve Newcastle Australia Prompt Month +1 USD CSCM002

Thermal Coal Forward Curve Newcastle Australia Prompt Quarter USD CSCQ001

Thermal Coal Forward Curve Newcastle Australia Prompt Quarter +1 USD CSCQ002



Thermal Coal Forward Curve Newcastle Australia Prompt Calendar Year USD CSCY001

Thermal Coal Forward Curve Newcastle Australia Prompt Calendar Year +1 USD CSCY002

Thermal Coal Forward Curve Newcastle Australia Prompt Calendar Year +2 USD CSCY003



BIOMASS - WOOD PELLET ASSESSMENTS


Wood Pellet Industrial CIF NW Europe 17 GJ/ton $/mt USD IWPNW00

Wood Pellet Industrial Spread UK - Prompt 100% dedicated 30% efficiency GBP/MWh GBP WPSZD30



Wood Pellet Industrial Spread UK - Prompt 100% dedicated 30% efficiency Eur/MWh EUR WPSTD30



Wood Pellet Industrial Spread UK - Prompt 100% conversion 30% efficiency GBP/MWh GBP WPSZC30



Wood Pellet Industrial Spread UK - Prompt 100% conversion 30% efficiency Eur/MWh EUR WPSTC30



Wood Pellet Industrial Spread UK - Prompt 85-100% co-fired 30% efficiency GBP/MWh GBP WPSZF30



Wood Pellet Industrial Spread UK - Prompt 85-100% co-fired 30% efficiency Eur/MWh EUR WPSTF30



Wood Pellet Industrial Spread UK - Prompt 50-85% co-fired 30% efficiency GBP/MWh GBP WPSZP30



Wood Pellet Industrial Spread UK - Prompt 50-85% co-fired 30% efficiency Eur/MWh EUR WPSTP30



Wood Pellet Industrial Spread UK - Prompt <=50% co-fired 30% efficiency GBP/MWh GBP WLSZL30



Wood Pellet Industrial Spread UK - Prompt <=50% co-fired 30% efficiency Eur/MWh EUR WLSTL30





MONTHLY AND QUARTERLY AVERAGES FOR PLATTS’ PHYSICAL ASSESSMENTS

Assessment Specification UNIT CODE Wavg Qavg Mavg

CIF ARA 6,000 NAR USD CSABG04 CSABG03

FOB Richards Bay 6,000 NAR USD CSACN04 CSACN03

FOB Richards Bay 5,500 NAR USD AAXEX02 AAXEX03

FOB Newcastle 5,500 NAR USD AAVUW02 AAVUW03

FOB Newcastle 6,300 GAR USD CSAGB04 CSAGB03

FOB Gladstone 6,500 GAR USD CSAKE04 CSAKE03

FOB Kalimantan 5,900 GAR USD CSAKH04 CSAKH03

FOB Kalimantan 5,000 GAR USD CSAKI04 CSAKI03

FOB Kalimantan 4,200 GAR USD CSBKI04 CSBKI03

FOB Kalimantan 4,200 GAR EUR CSCKI04 CSCKI03

FOB Kalimantan 3,800 GAR USD CSCKJ04 CSCKJ03

FOB Kalimantan 3,800 GAR EUR CSCKK04 CSCKK03

CFR India West 5,500 NAR USD CIWCI05 CIWCI03

CFR India West 4,200 GAR USD TCAKT02 TCAKT03

CFR India West 3,800 GAR USD TCAKR02 TCAKR03

CFR India East 5,500 NAR USD CIECI05 CIECI03

CFR India East 4,200 GAR USD TCAKU02 TCAKU03

CFR India East 3,800 GAR USD TCAKS02 TCAKS03

FOB Colombia 6,000 NAR USD CSABZ04 CSABZ03

Poland Baltic 6,000 NAR USD CSAKB04 CSAKB03

Russia Baltic 6,000 NAR USD CSAKC04 CSAKC03

CIF Turkey 6,000 NAR USD CTCMT05 CTCMT03

Russian Pacific 6,300 GAR USD CSAKG04 CSAKG03

CFR South China 5,500 NAR USD AAVSZ03

FOB Qinhuangdao 5,500 NAR Yuan AAVTN03

BIOMASS - WOOD PELLET ASSESSMENTS (CONTINUED)


Wood Pellet Cost AdjustedWood Pellet Industrial Cost CIF NW Europe - adjusted 30% efficiency GBP/MWh GBP WPCZ030

Wood Pellet Industrial Cost CIF NW Europe - adjusted 35% efficiency GBP/MWh GBP WPCZ035

Wood Pellet Industrial Cost CIF NW Europe - adjusted 40% efficiency GBP/MWh GBP WPCZ040

Wood Pellet Industrial Cost CIF NW Europe - adjusted 30% efficiency Eur/MWh EUR WPCT030



Monthly Average UK ROC auction price GBP/ROC (Renewable Obligation Certificate) GBP UKROC03



FOB Qinhuangdao 6,200 GAR USD CSAGH04 CSAGH03

CIF Korea West 6,080 NAR USD CSAGE04 CSAGE03

CIF Japan 6,080 NAR USD CSAGD04 CSAGD03

PCC 1 Yuan PCCQG05 PCCQG03

PCC 1 USD PCCQH05 PCCQH03

PCC 2 Yuan PCCPM05 PCCPM03

PCC 2 USD PCCPN05 PCCPN03

PCC 6 USD PCCPQ05 PCCPQ03

PCC 6 Yuan PCCPR05 PCCPR03

PCC 6 VAT included Yuan PCCPS05 PCCPS03

PCC 7 USD PCCPP05 PCCPP03

PCC 7 Yuan PCCPO05 PCCPO03

PCC 7 VAT included Yuan PCCFB05 PCCFB03

PCC 8 USD PCCSC05 PCCSC03

PCC 8 Yuan PCCSD05 PCCSD03

PCC 8 Duty & VAT included Yuan PCCFA05 PCCFA03

GERMAN AND UK DARK SPREAD ASSESSMENTS


Dark SpreadsDark Spread UK Power MA - Thermal Coal ARA @ 35% Euro/MWh EUR CDUTM00Dark Spread UK Power (MA+1) - Thermal Coal ARA @ 35% Euro/MWh EUR CDUTM27Dark Spread UK Power QA - Thermal Coal ARA @ 35% Euro/MWh EUR CDUTQ00Dark Spread UK Power (QA+1) - Thermal Coal ARA @ 35% Euro/MWh EUR CDUTQ27Dark Spread UK Power SN - Thermal Coal ARA @ 35% Euro/MWh EUR CDUTS00Dark Spread UK Power MA - Thermal Coal ARA @ 35% $/MWh USD CDUXM00Dark Spread UK Power (MA+1) - Thermal Coal ARA @ 35% $/MWh USD CDUXM27Dark Spread UK Power QA - Thermal Coal ARA @ 35% $/MWh USD CDUXQ00Dark Spread UK Power (QA+1) - Thermal Coal ARA @ 35% $/MWh USD CDUXQ27Dark Spread UK Power SN - Thermal Coal ARA @ 35% $/MWh USD CDUXS00Dark Spread UK Power MA - Thermal Coal ARA @ 35% GBP/MWh GBP CDUZM00

Dark Spread UK Power (MA+1) - Thermal Coal ARA @ 35% GBP/MWh GBP CDUZM27

Dark Spread UK Power QA - Thermal Coal ARA @ 35% GBP/MWh GBP CDUZQ00

Dark Spread UK Power (QA+1) - Thermal Coal ARA @ 35% GBP/MWh GBP CDUZQ27

Dark Spread UK Power SN - Thermal Coal ARA @ 35% GBP/MWh GBP CDUZS00

Dark Spread German Power (MA) - Thermal Coal ARA @ 35% Euro/MWh EUR CDGTM00

Dark Spread German Power (MA+1) - Thermal Coal ARA @ 35% Euro/MWh EUR CDGTM27

MONTHLY AND QUARTERLY AVERAGES FOR PLATTS’ PHYSICAL ASSESSMENTS

Assessment Specification UNIT CODE Wavg Qavg Mavg



Dark Spread German Power (QA) - Thermal Coal ARA @ 35% Euro/MWh EUR CDGTQ00

Dark Spread German Power (QA+1) - Thermal Coal ARA @ 35% Euro/MWh EUR CDGTQ27

Dark Spread German Power (YA+2) - Thermal Coal ARA @ 35% $/MWh USD CDGTX28

Dark Spread German Power (YA) - Thermal Coal ARA @ 35% Euro/MWh EUR CDGTY00

Dark Spread German Power (YA+1) - Thermal Coal ARA @ 35% Euro/MWh EUR CDGTY27

Dark Spread German Power (YA+2) - Thermal Coal ARA @ 35% Euro/MWh EUR CDGTY28

Dark Spread German Power (MA) - Thermal Coal ARA @ 35% $/MWh USD CDGXM00

Dark Spread German Power (MA+1) - Thermal Coal ARA @ 35% $/MWh USD CDGXM27

Dark Spread German Power (QA) - Thermal Coal ARA @ 35% $/MWh USD CDGXQ00

Dark Spread German Power (QA+1) - Thermal Coal ARA @ 35% $/MWh USD CDGXQ27

Dark Spread German Power (YA) - Thermal Coal ARA @ 35% $/MWh USD CDGXY00

Dark Spread German Power (YA+1) - Thermal Coal ARA @ 35% $/MWh USD CDGXY27

Dark Spread UK Power - Thermal Coal ARA (physical 15-60 Day) @ 35% $/MWh USD CDUDA00

Clean Dark SpreadsClean Dark Spread UK Power MA - Thermal Coal ARA - carbon @ 35% Euro/MWh EUR CCUTM00

Clean Dark Spread UK Power (MA+1) - Thermal Coal ARA - carbon @ 35% Euro/MWh EUR CCUTM27

Clean Dark Spread UK Power QA - Thermal Coal ARA - carbon @ 35% Euro/MWh EUR CCUTQ00

Clean Dark Spread UK Power (QA+1) - Thermal Coal ARA - carbon @ 35% Euro/MWh EUR CCUTQ27

Clean Dark Spread UK Power SN - Thermal Coal ARA - carbon @ 35% Euro/MWh EUR CCUTS00

Clean Dark Spread UK Power MA - Thermal Coal ARA - carbon @ 35% $/MWh USD CCUXM00

Clean Dark Spread UK Power (MA+1) - Thermal Coal ARA - carbon @ 35% $/MWh USD CCUXM27

Clean Dark Spread UK Power QA - Thermal Coal ARA - carbon @ 35% $/MWh USD CCUXQ00

Clean Dark Spread UK Power (QA+1) - Thermal Coal ARA - carbon @ 35% $/MWh USD CCUXQ27

Clean Dark Spread UK Power SN - Thermal Coal ARA - carbon @ 35% $/MWh USD CCUXS00

Clean Dark Spread UK Power MA - Thermal Coal ARA - carbon @ 35% GBP/MWh GBP CCUZM00

Clean Dark Spread UK Power (MA+1) - Thermal Coal ARA - carbon @ 35% GBP/MWh GBP CCUZM27

Clean Dark Spread UK Power QA - Thermal Coal ARA - carbon @ 35% GBP/MWh GBP CCUZQ00

Clean Dark Spread UK Power (QA+1) - Thermal Coal ARA - carbon @ 35% GBP/MWh GBP CCUZQ27

Clean Dark Spread UK Power SN - Thermal Coal ARA - carbon @ 35% GBP/MWh GBP CCUZS00

Clean Dark Spread UK Power MA-Thermal Coal ARA-Carbon Price Support @ 35% Eur/MWh EUR CCHTM00

Clean Dark Spread UK Power MA+1-Thermal Coal ARA-Carbon Price Support @ 35% Eur/MWh EUR CCHTM27

Clean Dark Spread UK Power QA-Thermal Coal ARA-Carbon Price Support @ 35% Eur/MWh EUR CCHTQ00

Clean Dark Spread UK Power QA+1-Thermal Coal ARA-Carbon Price Support @ 35% Eur/MWh EUR CCHTQ27

Clean Dark Spread UK Power SN-Thermal Coal ARA-Carbon Price Support @ 35% Eur/MWh EUR CCHTS00

Clean Dark Spread UK Power MA-Thermal Coal ARA-Carbon Price Support @ 35% $/MWh USD CCHXM00

GERMAN AND UK DARK SPREAD ASSESSMENTS (CONTINUED)




Clean Dark Spread UK Power MA+1-Thermal Coal ARA-Carbon Price Support @ 35% $/MWh USD CCHXM27

Clean Dark Spread UK Power QA-Thermal Coal ARA-Carbon Price Support @ 35% $/MWh USD CCHXQ00

Clean Dark Spread UK Power QA+1-Thermal Coal ARA-Carbon Price Support @ 35% $/MWh USD CCHXQ27

Clean Dark Spread UK Power SN-Thermal Coal ARA-Carbon Price Support @ 35% $/MWh USD CCHXS00

Clean Dark Spread UK Power MA-Thermal Coal ARA-Carbon Price Support @ 35% GBP/MWh GBP CCHZM00

Clean Dark Spread UK Power MA+1-Thermal Coal ARA-Carbon Price Support @ 35% GBP/MWh GBP CCHZM27

Clean Dark Spread UK Power QA-Thermal Coal ARA-Carbon Price Support @ 35% GBP/MWh GBP CCHZQ00

Clean Dark Spread UK Power QA+1-Thermal Coal ARA-Carbon Price Support @ 35% GBP/MWh GBP CCHZQ27

Clean Dark Spread UK Power SN-Thermal Coal ARA-Carbon Price Support @ 35% GBP/MWh GBP CCHZS00

Clean Dark Spread German Power (MA) - Thermal Coal ARA - carbon @ 35% Euro/MWh EUR CCGTM00

Clean Dark Spread German Power (MA+1) - Thermal Coal ARA - carbon @ 35% Euro/MWh EUR CCGTM27

Clean Dark Spread German Power (QA) - Thermal Coal ARA - carbon @ 35% Euro/MWh EUR CCGTQ00

Clean Dark Spread German Power (QA+1) - Thermal Coal ARA - carbon @ 35% Euro/MWh EUR CCGTQ27

Clean Dark Spread German Power (YA+2) - Thermal Coal ARA - carbon @ 35% $/MWh USD CCGTX28

Clean Dark Spread German Power (YA) - Thermal Coal ARA - carbon @ 35% Euro/MWh EUR CCGTY00

Clean Dark Spread German Power (YA+1) - Thermal Coal ARA - carbon @ 35% Euro/MWh EUR CCGTY27

Clean Dark Spread German Power (YA+2) - Thermal Coal ARA - carbon @ 35% Euro/MWh EUR CCGTY28

Clean Dark Spread German Power (MA) - Thermal Coal ARA - carbon @ 35% $/MWh USD CCGXM00

Clean Dark Spread German Power (MA+1) - Thermal Coal ARA - carbon @ 35% $/MWh USD CCGXM27

Clean Dark Spread German Power (QA) - Thermal Coal ARA - carbon @ 35% $/MWh USD CCGXQ00

Clean Dark Spread German Power (QA+1) - Thermal Coal ARA - carbon @ 35% $/MWh USD CCGXQ27

Clean Dark Spread German Power (YA) - Thermal Coal ARA - carbon @ 35% $/MWh USD CCGXY00

Clean Dark Spread German Power (YA+1) - Thermal Coal ARA - carbon @ 35% $/MWh USD CCGXY27

Clean Dark Spread UK Power - Thermal Coal ARA phys 15-60 Day - carbon @ 35% $/MWh USD CDUCA00

Clean Dark Spread UK Power - Thermal Coal ARA phys 15-60 Day - carbon @ 35% Euro/MWh GBP CDUCC00

CIF ARA, Carbon adjustedThermal Coal CIF ARA 6000 kcal/kg NAR 15-60 Day Carbon Adjusted USD CSCCC00

EUR CSEUT00

Virtual FreightFreight Rate Dry Bulk ARA Virtual (CIF ARA 15-60 Day - FOB Richards Bay 7-45 Day) USD CSCCD00

Freight Rate Dry Bulk ARA Virtual (CIF ARA 15-60 Day - FOB Richards Bay 7-45 Day) EUR CSEUU00

Freight DifferentialFreight Rate Differential (FOB Richards Bay - Rotterdam Capesize) USD CSCCE00

Freight Rate Differential (FOB Richards Bay - Rotterdam Capesize) EUR CSEUV00

GERMAN AND UK DARK SPREAD ASSESSMENTS (CONTINUED)




PLATTS US ASSESSMENTS

Front-Month Front-Month +1 Front-Quarter Front-Quarter+1 Front-Quarter+2 Calendar Year

Daily OTC AssessmentsCAPP Rail (CSX) OTC CAKM001 CAKM002 CAKQ001 CAKQ002 CAKQ003 CAKY001CAPP barge OTC CTNM001 CTNM002 CTNQ001 CTNQ002 CTNQ003 CTNY001PRB 8,800 OTC CTAM001 CTAM002 CTAQ001 CTAQ002 CTAQ003 CTAY001PRB 8,400 OTC CTBM001 CTBM002 CTBQ001 CTBQ002 CTBQ003 CTBY001IB 11,500 OTC TCIM001 TCIM002 TCIQ001 TCIQ002 TCIQ003 TCIY001

OTC Broker Index

Coal productSecond Trailing Final Monthly Average

Final Monthly Average

Front Month Front QuarterCurrent Quarter Average

NYMEX look-alike – 12,000 Btu/lb. -1% CTIBM01 CTIBM01 CTIM001 CTIQ001 CTIBQ01CSX BS/K – 12,500 Btu/lb. -1% CTJBM01 CTJBM01 CTJM001 CTJQ001 CTJBQ01PRB – 8,800 Btu/lb. CTKBM01 CTKBM01 CTKM001 CTKQ001 CTKBQ01PRB – 8,400 Btu/lb. CTLBM01 CTLBM01 CTLM001 CTLQ001 CTLBQ01Illinois Basin 11,500 OTC CTOBM01 CTOBM01 CTOM001 CTOQ001 CTOBQ01CAPP 1% vs. Compliance spread CTMBM01 CTMBM01 CTMM001 CTMQ001 CTMBQ01

Daily CSAPR allowance assessmentsYear 1 Year 2

SO2 GROUP 1 ESO21Y1 ESO21Y1 ESO21Y1 ESO21Y2 ESO21Y2 ESO21Y2SO2 GROUP 2 ESO22Y1 ESO22Y1 ESO22Y1 ESO22Y2 ESO22Y2 ESO22Y2NOx ANNUAL ENOXY01 ENOXY01 ENOXY01 ENOXY02 ENOXY02 ENOXY02NOx SEASONAL ENOXS01 ENOXS01 ENOXS01 ENOXS02 ENOXS02 ENOXS02

Platts Physical Thermal Coal AssessmentsFOB US EAST COAST CUFEC00FOB USGC EASTERN COAL CUFGC00FOB USGC WESTERN COAL CUFGD00FOB CANADA/US WEST COAST CUFCN00

PETROLEUM COKE SPOT PRICE ASSESSMENTSUS Gulf Coast >6% CPAAA00US Gulf Coast 5% - 6% CPAGF00US Gulf Coast 4% to <5% CPAAF00US West Coast >2.5% CPAAC00US West Coast < or equal to 2.5% CPAGG00Venezuela 4% CPAAD00CIF Turkey 5% CPAGH00CFR India East 6%-8% CPAGJ00CFR India West 6%-8% CPAGK00



PLATTS US ASSESSMENTS (CONTINUED)

Weekly Traditional Price Survey

Northern Appalachia Btu/lb SO2 Mode Q1 Q2 Q3 CY

PITTSBURGH SEAM 13000 <3 RAIL CPAQ001 CPAQ002 CPAQ003 CPAY001

PITTSBURGH SEAM 13000 4 RAIL CNDQ001 CNDQ002 CNDQ003 CNDY001

UPPER Ohio RIVER 12500 6+ BARGE CNEQ001 CNEQ002 CNEQ003 CNEY001

Central Appalachia

NYMEX LOOK-ALIKE 12000 1.67 BARGE CNNQ001 CNNQ002 CNNQ003 CNNY001

BIG SANDY/OHIO RIVER 12000 1.2 BARGE CAIQ001 CAIQ002 CAIQ003 CAIY001

CAPP RAIL (CSX) PHYSICAL 12500 1.6 CSX CAEQ001 CAEQ002 CAEQ003 CAEY001

BIG SANDY/KANAWHA 12500 1.2 CSX CAFQ001 CAFQ002 CAFQ003 CAFY001

THACKER/KENOVA 12500 1.5 NS CAGQ001 CAGQ002 CAGQ003 CAGY001

THACKER/KENOVA 12500 1.2 NS CAHQ001 CAHQ002 CAHQ003 CAHY001

Illinois Basin

11800 5 RAIL CIAQ001 CIAQ002 CIAQ003 CIAY001

11500 5 BARGE CIEQ001 CIEQ002 CIEQ003 CIEY001

11000 5 BARGE CICQ001 CICQ002 CICQ003 CICY001

10500 6+ RAIL CIDQ001 CIDQ002 CIDQ003 CIDY001

11500 2.5 RAIL CAJQ001 CAJQ002 CAJQ003 CAJY001

Powder River Basin

PRB 8800 0.8 RAIL CRAQ001 CRAQ002 CRAQ003 CRAY001

PRB 8400 0.8 RAIL CRBQ001 CRBQ002 CRBQ003 CRBY001

Rocky Mountain

Colorado 11700 0.8 RAIL CUAQ001 CUAQ002 CUAQ003 CUAY001

Colorado 11000 0.8 RAIL CUEQ001 CUEQ002 CUEQ003 CUEY001

Utah 11500 0.8 RAIL CUDQ001 CUDQ002 CUDQ003 CUDY001

Weekly OTC Hedge Price MonitorCentral Appalachia Prompt Quarter Q+1 Q+2 CY

CAPP barge OTC CHNQ001 CHNQ002 CHNQ003 CHNY001

CAPP rail (CSX) OTC CHKQ001 CHKQ002 CHKQ003 CHKY001

Powder River Basin

PRB 8,800 OTC CHAQ001 CHAQ002 CHAQ003 CHAY001

PRB 8,400 OTC CHBQ001 CHBQ002 CHBQ003 CHBY001



REVISION HISTORY

July 2015: Updated the specifications for PCC assessment suite

July 2015: Updated specifications for FOB Kalimantan 5,900 GAR and FOB Kalimantan 5,000 GAR

June 2015: Methodology for CCI 7 VAT included and CCI 8 Duty & VAT included price assessments added. Revised US OTC specifications to add chlorine quantity to Illinois Basin 11,500 OTC product.

March 2015: Added CIF Turkey and CFR India East and West petcoke methodology.

March 2015: Amended and expanded US petcoke methodology.

February 2015: This methodology guide was updated to include further description of Platts’ processes and practices in survey assessment environments.

January 2015: Platts revamped all Power Methodology And Specifications Guides, including its Coal guide, in December 2014. This revamp was completed to enhance the clarity and usefulness of all guides, and to introduce greater consistency of layout and structure across all published methodology guides. Methodologies for market coverage were not changed through this revamp, unless specifically noted in the methodology guide itself.

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