Report of Analysis No. 2

Moisture                    40.2 %

Inherent Moisture     14.2 %

Ash                             2.4  %

Volatile Matter           45.2 %

Fixed Carbon             38.2 %

Sulphur                      0.26 %

GCV                           5429

Report of Analysis No. 2

Moisture                    40.2 %

Inherent Moisture     13.5 %

Ash                             4.3  %

Volatile Matter           44.3 %

Fixed Carbon             37.9 %

Sulphur                      0.78 %

GCV                           5296

Barge loading capacity only for 270 ft, payment COD, FOB Barge.

Regards,

Billy S.