SUBMITTED SAMPLE ANALYTICAL REPORT SGS Reference: Client Reference: 42158-01.001 Sample Type: Sample Received From: Sample Description: Date Sample received: Sample Seal Number(s): Date(s) Tested: Palm Kernel Cake Date Issued : 3 December 2011 9150213011 1 sample from client Principal: NUDAN World Wide investment S.L. Address: NUDWIN SGS Espanola de Control S.A. City, State, Postal: Albacete Country: Spain Attention: 25 November 2011 no seal 2 December 2011 Methods: Analysis performed on a SUBMITTED SAMPLE(s). Analysis performed in accordance with CEN/TS Solid Biomass Standards or other International Standards stipulated on the Methods Page Sampling: SAMPLE(s) SUPPLIED BY CLIENT Analysis marked with:- * denotes Non Accredited analysis; with a ** denotes analysis oerformed by a Third Party Laboratory As-Received AsBasis (ar) Determined Basis (ad) Proximate Analysis Moisture Ash ISO Volatile Matter Fixed Carbon Total Sulphur Gross Caloritic Value ISO Net CV, constant volume % % % 8.28 Dry Basis Dry Ash (db) Free Basis (dat) 2.57 5.56 2.65 2.81 76.59 78.86 83.50 85.91 12.93 13.69 14.09 % 12.56 0.17 0.17 0.18 0.19 kcal/kg 4817 4960 5252 5404 MJ kg-GJ/ton Btu/lb J g kJ/kq) 20.77 8928 20767 4589 21.99 9454 21989 4891 22.63 9727 22625 kcal/kg 20.17 8671 20168 4441 MJ kg-GJ/ton Btu/Ib J g kJ/kg) 18.59 7993 18592 19.21 8260 19212 20.48 8804 20479 Ultimate Analysis Moisture Total Carbon not determined Hydrogen (excludes H in moisture) Total Nitrogen not determined Total Sulphur Ash % % % % % % Total Hydrogen (includes H in moisture) % 1 of 3 As-Received AsDry Basis Dry Ash Basis (ar) Determined (db) Free Basis Basis (ad) (dat) 8.28 5.56 - - - - 6.72 6.92 7.33 7.54 - - - - 0.17 2.57 0.17 0.18 0.19 2.65 2.81 7.65 7.54 SUBMITTED SAMPLE ANALYTICAL REPORT SGS Reference: 42158-01.001 9150213011 Client Reference: 1 sample from client Date Issued : 3 December2011 SAMPLING CONDITIONS I CONDITION OF SAMPLES: Not Applicable CONDITION OF CARGO I WEATHER REPORT Not Applicable SGS ederland B.V. P.O. Box 200 NL 3200 AE SplJ~~’ Signed and dated ~ Spijkenisse - . d on ‘p.. - alt of . d 3 December 2011 SGS Nederland B.V. Minerals Services Malledijk 18, 3208 LA Spijkenisse +31 (0)181 693260 f +31 (0)181 693573 www.sgs.com Member of SGS Group This document is issued by the Company under its General Conditions of Service accessible at http://www.sgs.com/terms and conditions.htm. Attention is drawn to the limitation of liability, indemnification and jurisdiction issues defined therein. Any holder of this document is advised that information contained hereon reflects the Company’s findings at the time of its intervention only and within the limits of Client’s instructions, if any. The Company’s sole responsibility is to its Client and this document does not exonerate parties to a transaction from exercising all their rights and obligations under the transaction documents. Any unauthorized alteration, forgery or falsification of the content or appearance of this document is unlawful and offenders may be prosecuted to the fullest extent of the law. 2 of 3 • I. p~ i~ ! ~ H “ ° ~. I ~ ~ . H I z C) a; •-~ 0z a c— -J 0 t <. z ~ - H ~h~r’r’ ‘~ 00000 8 :€~~:da; ~ 00000 0 a;~>>>>> > ~ ~ H E )< o ~ coca) — I [I ci. z 9 I 4 C IC (0 0 I 0 th )0 H 0• LU I -4 0 a -J 4 D z 4 C) I a; 4 C) 0 0 0 ~0nn.~ .1 a; ~ 1 0! 0000CC I ~ 0~ ~~HH! ~ LA. !00000 0 0 z ILU 4 4 0 000000 flc9rnr~r~ 0 -J )0 — 0 I 0 ‘1 ~I V 0 C — 0 ~z#; C) Li fl H Huh 4 ~ zzzzz C) ~C)()r’ ~! ii ~ a C) HI p I a 0 ~ a; E! D~ 2 ~ C C ~ a; H a; H ~•_~C wa;t~ F : ~ C 2 a;oa;-~0~~0 ~ -, S In 0 S 0 I a;’ 0 ii