Specifications Guide - S&P Global

1 Definitions of the trading locations for which Platts publishes assessments 2 Asia-Pacific Thermal Coal Assessments 2 Atlantic Thermal Coal Assessments 4 Asia-Pacific And Atlantic Thermal Coal Locations 5US Thermal Coal Assessments 9US Physical Thermal Coal Netbacks 11US FOB assessment inputs 11 Forward Curve Assessments 14 Petroleum Coke Assessments 15 Petcoke Location 15 Clean Dark Spreads 17 Spot Dry Bulk Freight Assessments published in Coal Trader International 19 Metallurgical Coal and Met Coke assessments published in Coal Trader International 20 Specifications GuideGlobal CoalLatest update: August GuideGlobal Coal: August 20202 2020 S&P Global Platts, a division of S&P Global Inc.

2 All rights of the trADinG L ocAtionS for which PLAttS PubLiSheS ASSeSSmentSAll the assessments listed here employ S&P Global Platts Assessments Methodology, as published at guides are designed to give Platts subscribers as much information as possible about a wide range of methodology and specification Guide is current at the time of publication. Platts may issue further updates and enhancements to this Guide and will announce these to subscribers through its usual publications of record. Such updates will be included in the next version of this Guide . Platts editorial staff and managers are available to provide guidance when assessment issues require thermAL coAL ASSeSSmentSSpecifications (typical) Specifications (range)

3 AssessmentcoDemavgQavgcVDelivery periodVolumecurrencyuomfrequencytimestam pSulfurAshmoistureVolatilescVSulfurAshmo istureVolatilesminimum Loadrateother informationCFR BangladeshTCBAN00 TCBAN03 TCBAN055,000 GAR30-60 days55,000 USDM etric ,800-5,500 GARMax 21230 Geared SupramaxSulfur DifferentialTCSDA00 TCSDA03 TCSDA05 USDM etric SEATCSEAA00 CSEAA03 CSEAA054,200 GAR15-60 days55,000 USDM etric 1 Max 10 Max 40 Geared SupramaxPlatts SEATCSEAB00 CSEAB03 CSEAB054,200 GAR15-60 days55,000 EURM etric 1 Max 10 Max 40 Platts NEATJKTCA00 JKTCA03 JKTCA055,750 NAR15-60 days75,000 USDM etric ,500-6,100 NARMax 1 Max 20 Max 16 Max 38 Standard PanamaxFOB NewcastleAAVUW00 AAVUW03 AAVUW025,500 NAR7-45 days50,000 USDM etric ,300-5,700 NARMax 15 FOB NewcastleAAVUX005,500 NAR7-45 days50,000 EURM etric ,300-5,700 NARMax 15 FOB NewcastleAAVVB00 AAVVB03 AAVB055,500 NAR7-45 days50,000 USDM etric ,300-5,700 NARMax 15 FOB Newcastle Ash DifferentialAAVVA005,500 NAR7-45 daysUSDM etric ,300-5,700 NARMax 15 FOB KalimantanCSCKJ00 CSCKJ03 CSCKJ043,800 GAR7-45 days50,000 USDM etric ,600-4,000 GARMax 9 Max 418.

4 000 mt/dayGeared SupramaxFOB KalimantanCSCKK00 CSCKK03 CSCKK043,800 GAR7-45 days50,000 EURM etric ,600-4,000 GARMax 9 Max 418,000 mt/dayFOB KalimantanCSBKI00 CSBKI03 CSBKI044,200 GAR7-45 days50,000 USDM etric ,000-4,400 GARMax 1 Max 10 Max 408,000 mt/dayGeared SupramaxFOB KalimantanCSCKI00 CSCKI03 CSCKI044,200 GAR7-45 days50,000 EURM etric ,000-4,400 GARMax 1 Max 10 Max 408,000 mt/dayFOB KalimantanCSAKH00 CSAKH03 CSAKH045,900 GAR90 days50,000 USDM etric ,700-6,100 GARMax 1 Max 15 Max 20 Geared SupramaxFOB KalimantanCSEUP005,900 GAR90 days50,000 EURM etric ,700-6,100 GARMax 1 Max 15 Max 20 Specifications GuideGlobal Coal: August 20203 2020 S&P Global Platts, a division of S&P Global Inc.

5 All rights thermAL coAL ASSeSSmentSSpecifications (typical) Specifications (range)AssessmentcoDemavgQavgcVDelivery periodVolumecurrencyuomfrequencytimestam pSulfurAshmoistureVolatilescVSulfurAshmo istureVolatilesminimum Loadrateother informationFOB KalimantanCSAKI00 CSAKI03 CSAKI045,000 GAR90 days50,000 USDM etric ,800-5,200 GARMax 1 Max 12 Max 30 Geared SupramaxFOB KalimantanCSEUQ005,000 GAR90 days50,000 EURM etric ,800-5,200 GARMax 1 Max 12 Max 30 PCC 6 PCCPQ00 PCCPQ03 PCCPQ053,800 NAR30-60 daysMin 40,000 USDM etric ,600-4,000 NARMax 1 Max 10 Max 40 PCC 6 PCCPR00 PCCPR03 PCCPR053,800 NAR30-60 daysMin 40,000 YuanMetric ,600-4.

6 000 NARMax 1 Max 10 Max 40 PCC 6 (VAT Included)PCCPS00 PCCPS03 PCCPS053,800 NAR30-60 daysMin 40,000 YuanMetric ,600-4,000 NARMax 1 Max 10 Max 40 PCC 7 PCCPO00 PCCPO03 PCCPO054,700 NAR30-60 daysMin 40,000 YuanMetric ,500-4,900 NARMax 1 Max 12 Max 30 PCC 7 PCCPP00 PCCPP03 PCCPP054,700 NAR30-60 daysMin 40,000 USDM etric ,500-4,900 NARMax 1 Max 12 Max 30 PCC 7 (VAT Included)PCCFB00 PCCFB03 PCCFB054,700 NAR30-60 daysMin 40,000 YuanMetric ,500-4,900 NARMax 1 Max 12 Max 30 PCC 8 PCCSC00 PCCSC03 PCCSC055,500 NAR15-60 daysMin 25,000 USDM etric ,300-5,700 NARMax 1 Max 23 Max 18 Max 40 PCC 8 PCCSD00 PCCSD03 PCCSD055,500 NAR15-60 daysMin 25,000 YuanMetric ,300-5,700 NARMax 1 Max 23 Max 18 Max 40 PCC 8 (Duty & VAT Included)

7 PCCFA00 PCCFA03 PCCFA055,500 NAR15-60 daysMin 25,000 YuanMetric ,300-5,700 NARMax 1 Max 23 Max 18 Max 40 CFR India EastTCAKU00 TCAKU03 TCAKU024,200 GAR30-60 days60,000 USDM etric ,000-4,400 GARMax 1 Max 10 Max 408,000 mt/dayGearless PanamaxCFR India WestTCAKT00 TCAKT03 TCAKT024,200 GAR30-60 days60,000 USDM etric ,000-4,400 GARMax 1 Max 10 Max 408,000 mt/dayGearless PanamaxCFR India EastTCAKJ00 TCAKJ03 TCAKJ055,000 GAR30-60 daysMin 70,000 USDM etric ,800-5,200 GARMax 1 Max 12 Max 308,000 mt/dayGearless PanamaxCFR India WestTCAKP00 TCAKP03 TCAKP055,000 GAR30-60 daysMin 70,000 USDM etric ,800-5,200 GARMax 1 Max 12 Max 308,000 mt/dayGearless PanamaxCFR India EastCIECI00 CIECI03 CIECI055,500 NAR30-60 days75,000 USDM etric ,300-5,700 NARMax 1 Max 23 Max 208,000 mt/dayCFR India WestCIWCI00 CIWCI03 CIWCI055,500 NAR30-60 days75,000 USDM etric ,300-5,700 NARMax 1 Max 23 Max 208,000 mt/dayFOB Russia PacificCSAKG00 CSAKG03 CSAKG046,300 GAR90 days75,000 USDM etric ,200-6,400 GARMax 15 Max 14 Max 30 FOB Russia PacificCSEUO006,300 GAR90 days75,000 EURM etric ,200-6,400 GARMax 15 Max 14 Max 30 Specifications GuideGlobal Coal.

8 August 20204 2020 S&P Global Platts, a division of S&P Global Inc. All rights thermAL coAL ASSeSSmentSSpecifications (typical) Specifications (range)AssessmentcoDemavgQavgcVDelivery periodVolume (mt)currencyuomfrequencytimestampSulfur %Ash %moisture %cVSulfur %Ash %moisture %CFR PakistanTPKCA00 TPKCA03 TPKCA055,750 NAR30-60 days55,000 USDM etric London117125,700-6,000 NARMax 117-23 Max 13 CIF ARACSARM01 CSARN03 CSARN056,000 NAR15-60 days50,000 USDM etric ,800-6,100 NARMax 1 Max 16 Max 14 CIF ARACSEUR006,000 NAR15-60 days50,000 EURM etric ,800-6,100 NARMax 1 Max 16 Max 14 European Blended Price (EBP)

9 TEBPA00 TEBPA03 TEBPA056,000 NAR15-60 days75,000 USDM etric ,800-6,100 NARMax 3 Max 16 Max 14 European Blended Price (EBP)TEBPC006,000 NAR15-60 days75,000 EURM etric ,800-6,100 NARMax 3 Max 16 Max 14 EBP/CIF ARA DifferentialTEBPB00 TEBPB03 TEBPB056,000 NAR15-60 days75,000 USDM etric London5,800-6,100 NAREBP/CIF ARA DifferentialTEBPD006,000 NAR15-60 days75,000 EURM etric London5,800-6,100 NARCIF ARA sulfur Blend Stock CSARB005,850 NAR15-60 days75,000 USDM etric ,700-6,100 NARMax 15 Max 12 FOB New Orleans plus ARA freightCUAFR006,000 NAR15-60 days75,000 USDM etric ,000 NARFOB Richards BayAAXEX00 AAXEX03 AAXEX025,500 NAR7-45 days75,000 USDM etric ,300-5.

10 700 NARMax 117-23 Max 13 FOB Richards BayAAXEY005,500 NAR7-45 days75,000 EURM etric ,300-5,700 NARMax 117-23 Max 13 CIF Med 75kt CTCMT04 CTCMT03 CTCMT056,000 NAR90 days75,000 USDM etric ,850-6,300 Med 75kt CTCME046,000 NAR90 days75,000 EURM etric ,850-6,300 Med 45ktCTCMA04 CTCMA03 CTCMA05 6,000 NAR90 days45,000 USDM etric ,850-6,300 Med 45ktCTCMB04 6,000 NAR90 days45,000 EURM etric ,850-6,300 ColombiaCSABZ00 CSABZ03 CSABZ046,000 NAR90 days75,000 USDM etric ,750-6,100 NARMax 12 Max 15 FOB ColombiaCSEUC006,000 NAR90 days75,000 EURM etric ,750-6,100 NARMax 12 Max 15 FOB Russia BalticCSAKC00 CSAKC03 CSAKC046,000 NAR90 days75,000 USDM etric ,800-6,100 NARMax 1 Max 16 Max 14 FOB Russia BalticCSEUL006,000 NAR90 days75,000 EURM etric ,800-6,100 NARMax 1 Max 16 Max 14 Specifications GuideGlobal Coal: August 20205 2020 S&P Global Platts, a division of S&P Global Inc.