SUBSCRIBER NOTE: Platts to launch netback FOB Richards Bay 6,000 NAR calculated quote

Following a period of industry consultation, S&P Global Platts has decided to launch a netback FOB Richards Bay 6,000 NAR calculated quote from February 13, 2017.

The proposed formula for the netback is as follows: CFR India West Panamax 5,500 NAR 30-60 day [CIWCI00] minus freight rate Richards Bay to India West Panamax [CSAKL00]. The price will then be adjusted to reflect 14% ash and 6,000 NAR calorific value of coal. The calculation will be published daily under: CSEUW00 - Thermal Coal FOB Richards Bay 6000 kcal/kg NAR netback $/mt Monthly under: CSEUW03 - Thermal Coal FOB Richards Bay 6000 kcal/kg NAR netback $/mt MAvg And quarterly under: CSEUW05 - Thermal Coal FOB Richards Bay 6000 kcal/kg NAR netback $/mt QAvg The existing thermal coal basis 6,000 kcal/kg NAR for physical coal loaded from Richards Bay, South Africa -- with the associated forward curve -- and 6,000 kcal/kg NAR thermal coal delivered into India will now be discontinued with effect from February 13 2017.

The affected codes are published daily under: FOB Richards Bay 6,000 kcal/kg NAR 7-45 day $/mt: CSRBM01 FOB Richards Bay 6,000 kcal/kg NAR 7-45 day EUR/mt: CSEUS00 FOB Richards Bay 6,000 kcal/kg NAR 90-day $/mt: CSACN00 FOB Richards Bay 6,000 kcal/kg NAR 90-day EUR/mt: CSEUD00 CFR India West (Capesize) 6,000 kcal/kg NAR 30-60 day $/mt: CIIWD00 CFR India West (Capesize) 6,000 kcal/kg NAR 30-60 day EUR/mt: CIIWD10 CFR India East (Capesize) 6,000 kcal/kg NAR 30-60 day $/mt: CIIED00 CFR India East (Capesize) 6,000 kcal/kg NAR 30-60 day EUR/mt: CIIED10 Freight rate dry bulk ARA virtual (CIF ARA 15-60 day - FOB Richards Bay - 45 Day) $/mt: CSCCD00 Freight rate dry bulk ARA virtual (CIF ARA 15-60 day - FOB Richards Bay - 45 Day) EUR/mt_ CSEUU00 Freight rate dry bulk (SSY Richards Bay - Rotterdam Capesize) - virtual freight $/mt: CSCCE00 Freight rate dry bulk (SSY Richards Bay - Rotterdam Capesize) - virtual freight EUR/mt: CSEUV00

THERMAL COAL FORWARD CURVES, FOB RICHARDS BAY 6,000 NAR Month 1: CSBM001 Month 2: CSBM002 Quarter 1: CSBQ001 Quarter 2: CSBQ002 Quarter 3: CSBQ003 Quarter 4: CSBQ004 Cal year 1: CSBY001 Cal year 2: CSBY002 Cal year 3: CSBY003

Monthly under the following codes: FOB Richards Bay 6,000 kcal/kg NAR 90-day $/mt Monthly Average: CSACN03 CFR India West (Capesize) 6,000 kcal/kg NAR 30-60 day $/mt Monthly Average: CIIWD03 CFR India West (Capesize) 6,000 kcal/kg NAR 30-60 day EUR/mt Monthly Average: CIIWD13 CFR India East (Capesize) 6,000 kcal/kg NAR 30-60 day $/mt Monthly Average: CIIED03 CFR India East (Capesize) 6,000 kcal/kg NAR 30-60 day EUR/mt Monthly Average: CIIED13

Quarterly under the following codes: FOB Richards Bay 6,000 kcal/kg NAR 90-day $/mt Quarterly Average: CSACN04 CFR India West (Capesize) 6,000 kcal/kg NAR 30-60 day$/mt Quarterly Average: CIIWD04 CFR India East (Capesize) 6,000 kcal/kg NAR 30-60 day$/mt Quarterly Average: CIIED04

The codes are published on Global Coal Alert page 0410 (prompt assessments) and 0420 (90-day assessments), 0440 (forward curve assessments) 450 (monthly and quarterly averages), in Coal Trader International, and in Platts Market Data category CI.

Please address any questions or comments to coal@platts.com and pricemethodology@platts.com

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.