KSIS-SAYBOLT KOREA CORPORATION

To Whom It May Concern

This copy is being provided for courtesy purposes only, and does not give any person
or company other or company other than our named client a right to rely on these
results. No warranties, express or implied, including the warranty of due diligence
and care mentioned elsewhere, shall extend to any party other than such named client.

APPLICANT : JX NIPPON OIL & ENERGY CORPORATION

DESCRIPTION : HIGH SULPHUR FUEL OIL
LOADPORT : MURORAN & SENDAI, JAPAN
DISPORT : PYEONGTAEK, KOREA
VESSEL NAME : M.T. "ASASHIO MARU"
REPORT NO. : KSS-PS-120002

ANALYSIS REPORT

On the UML composite sample of shore tank No. TK-02 / TK-03 / TK-05 drawn by Saybolt's inspector after discharging on 02nd Dec. 2012,
The following test results were obtained.
Result
Test Unit Method Limit
TK-02 TK-03 TK-05
Ash wt.% ASTM D 482 Max 0.05 0.02 0.02 0.02
Conradson carbon residue wt.% ASTM D 189 Max 10 9.36 8.84 9.10
Density @ 15 Deg C g /cm3 ASTM D 4052 Max 0.9900 0.9651 0.9781 0.9653
Flash point deg.C ASTM D 93 Min 70 100 109 101.5
Gross Calorific Value KJ/Kg ISO 8217 Min. 42700 43584 43309 43560
Kinematic viscosity at 50'C cst ASTM D 445 20-250 204.8 190.6 198.4
Pour point deg.C ASTM D 97 Max 50 -12 -9 -9
Reation - ASTM D 1093 Neutral Neutral Neutral Neutral
Sulphur wt.% ASTM D 4294 Max 2.5 1.09 1.25 1.15
Water by Distillation vol.% ASTM D 95 Max 0.5 <0.1 <0.1 <0.1
Water & sediment vol.% ASTM D 1796 Max 0.5 0.05 0.05 0.05
Nitrogen wt.% ASTM D 4629 Max 0.23 0.19 0.19 0.19

Density
TK-02 TK-03 TK-05
UPPER 0.9652 0.9782 0.9653
MIDDLE 0.9649 0.9781 0.9654
LOWER 0.9650 0.9782 0.9652

Precision parameters apply in the evaluation of the test results specified above. Please also refer to ASTM D3244 (except
for analysis of RFG), IP367 and appendix E of IP standard methods for analysis and testing with respect to the utilization
of test data to determine conformance with specifications.

This report is issued in accordance with the General Terms and Conditions of Saybolt
and the recipient is deemed to have full knowledge thereof.

Due to the restrictions enforced by vessels management and/or local laws and regulations, samples have been taken using the vessel's closed sampling system.
Due to operational limitations, Saybolt can not guarantee that test results, obtained from these samples and reported in the Certificate of Quality, represent actual quality of the cargo.

Remark Nil

Pyeongtaek Korea, 03rd Dec. 2012

SAYBOLT, YOUNG CHANG

KS-012