Autopista al Aeropuerto Km.

8 Natural Resources
Barranquilla-Colombia Barranquilla
F490101
Job No. OL86658E1
Page 1 of 3
Report N°: 2304123543SR

TO: BUSINESS GROW UP SAS

BOGOTA D.C. - BOGOTA

SAMPLING AND ANALYSIS REPORT

LOCATION : RIVERPORT
DATE : APRIL 3rd, 2023 - APRIL 12th, 2023
QUANTITY : 30,000.00 MT Aprox.
PRODUCT : CARBON

In accordance with instructions received from our principal, BUSINESS GROW UP SAS, samples were
collected by Manual Sampling, in accordance with ASTM D6883 Standards.

Based on the above mentioned sampling process, the following analytical results were established by our
laboratory, SGS Colombia S.A.S, in Barranquilla, in accordance with the applicable Standards:

Laboratory ID: CO2300625.001 Analysis Date: 12/04/2023

Sample ID: BULKTRADING - CARBON 0 X 50
Sublot No. 1 QUANTITY:30,000.00 MT

*-COMPLETE PROXIMATE ANALYSIS Air Dried As Received Dry Basis Method

Analysis Moisture 4.42 ASTM D7582-15(A)
Moisture, Total 8.07 ASTM D3302/D3302M-19 (A)
Ash, pct.wt. 13.27 12.76 13.88 ASTM D7582-15(A)
Volatile Matter, pct.wt. 39.35 37.85 41.17 ASTM D7582-15(A)
Fixed Carbon 41.32 44.95 ASTM D3172-13(R2021)e1 (by diff)
Sulfur, pct.wt. 0.86 0.83 0.90 ASTM D4239-18e1, Method A(A)
Gross Calorific Value (Btu/Lb) 11404 10968 11931 ASTM D5865/D5865M-19(A)
Gross Calorific Value (Kcal/Kg) 6336 6093 6628 ASTM D5865/D5865M-19
Gross Calorific Value (GJ/Ton) 26.53 25.51 27.75 ASTM D5865/D5865M-19
Gross Calorific Value (J/g) 26527 25511 27752 ASTM D5865/D5865M-19(A)

*-FREE SWELLING INDEX Air Dried Method

Free Swelling Index 1.0 ASTM D720/D720M-15e1 (A)

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.

NR-AD-F-I004-009, V2, October 2022

Autopista al Aeropuerto Km.8 Natural Resources
Barranquilla-Colombia Barranquilla
F490101
Job No. OL86658E1
Page 2 of 3
Report N°: 2304123543SR

TO: BUSINESS GROW UP SAS

BOGOTA D.C. - BOGOTA

SAMPLING AND ANALYSIS REPORT

SCREEN ANALYSIS (ASTM D4749 Standard)

Size Fraction Fractional %
Retained 2 in (50 mm), round 4.1
Retained 30 mm (30 mm), round, pasando 2 in (50 mm), round 9.3
Retained 20 mm (20 mm), round, pasando 30 mm (30 mm), round 12.0
Retained 10 mm (10 mm), round, pasando 20 mm (20 mm), round 19.7
Retained 0.23 in (6 mm), round, pasando 10 mm (10 mm), round 14.3
Passing 0.23 in (6 mm), round 40.6
100.0

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.

NR-AD-F-I004-009, V2, October 2022

Autopista al Aeropuerto Km.8 Natural Resources
Barranquilla-Colombia Barranquilla
F490101
Job No. OL86658E1
Page 3 of 3
Report N°: 2304123543SR

TO: BUSINESS GROW UP SAS

BOGOTA D.C. - BOGOTA

SAMPLING AND ANALYSIS REPORT

The manual sampling method was agreed with the SGS Principal, as sampling by more reliable methods that
provide probability samples was not possible at the place of execution. The Holder of this document is cautioned that
collected manual samples of this type do not satisfy the minimum requirements for probability sampling, and as such
cannot be used to draw statistical such as precision, standard error, or bias. The suitability of this sampling method is
defined by the sampling standard.

Issued in
Barranquilla, Colombia
SGS COLOMBIA S.A.S
APRIL 12th, 2023

End of Document
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.

NR-AD-F-I004-009, V2, October 2022