Cooperation Agreement between POSCO and Roy Hill Holdings Pty. Ltd.

Cooperation Agreement
between POSCO and Xxx Xxxx Holdings Pty. Ltd.

On January 14, 2010, POSCO and Xxx Xxxx Holdings Pty. Ltd. (thereafter “Company”) entered into a Cooperation Agreement under which POSCO shall (i) support the project feasibility study, (ii) make contribution for the port dredging costs, and (iii) acquire conversion right of the Company constituting 3.75% of the total issued and outstanding shares of the Company. Upon satisfactory completion of the project feasibility study, POSCO will acquire and own a total of 15% of the total issued and outstanding shares of the Company, including exercise of 3.75% equity conversion right.