Posco International : Decision on Acquisition of Sharesor Investment Certificatesof Other Corporations

Report of Disclosure Revision

Revision Date

2022-03-31

1. Disclosure Documents in relation with Revision	Decision on Acquisition of Shares or Investment Certificates of Other Corporations
2. Submission date of documents	2021-12-10
3. Reason for Revision	Update for the Details of acquisition (Number of shares to be acquired & Acquisition Cost and Scheduled acquisition date)
4. Revised Information
information	before revision	after revision
1. Details of issuing company - Total number of shares issued	185,267,605	191,973,945
2. Details of acquisition - Number of shares to be acquired	92,819,070	96,178,946
- Number of shares to be acquired	371,971,889,470	371,077,996,186
- Ratio to equity capital (%)	11.8	11.7
3. Number of shares held and shareholding ratio after acquisition - Number of shares held	92,819,070	96,178,946
6. Scheduled acquisition date	2022-03-31	2022-04-01
13. Other matters to be factored into investment decisions	1) This transaction is to acquire 100% of shares of S enex Energy Limited which is operating the onshore ga s fields (Roma North, Atlas, etc.) in Queensland, Aus tralia. POSCO International plans to enter into Schem e Implementation Agreement (SIA) and Joint Investment Deed (Subscription and Scheme Process Deed) with Sene x Energy Limited and Hancock Energy Corporation respe ctively. POSCO International will establish a Special Purpose Vehicle (SPV) in Australia, which will acquir e the shares in Senex Energy Limited and prior to imp lementation of the scheme Hancock Energy Corporation will subscribe for 49.9% of the shares in the SPV. 2) Shareholding Ratio (after subscription by Hancock Energy Corporation) - Posco International: 50.1% - Hancock Energy Corporation: 49.9% 3) 3) 'Capital stock(KRW)' of '1. Details of issuing company' and 'Acquisition cost(KRW)' of '2. Details of acquisition' are A$540M and A$443M respectively. Applied exchange rate is 1 AUD : 838.74 KRW as of December 10th, 2021. 'Capital stock(KRW) of '1. Details of issuing company' is as of June 30th, 2021. 'Acquisition cost(KRW)' of '2. Details of acquisition' includes the number of performance rights in issuing company (7,168,788). 'Capital stock(KRW) of '1. Details of issuing company' and the total number of shares issued are as of December 9th, 2021. 4) 'Number of shares to be acquired' and 'Acquisition cost(KRW)' of '2. Details of acquisition' and '6. Scheduled acquisition date' are subject to change in accordance with the issuing company's shareholder resolution, court approval and the progress of performance rights. It will be updated in the event of any change. 7) Scheme Implementation Agreement will be signed with the issuing company within a few days.	1) This transaction is to acquire 100% of the shares on issue in Senex Energy Limited (Senex) which operates onshore gas fields (Roma North, Atlas, etc.) in Queensland, Australia. On 11 December 2021, POSCO INTERNATIONAL Corporation has entered into Scheme Implementation Agreement (SIA) and a Joint Investment Deed (Subscription and Scheme Process Deed) with each of Senex Energy Limited and Hancock Energy Corporation, respectively. The acquisition of the shares in Senex will be undertaken by a Special Purpose Vehicle (K-A Energy 1), established as a joint venture vehicle between POSCO INTERNATIONAL Corporation and Hancock Energy Corporation Pty Ltd. 2) Shareholding Ratio POSCO INTERNATIONAL Corporation and Hancock Energy Corporation Pty Ltd own 50.1% and 49.9%, respectively, of the K-A Energy 1(SPV) and, accordingly will acquire the following % indirect interests in Senex Energy Limited: - Posco International: 50.1% - Hancock Energy(Australia): 49.9% 3)'Capital stock(KRW)' of '1. Details of issuing company' and 'Acquisition cost(KRW)' of '2. Details of acquisition' are A$540M and A$442M respectively. Applied exchange rate is 1 AUD : 838.74 KRW as of December 10th, 2021(Resolution Date). Since POSCO INTERNATIONAL Corporation entered into the Scheme Implementation Deed, all outstanding Senex share appreciate rights and some of Senex performance rights have been exercised and converted into Senex Shares (6,706,340 in total) and 'Total number of shares issued' of '1. Details of issuing company' has increased accordingly. 'Number of shares to be acquired' and 'Acquisition cost(KRW)' of '2. Details of acquisition' include 50.1% of the ordinary shares that have been converted from Senex share appreciation rights and Senex performance rights (6,706,340 in total). 4)delete 6) POSCO INTERNATIONAL Corporation and Senex entered into Scheme Implementation Agreement on December 11st, 2021.

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Decision on Acquisition of Shares or Investment Certificates of Other Corporations

1. Details of issuing company	Name of company	Senex Energy Limited
Nationality	Australia	Representative	Ian Davies
Capital stock (KRW)	453,312,130,320	Relationship to company	-
Total number of shares issued	191,973,945	Main business	Natural Gas Production & Exploration
2. Details of acquisition	Number of shares to be acquired	96,178,946
Acquisition cost (KRW)	371,077,996,186
Equity capital (KRW)	3,160,873,733,214
Ratio to equity capital (%)	11.7
Classified as a large-sized corporation?	Yes
3. Number of shares held and shareholding ratio after acquisition	Number of shares held	96,178,946
Shareholding ratio(%)	50.1
4. Acquisition method	Cash Payment
5. Purpose of acquisition	Onshore natural gas development and production in east of Australia
6. Scheduled acquisition date	2022-04-01
7. Subject to filing of a material fact report on asset acquisition?	No
-Total assets (as of the end of the latest fiscal year) (KRW)	8,328,038,736,369	Acquisition cost /Total assets(%)	4.5
8. Deemed a backdoor listing?	N/A
-Plan to increase capital through third-party allotment within six months?	N/A
9. Satisfying backdoor listing requirements for the issuing company (another corporation)?	N/A
10. Date of board resolution (decision date)	2021-12-10
-Attendance of outside directors	Present (No.)	3
Absent (No.)	0
-Attendance of auditors (members of Audit Committee who are not outside auditors)	-
11. Subject to reporting to the Fair Trade Commission?	No
12. Signed a put option contract, etc.?	No
-Details of agreements	-
13. Other matters to be factored into investment decisions	※ This disclosure is prepared to confirm the 'Response to Rumors or Media Reports (Undetermined)' announced on October 18th, 2021. 1) This transaction is to acquire 100% of the shares on issue in Senex Energy Limited (Senex) which operates onshore gas fields (Roma North, Atlas, etc.) in Queensland, Australia. On 11 December 2021, POSCO INTERNATIONAL Corporation has entered into Scheme Implementation Agreement (SIA) and a Joint Investment Deed (Subscription and Scheme Process Deed) with each of Senex Energy Limited and Hancock Energy Corporation, respectively. The acquisition of the shares in Senex will be undertaken by a Special Purpose Vehicle (K-A Energy 1), established as a joint venture vehicle between POSCO INTERNATIONAL Corporation and Hancock Energy Corporation Pty Ltd. 2) Shareholding Ratio POSCO INTERNATIONAL Corporation and Hancock Energy Corporation Pty Ltd own 50.1% and 49.9%, respectively, of the K-A Energy 1(SPV) and, accordingly will acquire the following % indirect interests in Senex Energy Limited: - Posco International: 50.1% - Hancock Energy(Australia): 49.9% 3)'Capital stock(KRW)' of '1. Details of issuing company' and 'Acquisition cost(KRW)' of '2. Details of acquisition' are A$540M and A$442M respectively. Applied exchange rate is 1 AUD : 838.74 KRW as of December 10th, 2021(Resolution Date). Since POSCO INTERNATIONAL Corporation entered into the Scheme Implementation Deed, all outstanding Senex share appreciate rights and some of Senex performance rights have been exercised and converted into Senex Shares (6,706,340 in total) and 'Total number of shares issued' of '1. Details of issuing company' has increased accordingly. 'Number of shares to be acquired' and 'Acquisition cost(KRW)' of '2. Details of acquisition' include 50.1% of the ordinary shares that have been converted from Senex share appreciation rights and Senex performance rights (6,706,340 in total). 4) 'Equity Capital' of '2. Details of acquisition' and '7. Total assets (as of the end of the latest fiscal year) (KRW)' are based on the consolidated financial statement of Posco International at the end of 2020. 5) The following 'Condensed Financial Statements of Issuing Company' is as of the current fiscal year (2021), previous fiscal year (2020) and two fiscal years prior (2019). The figures are calculated by applying each year-end (6/30) exchange rate to AUD amount reported on each financial statements. 6) POSCO INTERNATIONAL Corporation and Senex entered into Scheme Implementation Agreement on December 11st, 2021. 7) The information related to acquisition of shares can be changed according to the progress of acquisition process.
※Related disclosure	2021-11-08 Response to Rumors or Media Reports: Undetermined 2021-10-18 Response to Rumors or Media Reports: Undetermined

[Condensed Financial Statements of Issuing Company](KRW)

Category	Total assets	Total liabilities	Total shareholders' equity	Capital stock	Sales	Net income	External auditor's opinion	External auditor
Current fiscal year	568,498,519,200	270,737,954,980	297,760,564,220	458,781,666,480	98,297,988,000	55,742,938,480	Unqualified	Ernst & Young
Previous fiscal year	585,580,237,920	329,454,738,720	256,125,499,200	445,950,956,160	50,916,504,960	-42,383,939,040	Unqualified	Ernst & Young
Two fiscal years prior	408,110,486,480	119,816,103,600	288,294,382,880	437,930,411,040	77,260,198,000	2,669,872,600	Unqualified	Ernst & Young