Document:

Implementation Agreement

 Exhibit 4.11 

Implementation Agreement 
 Rio Tinto Limited 
 Rio Tinto plc 

BHP Billiton Limited 

BHP Billiton plc 

* * * Pursuant to a request for confidential treatment filed 

with the Securities and Exchange Commission, confidential 
 portions of this exhibit have been omitted and filed separately 
 with the
Securities and Exchange Commission 

 Implementation Agreement 
 Table of Contents 
  

									
	1.	  	Definitions and Interpretation	  	 	1	  
		  	1.1	  	Definitions	  	 	1	  
		  	1.2	  	Interpretation	  	 	1	  
	2.	  	Conditions Precedent	  	 	2	  
		  	2.1	  	Conditions Precedent	  	 	2	  
		  	2.2	  	Benefit and waiver of Conditions Precedent	  	 	3	  
		  	2.3	  	Obligation to achieve satisfaction of Conditions Precedent	  	 	3	  
		  	2.4	  	Obligation to obtain consent	  	 	5	  
		  	2.5	  	End Date	  	 	5	  
	3.	  	Conduct prior to Completion	  	 	5	  
		  	3.1	  	Business conduct prior to Completion	  	 	5	  
		  	3.2	  	Consequences of an Event	  	 	6	  
		  	3.3	  	Capital Expenditure prior to JV Commencement Date	  	 	8	  
		  	3.4	  	RGP5 warranty	  	 	8	  
		  	3.5	  	Pre-Completion obligations	  	 	9	  
		  	3.6	  	Implementation Management Committee	  	 	11	  
		  	3.7	  	Implementation Oversight Committee	  	 	13	  
		  	3.8	  	* * *	  	 	14	  
	4.	  	Shareholder Meetings and shareholder approval materials	  	 	14	  
		  	4.1	  	Shareholder Meetings	  	 	14	  
		  	4.2	  	Form and Content	  	 	14	  
		  	4.3	  	Supply and use of information	  	 	14	  
		  	4.4	  	Responsibility for own information	  	 	15	  
	5.	  	Reorganisation	  	 	15	  
		  	5.1	  	Incorporation of the Manager	  	 	15	  
		  	5.2	  	Constitutions of JV Entities	  	 	16	  
		  	5.3	  	Obligations to undertake pre-Completion reorganisations	  	 	16	  
		  	5.4	  	Other reorganisation steps	  	 	16	  
		  	5.5	  	Additional reorganisation steps	  	 	17	  
		  	5.6	  	Corporate structure	  	 	17	  
		  	5.7	  	Conditions precedent to pre-Completion reorganisations	  	 	18	  
		  	5.8	  	Conditions precedent to other reorganisations	  	 	18	  
		  	5.9	  	Duty on earlier reorganisations	  	 	19	  
	6.	  	Completion	  	 	19	  
		  	6.1	  	Timing of Completion	  	 	19	  
		  	6.2	  	Obligations at Completion	  	 	20	  

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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		  	6.3	  	Inter-dependency	  	 	20	  
		  	6.4	  	WA Iron Ore JV commencement	  	 	21	  
	7.	  	Subscription for Debentures	  	 	21	  
		  	7.1	  	Subscription for Debentures on Completion	  	 	21	  
		  	7.2	  	Subscription Price payable by Rio Tinto and BHP Billiton opening cash amounts	  	 	21	  
		  	7.3	  	Subscription Price payable by BHP Billiton and Rio Tinto opening cash amounts	  	 	22	  
		  	7.4	  	Subscription for Debentures after Completion	  	 	22	  
		  	7.5	  	Further subscription for Debentures after Completion	  	 	23	  
		  	7.6	  	Method of payment of subscription price for Debentures	  	 	23	  
	8.	  	New Capital Expansion Projects, other capital expansion projects and studies	  	 	23	  
	9.	  	Employment contract for CEO	  	 	25	  
	10.	  	Historical Iron Ore Asset Information	  	 	25	  
		  	10.1	  	Availability of Historical Iron Ore Asset Information	  	 	25	  
		  	10.2	  	Information within control of JV Entities	  	 	25	  
	11.	  	* * *	  	 	25	  
	12.	  	WA Iron Ore JV Accounting Systems	  	 	26	  
	13.	  	Undisclosed Liabilities	  	 	26	  
	14.	  	Debt at JV Commencement Date	  	 	28	  
		  	14.1	  	* * *	  	 	28	  
		  	14.2	  	Intra-group Debt	  	 	28	  
		  	14.3	  	Existing JV Deposits	  	 	29	  
	15.	  	Indemnified Tax Liabilities	  	 	29	  
	16.	  	Representations and warranties	  	 	29	  
		  	16.1	  	Warranties	  	 	29	  
		  	16.2	  	Acknowledgement	  	 	30	  
		  	16.3	  	Manager must notify Rio Tinto and BHP Billiton of breach	  	 	30	  
		  	16.4	  	Rio Tinto indemnity	  	 	30	  
		  	16.5	  	BHP Billiton indemnity	  	 	30	  
		  	16.6	  	Limits on Claims	  	 	30	  
	17.	  	Public announcements and confidentiality	  	 	31	  
		  	17.1	  	Public announcements	  	 	31	  
		  	17.2	  	 Rio Tinto and BHP Billiton responsible for respective Related Corporations, officers and employees and professional
advisers
	  	 	31	  
		  	17.3	  	Obligations of confidence	  	 	32	  
		  	17.4	  	Permitted disclosure	  	 	32	  
		  	17.5	  	Conditions to disclosure	  	 	33	  
		  	17.6	  	Form of Disclosure	  	 	33	  
		  	17.7	  	Other obligations of confidentiality	  	 	33	  

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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		  	17.8	  	Termination	  	 	33	  
	18.	  	GST	  	 	33	  
		  	18.1	  	Definitions	  	 	33	  
		  	18.2	  	Recovery of GST	  	 	34	  
		  	18.3	  	Liability net of GST	  	 	34	  
		  	18.4	  	Adjustments	  	 	34	  
		  	18.5	  	Revenue exclusive of GST	  	 	34	  
		  	18.6	  	Cost exclusive of GST	  	 	34	  
	19.	  	Termination	  	 	34	  
	20.	  	Iron Ore JV Framework Agreement	  	 	35	  
	21.	  	Governing law and jurisdiction	  	 	35	  
		  	21.1	  	Governing law	  	 	35	  
		  	21.2	  	Final judgment conclusive and enforceable	  	 	35	  
		  	21.3	  	Dispute Resolution	  	 	35	  
		  	21.4	  	Service of process	  	 	36	  
	22.	  	Ancillary provisions	  	 	36	  
		  	22.1	  	Notices	  	 	36	  
		  	22.2	  	Severability	  	 	37	  
		  	22.3	  	Variation	  	 	37	  
		  	22.4	  	No waiver	  	 	37	  
		  	22.5	  	Remedies	  	 	37	  
		  	22.6	  	No merger	  	 	37	  
		  	22.7	  	Costs and expenses	  	 	37	  
		  	22.8	  	Entire agreement	  	 	38	  
		  	22.9	  	Further assurances	  	 	38	  
		  	22.10	  	Change of Law	  	 	38	  
		  	22.11	  	Enurement	  	 	38	  
		  	22.12	  	Civil Liability Act 2002	  	 	38	  
		  	22.13	  	Counterparts	  	 	38	  

							
	 Schedule 1
	  	 	39	  
		  	 Definitions and Interpretation
	  	 	39	  
	 Schedule 2
	  	 	69	  
		  	 Competition Law Conditions Precedent
	  	 	69	  
	 Schedule 3
	  	 	73	  
		  	 Part 1: Tax Conditions Precedent
	  	 	73	  
		  	 Part 2: Stamp Duty Conditions Precedent
	  	 	74	  
	 Schedule 4
	  	 	76	  
		  	 Identified Expansion Capital Projects
	  	 	76	  
	 Schedule 5
	  	 	77	  
		  	 Part 1: RGP5 Handover Verification Process
	  	 	77	  

  
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		  	 * * *
	  	 	78	  
		  	 * * *
	  	 	78	  
	 Schedule 6
	  	 	79	  
		  	 Employees
	  	 	79	  
	 Schedule 7
	  	 	83	  
		  	 Reorganisation Steps
	  	 	83	  
	 Schedule 8
	  	 	87	  
		  	 Financial Adjustment Mechanism
	  	 	87	  
	 Schedule 9
	  	 	102	  
		  	 Warranties
	  	 	102	  
	 Schedule 10
	  	 	103	  
		  	 Owners’ Council Completion Resolutions
	  	 	103	  
	 Schedule 11
	  	 	105	  
		  	 Joint Venture Agreement
	  	 	105	  

  
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	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

 Implementation Agreement 

 
 2009 

Date 
 Parties 

 

	 	1.	Rio Tinto Limited (ABN 96 004 458 404), a company incorporated in Australia, of Level 33, 120 Collins Street, Melbourne, Victoria, Australia (RTL).

  

	 	2.	Rio Tinto plc (registration number 00719885), a company incorporated in England and Wales, of 2 Eastbourne Terrace, London, United Kingdom (RTP
and, together with RTL, Rio Tinto). 

  

	 	3.	BHP Billiton Limited (ABN 49 004 028 077), a company incorporated in Australia, of 180 Lonsdale Street, Melbourne, Victoria, Australia (BHPBL).

  

	 	4.	BHP Billiton plc (registration number 3196209), a company incorporated in England and Wales, of Neathouse Place, London, United Kingdom (BHPBP and,
together with BHPBL, BHP Billiton). 

 Recitals 

 

	 	A.	On 5 June 2009, BHP Billiton and Rio Tinto entered into an Iron Ore JV Framework Agreement concerning a proposal to establish a 50:50 iron ore production joint
venture in accordance with certain Core Principles agreed between them. 

  

	 	B.	In accordance with clause 1 of the Iron Ore JV Framework Agreement, Rio Tinto and BHP Billiton have negotiated this Agreement, the Joint Venture Agreement and the other
Transaction Documents for the establishment of the WA Iron Ore JV. 

  

	 	C.	This Agreement prescribes: 

  

	 	(a)	conditions precedent to establishment of the WA Iron Ore JV; 

  

	 	(b)	what Rio Tinto and BHP Billiton must do to prepare for establishment of the WA Iron Ore JV; and 

 

	 	(c)	the warranties that each of Rio Tinto and BHP Billiton must give to the other, as a basis for establishment of the WA Iron Ore JV. 

It is agreed as follows. 
  

	1.	Definitions and Interpretation 

  

	1.1	Definitions 

 In this
Agreement, unless the subject matter or context requires otherwise, the terms defined in item 1.1 of Schedule 1 have the meaning given to them in that schedule. 
  

	1.2	Interpretation 

 The
interpretation provisions in items 1.2 to 1.7 of Schedule 1 apply to the interpretation of this Agreement. 

  
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 Implementation Agreement 

 
  

	2.	Conditions Precedent 

  

	2.1	Conditions Precedent 

Completion is conditional on prior satisfaction of the following conditions precedent: 

 

	 	(a)	(Competition law approvals): The competition law Conditions Precedent set out in Schedule 2. 

 

	 	(b)	(FIRB approval): The Treasurer of the Commonwealth of Australia either: 

 

	 	(i)	ceasing to be empowered to make an order under Part II of the Foreign Acquisitions and Takeovers Act 1975 (Cth) in respect of: 

 

	 	(A)	Rio Tinto and BHP Billiton entering into the WA Iron Ore JV (and performing their obligations concerning the WA Iron Ore JV); and 

 

	 	(B)	each of Rio Tinto and BHP Billiton implementing its respective reorganisation steps pursuant to clause 5.3, with no order being made; or 

 

	 	(ii)	giving advice in writing of a decision by or on behalf of the Treasurer stating or to the effect that the Commonwealth Government of Australia has no objection in
relation to: 

  

	 	(A)	Rio Tinto and BHP Billiton entering into the WA Iron Ore JV (and performing their obligations concerning the WA Iron Ore JV); and 

 

	 	(B)	each of Rio Tinto and BHP Billiton implementing its respective reorganisation steps pursuant to clause 5.3. 

 

	 	(c)	(Tax): BHPBL (as Head Company of the BHP Billiton Consolidated Group) and RTL (as Head Company of the Rio Tinto Consolidated Group) obtaining the Private Rulings
from the Commissioner of Taxation set out in Part 1 of Schedule 3. 

  

	 	(d)	(Stamp Duty): To the extent that the ruling, advice or decision relates to: 

 

	 	(i)	Rio Tinto: 

  

	 	(A)	a relevant entity in the Rio Tinto Group obtaining each ruling, advice or decision set out in item 1.1 of Part 2 of Schedule 3 from the applicable
Commissioner of State Revenue or Commissioner of Territory Revenue; or 

  

	 	(B)	if the relevant Commissioner will not issue such a ruling, advice or decision and item 1.2 of Part 2 of Schedule 3 expressly contemplates such a scenario, Rio
Tinto, acting reasonably, being satisfied of the matters set out in item 1.2 of Part 2 of Schedule 3 in relation to the subject matter of that ruling, advice or decision; and 

 

	 	(ii)	BHP Billiton: 

  

	 	(A)	a relevant entity in the BHP Billiton Group obtaining each ruling, advice or decision set out in item 1.3 of Part 2 of Schedule 3 from the applicable Commissioner
of State Revenue or Commissioner of Territory Revenue; or 

  

	 	(B)	if the relevant Commissioner will not issue such a ruling, advice or decision and item 1.4 of Part 2 of Schedule 3 expressly contemplates such a scenario, BHP
Billiton, acting reasonably, being satisfied of the matters set out in item 1.4 of Part 2 of Schedule 3 in relation to the subject matter of that ruling, advice or decision. 

 

	 	(e)	(Western Australian Government approvals): 

  

	 	(i)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(ii)	* * * 

  

	 	(f)	(Shareholder approvals): The necessary shareholder resolutions to approve the WA Iron Ore JV being passed by the members of each of Rio Tinto and BHP Billiton.

  

	 	(g)	(Security and reorganisations): 

  

	 	(i)	the reorganisation steps to be implemented pursuant to clause 5.3 being completed; 

 

	 	(ii)	the Parent Company Guarantees being given; 

  

	 	(iii)	the Owner Cross Charges being granted; and 

  

	 	(iv)	any Creditor Deed Poll required in respect of the Agreed Opening Iron Ore Loans and the Agreed Opening Excluded Loans being executed. 

 

	2.2	Benefit and waiver of Conditions Precedent 

  

	 	(a)	The Conditions Precedent in clause 2.1 (other than paragraphs (c) and (d)) are for the benefit of each of Rio Tinto and BHP Billiton, and Rio Tinto and BHP
Billiton may only jointly waive any non-fulfilment of any of those Conditions Precedent by giving their written consent. 

  

	 	(b)	The Conditions Precedent in clause 2.1(c): 

  

	 	(i)	in respect of item 1.2 of Part 1 of Schedule 3 are for the benefit of Rio Tinto and only Rio Tinto may waive any non-fulfilment of any one or more of those
Conditions Precedent by giving its written consent; and 

  

	 	(ii)	in respect of item 1.3 of Part 1 of Schedule 3 are for the benefit of each of Rio Tinto and BHP Billiton, and Rio Tinto and BHP Billiton may only jointly
waive any non-fulfilment of any of those Conditions Precedent by giving their written consent. 

  

	 	(c)	The Conditions Precedent in clause 2.1(d)(i) are for the benefit of Rio Tinto and only Rio Tinto may waive any non-fulfilment of any one or more of those Conditions
Precedent by giving its written consent, provided that Rio Tinto bears any Stamp Duty that may be payable in relation to the matters to which the relevant Condition Precedent relates (and, for the avoidance of doubt, the Stamp Duty must not be borne
by a JV Entity). 

  

	 	(d)	The Conditions Precedent in clause 2.1(d)(ii) are for the benefit of BHP Billiton and only BHP Billiton may waive any non-fulfilment of any one or more of those
Conditions Precedent by giving its written consent, provided that BHP Billiton bears any Stamp Duty that may be payable in relation to the matters to which the relevant Condition Precedent relates (and, for the avoidance of doubt, the Stamp Duty
must not be borne by a JV Entity). 

  

	2.3	Obligation to achieve satisfaction of Conditions Precedent 

  

	 	(a)	Each of Rio Tinto and BHP Billiton must use its reasonable endeavours to achieve satisfaction of the Conditions Precedent as soon as practicable.

  

	 	(b)	In complying with paragraph (a), each of Rio Tinto and BHP Billiton must: 

  

	 	(i)	cooperate with the other for the purposes of satisfying the Conditions Precedent; 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
  

	 	(ii)	to the extent permitted by the relevant Authority, use its reasonable endeavours to ensure that discussions or communications with an Authority relating substantially
or primarily to the WA Iron Ore JV, including any notification or submission to the Authority in relation to the WA Iron Ore JV, occur on a joint basis; 

  

	 	(iii)	where a joint submission to an Authority in relation to the WA Iron Ore JV is not permitted or practicable, use its reasonable endeavours to ensure that, to the extent
permitted by law, drafts of its submission are provided to the other and the material content of each notification or submission is jointly agreed prior to lodgement; and 

 

	 	(iv)	keep the other informed of: 

  

	 	(A)	progress in respect of procuring the satisfaction of any Condition Precedent, including providing copies of any correspondence or lodgements with an Authority;

  

	 	(B)	any fact, matter or circumstance of which it becomes aware that it reasonably believes will result in any delay in the satisfaction of a Condition Precedent or a
Condition Precedent not being satisfied in accordance with its terms; and 

  

	 	(C)	satisfaction of a Condition Precedent which applies to it, within two Business Days after becoming aware of the satisfaction of such Condition Precedent.

  

	 	(c)	In relation to any discussions with an Authority that are not conducted on a joint basis, each of Rio Tinto and BHP Billiton must: 

 

	 	(i)	to the extent practicable, give the other prior notice of the discussion if it reasonably expects that matters of substance relating to the WA Iron Ore JV will arise;

  

	 	(ii)	to the extent practicable, use its reasonable endeavours to agree with the other a common position on matters relating to the WA Iron Ore JV and to present that
position during any discussions with an Authority; 

  

	 	(iii)	refrain from representing the views of the other and, where a common position has not been agreed and it knows the other holds a different view regarding matters
relating to the WA Iron Ore JV, refrain from referring to or discussing that difference in view; and 

  

	 	(iv)	if matters relating to the WA Iron Ore JV are discussed, inform the other of the substance of such discussions as soon as practicable after they have been held.

  

	 	(d)	Nothing in this Agreement requires Rio Tinto or BHP Billiton to: 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(ii)	disclose any competitively sensitive or confidential information to the other. 

 

	 	(e)	For the avoidance of doubt, if a Condition Precedent is satisfied on the basis of a condition or an undertaking that is accepted by Rio Tinto and BHP Billiton under
clauses 2.3(d) and 1.1, that Condition Precedent will have been satisfied, 

  

	 	(f)	Notwithstanding that a particular Condition Precedent under clause 2.1(c) or clause 2.1(d) has been satisfied, if, between the date of this Agreement and Completion, *
* * 

  

	 	(i)	BHP Billiton, in the case of the Conditions Precedent in clauses 2.1(c) (in respect of item 1.1 of Part 1 of Schedule 3) and 2.1(d)(ii); and

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(ii)	Rio Tinto, in the case of the Conditions Precedent in clauses 2.1(c) (in respect of item 1.2 of Part 1 of Schedule 3) and 2.1(d)(i); and

  

	 	(iii)	either BHP Billiton or Rio Tinto in the case of the Conditions Precedent in item 1.3 of Part 1 of Schedule 3, may give a notice to the other pursuant to this
clause 2.3(f) and the relevant Condition Precedent will be deemed to be no longer satisfied until such time as notice is given to the contrary. 

  

	2.4	Obligation to obtain consent 

 Where an Authority, as a condition of giving an Authorisation required to satisfy a Condition Precedent, requires BHP Billiton (or a BHP Billiton Group entity) or Rio Tinto (or a Rio Tinto Group entity)
to provide an undertaking or agree to any condition, then BHP Billiton or Rio Tinto, as applicable, must first, before such undertaking or condition is agreed to, obtain the consent of the other, * * * 

 

	 	(a)	* * * 

  

	 	(b)	* * * 

 No such
undertaking or condition will affect the Participating Shares of the Owners as at the JV Commencement Date, as set out in clause 2.1(d) of the Joint Venture Agreement. 
  

	2.5	End Date 

 This Agreement,
other than this clause 2 and clauses 1 (Definitions and Interpretation), 17 (Public announcements and confidentiality), 18 (GST), 20 (Iron Ore JV Framework Agreement), 21 (Governing law and jurisdiction) and 22 (Ancillary provisions), will
immediately terminate and be of no further force or effect if the Conditions Precedent are not satisfied or waived by 31 December 2010 or such later date as Rio Tinto and BHP Billiton may agree in writing (End Date). Termination
of this Agreement will be without prejudice to the rights of Rio Tinto or BHP Billiton that have arisen prior to termination, including any claim under the Iron Ore JV Framework Agreement. 

 

	3.	Conduct prior to Completion 

  

	3.1	Business conduct prior to Completion 

  

	 	(a)	Subject to this clause 3, except where otherwise agreed by Rio Tinto or BHP Billiton, from the date of this Agreement until the JV Commencement Date, each of BHP
Billiton and Rio Tinto must, and must procure that each of its Related Corporations: 

  

	 	(i)	operate its Relevant Period Iron Ore Assets in the ordinary course, independently of the other; but 

 

	 	(ii)	not dispose of its Relevant Period Iron Ore Assets otherwise than in the ordinary course, and must not grant any Security Interest over its Relevant Period Iron Ore
Assets other than a Security Interest that would be permitted under clause 11 of the Joint Venture Agreement if it were in force. 

  

	 	(b)	Paragraph (a) does not restrict either BHP Billiton or Rio Tinto (or their respective Related Corporations) prior to Completion: 

 

	 	(i)	marketing and selling Iron Ore Product; or 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(ii)	initiating or progressing: 

  

	 	(A)	any expansion capital project in respect of any Relevant Period Iron Ore Asset that is not listed in Schedule 4; or 

 

	 	(B)	any acquisition that falls within the definition of a New Opportunity. 

  

	3.2	Consequences of an Event 

  

	 	(a)	If a Relevant Period Iron Ore Asset (other than a construction project in progress) of any of a BHP Billiton JV Entity, other BHP Billiton Group entity, a Rio Tinto JV
Entity or other Rio Tinto Group entity is, or has been, damaged or destroyed due to the happening of an event during the Relevant Period, BHP Billiton or Rio Tinto (as applicable) must reinstate, repair or replace (or must procure that the relevant
JV Entity or BHP Billiton Group entity or Rio Tinto Group entity, as applicable, reinstates, repairs or replaces) such Relevant Period Iron Ore Assets to the same capacity and standard as prior to the damage or destruction as soon as practicable
after the date of this Agreement, provided that such capacity or standard may be improved to the next highest level available where the original capacity or standard is no longer available or feasible. 

 

	 	(b)	If a Relevant Period Iron Ore Asset is destroyed or damaged, and/or an event which would give rise to a business interruption claim under the Agreed Policy Terms
(whether or not the event also involved the destruction of, or damage to, a Relevant Period Iron Ore Asset) occurs, during the Relevant Period (an Event), whichever of BHP Billiton or Rio Tinto owns, or whose Related Corporation owns,
the relevant Relevant Period Iron Ore Assets or would be entitled to make a business interruption claim under the Agreed Policy Terms must procure that the Adjuster assesses the loss arising from the business interruption in accordance with the
Agreed Policy Terms. Any damage, destruction, loss or series of losses arising from substantially the same facts, matters or circumstances will be taken to relate to a single Event, regardless of the number of locations affected.

  

	 	(c)	If one or more JV Entities suffers loss as a result of an Event and those JV Entities do not, in aggregate, receive insurance proceeds and other recoveries (net of the
costs of those recoveries and the amounts (if any) that the JV Entities have to remit to their insurers) (together, Recoveries) that are not Excluded Assets, and are not amounts on account of GST, in respect of that Event equal to the
aggregate of: 

  

	 	(i)	the amount of the loss from business interruption assessed by the Adjusters pursuant to paragraph (b); and 

 

	 	(ii)	the actual costs expended by the JV Entities or their Related Corporations in reinstating, repairing or replacing the relevant Relevant Period Iron Ore Assets (PD
Costs), 

 (together, the Assessed Loss) within 24 months after the date of the Event
(the Claim Period), then: 
  

	 	(iii)	whichever of BHP Billiton or Rio Tinto is a Related Corporation of the JV Entities that suffered the loss must bear the amount of the Assessed Loss in excess of the
applicable Deductible (not to exceed the Maximum Amount) less all Recoveries in respect of the Assessed Loss received by the JV Entities during the Claim Period that do not constitute Excluded Assets and are not amounts on account of GST (the
Shortfall), by: 

  

	 	(A)	to the extent that the Shortfall relates to PD Costs—subscribing for Shares in the relevant Issuer or procuring that the relevant JV Entities

  

	 	(B)	apply Excluded Assets, in amounts sufficient in aggregate to cover that element of the Shortfall; and 

  
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	 	(C)	to the extent that the Shortfall relates to loss from business interruption (BI Loss)—paying to whichever of BHP Billiton or Rio Tinto is not a
Related Corporation of the relevant JV Entity an amount equal to half of that element of the Shortfall; and 

  

	 	(iv)	any Recoveries with respect to the Event received by the relevant JV Entities after the Claim Period will constitute Excluded Assets. 

For the purposes of this paragraph (c): 
  

	 	(v)	Deductible means: 

  

	 	(A)	where the Event relates to, or arises from, damage to, or destruction of, a shiploader or wharf—* * * per Event; and 

 

	 	(B)	in all other cases—* * * per Event; and 

  

	 	(vi)	in determining the extent to which a Shortfall relates to PD Costs and to BI Loss respectively, any Recoveries received with respect to the relevant Event that are not
Excluded Assets and the applicable Deductible are each taken to relate to PD Costs and BI Loss in the same proportion that the PD Costs and BI Loss respectively bear to the Assessed Loss. 

 

	 	(d)	If one or more JV Entities suffers loss as a result of an Event, and such JV Entities receive (whether before or after the JV Commencement Date) insurance proceeds in
respect of that Event in excess of the lesser of: 

  

	 	(i)	the Assessed Loss; and 

  

	 	(ii)	the Maximum Amount, 

 the excess
insurance proceeds will constitute Excluded Assets. 
  

	 	(e)	If further PD Costs are expended after the Claim Period in relation to an Event, whichever of BHP Billiton or Rio Tinto is a Related Corporation of the JV Entity that
expended those PD Costs must bear those additional PD Costs by, at the end of each six month period following the end of the Claim Period, subscribing for Shares in the relevant Issuer or procuring that the relevant JV Entity applies Excluded
Assets, in amounts sufficient in aggregate to cover PD Costs for that six month period. 

  

	 	(f)	Each of BHP Billiton and Rio Tinto must, and must procure that its relevant Related Corporations, take all reasonable actions to recover the maximum amount possible
with respect to any Event from its insurers or any relevant third parties as soon as reasonably practicable. 

  

	 	(g)	Each of BHP Billiton and Rio Tinto may, at its discretion, effect and maintain liability (including with respect to contract works), property damage and business
interruption insurances (if any) in connection with its Relevant Period Iron Ore Assets during the Relevant Period. 

  

	 	(h)	Each of BHP Billiton and Rio Tinto may, at its discretion, effect and maintain contract works insurance in connection with any construction project relating to its
Relevant Period Iron Ore Assets commenced or in progress during the Relevant Period. 

  

	 	(i)	 Whichever of BHP Billiton or Rio Tinto is a Related Corporation of a JV Entity that is the subject of a public liability claim (including in connection
with contract works) after the JV Commencement Date in connection with an event that happened during the Relevant Period must bear any expenditure by the JV Entity in connection with the public liability claim by subscribing for Shares in the
relevant Issuer or procuring that the relevant JV Entity applies Excluded Assets, in amounts 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 7

 Implementation Agreement 

 

	 	 
sufficient in aggregate to cover that liability and associated costs. Any Recoveries by the JV Entity with respect to such expenditure received after the JV Commencement Date will constitute
Excluded Assets. 

  

	 	(j)	If a Relevant Period Iron Ore Asset that is a construction project in progress of a BHP Billiton JV Entity or other BHP Billiton Group entity or of a Rio Tinto JV
Entity or other Rio Tinto Group entity, respectively, is damaged or destroyed due to the happening of an Event during the Relevant Period, BHP Billiton or Rio Tinto (as applicable) must reinstate, repair or replace (or must procure that the relevant
JV Entity or BHP Billiton Group entity or Rio Tinto Group entity, as applicable, reinstates, repairs or replaces), such Relevant Period Iron Ore Asset to at least the same capacity and standard as prior to the loss or destruction as soon as
practicable. 

  

	 	(k)	Whichever of BHP Billiton or Rio Tinto is a Related Corporation of the JV Entity that owns a Relevant Period Iron Ore Asset that is a construction project in progress
that is damaged or destroyed due to the happening of an Event during the Relevant Period must bear the full costs to the JV Entity of reinstating, repairing or replacing such Relevant Period Iron Ore Asset incurred after the JV Commencement Date by
subscribing for Shares in the relevant Issuer or procuring that the relevant JV Entity applies Excluded Assets, in amounts sufficient in aggregate to cover those costs. Any Recoveries with respect to such costs received after the JV Commencement
Date by the JV Entity that owns the relevant Relevant Period Iron Ore Asset (whether under a contract works insurance policy or otherwise) will constitute Excluded Assets. 

 

	 	(l)	If a JV Entity receives a payment after the JV Commencement Date under any property damage and business interruption insurance policy in connection with an Event that
happened during the Relevant Period, and the applicable deductible under the relevant insurance policy is less than the applicable Deductible under paragraph (c), then to the extent that the payment, when aggregated with any prior insurance payments
received (whether before or after the JV Commencement Date) relating to the same Event under any property damage and business interruption insurance policy, does not exceed the difference between the applicable deductible under the relevant
insurance policy and the applicable Deductible under paragraph (c), that payment will constitute an Excluded Asset. 

  

	3.3	Capital Expenditure prior to JV Commencement Date 

  

	 	(a)	Each of Rio Tinto and BHP Billiton agrees to continue to invest in sustaining capital expenditure for its Relevant Period Iron Ore Assets in the ordinary course,
between the date of this Agreement and the JV Commencement Date. 

  

	 	(b)	Schedule 4 identifies the Board sanctioned expansion capital projects in relation to Relevant Period Iron Ore Assets involving expected capital expenditure of
US$250 million or more and publicly announced by Rio Tinto or BHP Billiton, respectively, as at the date of the Iron Ore JV Framework Agreement, which will form part of the Iron Ore Assets from the JV Commencement Date. * * *

  

	3.4	RGP5 warranty 

  

	 	(a)	BHP Billiton warrants that: 

  

	 	(i)	RGP5 will be designed, constructed and commissioned for the purpose contemplated by, and in accordance with, the RGP5 Scope of Work provided to Rio Tinto by BHP
Billiton; and 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 8

 Implementation Agreement 

 
  

	 	(ii)	the entire costs (excluding the costs of prefeasibility and feasibility studies (RGP5 study costs)) of procuring the completion of design, construction
and commissioning of RGP5 in accordance with the RGP5 Scope of Work and achieving RGP5 Handover will not exceed US$4.8 billion (85% share). 

  

	 	(b)	BHP Billiton will be liable for * * * and for all costs incurred above US$4.8 billion (85% share), excluding RGP5 study costs, in connection with the
completion of design, construction and commissioning of RGP5 in accordance with the RGP5 Scope of Work (as varied from time to time in accordance with this clause 3.4) and achieving RGP5 Handover and these amounts will be funded in accordance with
paragraph (d), and will not constitute JV Cash Costs. Until the JV Commencement Date, BHP Billiton must use all reasonable endeavours to ensure that RGP5 Handover is achieved by 31 December 2011. For the avoidance of doubt, all RGP5 Facilities
which have been or are to be constructed or procured for the purposes of RGP5 will be Iron Ore Assets. 

  

	 	(c)	After the JV Commencement Date, the Manager must ensure that RGP5 is designed, constructed and commissioned in accordance with the RGP5 Scope of Work and the Agreed
Practice Standard, except as otherwise agreed by the Owners’ Council. 

  

	 	(d)	In relation to all amounts for which BHP Billiton is liable under paragraph (b), BHP Billiton must procure that: 

 

	 	(i)	the relevant BHP Billiton JV Entity applies funds which are Excluded Assets; or 

 

	 	(ii)	the BHP Billiton Owner subscribes for Shares in the BHP Billiton Issuer, 

 in amounts sufficient (in aggregate) to cover BHP Billiton’s liability. BHP Billiton must procure that the BHP Billiton Issuer applies all proceeds of subscription to meet the costs for which BHP
Billiton is liable under paragraph (b). 
  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	3.5	Pre-Completion obligations 

  

	 	(a)	Each of Rio Tinto and BHP Billiton must negotiate in good faith for the purposes of agreeing Terms of Reference for the Audit Committee, the Remuneration
Committee, the Technical Committee and the Sustainable Development Committee as soon as reasonably practicable after the date of this Agreement, and in any event no later than 90 days after the date of this Agreement. 

 

	 	(b)	Each of Rio Tinto and BHP Billiton must use its reasonable endeavours to do the following things as soon as reasonably practicable after the date of this Agreement, and
in any event no later than Completion: 

  

	 	(i)	(Common valuer): 

  

	 	(A)	identify and appoint a common valuer to determine any fair market valuations required by them in relation to the accounting treatment of the other’s Iron Ore
Assets, subject to paragraph (B) and having regard to the tender process for the initial Auditor of the WA Iron Ore JV referred to in clause 3.6(b)(viii); but 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 9

 Implementation Agreement 

 
  

	 	(B)	if either Rio Tinto or BHP Billiton, in its reasonable opinion, considers that it would contravene any Law to appoint a common valuer, individual valuers may be
appointed; 

  

	 	(ii)	(AUP): negotiate in good faith for the purposes of agreeing the AUPs to be undertaken by the Auditor; 

 

	 	(iii)	(Revised Accounting Policy): 

  

	 	(A)	negotiate in good faith for the purposes of agreeing a proposed Revised Accounting Policy which sets out all accounting policies to be applied in
preparing JV Financial Information, and complies with paragraph (b) of this clause; and 

  

	 	(B)	submit the Revised Accounting Policy to the Implementation Oversight Committee for consideration and approval and, if so agreed, procure that a representative of each
of the Owners initials the Revised Accounting Policy at Completion; 

  

	 	(iv)	(Tax Allocation Methodology): negotiate in good faith for the purposes of agreeing the appropriate Tax Allocation Methodology for attribution to
Iron Ore Assets and Iron Ore Liabilities, and Excluded Assets and Excluded Liabilities, of: 

  

	 	(A)	payments made and received in respect of: 

  

	 	(1)	tax by the Head Company of the BHP Billiton Consolidated Group or the Rio Tinto Consolidated Group (as applicable); or 

 

	 	(2)	any other taxes (including GST, payroll tax, land tax or like items) which are assessed or payable on a group basis; and 

 

	 	(B)	payments made and received under any Tax Sharing Agreement or Tax Funding Agreement applicable to the Head Company of the BHP Billiton Consolidated Group or the Rio
Tinto Consolidated Group (as applicable), for the purposes of the Funding and Distribution Policy. The Tax Allocation Methodology must have regard to the general principles set out in items 8.2 and 8.6 of the Funding and Distribution Policy;

  

	 	(v)	(Initial Agreed Interest Rate and Initial Agreed Term recommendation): negotiate in good faith for the purposes of agreeing: 

 

	 	(A)	the Initial Agreed Interest Rate for Participant Loans, Call Deposits, Term Deposits and Sole Risk Loans; and 

 

	 	(B)	the Initial Agreed Term for Participant Loans and Term Deposits, which will apply under the Funding and Distribution Policy; 

 

	 	(vi)	(Infrastructure and Blending Principles): negotiate in good faith for the purposes of agreeing legally binding agreements reflecting the principles set out in
the Infrastructure and Blending Principles (the Infrastructure Sharing Agreement and the Blending Agreement); and 

  

	 	(vii)	(Set-Off Agreement): negotiate in good faith for the purposes of agreeing a legally binding Set-Off Agreement, which allows for the offsetting of
amounts as contemplated by the Funding and Distribution Policy. 

  

	 	(c)	The Revised Accounting Policy must: 

  

	 	(i)	 be consistent in all material respects with the policies referred to in item 8 of the Accounting Policy including, without limitation, the
modifications to be applied to the accounting policies 

  
 Page 10

 Implementation Agreement 

 

	 	 
of the Rio Tinto Group and the BHP Billiton Group for the purposes of preparing JV Financial Information as set out in schedule 1 to the Accounting Policy; 

 

	 	(ii)	subject to sub-paragraph (i) above, and to the extent that the accounting policies adopted by the Rio Tinto Group and the BHP Billiton Group are consistent with
each other, be consistent with those accounting policies; and 

  

	 	(iii)	subject to sub-paragraph (i) above, and to the extent that the accounting policies adopted by the Rio Tinto Group and the BHP Billiton Group are not consistent
with each other, adopt the accounting policy that is expected to maximise the costs to be expensed and result in such costs being reported at the earliest possible time in the JV Financial Information. An accounting policy that is different from the
policy used by either the Rio Tinto Group or the BHP Billiton Group may be adopted if it is expected to maximise the costs to be expensed and result in such costs being reported at the earliest possible time in the JV Financial Information, but
having regard to the costs and benefits of adopting an accounting policy which is different from the accounting policies of both Owners. 

  

	3.6	Implementation Management Committee 

  

	 	(a)	As soon as practicable after the date of this Agreement, Rio Tinto and BHP Billiton must establish an Implementation Management Committee made up of the
future CEO, the designated future members of the Senior Executive Team and other senior members of the future management team. The Implementation Management Committee must be drawn approximately equally from current employees of the Rio Tinto Group
and the BHP Billiton Group and members will be appointed by agreement between Rio Tinto and BHP Billiton. 

  

	 	(b)	The role of the Implementation Management Committee will, subject to antitrust Law, be to act as a forum for consultation and planning between Rio Tinto and BHP
Billiton in relation to the implementation of the WA Iron Ore JV, and to make recommendations to the Implementation Oversight Committee as directed by the Implementation Oversight Committee or considered appropriate by the Implementation Management
Committee, having regard in all cases to the provisions of the Joint Venture Agreement including the mandate given to the CEO under clause 4.7 of the Joint Venture Agreement to make the WA Iron Ore JV operationally stand-alone as soon as practicably
possible. Recommendations will be made on subjects including without limitation the following: 

  

	 	(i)	(Related party transactions): identification of all related party transactions between JV Entities and Affiliates, and whether they should cease on, or continue
after, the JV Commencement Date; 

  

	 	(ii)	(Systems recommendation): systems, standards and procedures to be adopted by the WA Iron Ore JV from the JV Commencement Date. Except as otherwise agreed between
BHP Billiton and Rio Tinto (for example under the Transaction Documents), the WA Iron Ore JV will initially source systems, standards and procedures from the BHP Billiton Group and Rio Tinto Group selected by reference to their fitness for purpose
in the overall context of the WA Iron Ore JV; 

  

	 	(iii)	(Transitional services recommendation): identification of the transitional services to be provided by Rio Tinto, BHP Billiton or their Affiliates to the Manager
from the JV Commencement Date, which are to be specified in the relevant schedule to the Transitional Services Agreement; 

  

	 	(iv)	 (Support Assets recommendation): in relation to assets in which the BHP Billiton Group or Rio Tinto Group has a legal, beneficial or economic
interest, other than assets expressly 

  
 Page 11

 Implementation Agreement 

 

	 	 
referred to in the definition of Excluded Assets, that are used for functions that support Iron Ore Production Activities, the division of those assets into the following classes:

  

	 	(A)	assets that should form part of the WA Iron Ore JV, to be made available on the JV Commencement Date (Support Assets); and 

 

	 	(B)	assets that should not form part of the WA Iron Ore JV (Retained Assets). 

In making the Support Assets recommendation, the Implementation Management Committee must apply the following principles: 

 

	 	(C)	assets primarily used in connection with BHP Billiton or Rio Tinto’s Iron Ore Production Activities should generally be Support Assets; and

  

	 	(D)	assets not primarily used in connection with BHP Billiton or Rio Tinto’s Iron Ore Production Activities should generally be Retained Assets;

  

	 	(v)	(First Business Plan): the First Business Plan, which must be prepared in compliance with the requirements of clause 3.10 of the Joint Venture Agreement;

  

	 	(vi)	(First Budget): the First Budget, which must be prepared in compliance with the requirements of clause 3.10 of the Joint Venture Agreement (including the First
Synergies Capture Plan as a discrete component); 

  

	 	(vii)	(First Synergies Capture Plan): the First Synergies Capture Plan, which must: 

 

	 	(A)	reflect the Expected JV Synergies; 

  

	 	(B)	include details of the synergies the WA Iron Ore JV is expected to achieve, which will form a baseline against which synergy capture can be measured; and

  

	 	(C)	be prepared in compliance with the requirements of clause 3.10 of the Joint Venture Agreement. 

 

	 	(viii)	(Initial Auditor and internal auditor recommendation): a recommendation as to the identity of the initial Auditor and of the internal auditor of the WA Iron Ore
JV. The Implementation Management Committee must make the initial Auditor recommendation prior to Completion, having first conducted a tender process in relation to the initial Auditor. The Implementation Management Committee must make the initial
internal auditor recommendation prior to Completion, in accordance with the resourcing model for the internal auditor determined by the Implementation Oversight Committee and having first conducted such selection process as the Implementation
Oversight Committee agrees (which may include a tender process); 

  

	 	(ix)	(Workforce recommendations): in relation to the WA Iron Ore JV’s workforce: 

 

	 	(A)	subject to clause 4.5(e) of the Joint Venture Agreement, organisation design principles applicable for the WA Iron Ore JV workforce at all levels and for all functions,
including for the Senior Executive Team, consistent with the Workforce Principles; 

  

	 	(B)	offers of employment and associated recruitment processes for employees and contractors, which must be designed in accordance with the Workforce Principles and items 2
and 6 of Schedule 6; 

  

	 	(C)	subject to clause 4.6(a) of the Joint Venture Agreement, remuneration and benefit principles, which must be developed in accordance with the Workforce Principles and
item 3 of Schedule 6; 

  

	 	(D)	long-term incentive arrangements for eligible employees, which must be designed in accordance with the Workforce Principles and item 3 of Schedule 6;

  
 Page 12

 Implementation Agreement 

 
  

	 	(E)	defined contribution and, where applicable, defined benefit superannuation arrangements, which must be developed in accordance with the Workforce Principles and item 4
of Schedule 6; and 

  

	 	(F)	subject to clause 4.15 of the Joint Venture Agreement, workers’ compensation insurance arrangements, which must be developed in accordance with the Workforce
Principles and item 5 of Schedule 6; 

  

	 	(x)	(Procurement model recommendation): the procurement arrangements and procedures to apply to the WA Iron Ore JV from the JV Commencement Date; and

  

	 	(xi)	(Hedging Policy): the hedging policy to apply to the WA Iron Ore JV from the JV Commencement Date. 

 

	 	(c)	The Implementation Management Committee must prepare and provide to each of Rio Tinto and BHP Billiton one month prior to the expected date of Completion
* * * in relation to the period from the JV Commencement Date to the end of that Half Year. At Completion each Owner must provide * * * in relation to the period from the JV Commencement Date to the end of that Half Year.

  

	 	(d)	The employees of the BHP Billiton Group on the Implementation Management Committee will collectively have one vote and the employees of the Rio Tinto Group on the
Implementation Management Committee will collectively have one vote. Decisions of the Implementation Management Committee relating to recommendations must be unanimous. Where the Implementation Management Committee is unable to make a unanimous
decision, it must provide the Implementation Oversight Committee with: 

  

	 	(i)	a description of the reasons why the decision was not unanimous; and 

  

	 	(ii)	the applicable alternative proposals proposed by members of the Implementation Management Committee. 

 

	3.7	Implementation Oversight Committee 

  

	 	(a)	As soon as practicable after the date of this Agreement, Rio Tinto and BHP Billiton must establish an Implementation Oversight Committee made up of the
designated future Owners’ Council Representatives. 

  

	 	(b)	The role of the Implementation Oversight Committee will, subject to antitrust Law, be to: 

 

	 	(i)	oversee the implementation of the WA Iron Ore JV, including directing the Implementation Management Committee and subject to paragraph (c) approving (with or
without variations) recommendations, proposals or draft documents submitted by the Implementation Management Committee under clause 3.6(b) and matters referred to in clause 3.5(b)(iii); and 

 

	 	(ii)	identify and agree any decisions to be taken by the Owners’ Council immediately following Completion (in addition to the adoption of the Owners’ Council
Completion Resolutions), including the adoption of the Revised Accounting Policy as the Accounting Policy pursuant to clause 3.13 of the Joint Venture Agreement, subject only to such amendments to the Revised Accounting Policy as the Implementation
Oversight Committee or the Owners’ Council agree are necessary to ensure that the Revised Accounting Policy complies with clause 3.5(c). 

  

	 	(c)	 All decisions of the Implementation Oversight Committee must be unanimous. The representatives of the BHP Billiton Group on the Implementation
Oversight Committee will collectively have one vote 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 13

 Implementation Agreement 

 

	 	 
and the representatives of the Rio Tinto Group on the Implementation Oversight Committee will collectively have one vote. 

 

	3.8	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	4.	Shareholder Meetings and shareholder approval materials 

  

	4.1	Shareholder Meetings 

 As
soon as practicable after the conditions precedent in clauses 2.1(a) to 2.1(e) (inclusive) have been satisfied or waived, each of BHP Billiton and Rio Tinto must convene its Shareholder Meetings to be held at the earliest practicable date.

  

	4.2	Form and Content 

  

	 	(a)	Each of BHP Billiton and Rio Tinto agree to consult with each other in good faith in relation to the form and content of their respective Shareholder Circulars and to
take into account reasonable comments of the other. 

  

	 	(b)	Where common content (eg description of synergies) is to be included in each of the Shareholder Circulars, each of BHP Billiton and Rio Tinto must use their reasonable
endeavours to agree such content. 

  

	 	(c)	Each of BHP Billiton and Rio Tinto must prepare its Shareholder Circular in compliance with the requirements (if any) imposed by applicable Laws.

  

	4.3	Supply and use of information 

  

	 	(a)	Each of BHP Billiton and Rio Tinto must, to the extent permitted by Law and as expeditiously as practicable: 

 

	 	(i)	supply to the other information related to the BHP Billiton Group (BHP Billiton Information) and Rio Tinto Group (Rio Tinto Information),
respectively; and 

  

	 	(ii)	assist in adapting that information, 

 as reasonably required by the other to ensure that the other’s Shareholder Circular complies with all applicable Laws, in reasonable time to allow the other to prepare the relevant documentation.

  

	 	(b)	 Until the Shareholder Meetings are held, each of BHP Billiton and Rio Tinto must notify the other if it becomes aware that any information provided
pursuant to paragraph (a) is, or has become, 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 14

 Implementation Agreement 

 

	 	 
misleading or deceptive or contains any material omissions and must provide any further information reasonably required by the other to ensure such information is no longer misleading or
deceptive and does not contain any material omissions. 

  

	 	(c)	Each of BHP Billiton and Rio Tinto must obtain the consent of the other (which must not be unreasonably withheld) to the inclusion of Rio Tinto Information or BHP
Billiton Information, respectively, in its Shareholder Circular and related materials and to the context in which such information appears. 

  

	 	(d)	Each of BHP Billiton and Rio Tinto must ensure that any Rio Tinto Information or BHP Billiton Information, respectively, provided to it pursuant to paragraph (a), is
not used by it or any of its Related Corporations for any purpose other than the preparation of its Shareholder Circular and related materials. 

  

	4.4	Responsibility for own information 

  

	 	(a)	Each of BHP Billiton and Rio Tinto: 

  

	 	(i)	must ensure that, at the time it is supplied and at the date of publication of the Shareholder Circulars, the BHP Billiton Information and the Rio Tinto Information,
respectively, is not misleading or deceptive in any material respect (whether by omission or otherwise); and 

  

	 	(ii)	will rely on the other to verify the information supplied by the other for inclusion in the Shareholder Circulars and related materials. 

 

	 	(b)	Rio Tinto must indemnify BHP Billiton, in its own right and as trustee for its Related Corporations, its officers and employees, and the officers and employees of its
Related Corporations, (the BHP Billiton Indemnified Parties) against any costs or liability suffered or incurred by any BHP Billiton Indemnified Party arising from the Rio Tinto Information containing any material statement which is
false or misleading (including because of any material omission). 

  

	 	(c)	BHP Billiton must indemnify Rio Tinto, in its own right and as trustee for its Related Corporations, its officers and employees, and the officers and employees of its
Related Corporations, (the Rio Tinto Indemnified Parties) against any costs or liability suffered or incurred by any Rio Tinto Indemnified Party arising from the BHP Billiton Information containing any material statement which is false
or misleading (including because of any material omission). 

  

	5.	Reorganisation 

  

	5.1	Incorporation of the Manager 

 At or before Completion, each of Rio Tinto and BHP Billiton must: 
  

	 	(a)	jointly with the other, procure the incorporation of the Manager; 

  

	 	(b)	procure that each of BHP Billiton Minerals Pty Ltd and Hamersley Holdings Limited subscribes for or acquires half the issued shares of the Manager and causes the
Manager to adopt a constitution agreed and initialled by Rio Tinto and BHP Billiton; and 

  

	 	(c)	nominate and procure the appointment of directors of the Manager in accordance with clause 4.4 of the Joint Venture Agreement. 

  
 Page 15

 Implementation Agreement 

 
  

	5.2	Constitutions of JV Entities 

 At or before Completion, each of Rio Tinto and BHP Billiton must procure that each JV Entity which is its wholly owned Subsidiary has the following provisions in its constitution: 

 

	 	(a)	a provision which permits the directors to act in the best interests of the holding company of the JV Entity if: 

 

	 	(i)	the director acts in good faith in the best interests of the holding company; and 

 

	 	(ii)	the JV Entity is not insolvent at the time the director acts and does not become insolvent because of the director’s act; and 

 

	 	(b)	a provision that provides that if a director, or a person who appointed the director, has an interest or a duty to an Owner and its Related Corporations in relation to
a matter that relates to the affairs of the JV Entity, and the director complies with section 191 of the Corporations Act, then (subject to the Corporations Act): 

 

	 	(i)	the director may be counted in a quorum at a board meeting that considers, and is entitled to vote on, any matter that relates to the interest or duty;

  

	 	(ii)	the JV Entity may proceed with any transaction that relates to the interest or duty and the director may participate in the execution of any relevant document by or on
behalf of the JV Entity; and 

  

	 	(iii)	the JV Entity cannot avoid the transaction merely because of the existence of the interest or duty. 

 

	5.3	Obligations to undertake pre-Completion reorganisations 

 Before Completion: 
  

	 	(a)	* * * 

  

	 	(i)	Rio Tinto must, subject to clause 5.7(a), implement and complete the reorganisation steps set out in item 1.1 of Part 1 of Schedule 7; and

  

	 	(ii)	BHP Billiton must, subject to clause 5.7(b), implement and complete the reorganisation steps set out in item 2.1 of Part 2 of Schedule 7.

  

	 	(b)	Each of Rio Tinto and BHP Billiton must keep the other informed on a reasonably regular basis in respect of the actions taken by it to implement and complete
reorganisation steps and the progress achieved. 

  

	5.4	Other reorganisation steps 

  

	 	(a)	As soon as practicable after the date of this Agreement * * * 

  

	 	(i)	Rio Tinto must, subject to clause 5.8(a), use its reasonable endeavours to implement and complete the reorganisation steps set out in item 1.2 of Part 1 of
Schedule 7; and 

  

	 	(ii)	BHP Billiton must: 

  

	 	(A)	subject to clause 5.8(b) use its reasonable endeavours to implement and complete the reorganisation steps set out in items 2.2(a) and 2.2(b) of Part 2 of
Schedule 7; and 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 16

 Implementation Agreement 

 
  

	 	(B)	subject to clause 5.8(c), use its reasonable endeavours to cause * * * to be made available to the WA Iron Ore JV * * * 

 

	 	(b)	Each of Rio Tinto and BHP Billiton acknowledges that the obligations in paragraphs (a)(i) and (a)(ii), respectively, * * * 

 

	 	(c)	Each of Rio Tinto and BHP Billiton must keep the other informed on a reasonably regular basis in respect of the actions taken to implement and complete reorganisation
steps and the progress achieved. 

  

	 	(d)	BHP Billiton must bear any loss or liability suffered or incurred by any Rio Tinto Indemnified Party: 

 

	 	(i)	* * * 

  

	 	(ii)	* * * 

 and such loss
or liability will be an Excluded Liability. 
  

	 	(e)	Where: 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

 BHP Billiton
must ensure that * * * and all costs incurred in discharging this obligation will be Excluded Liabilities. 
  

	 	(f)	In relation to all amounts for which BHP Billiton is liable under paragraphs (d) and (e), BHP Billiton must procure that: 

 

	 	(i)	the relevant BHP Billiton JV Entity applies funds which are Excluded Assets; or 

 

	 	(ii)	the BHP Billiton Owner subscribes for Shares in the BHP Billiton Issuer, 

 in amounts sufficient (in aggregate) to cover BHP Billiton’s liability. BHP Billiton must procure that the BHP Billiton Issuer applies all proceeds of subscription to meet the costs for which BHP
Billiton is liable under paragraphs (d) and (e). 
  

	5.5	Additional reorganisation steps 

  

	 	(a)	Without limiting the operation of clause 3.6(b)(iv), if Rio Tinto or BHP Billiton * * * Rio Tinto or BHP Billiton (as applicable) must:

  

	 	(i)	promptly inform the other * * *; and 

  

	 	(ii)	subject to clause 5.8, * * * as soon as is reasonably practicable, in the manner agreed with the other. 

 

	 	(b)	* * * 

  

	5.6	Corporate structure 

 Each
of Rio Tinto and BHP Billiton agrees that, except as contemplated by the Transaction Documents, * * * without the prior consent of the other. 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	5.7	Conditions precedent to pre-Completion reorganisations 

 Each of Rio Tinto and BHP Billiton acknowledges and agrees that: 
  

	 	(a)	Rio Tinto will only be required pursuant to clause 5.3(a)(i) to implement and complete the reorganisation steps set out in item 1.1 of Part 1 of Schedule 7;
and 

  

	 	(b)	BHP Billiton will only be required pursuant to clause 5.3(a)(ii) to implement and complete the reorganisation steps set out in item 2.1 of Part 2 of
Schedule 7, 

 once each Condition Precedent in clauses 2.1(a) to 2.1(f) has been fulfilled in accordance
with clause 2.1 or its non-fulfilment has been waived in accordance with clause 2.2. 
  

	5.8	Conditions precedent to other reorganisations 

  

	 	(a)	Rio Tinto will only be required to implement and complete the other reorganisation steps pursuant to clause 5.4(a)(i) and any reorganisation steps identified pursuant
to clause 5.5: 

  

	 	(i)	where the reorganisation step involves * * * at the time the reorganisation step is implemented; 

 

	 	(ii)	once it receives the written consent of: 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(iii)	once the Treasurer of the Commonwealth of Australia either: 

  

	 	(A)	ceases to be empowered to make an order under Part II of the Foreign Acquisitions and Takeovers Act 1975 (Cth) in respect of Rio Tinto implementing its other
reorganisation steps pursuant to clause 5.4(a)(i), with no order being made; or 

  

	 	(B)	gives advice in writing of a decision by or on behalf of the Treasurer stating or to the effect that the Commonwealth Government of Australia has no objection and that
advice does not impose any conditions in relation to Rio Tinto implementing its other reorganisation steps pursuant to clause 5.4(a)(i); and 

  

	 	(iv)	to the extent that the completion of the reorganisation step or steps would not result in any Rio Tinto Group entity incurring any income tax or capital gains tax, land
tax or any ad valorem Stamp Duty. 

  

	 	(b)	BHP Billiton will only be required to implement and complete the other reorganisation steps pursuant to clause 5.4(a)(ii)(A) and any reorganisation steps identified
pursuant to clause 5.5: 

  

	 	(i)	where the reorganisation step involves * * * at the time the reorganisation step is implemented; 

 

	 	(ii)	once it receives the written consent (if required) of: 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(iii)	once the Treasurer of the Commonwealth of Australia either: 

  

	 	(A)	ceases to be empowered to make an order under Part II of the Foreign Acquisitions and Takeovers Act 1975 (Cth) in respect of BHP Billiton implementing its other
reorganisation steps pursuant to clause 5.4(a)(ii)(A), with no order being made; or 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
  

	 	(B)	gives advice in writing of a decision by or on behalf of the Treasurer stating or to the effect that the Commonwealth Government of Australia has no objection and that
advice does not impose any conditions in relation to BHP Billiton implementing its other reorganisation steps pursuant to clause 5.4(a)(ii)(A); and 

  

	 	(iv)	to the extent that the completion of the reorganisation step or steps would not result in any BHP Billiton Group entity incurring any income tax or capital gains tax,
land tax or any ad valorem Stamp Duty; and 

  

	 	(c)	BHP Billiton will only be required to cause * * * to the extent that doing so would not result in any BHP Billiton Group entity incurring any income tax or
capital gains tax, land tax or any ad valorem Stamp Duty. 

  

	5.9	Duty on earlier reorganisations 

  

	 	(a)	(Rio Tinto) To the extent that: 

  

	 	(i)	any reorganisation step set out in Schedule 7, or any additional reorganisation step identified pursuant to clause 5.5, that Rio Tinto is required to implement and
complete results in the revocation of, or assessment or reassessment in relation to, any connected entity exemption or corporate reconstruction relief from the payment of Stamp Duty in any jurisdiction, or otherwise results in Stamp Duty; or

  

	 	(ii)	the issue of Debentures by the Rio Tinto Issuer results in the revocation of, or assessment or reassessment in relation to, any connected entity exemption or corporate
reconstruction relief from the payment of Stamp Duty in any jurisdiction, Rio Tinto must bear any Stamp Duty that may be payable (and, for the avoidance of doubt, such Stamp Duty must not be borne by a JV Entity); and 

 

	 	(b)	(BHP Billiton) To the extent that: 

  

	 	(i)	any reorganisation step set out in Schedule 7, or any additional reorganisation step identified pursuant to clause 5.5, that BHP Billiton is required to implement
and complete results in the revocation of, or assessment or reassessment in relation to, any connected entity exemption or corporate reconstruction relief from the payment of Stamp Duty in any jurisdiction, or otherwise results in Stamp Duty; or

  

	 	(ii)	the issue of Debentures by the BHP Billiton Issuer results in the revocation of, or assessment or reassessment in relation to, any connected entity exemption or
corporate reconstruction relief from the payment of Stamp Duty in any jurisdiction, 

 BHP Billiton must bear any
Stamp Duty that may be payable (and, for the avoidance of doubt, such Stamp Duty must not be borne by a JV Entity). 
  

	6.	Completion 

  

	6.1	Timing of Completion 

  

	 	(a)	Completion must occur on the third Business Day after the date on which the last of the Conditions Precedent referred to in clause 2.1(a) to
(f) (inclusive) is satisfied or waived or such other date as Rio Tinto and BHP Billiton may agree (provided that date is before the End Date) (the Completion Date). 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
  

	 	(b)	On the Completion Date, Completion will not occur until each of the Conditions Precedent referred to in clause 2.1(g) is satisfied or waived. 

 

	6.2	Obligations at Completion 

At Completion each of Rio Tinto and BHP Billiton must: 
  

	 	(a)	execute, deliver and, where relevant, complete the Completion Documents (other than any previously executed and delivered under clause 2.1(g)) (and cause any Rio Tinto
Group entity or BHP Billiton Group entity named as a party to a Completion Document to execute, deliver and, where relevant, complete it (as applicable) (other than any previously executed and delivered under clause 2.1(g));

  

	 	(b)	procure that BHP Billiton Minerals Pty Ltd and Hamersley Holdings Limited cause the Manager to execute, deliver and, where relevant, complete the Completion Documents
to which it is a party; 

  

	 	(c)	as Proposing Party, provide a notice (the Capital Projects Notice) to the other (the Receiving Party) specifying any New
Capital Expansion Project, being: 

  

	 	(i)	any expansion capital project in respect of a Relevant Period Iron Ore Asset that is not listed in Schedule 4 which is in execution at the time of Completion (an
Additional Capital Project), including a copy of the completed Feasibility Study relating to that project (together with, subject to antitrust Law, the financial model, study reports and supporting information that were generated by
the Proposing Party in connection with the Feasibility Study); or 

  

	 	(ii)	* * * 

  

	 	(d)	discharge all of its other obligations arising on Completion under any Transaction Document; 

 

	 	(e)	procure that: 

  

	 	(i)	each of the Rio Tinto Owner and the BHP Billiton Owner subscribes for Debentures; and 

 

	 	(ii)	each of the BHP Billiton Issuer and the Rio Tinto Issuer issues Debentures, in accordance with clauses 7.1 to 7.3 (inclusive); and 

 

	 	(f)	establish the Owners’ Council pursuant to clause 3.1 of the Joint Venture Agreement and ensure that a duly convened Owners’ Council meeting is held at which a
quorum is present for the purposes of passing the Owners’ Council Completion Resolutions. 

  

	6.3	Inter-dependency 

  

	 	(a)	The obligations of Rio Tinto and BHP Billiton at Completion, as outlined in clause 6.2, are inter-dependent. 

 

	 	(b)	Each of Rio Tinto and BHP Billiton agrees it must discharge its obligations under clause 6.2 in the following order: 

 

	 	(i)	execute, deliver and, where relevant, complete each Debenture Deed Poll (and cause any Rio Tinto Group entity or BHP Billiton Group entity named as a party to each
Debenture Deed Poll to execute, deliver and, where relevant, complete it (as applicable)) and procure that: 

  

	 	(A)	each of the Rio Tinto Owner and the BHP Billiton Owner subscribes for Debentures; and 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 20

 Implementation Agreement 

 
  

	 	(B)	each of the BHP Billiton Issuer and the Rio Tinto Issuer issues Debentures, 

 in accordance with clauses 7.1 to 7.3 (inclusive); 
  

	 	(ii)	execute, deliver and, where relevant, complete the Joint Venture Agreement (and cause any Rio Tinto Group entity or BHP Billiton Group entity named as a party to the
Joint Venture Agreement to execute, deliver and, where relevant, complete it (as applicable)); and 

  

	 	(iii)	execute, deliver and, where relevant, complete each Ore Sales Agreement (and cause any Rio Tinto Group entity or BHP Billiton Group entity named as a party to each Ore
Sales Agreement to execute, deliver and, where relevant, complete it (as applicable)), 

 followed by all other
obligations under clause 6.2, which will thereafter be performed simultaneously. 
  

	6.4	WA Iron Ore JV commencement 

 If Completion occurs, on and from the JV Commencement Date the WA Iron Ore JV will be deemed to be established. 
  

	7.	Subscription for Debentures 

  

	7.1	Subscription for Debentures on Completion 

 On Completion, for the purpose of financing the Rio Tinto JV Entities and the BHP Billiton JV Entities, Rio Tinto and BHP Billiton, respectively, must procure that: 

 

	 	(a)	the Rio Tinto Owner subscribes for, and the BHP Billiton Issuer issues to the Rio Tinto Owner, Debentures with a face value of A$10,000 each for a total subscription
price determined in accordance with clause 7.2; and 

  

	 	(b)	the BHP Billiton Owner subscribes for, and the Rio Tinto Issuer issues to the BHP Billiton Owner, Debentures with a face value of A$10,000 each for a total subscription
price determined in accordance with clause 7.3. 

  

	7.2	Subscription Price payable by Rio Tinto and BHP Billiton opening cash amounts 

 

	 	(a)	The subscription price for the Debentures to be issued to the Rio Tinto Owner will equal 50% of the BHP Billiton JV Entities’ estimated cash requirements for the
first month after the JV Commencement Date, as identified in the First Budget, which amount will be payable in Australian dollars by the Rio Tinto Owner on Completion. 

 

	 	(b)	BHP Billiton must ensure that at Completion, the BHP Billiton JV Entities have cash on hand (contributed as equity or by application of Existing JV Deposits) equal to
50% of the BHP Billiton JV Entities’ estimated cash requirements for the first month after the JV Commencement Date, as identified in the First Budget. 

 

	 	(c)	The cash amounts referred to in paragraphs (a) and (b) will be Iron Ore Assets and will be available to discharge JV Cash Costs of the BHP Billiton JV
Entities arising on or after the JV Commencement Date in accordance with the Funding and Distribution Policy. Any cash amounts held by a BHP Billiton JV Entity at Completion that are additional to the amounts referred to in paragraphs (a) and
(b) will be Excluded Assets. 

  
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 Implementation Agreement 

 
  

	 	(d)	The cash amounts referred to in paragraphs (a) and (b) will be placed on Call Deposit in equal shares with the Rio Tinto Owner and the BHP Billiton Owner (or
their Designated Finance Companies) in accordance with item 2.8 of the Funding and Distribution Policy. 

  

	7.3	Subscription Price payable by BHP Billiton and Rio Tinto opening cash amounts 

 

	 	(a)	The subscription price for the Debentures to be issued to the BHP Billiton Owner will equal: 

 

	 	(i)	50% of the Rio Tinto JV Entities’ estimated cash requirements for the first month after the JV Commencement Date, as identified in the First Budget, which amount
will be payable in Australian dollars by the BHP Billiton Owner on Completion; plus 

  

	 	(ii)	the BHP Billiton Equalisation Investment, determined in accordance with item 1 of Schedule 8, which amount will be payable in US dollars by the BHP Billiton Owner
on Completion. The number of Debentures to be subscribed for will be determined by converting the BHP Billiton Equalisation Investment into Australian dollars using the applicable Bloomberg Fix exchange rate (code: BFIX) reported by Bloomberg at 4pm
(Sydney time) on the Completion Date. 

  

	 	(b)	Rio Tinto must ensure that at Completion, the Rio Tinto JV Entities have cash on hand (contributed as equity or by application of Existing JV Deposits) equal to 50% of
the Rio Tinto JV Entities’ estimated cash requirements for the first month after the JV Commencement Date, as identified in the First Budget. 

  

	 	(c)	The cash amounts referred to in paragraphs (a) and (b) will be Iron Ore Assets and will be available to discharge: 

 

	 	(i)	JV Cash Costs of the Rio Tinto JV Entities arising on or after the JV Commencement Date in accordance with the Funding and Distribution Policy; and

  

	 	(ii)	the Agreed Opening Iron Ore Loans of the Rio Tinto Issuer. 

 Any cash amounts held by a Rio Tinto JV Entity at Completion, after satisfaction of Agreed Opening Iron Ore Loans, that are additional to the amounts referred to in paragraphs (a) and (b) will
be Excluded Assets. 
  

	 	(d)	The cash amounts referred to in paragraphs (a) and (b), minus an amount equal to the Agreed Opening Iron Ore Loans, will be placed on Call Deposit in equal shares
with the Rio Tinto Owner and the BHP Billiton Owner (or their Designated Finance Companies) in accordance with item 2.8 of the Funding and Distribution Policy. 

 

	7.4	Subscription for Debentures after Completion 

  

	 	(a)	For the purpose of financing the Rio Tinto JV Entities and the BHP Billiton JV Entities, each of Rio Tinto and BHP Billiton, respectively, must procure that:

  

	 	(i)	if the Adjustment Amount determined in accordance with Schedule 8 is positive, the Rio Tinto Owner subscribes for, and the BHP Billiton Issuer issues to the Rio
Tinto Owner, further Debentures with a face value of A$10,000 each for a subscription price equal to the Adjustment Amount; or 

  

	 	(ii)	if the Adjustment Amount determined in accordance with Schedule 8 is negative, the BHP Billiton Owner subscribes for, and the Rio Tinto Issuer issues to the BHP
Billiton Owner, further Debentures with a face value of A$10,000 each for a subscription price equal to the Adjustment Amount, 

 on the fifth Business Day after finalisation of the Final Completion Accounts under Schedule 8. 

  
 Page 22

 Implementation Agreement 

 
  

	 	(b)	For the purpose of this clause 7.4, the subscription price will be payable in US dollars. The number of Debentures to be subscribed for will be determined by converting
the Adjustment Amount into Australian dollars using the applicable Bloomberg Fix exchange rate (code: BFIX) reported by Bloomberg at 4pm (Sydney time) on the subscription date. 

 

	 	(c)	Any cash amounts subscribed for Debentures under this clause 7.4 will be Excluded Assets. 

 

	7.5	Further subscription for Debentures after Completion 

  

	 	(a)	If, after Completion, item 2.6(b) or item 6 of Schedule 8 requires: 

  

	 	(i)	the BHP Billiton Owner to subscribe for further Debentures, BHP Billiton must procure that the BHP Billiton Owner subscribes for, and Rio Tinto must procure that the
Rio Tinto Issuer issues, further Debentures with a face value of A$10,000 each for a subscription price equal to the amount required by items 2.6(b) or 6 of Schedule 8 (as applicable); or 

 

	 	(ii)	the Rio Tinto Owner to subscribe for further Debentures, Rio Tinto must procure that the Rio Tinto Owner subscribes for, and BHP Billiton must procure that the BHP
Billiton Issuer issues, further Debentures with a face value of A$10,000 each for a subscription price equal to the amount required by items 2.6(b) or 6 of Schedule 8 (as applicable). 

 

	 	(b)	For the purpose of this clause 7.5, the subscription price will be payable in US dollars. The number of Debentures to be subscribed for will be determined by converting
the amount required by items 2.6(b) or 6 of Schedule 8 (as applicable) into Australian dollars using the applicable Bloomberg Fix exchange rate (code: BFIX) reported by Bloomberg at 4pm (Sydney time) on the subscription date.

  

	 	(c)	Any cash amounts subscribed for Debentures under this clause 7.5 will be Excluded Assets. 

 

	7.6	Method of payment of subscription price for Debentures 

 All payments required to be made under this clause 1 must be made in accordance with item 1.5 of Schedule 1. 
  

	8.	New Capital Expansion Projects, other capital expansion projects and studies 

 

	 	(a)	If a Capital Projects Notice given pursuant to clause 6.2(c) concerns an Additional Capital Project involving capital expenditure of less than US$250 million, then
that Additional Capital Project will be treated as within the scope of the WA Iron Ore JV on and from the JV Commencement Date and will be a JV New Capital Expansion Project. 

 

	 	(b)	If a Capital Projects Notice given pursuant to clause 6.2(c) concerns: 

  

	 	(i)	an Additional Capital Project * * * ; or 

  

	 	(ii)	an Additional Capital Project that the parties otherwise agree this clause 8(b) applies to, 

then that Additional Capital Project will be treated as within the scope of the WA Iron Ore JV on and from the JV Commencement Date and
will be a JV New Capital Expansion Project. 
  

	 	(c)	If a Capital Projects Notice is given pursuant to clause 6.2(c) which does not relate to an Additional Capital Project of the kind referred to in paragraphs (a) or
(b): 

  

	 	(i)	 the New Capital Expansion Project will be treated as within the scope of the WA Iron Ore JV on and from the JV Commencement Date and will be a JV New
Capital Expansion Project 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 23

 Implementation Agreement 

 

	 	 
unless within 180 days of receipt of the Capital Projects Notice, the Receiving Party elects by written notice to the Proposing Party to exclude the New Capital Expansion Project from the
scope of the WA Iron Ore JV. If the Receiving Party so elects, the Proposing Party may, within 90 days after receiving the notice of election, elect by notice to the Receiving Party to undertake the New Capital Expansion Project, in which case
it will be treated as a Sole Risk Development or a Sole Risk Opportunity (as applicable) pursuant to clause 8 of the Joint Venture Agreement on and from the JV Commencement Date, and any liabilities attaching to it (other than study costs) will be
Sole Risk Liabilities, and the adjustment contemplated by item 2.6 of Schedule 8 and clause 7.5 must be determined and made (Agreed Sole Risk Adjustment); 

 

	 	(ii)	until the election is made by the Receiving Party, or the period referred to in paragraph (c)(i) in which the Receiving Party may make the election expires:

  

	 	(A)	until the JV Commencement Date, the Proposing Party agrees to continue to implement all relevant Additional Capital Projects in the form described in the Capital
Projects Notice (subject to the operation of Schedule 8) at its own cost; and 

  

	 	(B)	from the JV Commencement Date, in accordance with clause 4.3(f) of the Joint Venture Agreement, the Manager will continue to implement all relevant Additional Capital
Projects in the form described in the Capital Projects Notice and the Proposing Party must pay any amounts requested by the Manager to fund the Additional Capital Project (NCEP Calls) by way of loans to the Manager
(Post-Commencement NCEP Loans) on the same terms as the Participant Loans (except that the interest rate on the Post-Commencement NCEP Loans, until converted to Participant Loans or Sole Risk Loans, will be the rate at which amounts
are Escalated); 

  

	 	(iii)	if no election is made to exclude the New Capital Expansion Project, or the period referred to in paragraph (c)(i) in which the Receiving Party may make the election
expires, the Receiving Party must provide a Participant Loan for its Participating Share of the Escalated NCEP Calls relating to that project, and the proceeds of that Participant Loan must be applied to repay half of the relevant Post-Commencement
NCEP Loans and the remaining balance of those Post-Commencement NCEP Loans will automatically convert to a Participant Loan; and 

  

	 	(iv)	if an election is made by the Receiving Party under paragraph (c)(i) to exclude the New Capital Expansion Project, all NCEP Loans will automatically convert to Sole
Risk Loans. 

  

	 	(d)	Where a capital expansion project in relation to a Relevant Period Iron Ore Asset is not identified in Schedule 4 or in a Capital Projects Notice given pursuant to
clause 6.2(c), then: 

  

	 	(i)	if a study has been conducted that would fall within the definition of a Preliminary Study if conducted by the Manager for the WA Iron Ore JV, it will be treated as a
Preliminary Study and clauses 8.2(a) to 8.2(c), inclusive, of the Joint Venture Agreement will apply to that project; 

  

	 	(ii)	if a study has been conducted that would fall within the definition of a Pre-Feasibility Study if conducted by the Manager for the WA Iron Ore JV, it will be treated as
a Pre-Feasibility Study and clauses 8.2(d) to 8.2(f), inclusive, of the Joint Venture Agreement will apply to that project; 

  

	 	(iii)	if a study has been conducted that would fall within the definition of a Feasibility Study if conducted by the Manager for the WA Iron Ore JV, it will be treated as a
Feasibility Study and clauses 8.2(g) to 8.2(i) of the Joint Venture Agreement will apply to that project; and 

  
 Page 24

 Implementation Agreement 

 
  

	 	(iv)	if a definitive proposal has been developed for a New Opportunity, clause 8.4(c) of the Joint Venture Agreement will apply to it. 

 

	 	(e)	Subject to Existing JV Arrangements, if a study is being conducted by a JV Entity at the JV Commencement Date which would fall within the definition of Preliminary
Study, Pre-Feasibility Study or Feasibility Study if conducted by the Manager for the WA Iron Ore JV, the Manager must continue and complete that study as if it had been initiated by the Manager under the appropriate provisions in clause 8.2 of the
Joint Venture Agreement. 

  

	 	(f)	If at the JV Commencement Date either Rio Tinto or BHP Billiton is aware of a potential New Opportunity for which no definitive proposal has been developed but which it
may wish to pursue, it must procure that the Rio Tinto Owner or the BHP Billiton Owner (as applicable) gives notice to the Manager under clause 8.4(a)(i) of the Joint Venture Agreement as soon as reasonably practicable after the JV Commencement Date
and the provisions of clause 8.4 of the Joint Venture Agreement will apply to the New Opportunity which is the subject of the notice. 

  

	9.	Employment contract for CEO 

 Each of Rio Tinto and BHP Billiton acknowledges that the form of the employment contract for the CEO, initialled by Rio Tinto and BHP Billiton for the purposes of identification on the date of this
Agreement, is in a form acceptable to it for presentation to the proposed CEO, and each must use reasonable endeavours to procure that the CEO is employed on the terms of that employment contract. 

 

	10.	Historical Iron Ore Asset Information 

  

	10.1	Availability of Historical Iron Ore Asset Information 

  

	 	(a)	Subject to antitrust Law, on and from Completion and until the JV Commencement Date, each of BHP Billiton and Rio Tinto must make available, and must procure that each
of its Related Corporations makes available, to the Implementation Management Committee any Historical Iron Ore Asset Information requested by the Implementation Management Committee. 

 

	 	(b)	On and from the JV Commencement Date, each Owner must make available to the Manager any Historical Iron Ore Asset Information requested by the Manager.

  

	 	(c)	Where documents required to be made available under this clause contain both information falling within and information falling outside the definition of Historical
Iron Ore Asset Information, information in the latter category may be excluded or redacted. 

  

	10.2	Information within control of JV Entities 

 At any time, each of BHP Billiton and Rio Tinto may remove any information from the control of a BHP Billiton JV Entity or a Rio Tinto JV Entity, respectively, which does not constitute Historical Iron
Ore Asset Information. 
  

	11.	* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 25

 Implementation Agreement 

 
  

	12.	WA Iron Ore JV Accounting Systems 

  

	 	(a)	As soon as reasonably practicable, BHP Billiton and Rio Tinto: 

  

	 	(i)	must jointly with the other, procure that WA Iron Ore JV accounting systems are established on a single integrated SAP system in compliance with clause 4.10(b) of the
Joint Venture Agreement and the ERP Service and Licence Agreement (WA Iron Ore JV Accounting Systems); and 

  

	 	(ii)	may conduct a detailed review of the WA Iron Ore JV Accounting Systems prior to their commencing operation, and to the extent necessary, each other’s accounting
systems, for the purposes of satisfying themselves and the Manager that the systems are established in compliance with clause 4.10(b) of the Joint Venture Agreement and the ERP Service and Licence Agreement. 

 

	 	(b)	If the WA Iron Ore Accounting Systems are not established by the JV Commencement Date, prior to the JV Commencement Date each Owner: 

 

	 	(i)	must ensure that interim accounting rules, systems and procedures are established (which may rely on existing systems) which supply each of Rio Tinto and BHP Billiton
and the Manager with the information required to prepare all accounting records and reports in respect of JV Operations after the JV Commencement Date in compliance with clause 4.10(b) of the Joint Venture Agreement and the ERP Service and Licence
Agreement (Interim Accounting Systems); and 

  

	 	(ii)	may conduct a detailed review of the Interim Accounting Systems, and to the extent necessary, the other Owner’s accounting systems, for the purposes of satisfying
itself that the Interim Accounting Systems will supply each of Rio Tinto and BHP Billiton and the Manager with the information required to prepare all accounting records and reports in respect of JV Operations from the JV Commencement Date in
compliance with clause 4.10(b) of the Joint Venture Agreement and the ERP Service and Licence Agreement. 

  

	 	(c)	Following the review of the accounting systems pursuant to paragraphs (a) and (b), and prior to their establishment, Rio Tinto and BHP Billiton must consult in
good faith to determine such adjustments, if any, as may need to be made to the systems so as to ensure that they are compliant with clause 4.10(b) of the Joint Venture Agreement and the ERP Service and Licence Agreement, and the cost of those
adjustments. 

  

	 	(d)	The cost of making adjustments to the accounting systems agreed by Rio Tinto and BHP Billiton following a review will be borne by whichever of Rio Tinto or BHP
Billiton’s systems are deficient, unless, following discussions in good faith, Rio Tinto and BHP Billiton agree otherwise. 

  

	13.	Undisclosed Liabilities 

  

	 	(a)	The WA Iron Ore JV will bear all Iron Ore Liabilities, except: 

  

	 	(i)	Undisclosed Liabilities to the extent BHP Billiton or Rio Tinto must bear those liabilities pursuant to paragraph (b); and 

 

	 	(ii)	as otherwise provided in the Transaction Documents. 

  

	 	(b)	If Undisclosed Liabilities: 

  

	 	(i)	attaching to Iron Ore Assets of the Rio Tinto JV Entities exceed US$300 million in aggregate, Rio Tinto will bear the amount of those Undisclosed Liabilities in
excess of US$300 million, and that excess amount will be an Excluded Liability; or 

  
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	 	(ii)	attaching to Iron Ore Assets of the BHP Billiton JV Entities exceed US$300 million in aggregate, BHP Billiton will bear the amount of those Undisclosed Liabilities
in excess of US$300 million, and that excess amount will be an Excluded Liability. 

 To the extent that
specific apportionment for a liability cannot be made by reference to specific events of causation, liabilities of a gradual or recurring nature which relate to periods both before and after the Effective Date will be borne on a time apportionment
basis. 
  

	 	(c)	For the purposes of paragraph (b), any individual Undisclosed Liability that is less than US$50 million (not being one of a number of claims arising from
substantially the same facts, matters or circumstances, which, in aggregate, exceed US$50 million) will be disregarded for the purposes of determining whether Undisclosed Liabilities, when aggregated, exceed US$300 million.

  

	 	(d)	For the purposes of this clause 13, Undisclosed Liabilities will be calculated after allowing for any reduction in present or future Tax, Tax rebate or Tax credit
received or receivable by the relevant JV Entity in relation to the Undisclosed Liability. 

  

	 	(e)	The Manager in accordance with clause 4.3(f) of the Joint Venture Agreement and each of Rio Tinto and BHP Billiton must notify the others as soon as practicable after
it becomes aware of any individual Undisclosed Liability which is a claim in the amount of US$50 million or more. 

  

	 	(f)	If: 

  

	 	(i)	Rio Tinto is required to bear Undisclosed Liabilities in accordance with paragraph (b)(i), then Rio Tinto must procure that: 

 

	 	(A)	the relevant Rio Tinto JV Entity applies funds which are Excluded Assets; or 

 

	 	(B)	the Rio Tinto Owner subscribes for Shares in the Rio Tinto Issuer, 

 in amounts sufficient (in aggregate) to cover Rio Tinto’s liability (ie the amount by which those Undisclosed Liabilities exceed US$300 million). Rio Tinto must procure that the Rio Tinto Issuer
applies all proceeds of subscription to meet the amount of the excess; and 
  

	 	(ii)	BHP Billiton is required to bear Undisclosed Liabilities in accordance with paragraph (b)(ii), then BHP Billiton must procure that: 

 

	 	(A)	the relevant BHP Billiton JV Entity applies funds which are Excluded Assets; or 

 

	 	(B)	the BHP Billiton Owner subscribes for Shares in the BHP Billiton Issuer, 

 in amounts sufficient (in aggregate) to cover BHP Billiton’s liability (ie the amount by which those Undisclosed Liabilities exceed US$300 million). BHP Billiton must procure that the BHP
Billiton Issuer applies all proceeds of subscription to meet the amount of the excess. 
 Obligations under this paragraph must
be discharged within 45 Business Days of notification of those Undisclosed Liabilities to Rio Tinto or BHP Billiton, as applicable, by the Manager. 
  

	 	(g)	Where Rio Tinto or BHP Billiton, as applicable (the Responsible Party), is required to bear Undisclosed Liabilities in accordance with paragraph (b), it
must indemnify BHP Billiton or Rio Tinto, as applicable (the Indemnified Party), against any loss or liability suffered or incurred by the Indemnified Party, as a result of the Responsible Party failing to ensure that the relevant Rio
Tinto JV Entity or BHP Billiton JV Entity has sufficient funds to cover the amount of Undisclosed Liabilities it is required to bear in accordance with paragraph (b) (an Indemnified Party Claim). 

 

	 	(h)	The Responsible Party: 

  

	 	(i)	is responsible for conducting, negotiating, defending or settling any claim in relation to an Undisclosed Liability, to the extent that it is obliged to bear the
majority of that Undisclosed Liability in accordance with this clause 13, at its own expense; and 

  
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	 	(ii)	must be consulted in the conduct, negotiation, defence or settlement of any claim in relation to any individual Undisclosed Liability, where the claim is in the amount
of US$50 million or more. 

  

	 	(i)	At the Responsible Party’s expense, both the Manager, in accordance with clause 4.3(f) of the Joint Venture Agreement, and the Indemnified Party must provide such
assistance in relation to the claim as the Responsible Party reasonably requests. 

  

	14.	Debt at JV Commencement Date 

  

	14.1	* * * 

  

	 	*	* * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	14.2	Intra-group Debt 

  

	 	(a)	Each of BHP Billiton and Rio Tinto must procure that, as at the start of the JV Commencement Date: 

 

	 	(i)	in the case of BHP Billiton, neither the BHP Billiton Issuer nor any of its subsidiaries which are BHP Billiton JV Entities or which directly or indirectly hold shares
in BHP Billiton JV Entities; and 

  

	 	(ii)	in the case of Rio Tinto, neither the Rio Tinto Issuer nor any of its subsidiaries which are Rio Tinto JV Entities or which directly or indirectly hold shares in Rio
Tinto JV Entities, 

  

	 	has	any Intra-group Debt, except for: 

  

	 	(iii)	any Agreed Opening Iron Ore Loans; 

  

	 	(iv)	any Agreed Opening Excluded Loans; 

  

	 	(v)	any obligation to counter-indemnify an Affiliate in respect of an Owner Guarantee; and 

 

	 	(vi)	any Iron Ore Liabilities in respect of transactions approved by the Implementation Oversight Committee or agreed between Rio Tinto and BHP Billiton.

  

	 	(b)	Each of BHP Billiton and Rio Tinto must procure that, before the JV Commencement Date any Intra-group Debt that is not permitted by paragraphs (a)(iii) to (a)(vi)
(inclusive) is either discharged and extinguished in full or is converted to equity, such discharge or conversion to equity to be done: 

  

	 	(i)	in the case of a wholly-owned subsidiary, in such manner as to ensure that the relevant entity remains a wholly-owned subsidiary of the BHP Billiton Issuer or the Rio
Tinto Issuer (as the case requires); and 

  

	 	(ii)	in all cases, in such manner as to ensure that no Stamp Duty or other Tax liability arises. 

 

	 	(c)	If after subscription for, and issue of, all Debentures at Completion pursuant to clause 7.3, any part of Rio Tinto’s or BHP Billiton’s Agreed Opening Iron
Ore Loans remain outstanding, the outstanding balance will be converted to an Excluded Loan of Rio Tinto or BHP Billiton (as applicable) from Completion. 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	14.3	Existing JV Deposits 

 Amounts held on deposit by a JV Entity pursuant to an Existing JV Arrangement will constitute Excluded Assets of the Owner in relation to the JV Entity, except for: 

 

	 	(a)	any amounts which BHP Billiton elects to have treated as part of the cash on hand of BHP Billiton JV Entities at Completion, pursuant to clause 7.2(b); and

  

	 	(b)	any amounts which Rio Tinto elects to have treated as part of the cash on hand of Rio Tinto JV Entities at Completion, pursuant to clause 7.3(b).

  

	15.	Indemnified Tax Liabilities 

  

	 	(a)	Rio Tinto will bear all Indemnified Tax Liabilities of the Rio Tinto Group, and be entitled to the benefit of all Indemnity-related Tax Assets of the Rio Tinto Group.

  

	 	(b)	BHP Billiton will bear all Indemnified Tax Liabilities of the BHP Billiton Group, and be entitled to the benefit of all Indemnity-related Tax Assets of the BHP Billiton
Group. 

  

	 	(c)	If: 

  

	 	(i)	a Rio Tinto JV Entity incurs an Indemnified Tax Liability which Rio Tinto is required to bear in accordance with paragraph (a), then Rio Tinto must either discharge the
Indemnified Tax Liability directly, or ensure that the relevant Rio Tinto JV Entity has access to sufficient funds which are Excluded Assets, through a Permitted Funding Mechanism, to discharge the liability; and 

 

	 	(ii)	a BHP Billiton JV Entity incurs an Indemnified Tax Liability which BHP Billiton is required to bear in accordance with paragraph (b), then BHP Billiton must either
discharge the Indemnified Tax Liability directly, or ensure that the relevant BHP Billiton JV Entity has access to sufficient funds which are Excluded Assets, through a Permitted Funding Mechanism, to discharge the liability,

 so that in either case the Indemnified Tax Liability is discharged no later than the due date for payment of the
Indemnified Tax Liability. 
  

	 	(d)	Where Rio Tinto or BHP Billiton, as applicable, is the party required to bear an Indemnified Tax Liability in accordance with paragraph (a) or (b) (the
Responsible Party), it must indemnify BHP Billiton or Rio Tinto, as applicable, (the Indemnified Party) against any loss or liability suffered or incurred by the Indemnified Party, as a result of the Responsible
Party failing to comply with paragraph (c). 

  

	 	(e)	The Responsible Party is responsible for conducting, negotiating, defending or settling any claim in relation to an Indemnified Tax Liability or an Indemnity-related
Tax Asset at its own expense. 

  

	16.	Representations and warranties 

  

	16.1	Warranties 

  

	 	(a)	Each of Rio Tinto and BHP Billiton gives the other the warranties in Part 1 of Schedule 9 as at the date of this Agreement and as at the JV Commencement Date.

  

	 	(b)	BHP Billiton gives Rio Tinto the warranty in Part 3 of Schedule 9 as at the date of this Agreement. 

 

	 	(c)	Rio Tinto gives BHP Billiton the warranty in Part 2 of Schedule 9 as at the date of this Agreement. 

  
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	16.2	Acknowledgement 

  

	 	(a)	Each of Rio Tinto and BHP Billiton acknowledges that the other has executed this Agreement and agreed to take part in the transactions that this Agreement contemplates
in reliance on the warranties given by the other pursuant to clause 16.1. 

  

	 	(b)	Each of Rio Tinto and BHP Billiton acknowledges that, except for the warranties given pursuant to clause 16.1, the other does not make any express or implied
representation or warranty, including any representation or warranty as to the accuracy or completeness of the Due Diligence Materials. 

  

	 	(c)	Each of Rio Tinto and BHP Billiton acknowledges that it has made its own assessment of the Due Diligence Materials provided by BHP Billiton or Rio Tinto, respectively,
and has made use of these Due Diligence Materials solely at its own risk. 

  

	 	(d)	To the full extent permitted by law, every condition, warranty, term, provision, representation or undertaking (whether express, implied, written, oral, collateral,
statutory or otherwise), except for a warranty given pursuant to clause 16.1, is excluded. 

  

	16.3	Manager must notify Rio Tinto and BHP Billiton of breach 

 The Manager, in accordance with clause 4.3(f) of the Joint Venture Agreement, must notify Rio Tinto and BHP Billiton as soon as reasonably practicable after it becomes aware of a breach or potential
breach of any warranty given pursuant to clause 16.1. 
  

	16.4	Rio Tinto indemnity 

Rio Tinto must indemnify the BHP Billiton Indemnified Parties against any loss or liability suffered or incurred by any BHP Billiton
Indemnified Party and arising from any warranty given by Rio Tinto not being true, complete and accurate. 
  

	16.5	BHP Billiton indemnity 

 BHP Billiton must indemnify the Rio Tinto Indemnified Parties against any loss or liability suffered or incurred by any Rio Tinto Indemnified Party and arising from any warranty given by BHP Billiton not
being true, complete and accurate. 
  

	16.6	Limits on Claims 

 Rights
to make any claim on the warranties under this clause 16 (a Claim) are limited as follows: 
  

	 	(a)	If either Rio Tinto or BHP Billiton makes a Claim it must give written notice of the Claim to the other (the Claim Recipient) (setting out in reasonable
detail the nature of the Claim and the damages sought to the extent the amount can reasonably be determined) as soon as reasonably practicable after it becomes aware of the facts, matters or circumstances on which the Claim is based and in any event
within two years of the JV Commencement Date. 

  

	 	(b)	No liability in respect of a Claim attaches to a Claim Recipient unless the aggregate amount of all Claims against it exceeds US$250 million. A Claim Recipient
will be liable in respect of all such Claims and not merely the excess. A Claim Recipient will not be liable for any single Claim which is less than US$50 million and any single Claim less than US$50 million (not being one of a number of
claims arising from substantially the same facts, matters or circumstances, which, in aggregate, exceed US$50 million) will be disregarded in calculating the aggregate amount of all Claims against a Claim Recipient. 

  
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	 	(c)	For the purpose of paragraph (b), the amount of a Claim will be calculated before allowing for any reduction in present or future Tax, Tax rebate or Tax credit received
or receivable by the party in relation to the Claim. 

  

	 	(d)	A Claim Recipient is not liable to the other party for any amount equal to any reduction in present or future Tax, Tax rebate or Tax credit received or receivable by it
or by any of its Related Corporations in relation to the amount or matter the subject of the Claim. 

  

	 	(e)	The respective liabilities of Rio Tinto and BHP Billiton in respect of Claims brought by them against each other will be netted off so that only the net amount, if any,
by which the aggregate liability of one Claim Recipient for Claims exceeds the aggregate liability of the other for Claims, will be paid by the relevant Claim Recipient to the other. No payment will be made in respect of any Claims prior to the
expiration of the two year period referred to in paragraph (a). If one Claim Recipient’s liability for Claims pursuant to paragraph (b) exceeds US$250 million but the other’s liability for Claims is US$250 million or less,
then for the purposes of determining the net amount payable by one Claim Recipient to the other under this paragraph (e), a Claim Recipient will be deemed to be liable to make payments to the other under paragraph (b) even if the aggregate
amount of its liability under paragraph (b) is US$250 million or less. 

  

	 	(f)	Neither Rio Tinto nor BHP Billiton may make a Claim in respect of the amount of any Undisclosed Liabilities, which are to be borne in accordance with clause 13.

  

	17.	Public announcements and confidentiality 

  

	17.1	Public announcements 

  

	 	(a)	Each of Rio Tinto and BHP Billiton must use its reasonable endeavours to agree the wording and timing of all public announcements and statements by both or either of
them relating to the WA Iron Ore JV (including, subject to paragraph (b), any disclosure to any stock exchange) before any announcement or statement is made. Copies of any public announcement or statement must be given to each other in the most
expeditious manner reasonably available. 

  

	 	(b)	Neither Rio Tinto nor BHP Billiton may make any public or press announcement concerning the WA Iron Ore JV without the prior approval of the other (such approval not to
be unreasonably withheld or delayed), except to the extent required under any applicable legislation or other legal requirement or the rules or regulations of any recognised stock exchange which apply to it or any of its Related Corporations.

  

	17.2	Rio Tinto and BHP Billiton responsible for respective Related Corporations, officers and employees and professional advisers 

 

	 	(a)	Each of Rio Tinto and BHP Billiton must procure that its: 

  

	 	(i)	Related Corporations; 

  

	 	(ii)	directors, employees, officers and agents or of any of its Related Corporations (each an officer or an employee); and

  

	 	(iii)	professional advisers (including legal advisers and consultants) (professional advisers), 

comply with this clause 17 as if they were parties to this Agreement. 

 

	 	(b)	A breach of this clause 17 by a Related Corporation, officer or employee or professional adviser of Rio Tinto or BHP Billiton will be deemed to be a breach of this
clause 17 by Rio Tinto or BHP Billiton, respectively. 

  
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	 	(c)	If a Related Corporation, officer or employee or professional adviser of Rio Tinto or BHP Billiton breaches this clause 17, the other will be entitled to all remedies
available to it under this clause 17 or at Law as if the Related Corporation, officer or employee or professional adviser was a party. 

  

	17.3	Obligations of confidence 

  

	 	(a)	For the purposes of this clause 17, Confidential Information means the terms and conditions of the Transaction Documents and negotiations between Rio
Tinto and BHP Billiton in relation to the Transaction Documents. 

  

	 	(b)	Each of Rio Tinto and BHP Billiton undertakes that it will not: 

  

	 	(i)	disclose Confidential Information to any person or permit or cause any person to do anything that gives rise to or contributes to the creation of a requirement to
disclose Confidential Information (other than as permitted by this clause 17 or as required by Law); or 

  

	 	(ii)	use Confidential Information, 

except: 
  

	 	(iii)	with the prior written approval of the other; 

  

	 	(iv)	for the purposes of the Transaction Documents; or 

  

	 	(v)	as otherwise permitted by this clause 17. 

  

	 	(c)	Each of Rio Tinto and BHP Billiton undertakes that it will: 

  

	 	(i)	promptly do anything reasonably required by the other to prevent or restrain a breach or suspected breach of this clause 17 or any infringement or suspected
infringement of the other whether by court proceedings or otherwise; and 

  

	 	(ii)	inform the other immediately if it becomes aware that Confidential Information has been disclosed to an unauthorised third party. 

 

	17.4	Permitted disclosure 

Subject to clauses 17.2, 17.3 and 17.5, each of Rio Tinto and BHP Billiton (each a Disclosing Party) may disclose
Confidential Information: 
  

	 	(a)	(Related Corporation) to any of its Related Corporations; 

  

	 	(b)	(officers and employees) to its officers and employees; 

  

	 	(c)	(professional advisers) to its professional advisers; 

  

	 	(d)	(lenders and underwriters) to a bank or other financial institution (and its professional advisers including legal advisers) in connection with any loan or other
financial accommodation or application for a loan or financial accommodation to it or to any of its Related Corporations, or the provision of underwriting for any issue of securities; 

 

	 	(e)	(potential disposals) in connection with any potential Disposal, Security Interest or investment; 

 

	 	(f)	(required Disclosures) to the extent required under any applicable Law or the rules or regulations of any recognised securities exchange which apply to it or to
any of its Related Corporations; 

  

	 	(g)	(legal proceedings) if the disclosure is required for the purposes of any legal, administrative or other proceedings involving it or any of its Related
Corporations; 

  

	 	(h)	(duties) if and to the extent that it may be reasonably necessary in the discharge of its duties and obligations under the Transaction Documents; and

  
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	 	(i)	(Authority) if and to the extent that it may be reasonably necessary or desirable to disclose the information to any Authority in connection with applications
for any Authorisations. 

  

	17.5	Conditions to disclosure 

Any disclosure: 
  

	 	(a)	under clause 17.4(d) may only be made if the person to whom disclosure is to be made first agrees with the Disclosing Party, in a form enforceable by:

  

	 	(i)	BHP Billiton, where Rio Tinto is the Disclosing Party; or 

  

	 	(ii)	Rio Tinto, where BHP Billiton is the Disclosing Party, and which is no less onerous than the requirements of this clause 17, that the information concerned must not be
disclosed to any other person for any purpose, and such disclosure may only be made for the purposes of satisfying the person to whom disclosure is made as to the value and commercial viability of the proposed transaction; and

  

	 	(b)	under clauses 17.4(a) to (c) (inclusive) and (i) may only be made if the person to whom disclosure is to be made is informed of the confidential nature
of the information and required to, in the case of an Authority, to the extent possible, respect that confidentiality. 

  

	17.6	Form of Disclosure 

 To
the extent possible without breaching any applicable Law and despite clause 17.1, a Disclosing Party which is required to disclose Confidential Information by Law must not disclose Confidential Information under clause 17.4 by means of a public
announcement, public document, stock exchange release or otherwise without first obtaining the other’s consent to the form of that announcement, release or other disclosure, which consent must not be unreasonably withheld or delayed.

  

	17.7	Other obligations of confidentiality 

 The confidentiality undertaking contained in this Agreement will be in addition to obligations of the parties under the Confidentiality Agreement and will in no way derogate from the obligations of Rio
Tinto and BHP Billiton and the Manager in respect of secret and confidential information at law, in equity or under any statute or trade or professional custom or use. 
  

	17.8	Termination 

 This clause
17 will immediately terminate and be of no further force or effect when clause 14 of the Joint Venture Agreement becomes effective. Termination of this clause 17 will be without prejudice to the rights of each of BHP Billiton or Rio Tinto that have
arisen prior to its termination. 
  

	18.	GST 

  

	18.1	Definitions 

 For the
purposes of this clause 18: 
  

	 	(a)	Adjustment has the meaning given by the GST Law; 

  

	 	(b)	Consideration has the meaning given by the GST Law; 

  

	 	(c)	Input Tax Credit has the meaning given by the GST Law and a reference to an Input Tax Credit entitlement of a party includes an Input Tax Credit for an
acquisition made by that party but to which the representative member of a GST Group or the Joint Venture Operator of a GST Joint Venture is entitled under GST Law; 

  
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	 	(d)	GST Amount means in relation to a Taxable Supply the amount of GST payable in respect of that Taxable Supply; 

 

	 	(e)	GST Joint Venture has the meaning given by the GST Law; 

  

	 	(f)	Joint Venture Operator has the meaning given by the GST Law; 

 

	 	(g)	Tax Invoice has the meaning given by the GST Law; and 

  

	 	(h)	Taxable Supply has the meaning given by the GST Law excluding the reference to Section 84-5 of the A New Tax System (Goods and Services Tax) Act
1999 (Cth). 

  

	18.2	Recovery of GST 

 If GST
is payable on a Taxable Supply made under, by reference to or in connection with this Agreement, the party providing the Consideration for that Taxable Supply must also pay the GST Amount as additional Consideration. Subject to the prior receipt of
a Tax Invoice, the GST Amount is payable at the same time that the other Consideration for the Taxable Supply is provided. This clause 18.2 does not apply to the extent that the Consideration for the Taxable Supply is expressly stated to be GST
inclusive. 
  

	18.3	Liability net of GST 

 Any
reference in the calculation of Consideration or of any indemnity, reimbursement or similar amount to a cost, expense or other liability incurred by a party must exclude the amount of any Input Tax Credit entitlement of that party in relation to the
relevant cost, expense or other liability. A party will be assumed to have an entitlement to a full Input Tax Credit unless it demonstrates otherwise prior to the date on which the Consideration must be provided. 

 

	18.4	Adjustments 

 If an
Adjustment occurs in relation to a Taxable Supply made under, by reference to or in connection with this Agreement, the GST Amount will be recalculated to reflect that Adjustment and an appropriate payment will be made between the parties.

  

	18.5	Revenue exclusive of GST 

Any reference in this Agreement to price, value, sales, revenue or a similar amount (Revenue), is a reference to that
Revenue exclusive of GST. 
  

	18.6	Cost exclusive of GST 

Any reference in this Agreement (other than in the calculation of Consideration or of any indemnity, reimbursement or similar amount) to
cost, expense or other similar amount (Cost), is a reference to that Cost exclusive of any Input Tax Credit entitlement. 
  

	19.	Termination 

 In the event
that the Iron Ore JV Framework Agreement is terminated under clauses 2.2 or 2.4 of that agreement, each party acknowledges and agrees that this Agreement, other than clauses 1 (Definitions and Interpretation), 17 (Public announcements and
confidentiality), 18 (GST), 20 (Iron Ore JV Framework Agreement), 21 Governing law and jurisdiction and 22 (Ancillary Provisions), will immediately terminate and be of no further force or effect. Termination of this Agreement will be without
prejudice to the rights of any of the parties that have arisen prior to termination, including any claim under the Iron Ore JV Framework Agreement. 

  
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	20.	Iron Ore JV Framework Agreement 

 The parties acknowledge that the rights and obligations of the parties under clauses 2 (other than clause 2.1 and clause 2.3), 3, 4 and 5 of the Iron Ore JV Framework Agreement dated 5 June 2009 are
not affected by this Agreement. 
  

	21.	Governing law and jurisdiction 

  

	21.1	Governing law 

  

	 	(a)	This Agreement is governed by the laws in force in Western Australia. 

  

	 	(b)	The parties irrevocably and unconditionally: 

  

	 	(i)	submit to the non-exclusive jurisdiction of the courts of Western Australia; and 

 

	 	(ii)	agree that they may not object to any suit, action or proceeding commenced under or in connection with this Agreement on the basis that the courts of Western Australia
are not an appropriate forum. 

  

	21.2	Final judgment conclusive and enforceable 

 The parties agree that a final judgment in any suit, action or proceeding commenced under or in connection with this Agreement in any court of competent jurisdiction is conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by Law. 
  

	21.3	Dispute Resolution 

  

	 	(a)	Each of Rio Tinto and BHP Billiton must first seek to resolve any dispute under or in connection with this Agreement by discussions in good faith.

  

	 	(b)	Rio Tinto or BHP Billiton may, by notice to the other, require any dispute (other than a dispute to be determined in accordance with clauses 3.4(f) and 22.10(b), and
item 6 of Schedule 8) arising under or in connection with this Agreement to be referred to the chief executive officers of BHP Billiton and Rio Tinto (the Chief Executives). The Chief Executives must meet and seek in good faith to
resolve the dispute within 30 days. 

  

	 	(c)	If the Chief Executives are unable to resolve the dispute within 30 days of referral to them, either Rio Tinto or BHP Billiton may refer the dispute to the
chairpersons of BHP Billiton and Rio Tinto (the Chairpersons), who will meet and seek in good faith to resolve the dispute within 30 days. 

 

	 	(d)	If the Chairpersons are unable to resolve the dispute within 30 days of referral to them, then either Rio Tinto or BHP Billiton may commence proceedings in any
court of competent jurisdiction. 

  

	 	(e)	Subject to paragraph (f), a party may not commence court proceedings in relation to any dispute arising out of or in connection with this Agreement until it has
complied with the dispute resolution process set out in paragraphs (a) to (d). 

  

	 	(f)	Nothing in this clause 21 prevents Rio Tinto or BHP Billiton seeking appropriate injunctive or interlocutory relief at any time to preserve property or rights or to
avoid losses that are not compensable in damages. 

  

	 	(g)	Each of Rio Tinto and BHP Billiton agrees that: 

  

	 	(i)	it is responsible for its own costs in connection with the dispute resolution process; and 

 

	 	(ii)	the costs of any suit, action or proceeding commenced under or in connection with this Agreement will be borne as between Rio Tinto and BHP Billiton as determined by
the court of competent jurisdiction that hears the suit, action or proceeding. 

  
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	21.4	Service of process 

  

	 	(a)	Each party agrees that service of all writs, process and summonses in any suit, action or proceeding under or in connection with this Agreement brought in Western
Australia may be made on its registered or principal office for the time being in Australia. 

  

	 	(b)	Nothing contained or implied in this Agreement will in any way be taken to limit the ability of a party to: 

 

	 	(i)	serve any writs, process or summonses; or 

  

	 	(ii)	obtain jurisdiction over a party in other jurisdictions, 

 in any manner permitted by Law. 
  

	22.	Ancillary provisions 

  

	22.1	Notices 

  

	 	(a)	Any notice, demand, consent, certificate, approval, nomination, waiver or other similar communication given or made in connection with this Agreement (a
notice): 

  

	 	(i)	must be in writing and signed by the sender or a person duly authorised by the sender; 

 

	 	(ii)	must be addressed and delivered to the intended recipient at the address or fax number below or the address or fax number last notified by the intended recipient to the
sender after the date of this Agreement: 

  

					
	 (A)
	  	to Rio Tinto:	  	Rio Tinto plc
		  		  	2 Eastbourne Terrace
		  		  	London W2 6LG
		  		  	UNITED KINGDOM
		  		  	Attention: Company Secretary
		  		  	Fax +44 20 7781 1835
			
		  		  	and to
			
		  		  	Rio Tinto Limited
		  		  	Level 33, 120 Collins Street
		  		  	Melbourne VIC 3000
		  		  	AUSTRALIA
		  		  	Attention: Company Secretary
		  		  	Fax +61 3 9283 3151
			
	 (B)
	  	to BHP Billiton:	  	BHP Billiton plc
		  		  	Neathouse Place, Victoria
		  		  	London SW1V 1B
		  		  	UNITED KINGDOM
		  		  	Attention: Company Secretary
		  		  	Fax +44 20 7802 4111
			
		  		  	and to
			
		  		  	BHP Billiton Limited
		  		  	BHP Billiton Centre
		  		  	180 Lonsdale Street
		  		  	Melbourne VIC 3000
		  		  	Attention: Company Secretary
		  		  	Fax No: +61 3 9609 3015

  
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 Implementation Agreement 

 
  

	 	(iii)	will be taken to be duly given or made when delivered, received or left at the above fax number or address. If delivery or receipt occurs on a day that is not a
business day in the place to which the notice is sent or is later than 4pm (local time) at that place, it will be taken to have been duly given or made at the commencement of business on the next business day in that place. 

 

	22.2	Severability 

 If any
provision of this Agreement is or becomes invalid, illegal or unenforceable, in whole or in part, under the law of any jurisdiction, the validity, legality or enforceability of such provision or part under the law of any other jurisdiction and the
validity, legality and enforceability of the remaining provisions of this Agreement will not in any way be affected or impaired. If any provision of this Agreement, or its application to any person or entity or any circumstance, is invalid or
unenforceable, each of Rio Tinto and BHP Billiton must make such suitable and equitable provision as is necessary in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision.

  

	22.3	Variation 

 No variation,
modification or amendment of all or any part of this Agreement, including the schedules to this Agreement, will be effective unless in writing and signed by or on behalf of each of Rio Tinto and BHP Billiton. 

 

	22.4	No waiver 

 No failure of
any of the parties to exercise, or delay by it in exercising, any right, power or remedy in connection with this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right, power or remedy preclude any other or
further exercise of such right, power or remedy or the exercise of any other right, power or remedy. 
  

	22.5	Remedies 

  

	 	(a)	Except as otherwise provided for in this Agreement, the rights and remedies of the parties are cumulative and not exclusive of rights and remedies provided by Law.

  

	 	(b)	Without prejudice to any other rights and remedies which any party may have, each party acknowledges and agrees that damages would not be an adequate remedy for any
breach by any party of the provisions of this Agreement and any party will be entitled to seek the remedies of injunction, specific performance and other equitable relief (and the parties will not contest the appropriateness or availability
thereof), for any threatened or actual breach of any provision of this Agreement by any party and no proof of special damages will be necessary for the enforcement by any party of the rights under this Agreement. 

 

	22.6	No merger 

 The rights and
obligations of the parties: 
  

	 	(a)	will not merge on the completion of any transaction contemplated by this Agreement; and 

 

	 	(b)	will survive the execution and delivery of any assignment or other document entered into for the purpose of implementing a transaction. 

 

	22.7	Costs and expenses 

  

	 	(a)	Each party must bear its own costs arising out of the negotiation, preparation and execution of this Agreement. 

 

	 	(b)	All Stamp Duty (including fines, penalties and interest) payable by a party on or in connection with this Agreement will be borne by that party.

  
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 Implementation Agreement 

 
  

	22.8	Entire agreement 

 Subject
to clauses 19 and 20, this Agreement contains the entire agreement between the parties in relation to its subject matter and supersedes all agreements, undertakings, negotiations and discussions, whether oral or written, of the parties. 

 

	22.9	Further assurances 

 Each
party agrees to do anything necessary or desirable (including executing agreements, deeds, transfers, instruments and documents) to give full effect to this Agreement and the transactions contemplated by it. 

 

	22.10	Change of Law 

  

	 	(a)	If there is a change in law or change in accounting standards that materially affects the operation of the Transaction Documents to the detriment of either Rio Tinto or
BHP Billiton or its Related Corporations, then it, by notice to the other, may require the other to enter into good faith negotiations to seek to agree such amendments to the Transaction Documents as may be appropriate to mitigate the detriment, to
the extent practicable and reasonable, and in a manner which operates fairly between Rio Tinto and BHP Billiton. A failure to agree amendments is not a dispute that may be referred for resolution in accordance with clause 21.3.

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	    	* * * 

  

	22.11	Enurement 

 Except as
provided in this Agreement, the provisions of this Agreement will enure for the benefit of, and be binding on, the parties and their respective successors and permitted assigns. 

 

	22.12	Civil Liability Act 2002 

The parties agree that the Civil Liability Act 2002 (WA) is expressly excluded from application to this Agreement and the
Transaction Documents, or any relevant dispute, claim, action or other matter whatsoever arising out of or in connection with this Agreement and the Transaction Documents pursuant to Section 4A of that Act. 

 

	22.13	Counterparts 

 This
Agreement may be executed in any number of counterparts and by the parties on separate counterparts, each of which will be an original but all of which together will constitute one and the same instrument. This Agreement will not take effect until
each party has executed at least one counterpart. 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
 Schedule 1 

Definitions and Interpretation 
  

	1.	Definitions and Interpretation 

  

	1.1	Definitions 

 The
following definitions apply unless the context requires otherwise. 
 1936 Tax Act means the Income Tax
Assessment Act 1936 (Cth). 
 1997 Tax Act means the Income Tax Assessment Act 1997 (Cth).

 ACCC means the Australian Competition and Consumer Commission. 

Accounting Policy means the accounting policy on the terms initialled by each of Rio Tinto and BHP Billiton for
identification on or about the date of this Agreement, as amended by the Revised Accounting Policy. 
 Additional Capital
Project has the meaning given in clause 6.2(c)(i). 
 Adjusters means * * *. 

Adjustment Amount means the adjustment amount determined in accordance with item 2.1 of Schedule 8. 

Affiliate means a Related Corporation, other than a Relevant JV Entity. 

Agreed Interest Rate has the meaning given in the Funding and Distribution Policy, and also includes the Initial Agreed
Interest Rate. 
 Agreed Opening Excluded Loans means: 

 

	 	(a)	any loans: 

  

	 	(i)	due to Rio Tinto or an Affiliate from the Rio Tinto Issuer or any of its subsidiaries which are Rio Tinto JV Entities or which directly or indirectly hold shares in Rio
Tinto JV Entities; 

  

	 	(ii)	not exceeding, in aggregate, the Maximum Permitted Excluded Loan Balance; and 

 

	 	(iii)	each of which, other than any loan from an Owner, is subject to a Creditor Deed Poll; 

 

	 	(b)	any loans: 

  

	 	(i)	due to BHP Billiton or an Affiliate from the BHP Billiton Issuer or any of its subsidiaries which are BHP Billiton JV Entities or which directly or indirectly hold
shares in BHP Billiton JV Entities; 

  

	 	(ii)	not exceeding, in aggregate, the Maximum Permitted Excluded Loan Balance; and 

 

	 	(iii)	each of which, other than any loan from an Owner, is subject to a Creditor Deed Poll; and 

 

	 	(c)	any Pre-Commencement NCEP Loans. 

Agreed Opening Iron Ore Loans means: 
  

	 	(a)	the loan provided by Rio Tinto (or an Affiliate) to the Rio Tinto Issuer in the amount of not more than US$5.8 billion; and 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
  

	 	(b)	any other loans that Rio Tinto and BHP Billiton agree should constitute Agreed Opening Iron Ore Loans, 

each of which, other than any loan from an Owner, is subject to a Creditor Deed Poll. 

Agreed Policy Terms means the terms and conditions contained in the policy initialled by Rio Tinto and BHP Billiton for the
purposes of identification on the date of this Agreement. 
 Agreed Practice Standard means the performance
standard specified in clause 4.3(b)(v) of the Joint Venture Agreement. 
 Agreed Sole Risk Adjustment has the
meaning given in item 2.6 of Schedule 8. 
 Agreed Term has the meaning given in the Funding and Distribution
Policy, and also includes the Initial Agreed Term. 
 Approved JV Implementation Costs means JV Implementation
Costs that: 
  

	 	(a)	have been approved by the Implementation Oversight Committee; or 

  

	 	(b)	are otherwise agreed between Rio Tinto and BHP Billiton. 

 Assessed Loss has the meaning given in clause 3.2(c). 

Attributable means attributed, allocated or apportioned in accordance with the Attribution Principles. 

Attribution Principles means the principles in item 1.6 of the Funding and Distribution Policy on the assumption they
applied during the Relevant Period in relation to Relevant Period Excluded Assets and Relevant Period Assets. 
 Audit
Committee has the meaning given in Schedule 10. 
 Auditor has the meaning given in the Joint Venture
Agreement. 
 AUP means the set of procedures, agreed by the Implementation Oversight Committee (and each of BHP
Billiton’s and Rio Tinto’s auditors), for the Auditor to undertake the reviews contemplated by Schedule 8. 

Authorisations means all permissions, licences, authorisations, approvals, consents, rulings, registrations, filings,
lodgements, permits, franchises, agreements, notarisations, certificates, approvals, directions, declarations, authorities or exemptions from, by or with any Authority, including as may be required or obtained under the Mining Act or any State
Agreement. 
 Authority means any minister, government or representative of a government or any governmental,
quasi-governmental, local government, statutory, judicial, administrative, fiscal, tax, competition or regulatory authority, entity or other body, department, concession, tribunal, self-regulatory organisation established pursuant to statute or
rules of a recognised stock exchange, instrumentality, agency, statutory corporation or public authority. 
 Bank Bill Rate
in relation to any Month, means: 
  

	 	(a)	the average one month Australian bank bill rate by Reuters Monitor Service Page “BBSY” (rounded up, if necessary, to the nearest two decimal places) displayed
at about 10:00 am (Melbourne time) on the first Business Day of that Month; or 

  

	 	(b)	 if no such rate is displayed for any Month, then the Bank Bill Rate for that month in respect of any unpaid amount will be the rate which is the
average (rounded up, if necessary to the nearest two decimal places) of the rates quoted to the person to which the relevant amount is owed by each of 

  
 Page 40

 Implementation Agreement 

 

	 	 
three Australian banks selected by that person as the relevant bank’s buying rate as at 10:00 am (Melbourne time) on the first Business Day of that Month for bank-accepted bills of exchange
having a term of 30 days. 

 Bao-HI Joint Venture means the joint venture established by the
Bao-HI Ranges Joint Venture Agreement dated 22 June 2002. 
 Beasley Joint Venture means the joint venture to
be established pursuant to clause 3.1 of the Beasley River Joint Venture Agreement dated 28 October 2004. 
 BHP
Billiton Consolidated Group means the Consolidated Group of which BHPBL is the Head Company. 
 BHP Billiton
Equalisation Investment means the estimated BHP Billiton Equalisation Investment determined in accordance with item 1.1 of Schedule 8. 
 BHP Billiton Group means BHPBL, BHPBP and each of their Subsidiaries and BHP Billiton Group entity means an entity in the BHP Billiton Group. 

BHP Billiton Indemnified Parties has the meaning given in clause 4.4(b). 

BHP Billiton Issuer means the entity to be incorporated under clause 5.3(a)(ii) in accordance with item 2.1(c) of
Part 2 of Schedule 7. 
 BHP Billiton JV Entities means: 

 

	 	(a)	as at the date of this Agreement, the BHP Billiton Issuer and the BHP Billiton Subsidiaries listed in, and which are engaged in the businesses described in, schedule 2
of the Joint Venture Agreement; and 

  

	 	(b)	any other wholly-owned Subsidiary of the BHP Billiton Issuer that subsequently acquires an Iron Ore Asset under clause 2.4(c) of the Joint Venture Agreement.

 BHP Billiton JVs means: 

 

	 	(a)	the Mt Newman Joint Venture; 

  

	 	(b)	the Goldsworthy Joint Venture; 

  

	 	(c)	the Yandi Joint Venture; 

  

	 	(d)	the Wheelarra Joint Venture; 

  

	 	(e)	the JW4 Joint Venture; 

  

	 	(f)	the POSMAC Joint Venture; and 

  

	 	(g)	any other joint venture that a BHP Billiton JV Entity enters into after the date of the Joint Venture Agreement within the scope of the WA Iron Ore JV.

 BHP Billiton Marketing SPV means the entity to be incorporated under clause 5.3(a)(ii) in
accordance with item 2.1(d) of Part 2 of Schedule 7. 
 BHP Billiton Iron Ore Owned R&D IP has the
meaning given in the Intellectual Property Management Agreement. 
 BHP Billiton Owner means the entity to be
incorporated under clause 5.3(a)(ii) in accordance with item 2.1(a) of Part 2 of Schedule 7. 
 BHP Billiton
R&D IP means the BHP Billiton Iron Ore Owned R&D IP and the BHP Billiton Iron Ore Relevant R&D IP. 

  
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 Implementation Agreement 

 
 BHP Billiton Iron Ore Relevant R&D IP has
the meaning given in the Intellectual Property Management Agreement. 
 BHP Billiton RP Assets and Liabilities has
the meaning given in item 1.5 of Schedule 8. 
 BHP Billiton State Agreements means: 

 

	 	(a)	the Iron Ore (Mount Newman) Agreement Act 1964 (WA); 

  

	 	(b)	the Iron Ore (Mount Goldsworthy) Agreement Act 1964 (WA); 

  

	 	(c)	the Iron Ore (Goldsworthy-Nimingarra) Agreement Act 1972 (WA); 

  

	 	(d)	the Iron Ore (Marillana Creek) Agreement Act 1991 (WA); and 

  

	 	(e)	the Iron Ore (McCamey’s Monster) Agreement Authorisation Act 1973 (WA). 

BHP Billiton Tax Funding Agreement means the “BHP Billiton Tax Contribution Deed” dated 28 November 2003.

 Blending Agreement means the blending agreement to be negotiated by Rio Tinto and BHP Billiton in accordance
with clause 3.5(b)(vi), to be signed by the parties to that agreement at Completion. 
 Board means the board of
directors of BHP Billiton or Rio Tinto, as applicable. 
 * * * 

Budget has the meaning given in the Joint Venture Agreement, and also includes the First Budget. 

Budget Overrun Percentage has the meaning given in clause 3.10(l)(i) of the Joint Venture Agreement. 

Business Day means a day that is not a Saturday, Sunday or public holiday in Perth, Western Australia. 

Business Plan has the meaning given in the Joint Venture Agreement, and also includes the First Business Plan. 

Call Deposits has the meaning given in the Funding and Distribution Policy. 

* * * 
 * * *

 Capital Projects Notice has the meaning given in clause 6.2(c). 

Cash means all cash and cash equivalents within the meaning of the definition of Cash Flows. 

Cash Flows means, as the case requires, all inflows and outflows of cash and cash equivalents from operating, financing and
investing activities, as determined in accordance with IAS 7 and AASB 107. References to Cash inflows and Cash outflows have a corresponding meaning. 

Cashflow Adjustment Amount has the meaning given in item 2.2 of Schedule 8. 

CEO means the chief executive officer of the Manager. 

CFR has the meaning given in the International Rules for the Interpretation of Trade Terms of the International Chamber of
Commerce (Incoterms) 2000 Edition, as replaced from time to time. 
 Chairpersons has the meaning given in clause
21.3(c). 
 Channar Joint Venture means the joint venture established by the Channar Mining Joint Venture Agreement
dated 16 November 1987. 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 42

 Implementation Agreement 

 
 Chief Executives has the meaning given in
clause 21.3(b). 
 Claim has the meaning given in clause 16.6. 

Claim Recipient has the meaning given in clause 16.6(a). 

Commissioner of Taxation means the Australian Federal Commissioner of Taxation. 

* * * 

Completion means completion in accordance with clause 6.2. 

Completion Date has the meaning given in clause 6.1. 

Completion Documents means: 
  

	 	(a)	the Joint Venture Agreement, including the Funding and Distribution Policy; 

 

	 	(b)	each Debenture Deed Poll; 

  

	 	(c)	each Management Delegation Agreement; 

  

	 	(d)	each Creditor Deed Poll required in respect of the Agreed Opening Iron Ore Loans and the Agreed Opening Excluded Loans to be executed at or about the Completion Date;

  

	 	(e)	each Owner Cross Charge; 

  

	 	(f)	the Ore Sales Agreements on the terms initialled by each of Rio Tinto and BHP Billiton for identification on or about the date of this Agreement, to be signed by the
parties to that agreement at Completion; 

  

	 	(g)	the Infrastructure Sharing Agreement; 

  

	 	(h)	the Blending Agreement; 

  

	 	(i)	the Intellectual Property Management Agreement; 

  

	 	(j)	the ERP Service and Licence Agreement; 

  

	 	(k)	the Transitional Services Agreements; 

  

	 	(l)	the Parent Company Guarantees; and 

  

	 	(m)	the Set-Off Agreement. 

Conditions Precedent means the conditions precedent referred to in clause 2. 

Confidential Information has the meaning given in clause 17.3. 

Confidentiality Agreement means the confidentiality agreement dated 1 July 2009 between Rio Tinto and BHP Billiton.

 Consolidated Group means a consolidated group as that term is defined in s.995-1(1) of the 1997 Tax Act.

 Core Principles means the core principles described in schedule 1 of the Iron Ore JV Framework Agreement.

 Corporations Act means the Corporations Act 2001 (Cth). 

Coupon has the meaning given in the Funding and Distribution Policy. 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 43

 Implementation Agreement 

 
 CPI means the Australian All Groups Consumer
Price Index Number (weighted average of eight capital cities) published by the Australian Bureau of Statistics. In this definition: 
  

	 	(a)	the reference to the Australian All Groups Consumer Price Index Number (weighted average of eight capital cities) means: 

 

	 	(i)	the same numbers but with different names at any time; and 

  

	 	(ii)	the same numbers adjusted mathematically to take account of a change at any time in the base year provided that indices of the same base year are used throughout the
calculation; and 

  

	 	(b)	the reference to the Australia Bureau of Statistics includes a reference to: 

 

	 	(i)	the Bureau but with a different name at any time; and 

  

	 	(ii)	a governmental agency in Australia (in the absence of the Australian Bureau of Statistics) at any time having similar functions. 

Creditor Deed Poll means each deed poll in the form set out in schedule 13 of the Joint Venture Agreement. 

Cross Charge means: 
  

	 	(a)	each Owner Cross Charge; and 

  

	 	(b)	any other cross charge substantially in the form of part 2 of schedule 12 of the Joint Venture Agreement granted in accordance with clauses 11.5, 11.6, 11.7 and 11.8 of
the Joint Venture Agreement. 

 * * * 
 Debenture means securities of that name issued or to be issued on the terms and conditions set out in the Debenture Deeds Poll. 

Debenture Deed Poll means a deed poll entered into by each Issuer in conjunction with the issue of the Debentures on the
terms initialled by each of Rio Tinto and BHP Billiton for identification on or about the date of this Agreement, to be signed by the relevant Issuer at Completion. 
 Deed of Accession means each deed of accession entered into by a Sole Risk Entity in the form set out in schedule 18 of the Joint Venture Agreement. 

Dispose means, in relation to any asset, to sell, transfer, assign, declare oneself a trustee of, or part with the benefit
of, or otherwise dispose of, the asset (or any interest in it, or any part of it) other than (in each case) by the creation of a Security Interest, and Disposal has a corresponding meaning. 

Distributable Earnings means all reserves that a company may lawfully distribute by way of dividends to its members.

 dmtu means dry metric tonne units. 
 Due Diligence Materials means all information (in any form) disclosed by: 
  

	 	(a)	BHP Billiton * * * and 

  

	 	(b)	Rio Tinto * * * 

 each as
established and maintained pursuant to the due diligence scope, as agreed by BHP Billiton and Rio Tinto on 6 August 2009 and the due diligence scoping memorandum setting out the materiality threshold

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
 
for information to be disclosed in the respective data rooms dated 30 July 2009, also as agreed between BHP Billiton and Rio Tinto. For the avoidance of doubt, Due Diligence Material
includes any such material provided only to ‘core team members’ as contemplated in the due diligence scope. 

Effective Date means 1 July 2009. 
 Effective Date Balance Sheets has the meaning given in item 1.6(a) of Schedule 8. 
 End Date has the meaning given in clause 2.5. 
 ERP Service and
Licence Agreement means the service and licence agreement to be entered into on the terms initialled by each of Rio Tinto and BHP Billiton for identification on or about the date of this Agreement, to be signed by the parties to that
agreement at Completion. 
 Escalated means escalated at a nominal rate of 6.5% per annum, compounded
annually, using the following formula: 
 A x (1 + 0.065)(x/365) 

where: 
 A = the
amount to be escalated; and 
 x = the number of days that have lapsed during the period over which the amount is escalated.

 Escalated NCEP Calls equals the aggregate amount of the NCEP Calls paid by the Proposing Party with each NCEP
Call being Escalated between the date on which the NCEP Call was paid and the date for payment of the Receiving Party’s Participant Loan under clause 8(c)(iii). 
 Estimated Adjusted Cashflows means the estimated adjusted cash flows of Rio Tinto or BHP Billiton, as applicable, as determined in accordance with item 1.4 of Schedule 8. 

Estimated Cashflow Difference has the meaning given in item 1.3(c) of Schedule 8. 

Estimated Monthly Difference has the meaning given in item 1.3(b)(iv) of Schedule 8. 

Event has the meaning given in clause 3.2(b). 
 Excluded Assets means any assets of any Rio Tinto Group entity or BHP Billiton Group entity from time to time that are not Iron Ore Assets and includes: 

 

	 	(a)	assets used in Iron Ore Marketing Activities and not Iron Ore Production Activities (Marketing Assets) including: 

 

	 	(i)	plant and equipment used in Iron Ore Marketing Activities and not Iron Ore Production Activities; 

 

	 	(ii)	land (including fixtures) used in Iron Ore Marketing Activities and not Iron Ore Production Activities; 

 

	 	(iii)	contracts and leases to the extent they relate to Iron Ore Marketing Activities, including contracts for the supply of iron ore produced by Iron Ore Production
Activities to customers (other than Ore Sales Agreements); 

  

	 	(iv)	Cash and receivables arising from Iron Ore Marketing Activities; 

  

	 	(v)	iron ore to which a Rio Tinto Group entity or BHP Billiton Group entity is entitled that has been loaded on board a ship; and 

 

	 	(vi)	all other assets of a Rio Tinto Group entity or BHP Billiton Group entity referable to Iron Ore Marketing Activities and not Iron Ore Production Activities;

  
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 Implementation Agreement 

 
  

	 	(b)	for Rio Tinto, its interests in each of the following companies and their existing and future assets: 

 

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(C)	* * * 

  

	 	(D)	* * * 

  

	 	(E)	* * * 

  

	 	(F)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(v)	* * * 

  

	 	(vi)	* * * 

  

	 	(vii)	* * * 

  

	 	(viii)	* * * 

  

	 	(ix)	* * * 

  

	 	(x)	* * * 

  

	 	(xi)	* * * 

  

	 	(c)	for BHP Billiton, its existing and future interests in each of the following: 

 

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(d)	any Secondary Processing facilities, other than the facilities expressly included in the definition of Iron Ore Assets; 

 

	 	(e)	subject to clause 4.16 of the Joint Venture Agreement and the ERP Service and Licence Agreement, all intellectual property and technology of the Rio Tinto Group and the
BHP Billiton Group used in Iron Ore Production Activities; 

  

	 	(f)	any Retained Assets identified pursuant to the process established by clauses 3.6 and 3.7; 

 

	 	(g)	Excluded Cash Flows, Excluded Distributable Earnings and Excluded Asset Surplus; 

 

	 	(h)	Cash arising from Excluded Cash Flows, and any loan or deposit arising from use of such Cash; 

 

	 	(i)	anything which is, or is deemed to be, an Excluded Asset or part of Excluded Assets under, or by operation of, the Transaction Documents; and 

 

	 	(j)	anything that the Owners agree are Excluded Assets, 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
 and, for the avoidance of doubt, does not include Sole Risk
Assets. 
 Excluded Asset Surplus of an Issuer on an Insolvency Administration has the meaning given in the Funding
and Distribution Policy. 
 Excluded Cash Flows means Cash Flows that are not Iron Ore Cash Flows or Sole Risk Cash
Flows. 
 Excluded Distributable Earnings means Distributable Earnings that are not Iron Ore Distributable
Earnings. 
 Excluded Liabilities means any liabilities of any Rio Tinto Group entity or BHP Billiton Group entity,
from time to time, that are not Iron Ore Liabilities or Sole Risk Liabilities and includes: 
  

	 	(a)	any liabilities Attributable to Excluded Assets; 

  

	 	(b)	any liabilities to the extent they arise from the conduct of the Iron Ore Marketing Activities (Marketing Liabilities); 

 

	 	(c)	Excluded Loans; 

  

	 	(d)	anything which is, or is deemed to be, an Excluded Liability under, or by operation of, the Transaction Documents; and 

 

	 	(e)	anything that the Owners agree are Excluded Liabilities. 

 Excluded Loans means any loans that are not Iron Ore Loans or Sole Risk Loans, and includes: 
  

	 	(a)	Agreed Opening Excluded Loans; and 

  

	 	(b)	Post-Commencement NCEP Loans. 

Excluded Marketing Operations means, in relation to a JV Entity, that part of its operations concerning the sale of Iron Ore
Product to customers other than pursuant to an Ore Sales Agreement, and a reference to the Excluded Marketing Operations division of a JV Entity has a corresponding meaning. 
 Existing JV Arrangement means the agreements and other arrangements which constitute a Rio Tinto JV or BHP Billiton JV, from time to time, and includes: 

 

	 	(a)	the arrangements between Rio Tinto Group entities and Robe in relation to Pilbara Iron infrastructure sharing and Pilbara Iron corporate shared services and mobile
equipment, each as amended from time to time; and 

  

	 	(b)	any terms implied under such agreements and other arrangements and any fiduciary, equitable or other obligation owed in relation to such agreements or other
arrangements. 

 Existing JV Cross Charge has the meaning given in the Joint Venture Agreement.

 Existing JV Deposits means cash held on deposit by a Rio Tinto Group entity or a BHP Billiton group entity, as
applicable, under Existing JV Arrangements. 
 Expected JV Synergies means the synergies expected to be realised
through the WA Iron Ore JV, as agreed between Rio Tinto and BHP Billiton. 
 Expenditure Category Overrun Amount
has the meaning given in the Joint Venture Agreement. 
 Feasibility Study has the meaning given in clause
8.2(h) of the Joint Venture Agreement. 
 Final Adjusted Cashflows means the final adjusted cash flows of Rio Tinto
or BHP Billiton, as applicable, as determined in accordance with item 2.4 of Schedule 8. 
 Final Adjusted Cashflow
Statements means the final adjusted cashflow statements of Rio Tinto or BHP Billiton, as applicable, to be prepared in accordance with item 5.4 of Schedule 8. 

  
 Page 47

 Implementation Agreement 

 
 Final Cashflow Difference has the meaning given
in item 2.3 of Schedule 8. 
 Final Completion Accounts means the Final Completion Balance Sheets and the
Final Adjusted Cashflow Statements. 
 Final Completion Balance Sheets has the meaning given in item 2.5(a) of
Schedule 8. 
 First Budget means the first Budget prepared under clause 3.6 and approved under clause 3.7.

 First Business Plan means the first Business Plan prepared under clause 3.6 and approved under clause 3.7.

 * * * 

First Synergies Capture Plan means the first Synergies Capture Plan prepared under clause 3.6 and approved under clause 3.7.

 FOB has the meaning given in the International Rules for the Interpretation of Trade Terms of the International
Chamber of Commerce (Incoterms) 2000 Edition, as replaced from time to time. 
 FOB Price means: 

 

	 	(a)	where Iron Ore Product is sold on an FOB basis, the price (expressed in US$ per dmtu) for Iron Ore Product the subject of any shipment or sale which is payable by the
third party end customer under the applicable FOB sales contract; or 

  

	 	(b)	where Iron Ore Product is sold on a non-FOB basis, * * * 

  

	 	(i)	* * * 

 * * * 

* * * 
 * * *

 * * * 
 * * * 
 * * * 

* * * 
  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

 For the avoidance of
doubt, the purpose of this definition is to allow Rio Tinto and BHP Billiton to determine the realised FOB price equivalent for each shipment or sale of Iron Ore Product and eliminating the non-FOB component of the price paid by the end customer on
an arm’s length basis. 
 Funding and Distribution Policy means the funding and distribution policy on the
terms initialled by each of Rio Tinto and BHP Billiton for identification on or about the date of this Agreement. 

Goldsworthy Joint Venture means the joint venture carried on under the name “Mt Goldsworthy Mining Associates Joint
Venture” as constituted from time to time pursuant to the Restated Mount Goldworthy Mining Associates Joint Venture agreement dated 7 September 1990. 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 48

 Implementation Agreement 

 
 Grossed up for Tax means that, where either Rio
Tinto or BHP Billiton (the Payer) is liable to pay an amount to the other party (the Recipient) by way of indemnity and that payment increases the Tax payable by Recipient or the Head Company of any Consolidated Group of
which the Recipient is a member (collectively the Recipient Group), then the payment must be grossed up by such amount as is necessary to ensure that the net amount retained by the Recipient Group after deduction of Tax or payment of
the increased income tax equals the amount the Recipient Group would have retained had the Tax not been payable. 
 GST
has the meaning given by the GST Law. 
 GST Group has the meaning given by the GST Law. 

GST Law has the meaning given by the A New Tax System (Goods & Services Tax) Act 1999 (Cth), or, if that Act does
not exist means any Act imposing or relating to the imposition or administration of a goods and services tax in Australia and any regulation made under that Act. 
 Guarantee means an obligation or offer to provide funds (including by subscription or purchase) or otherwise be responsible in respect of an obligation or indebtedness, or the financial
condition or solvency, of another person. It includes a guarantee, indemnity, letter of credit or legally binding letter of comfort, or an obligation or offer to purchase an obligation or indebtedness of another person. 

Guidance Materials means the guidance materials prepared for the purposes of Schedule 8 initialled by each of Rio Tinto
and BHP Billiton for identification on or about the date of this Agreement. 
 Half Year means the six month
periods commencing on 1 January and 1 July in each year. 
 HBI Beneficiation Plant means the assets
marked purple and green on the aerial photograph in item 2.4 of Part 2 of Schedule 7 (but excluding all liabilities associated with them and arising from circumstances or events occurring prior * * * 

HBI Plant means all real property, plant and equipment and other assets situated at the hot briquetted iron processing
facility at Boodarie, Western Australia (other than the HBI Beneficiation Plant) and all associated liabilities. 
 Head
Company has the meaning given by s.995-1(1) of the 1997 Tax Act. 
 Hedging Policy means the policy
referred to in clause 3.6(b)(xi), to be adopted on Completion pursuant to an Owners’ Council Completion Resolution. 

HIsmelt means all land, buildings, structures, offices, fixed and mobile equipment, roads, wharfs, loading and unloading
facilities, stockpiles, storage facilities and associated facilities owned, leased or used by any Rio Tinto Group entity at Kwinana, Western Australia including the facility constructed by certain Rio Tinto Group entities in joint venture with third
parties and all HIsmelt Technology. 
 HIsmelt Technology means technology presently, or in future, owned by, or
licensed to, any Rio Tinto Group entity relating to the high intensity direct smelting of iron, or the dimensioning, design, application, manufacture, erection, installation, testing, operation and maintenance of equipment designed or used for that
purpose, including patents, know-how and other designs and copyright, technological and technical knowledge, expertise, experience, inventions, data, algorithms, codes, instructions, techniques, processes, drawings, specifications and other
unpatented information. 
 Historical Iron Ore Asset Information means, in relation to a JV Entity or a BHP
Billiton Group entity or a Rio Tinto Group entity, as applicable, historical operational information that relates to Relevant Period Iron Ore Assets and is or may be relevant to JV Operations (including studies, whether complete or incomplete),
excluding: 
  

	 	(a)	information in relation to Excluded Assets; 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 49

 Implementation Agreement 

 
  

	 	(b)	marketing information; and 

  

	 	(c)	Board or senior management reports (including Iron Ore Executive Committee papers). 

For the avoidance of doubt, it does not include any information in relation to, or produced for the purposes of, actual or proposed parent
company corporate or merger and acquisition activities, including the proposal to form the WA Iron Ore JV and any proposal for the combination of all or part of the Rio Tinto Group and the BHP Billiton Group. 

Hope Downs Joint Venture means the joint venture carried on pursuant to the Hope Downs Joint Venture Agreement dated 16
March 2006 as constituted from time to time. 
 * * * 

* * * 

Implementation Management Committee has the meaning given in clause 3.6. 

Implementation Oversight Committee has the meaning given in clause 3.7. 

Indemnified Tax Liability means any Tax Liability of the Rio Tinto Group or the BHP Billiton Group, if and to the extent it
is attributable to Relevant Period Iron Ore Assets, that relates to the period before the Effective Date. A Tax Liability will be taken to relate to the period before the Effective Date: 

 

	 	(a)	in the case of income tax (including any Tax under the 1936 Tax Act or the 1997 Tax Act): 

 

	 	(i)	if it is an amount payable in respect of income tax on taxable income for any income year which ends before the Effective Date; or 

 

	 	(ii)	if it is an amount payable in respect of income tax on taxable income for that part of any income year ending on or after the Effective Date as comprises the period
before the Effective Date, to the extent the income tax is in respect of amounts that do not form part of the cash flow required by item 5 of Schedule 8 to be included in the Interim Adjusted Cashflow Statement or Final Adjusted Cashflow
Statement; 

  

	 	(b)	in the case of Stamp Duty, if and to the extent it arises by reason of any act, transaction or event occurring before the Effective Date, or by reason of any revocation
or claw-back of Stamp Duty relief granted in respect of any act, transaction or event occurring before the Effective Date; 

  

	 	(c)	in the case of GST, if the GST liability is attributable to a tax period ending before the Effective Date; or 

 

	 	(d)	in the case of any other Tax, if and to the extent it arises by reason of any act, transaction or event occurring before the Effective Date. 

Indemnity-related Tax Asset means any Tax Asset of the Rio Tinto Group or the BHP Billiton Group, if and to the extent it is
attributable to Relevant Period Iron Ore Assets, to the extent it relates to the period before the Effective Date. A Tax Asset will be taken to relate to the period before the Effective Date: 

 

	 	(a)	in the case of income tax (including any Tax under the 1936 Tax Act or the 1997 Tax Act): 

 

	 	(i)	if it is an amount receivable in respect of income tax on taxable income for any income year which ends before the Effective Date; or 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 50

 Implementation Agreement 

 
  

	 	(ii)	if it is an amount receivable in respect of income tax on taxable income for that part of any income year ending on or after the Effective Date as comprises the period
before the Effective Date, to the extent the income tax is in respect of amounts that do not form part of the cash flow that is required by item 5 of Schedule 8 to be included in the Interim Adjusted Cashflow Statement or Final Adjusted
Cashflow Statement; 

  

	 	(b)	in the case of Stamp Duty, if and to the extent it arises by reason of any act, transaction or event occurring before the Effective Date, or by reason of any revocation
or claw-back of Stamp Duty relief granted on any act, transaction or event occurring before the Effective Date; 

  

	 	(c)	in the case of GST, if the Input Tax Credit entitlement is attributable to a tax period ending before the Effective Date; or 

 

	 	(d)	in the case of any other Tax, if and to the extent it arises by reason of any act, transaction or event occurring before the Effective Date. 

Independent Engineer means the independent engineer nominated under paragraph (a) of Part 1 of Schedule 5.

 Independent Expert means a person appointed in accordance with clause 16 of the Joint Venture Agreement.

  

	 	Indexed	means: 

  

	 	(a)	prior to 31 December 2009, the relevant amount; and 

  

	 	(b)	during any Half Year subsequent to that referred to in paragraph (a): 

  

			
	The relevant amount X 	 	CPIt-1
		 	CPIb

 where: 

CPIt-1 means the CPI number for the Quarter most recently
published prior to the start of that Half Year; and 
 CPIb means the
CPI number for the Quarter ending on 30 June 2009. 
 Infrastructure and Blending Principles means the
Infrastructure and Blending Principles initialled by BHP Billiton and Rio Tinto for the purposes of identification on the date of this Agreement. 
 Infrastructure Sharing Agreement means the infrastructure sharing agreement to be negotiated by Rio Tinto and BHP Billiton in accordance with clause 3.5(b)(vi), to be signed by the parties
to that agreement at Completion. 
 Initial Agreed Interest Rate means the initial Agreed Interest Rate determined
under clause 3.6 and approved under clause 3.7. 
 Initial Agreed Term means the initial Agreed Term determined
under clause 3.6 and approved under clause 3.7. 
 Input Tax Credit has the meaning given in clause 18.1.

 Insolvency Administration means, in relation to an Issuer, a winding up of the Issuer, or the appointment of an
administrator to the Issuer pursuant to Part 5.3A of the Corporations Act 2001 (Cth). 
 Insurance Protocol
means the insurance protocol on the terms initialled by each of Rio Tinto and BHP Billiton for identification on or about the date of this Agreement, to be adopted on Completion pursuant to an Owners’ Council Completion Resolution.

  
 Page 51

 Implementation Agreement 

 
 Intellectual Property Management Agreement
means the intellectual property management agreement on the terms initialled by each of Rio Tinto and BHP Billiton for identification on or about the date of this Agreement, to be signed by the parties to that agreement at Completion.

 Interim Adjusted Cashflow Statements has the meaning given in item 1.6(b)(ii) of Schedule 8. 

Interim Completion Balance Sheets has the meaning given in item 1.6(b)(i) of Schedule 8. 

Interim Completion Accounts means the Interim Completion Balance Sheets and the Interim Adjusted Cashflow Statements.

 Intra—group Debt means any indebtedness in respect of moneys borrowed or raised or other financial
accommodation (including in respect of preference shares), whether actual or contingent, owing or payable to an Affiliate. 

Iron Ore Assets means the right, title or interest (whether directly or indirectly held) of any JV Entity from time to time
in: 
  

	 	(a)	plant and equipment and land (including fixtures) used in, or acquired for the purposes of, Iron Ore Production Activities, including mines, water bores, light and
heavy mobile equipment, conveyors, processing plant (including crushing, screening, beneficiating, concentrating, washing and drying plant, tailings dams and associated infrastructure), rail infrastructure (including rail track, signalling and
control systems), rolling stock (including locomotives, fuel cars and ore cars), communication systems, shipping terminals and port facilities (including stockyards, ore car dumpers, in-load and out-load circuits (including car-dumpers, conveyors,
transfer stations, bins, stackers and reclaimers, stockpiles and yards, screening plant, berths, wharves, jetties, tugs)), power facilities (including generation, transmission and distribution networks), other associated infrastructure (such as
housing and town infrastructure and pastoral stations, airstrips and associated infrastructure, water utilities, gas pipelines and fuel farms), and maintenance facilities and equipment (including administration offices and workshops);

  

	 	(b)	the beneficiation plant at Newman, and the HBI Beneficiation Plant to the extent that it is made available pursuant to clause 5.4(a)(ii)(B)); 

 

	 	(c)	the Secondary Processing facilities at Tom Price; 

  

	 	(d)	any other Secondary Processing facilities to the extent required to satisfy obligations under a future State Agreement or obligations not yet satisfied under a current
State Agreement; 

  

	 	(e)	any Support Assets identified pursuant to the process established by clauses 3.6 and 3.7; 

 

	 	(f)	the JV Tenements; 

  

	 	(g)	the State Agreements, together with the benefits of all associated Authorisations; 

 

	 	(h)	contracts and leases to the extent they relate to Iron Ore Production Activities, other than, on and from the JV Commencement Date, contracts with Affiliates of Rio
Tinto or BHP Billiton that have not been approved by the Implementation Oversight Committee or the Owners’ Council; 

  

	 	(i)	iron ore produced by Iron Ore Production Activities but not yet loaded on board a ship; 

 

	 	(j)	receivables arising from Iron Ore Production Activities, including any amount payable under the Ore Sales Agreements (but excluding any receivable arising from Iron Ore
Marketing Activities); 

  

	 	(k)	Iron Ore Cash Flows, Iron Ore Distributable Earnings and Iron Ore Asset Surplus; 

 

	 	(l)	Cash arising from Iron Ore Cash Flows and any loan or deposit arising from use of such Cash; 

 

	 	(m)	any other assets to the extent that they arise from Iron Ore Production Activities; 

  
 Page 52

 Implementation Agreement 

 
  

	 	(n)	anything which is, or is deemed to be, an Iron Ore Asset or part of Iron Ore Assets under, or by operation of, the Transaction Documents; and 

 

	 	(o)	anything that the Owners agree are Iron Ore Assets, 

 but excluding any Excluded Assets and Sole Risk Assets. 
 Iron Ore Asset
Surplus of an Issuer on an Insolvency Administration has the meaning given in the Funding and Distribution Policy. 

Iron Ore Cash Flows means Cash Flows Attributable to Iron Ore Assets and Iron Ore Liabilities. 

Iron Ore Distributable Earnings means Distributable Earnings Attributable to Iron Ore Assets and Iron Ore Liabilities.

 Iron Ore JV Framework Agreement means the framework agreement dated 5 June 2009 between Rio Tinto and BHP
Billiton. 
 Iron Ore Liabilities means: 

 

	 	(a)	any liabilities of any JV Entity from time to time: 

  

	 	(i)	which are Attributable to Iron Ore Assets; 

  

	 	(ii)	to the extent they arise from Iron Ore Production Activities; or 

  

	 	(iii)	which are Iron Ore Loans, and also includes: 

  

	 	(b)	anything which is, or is deemed to be, an Iron Ore Liability under, or by operation of, the Transaction Documents; and 

 

	 	(c)	anything that the Owners agree are Iron Ore Liabilities, 

 but excluding any Excluded Liabilities and Sole Risk Liabilities. 
 Iron Ore
Loans means: 
  

	 	(a)	Agreed Opening Iron Ore Loans; 

  

	 	(b)	Participant Loans; 

  

	 	(c)	NDO Loans; and 

  

	 	(d)	any loan that the Owners agree is an Iron Ore Loan. 

 Iron Ore Marketing Activities means the activities carried on, and transactions entered into, by the Rio Tinto Group and BHP Billiton Group separately (whether before or after the JV
Commencement Date) in relation to: 
  

	 	(a)	marketing and selling iron ore produced from Iron Ore Production Activities and related activities (other than sales by JV Entities pursuant to Ore Sales Agreements),
including Excluded Marketing Operations; and 

  

	 	(b)	transporting iron ore produced from Iron Ore Production Activities from the ship’s rail in Western Australia to customers and related activities.

 Iron Ore Product means any finished iron ore product recovered, produced or purchased as part of
the conduct of JV Operations, including any iron ore recovered, produced or purchased pursuant to an Existing JV Arrangement but does not include Sole Risk Iron Ore Product. 

  
 Page 53

 Implementation Agreement 

 
 Iron Ore Production Activities means activities
within the permitted scope of the WA Iron Ore JV: 
  

	 	(a)	carried on by the Rio Tinto Group and the BHP Billiton Group separately prior to the JV Commencement Date; or 

 

	 	(b)	carried on by the JV Entities or the Manager as JV Operations on and after the JV Commencement Date. 

Issuer means: 
  

	 	(a)	in the case of Rio Tinto, the Rio Tinto Issuer; and 

  

	 	(b)	in the case of BHP Billiton, the BHP Billiton Issuer. 

 Issuer JV Subsidiary means a JV Entity which is a Subsidiary of an Issuer. 
 Joint Venture Agreement means the joint venture agreement in respect of the WA Iron Ore JV on the terms set out in Schedule 11, to be signed by the parties to that agreement at
Completion. 
 JV Cash Costs means all cash amounts relating to costs and liabilities of the JV Entities and the
Manager payable to any person in connection with the conduct of JV Operations, including capital expenditure, calls made on a JV Entity pursuant to an Existing JV Arrangement and taxes and penalties. It includes all amounts identified in the
Transaction Documents as costs of the WA Iron Ore JV and Approved JV Implementation Costs. 
 JV Commencement Date
means the first day of the first Month that commences after Completion. 
 JV Employees has the meaning
given in the Joint Venture Agreement. 
 JV Entity means: 

 

	 	(a)	in the case of Rio Tinto, a Rio Tinto JV Entity; 

  

	 	(b)	in the case of BHP Billiton, a BHP Billiton JV Entity; and 

  

	 	(c)	any other entity jointly owned by the Owners carrying on JV Operations (other than the Manager). 

JV Financial Information has the meaning given in the Accounting Policy. 

JV Formation Costs means costs incurred by Rio Tinto or BHP Billiton in progressing the transaction to Completion, including
any Stamp Duty imposed on the Transaction Documents or the transactions contemplated in the Transaction Documents and any costs incurred in preparing and agreeing the Transaction Documents and in taking any actions required to satisfy conditions
precedent, including obtaining regulatory, government and shareholder approvals. 
 JV Implementation Costs mean
costs incurred by Rio Tinto or BHP Billiton outside the ordinary course of business in contemplation of the establishment of the WA Iron Ore JV, but does not include JV Formation Costs. 

JV New Capital Expansion Project means a New Capital Expansion Project that is treated as being within the scope of the WA
Iron Ore JV in accordance with clause 8. 
 JV Operations means all activities conducted by or on behalf of the JV
Entities or the Manager within the scope of the WA Iron Ore JV pursuant to the Joint Venture Agreement on and from the JV Commencement Date, excluding, for the avoidance of doubt, Excluded Marketing Operations and any activities conducted in
connection with Excluded Assets, and any Sole Risk Development or Sole Risk Opportunity. A reference to the JV Operations division of a JV Entity means that part of its activities which comprise JV Operations. 

  
 Page 54

 Implementation Agreement 

 
 JV Tenement means a mining lease, exploration
licence, retention licence, right of occupancy over temporary reserve, general purposes lease, miscellaneous licence, special lease or easement that: 
  

	 	(a)	is held pursuant to a State Agreement and / or the Mining Act, Land Act 1933 (WA), Land Administration Act 1997 (WA), Port Authorities Act 1999
(WA) or Jetties Act 1926 (WA); and 

  

	 	(b)	is held by or on behalf of a JV Entity, whether alone or in conjunction with Other JV Participants; and 

 

	 	(c)	does not relate wholly or substantially to an Excluded Asset. 

 JW4 Joint Venture means the joint venture carried on under the name “JFE Western 4 Joint Venture” as constituted from time to time pursuant to the JFE Western 4 Joint Venture
Agreement dated 22 July 2005. 
 Law includes statutes, regulations, rules of the common law, principles of
equity, regulatory agency policies and guidelines and guidance and security exchange rules. 
 Management Delegation
Agreement means each agreement between the Manager and a JV Entity pursuant to which the JV Entity delegates or subcontracts to the Manager certain functions of the JV Entity, or pursuant to which the Manager provides services to the JV
Entity, on the terms initialled by each of Rio Tinto and BHP Billiton for identification on or about the date of this Agreement, to be signed by the parties to that agreement at Completion. 

Manager means each entity appointed from time to time to manage the WA Iron Ore JV in accordance with clause 4.1 of the
Joint Venture Agreement, being initially the manager incorporated in accordance with clause 5.1. 
 Marketing Assets
has the meaning given in the definition of Excluded Assets. 
 Marketing Costs means those expenses
incurred in the normal course of marketing, selling and distributing Iron Ore Product during the Relevant Period. For the avoidance of doubt, Marketing Costs do not include capital or other investment in long term marketing or distribution
strategies, or other marketing costs incurred during the Relevant Period but not directly related to the sale of Iron Ore Product during the Relevant Period. 
 Marketing Liabilities has the meaning given in the definition of Excluded Liabilities. 
 Marketing SPV means: 
  

	 	(a)	in the case of Rio Tinto or the Rio Tinto Owner, the Rio Tinto Marketing SPV; and 

 

	 	(b)	in the case of BHP Billiton or the BHP Billiton Owner, the BHP Billiton Marketing SPV. 

Maximum Amount, in relation to a particular Event, means an amount of * * *, or such lesser maximum amount that would be
recoverable in respect of that Event under the Agreed Policy Terms, having regard to any applicable Sub-limits (as identified in the Agreed Policy Terms), in excess of the applicable Deductible under clause 3.2(c). 

Maximum Permitted Excluded Loan Balance has the meaning given to it in the Funding and Distribution Policy. 

* * * 

Mining Act means the Mining Act 1978 (WA) or the Mining Act 1904 (WA) or both (as applicable).

 Month means a calendar month. 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 55

 Implementation Agreement 

 
 Mt Newman Joint Venture means the joint venture
carried on under that name as constituted from time to time pursuant to the Mt Newman Joint Venture Agreement dated 1 February 1967. 
 NCEP Calls has the meaning given to it in clause 8(c)(ii)(B). 

NCEP Loans means the Pre-Commencement NCEP Loans and the Post-Commencement NCEP Loans. 

NDO Loan has the meaning given in the Joint Venture Agreement. 

Net Accrued Notional Tax has the meaning given in item 5.5(c) of Schedule 8. 

New Capital Expansion Project has the meaning given in clause 6.2(c). 

New Opportunity means * * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

 * * * 

* * * 
 Ore
Sales Agreements means: 
  

	 	(a)	the ore sales agreement between the Selling Entities and the Rio Tinto Marketing SPV; and 

 

	 	(b)	the ore sales agreement between the Selling Entities and the BHP Billiton Marketing SPV, 

to be entered into on the terms initialled by each of Rio Tinto and BHP Billiton for identification on or about the date of this
Agreement, to be signed by the parties to those agreements at Completion, and any other Ore Sales Agreement entered into pursuant to the operation of clause 10 and schedule 10 of the Joint Venture Agreement. 

Ore Sales Price has the meaning given in the Joint Venture Agreement. 

Other JV Participant means a participant in a Rio Tinto JV or BHP Billiton JV, whether unincorporated or incorporated, that
is not a Related Corporation of Rio Tinto or BHP Billiton. 
 Owner means: 

 

	 	(a)	the Rio Tinto Owner; or 

  

	 	(b)	the BHP Billiton Owner, 

 and
their respective permitted successors and assignees. 
 Owner Cross Charge means the deeds of cross charge to be
granted by each Owner in favour of the other Owner at or about the Completion Date substantially on the terms set out in part 1 of schedule 12 of the Joint Venture Agreement. 
 Owner Guarantee has the meaning given in the Joint Venture Agreement. 

Owner Loan has the meaning given in the Joint Venture Agreement. 

Owners’ Council means the decision-making body established pursuant to clause 3.1 of the Joint Venture Agreement.

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 56

 Implementation Agreement 

 
 Owners’ Council Completion Resolutions
means the resolutions set out in Schedule 10 as the same may be supplemented from time to time prior to Completion by the Implementation Oversight Committee in accordance with clause 3.7. 

Parent Company Guarantee means each of the guarantee to be given by Rio Tinto in respect of certain obligations of the Rio
Tinto Owner and the guarantee to be given by BHP Billiton in respect of certain obligations of the BHP Billiton Owner, each in the form set out in schedule 16 to the Joint Venture Agreement, to be signed by the parties to that agreement at
Completion. 
 Participating Share means the percentage interest of an Owner in the WA Iron Ore JV initially as set
out in clause 2.1(d) of the Joint Venture Agreement as may be varied from time to time pursuant to the terms and conditions of the Joint Venture Agreement. 
 Participant Loans has the meaning given in the Funding and Distribution Policy. 
 Permitted Funding Mechanism means, in relation to the discharge of a liability: 
  

	 	(a)	Rio Tinto or BHP Billiton, as applicable, procuring that assets forming part of Excluded Assets are applied to discharge the liability; 

 

	 	(b)	Rio Tinto or BHP Billiton, as applicable, providing funds by way of subscription for Shares in the Issuer to discharge the liability; or 

 

	 	(c)	Rio Tinto or BHP Billiton, as applicable, providing, or procuring that an Affiliate provides, funds to discharge the liability by way of an Excluded Loan which:

  

	 	(i)	is without recourse to Iron Ore Assets or Sole Risk Assets; 

  

	 	(ii)	unless the loan is provided by an Owner, is subject to a Creditor Deed Poll; and 

 

	 	(iii)	does not cause the total Excluded Loans of the Issuer, the Subsidiaries of the Issuer which are JV Entities and Subsidiaries of the Issuer which directly or indirectly
hold shares in JV Entities, to exceed the Maximum Permitted Excluded Loan Balance. 

 Permitted Security
Interest has the meaning given in the Joint Venture Agreement, 
 Policies and Protocols means the policies
and protocols referred to in clause 3.13(a) of the Joint Venture Agreement (including the policies and protocols referred to in the Owners’ Council Completion Resolutions to be adopted on Completion). 

POSMAC Joint Venture means the joint venture carried on under that name as constituted from time to time pursuant to the
POSMAC Joint Venture Agreement dated 3 April 2002. 
 Post-Commencement NCEP Loans has the meaning given in
clause 8(c)(ii)(B). 
 Post-Completion Cashflow Amount has the meaning given in item 7 of Schedule 8.

 * * * 

Pre-Commencement NCEP Loans means any loan provided by Rio Tinto or BHP Billiton, or its Affiliate, to a JV Entity of which
it is a Related Corporation to fund cash flows in respect of New Capital Expansion Projects during the Relevant Period. 

Pre-Feasibility Study has the meaning given in clause 8.2(d) of the Joint Venture Agreement. 

Preliminary Study has the meaning given in clause 8.2(a) of the Joint Venture Agreement. 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 57

 Implementation Agreement 

 
 Private Ruling means a private ruling as
defined in s.995-1(1) of the 1997 Tax Act. 
 Proposing Party has the meaning given in clause 6.2(c). 

Quarter means a three month period commencing on 1 January, 1 April, 1 July or 1 October. 

Receiving Party has the meaning given in clause 6.2(c). 

Recoveries has the meaning given in clause 3.2(c). 
 Related Corporation has the meaning given to “Related Body Corporate” in the Corporations Act but as if “Subsidiary” had the meaning given in this Agreement, and also
includes: 
  

	 	(a)	in the case of Rio Tinto, any Rio Tinto Group entity; and 

  

	 	(b)	in the case of BHP Billiton, any BHP Billiton Group entity. 

 Relevant JV Entity means, in relation to each Issuer, the Issuer, its Issuer JV Subsidiaries and the Manager. 
 Relevant Period has the meaning given in item 1.1(a) of Schedule 8. 
 Relevant Period Assets means: 
  

	 	(a)	the Relevant Period Iron Ore Assets; and 

  

	 	(b)	the Marketing Assets. 

Relevant Period Excluded Assets means the Excluded Assets other than the Marketing Assets and, for the avoidance of doubt,
does not include Relevant Period Iron Ore Assets. 
 Relevant Period Excluded Liabilities means the Excluded
Liabilities other than the Marketing Liabilities. 
 Relevant Period Iron Ore Assets means: 

 

	 	(a)	the Iron Ore Assets; and 

  

	 	(b)	any assets held by BHP Billiton or Rio Tinto or their respective Affiliates that would constitute an Iron Ore Asset if any right, title or interest (whether direct or
indirect) in the assets were held by a JV Entity. 

 Relevant Period Liabilities means: 

 

	 	(a)	the Iron Ore Liabilities; 

  

	 	(b)	the Marketing Liabilities; and 

  

	 	(c)	any liability Attributable to assets held by BHP Billiton or Rio Tinto or their respective Affiliates that would constitute an Iron Ore Asset if any right, title or
interest (whether direct or indirect) in the assets were held by a JV Entity. 

 Remuneration Committee
has the meaning given in Schedule 10. 
 Representative means a representative of an Owner appointed
to the Owners’ Council pursuant to clause 3.2 of the Joint Venture Agreement. 
 Reporting Policy means
the reporting policy on the terms initialled by each of Rio Tinto and BHP Billiton for identification on or about the date of this Agreement. 
 Responsible Party has the meaning give in clause 13(g). 

Retained Assets has the meaning given in clause 3.6(b)(iv)(B). 

Revised Accounting Policy has the meaning given in clause 3.5(b)(iii)(A). 

RGP3 means Rapid Growth Project 3, as described in the scope overview for the project disclosed in the Due Diligence
Materials. 

  
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 Implementation Agreement 

 
 RGP4 means Rapid Growth Project 4, as described
in the scope overview for that project disclosed in the Due Diligence Materials. 
 RGP5 means Rapid Growth Project
5 which is intended to increase the system capacity of BHP Billiton’s existing Pilbara iron ore operations to 205 million tonnes per annum, as described in the RGP5 Scope of Work. 

* * * 

RGP5 Facilities means all plant, equipment, facilities and infrastructure and related assets in connection with RGP5 as
contemplated by the RGP5 Scope of Work. 
 RGP5 Handover means that stage of RGP5 when: 

 

	 	(a)	all the commissioning tests including construction verification, no-load commissioning and load commissioning which would reasonably be required by a prudent principal
to take-over the RGP5 Facilities have been carried out and passed and the RGP5 Facilities are able to be safely operated and maintained by BHP Billiton and are ready to be taken-over, operated and maintained by BHP Billiton;

  

	 	(b)	the RGP5 Facilities are complete except for minor omissions, defects and modifications requested by BHP Billiton which: 

 

	 	(i)	do not prevent them from being used for their intended purpose; 

  

	 	(ii)	do not prejudice their safe operation and maintenance; and 

  

	 	(iii)	will not prejudice their safe and convenient operation and maintenance, provided the RGP5 Facilities meet the minimum operational and performance standards specified in
the RGP5 Scope of Work; 

  

	 	(c)	any marked up ‘Red Line’ As Built Drawings reasonably required by BHP Billiton have been handed over to BHP Billiton; 

 

	 	(d)	any Vendor Manuals and other documentation necessary for the safe and convenient operation and maintenance of the RGP5 Facilities have been handed over to BHP Billiton;

  

	 	(e)	all required training of BHP Billiton personnel has been carried out; 

  

	 	(f)	all required operating spares have been received by BHP Billiton; and 

  

	 	(g)	all documents, warranties and other information which BHP Billiton, in its sole discretion, decides are essential for the take-over, operation and maintenance of the
RGP5 Facilities have been handed over to BHP Billiton. 

 * * * 

* * * 

Rhodes Ridge Joint Venture means the joint venture established by the Rhodes Ridge Joint Venture Agreement dated 11
October 1972. 
 Ring-Fencing Protocol means the ring-fencing protocol, on the terms initialled by each of Rio
Tinto and BHP Billiton for identification on or about the date of this Agreement. 
 Rio Tinto Consolidated Group
means the Consolidated Group of which RTL is the Head Company. 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
 Rio Tinto Estimated Adjusted Cashflows means
the Rio Tinto estimated adjusted cash flows as determined in accordance with item 1.4 of Schedule 8. 
 Rio Tinto
Group means RTL, RTP and each of their Subsidiaries and Rio Tinto Group entity means an entity in the Rio Tinto Group. 

Rio Tinto Indemnified Parties has the meaning given in clause 4.4(c). 

Rio Tinto Issuer means the entity to be incorporated under clause 5.3(a)(i) in accordance with item 1.1(c) of Part 1 of
Schedule 7. 
 Rio Tinto JV Entities means: 

 

	 	(a)	as at the date of this Agreement, the Rio Tinto Issuer and the Rio Tinto Subsidiaries listed in, and which are engaged in the businesses described in, schedule 2 of the
Joint Venture Agreement; and 

  

	 	(b)	any other wholly-owned Subsidiary of the Rio Tinto Issuer that subsequently acquires an Iron Ore Asset under clause 2.4(c) of the Joint Venture Agreement.

 Rio Tinto JVs means: 

 

	 	(a)	the Robe Joint Venture; 

  

	 	(b)	the Hope Downs Joint Venture; 

  

	 	(c)	the Channar Joint Venture; 

  

	 	(d)	the Bao-HI Joint Venture; 

  

	 	(e)	the Beasley Joint Venture; 

  

	 	(f)	the Rhodes Ridge Joint Venture; and 

  

	 	(g)	any other joint venture that a Rio Tinto JV Entity enters into after the date of the Joint Venture Agreement within the scope of the WA Iron Ore JV.

 Rio Tinto Marketing SPV means the entity to be incorporated under clause 5.3(a)(i) in accordance
with item 1.1(d) of Part 1 of Schedule 7. 
 Rio Tinto Iron Ore Owned R&D IP has the meaning given in
the Intellectual Property Management Agreement. 
 Rio Tinto Owner means the entity to be incorporated under clause
5.3(a)(i) in accordance with item 1.1(b) of Part 1 of Schedule 7. 
 Rio Tinto R&D IP means the Rio
Tinto Iron Ore Owned R&D IP and the Rio Tinto Iron Ore Relevant R&D IP. 
 Rio Tinto Iron Ore Relevant R&D IP
has the meaning given in the Intellectual Property Management Agreement. 
 Rio Tinto RP Assets and Liabilities
has the meaning given in item 1.5 of Schedule 8. 
 Rio Tinto State Agreements means: 

 

	 	(a)	the Iron Ore (Hamersley Range) Agreement Act 1963 (WA); 

  

	 	(b)	the Iron Ore (Hamersley Range) Agreement Act 1968 (Paraburdoo) (WA); 

 

	 	(c)	the Iron Ore (Yandicoogina) Agreement Act 1996 (WA); 

  

	 	(d)	the Iron Ore (Robe River) Agreement Act 1964 (WA); 

  

	 	(e)	the Iron Ore (Rhodes Ridge) Authorisation Act 1972 (WA); 

  
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 Implementation Agreement 

 
  

	 	(f)	the Iron Ore (Mt Bruce) Agreement Act 1972 (WA); 

  

	 	(g)	the Iron Ore (Channar Joint Venture) Agreement Act 1987 (WA); and 

  

	 	(h)	the Iron Ore (Hope Downs) Agreement Act 1992 (WA). 

 Rio Tinto Tax Funding Agreement means the tax funding agreement of the Rio Tinto Consolidated Group as amended as at 22 December 2005. 

Robe or Robe Joint Venture means the joint venture carried on under the name ‘Robe River Iron
Associates’ as constituted from time to time pursuant to the Robe River Joint Venture Agreement dated 25 May 1970. 
 Scheduling Protocol means the scheduling protocol, on the terms initialled by each of Rio Tinto and BHP Billiton for identification on or about the date of this Agreement. 

Secondary Processing means secondary processing of iron ore being the concentration or upgrading of iron ore otherwise than
by washing, drying, crushing or screening, or a combination thereof. 
 Security Interest means any mortgage,
pledge, lien or charge or any other security or preferential interest or arrangement of any kind or any other right of, or arrangement with, any creditor to have its claims satisfied in priority to other creditors with, or from the proceeds of, any
asset. 
 Selling Entities means those JV Entities that are able to sell Iron Ore Product to the Marketing SPVs,
being as at the date of the Joint Venture Agreement Hamersley Iron Pty Ltd, Hamersley Iron-Yandi Pty Ltd and BHP Billiton Minerals Pty Ltd. * * * 
 Senior Executive Team means each senior executive who reports directly to the CEO, and Senior Executive Team Member has a corresponding meaning. 

Set-Off Agreement means the set-off agreement to be negotiated by Rio Tinto and BHP Billiton in accordance with clause
3.5(b)(vii), to be signed by the parties to that agreement at Completion. 
 Shareholder Circular means each of the
Rio Tinto shareholder circular (and any supplementary shareholder circular) and the BHP Billiton shareholder circular (and any supplementary shareholder circular), in connection with the WA Iron Ore JV. 

Shareholder Meetings means the shareholder meetings to be held by BHP Billiton or Rio Tinto (as applicable) for shareholders
of BHP Billiton or Rio Tinto, respectively, to vote on the resolutions to approve the WA Iron Ore JV. 
 Share
means a share in the capital of an Issuer. 
 Sole Funding Party has the meaning given in clause 8.3(b)(ii)
or clause 8.4(g)(ii) of the Joint Venture Agreement, as the context requires. 
 Sole Risk Assets means, in
relation to a Sole Funding Party, all assets forming part of its entitlements in respect of the relevant Sole Risk Development or Sole Risk Opportunity pursuant to schedule 4 of the Joint Venture Agreement including any Sole Risk Iron Ore Product,
Sole Risk Cash Flows, Sole Risk Receivable or Sole Risk Asset Surplus, and also includes: 
  

	 	(a)	Cash arising from Sole Risk Cash Flows, and any loan or deposit arising from use of such Cash; 

 

	 	(b)	anything which is, or is deemed to be, a Sole Risk Asset under, or by operation of, the Transaction Documents; and 

 

	 	(c)	anything that the Owners agree are Sole Risk Assets. 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
 Sole Risk Asset Surplus of an Issuer on an
Insolvency Administration has the meaning in the Funding and Distribution Policy. 
 Sole Risk Cash Flows means
Cash Flows attributable to Sole Risk Assets and Sole Risk Liabilities. 
 Sole Risk Development has the meaning
given in clause 8.3(b)(ii) of the Joint Venture Agreement. 
 Sole Risk Entity has the meaning given in item 4 of
schedule 4 of the Joint Venture Agreement. 
 Sole Risk Iron Ore Product means any finished iron ore product
recovered, produced or purchased as part of the conduct of operations of a Sole Risk Development or Sole Risk Opportunity. 

Sole Risk Liabilities means, in relation to a Sole Funding Party, all liabilities Attributable to Sole Risk Assets including
any Sole Risk Loans, and also includes: 
  

	 	(a)	anything which is, or is deemed to be, a Sole Risk Liability under, or by operation of, the Transaction Documents; and 

 

	 	(b)	anything that the Owners agree are Sole Risk Liabilities. 

 Sole Risk Loans means: 
  

	 	(a)	loans made by a Sole Funding Party to an Issuer or the Manager to discharge funding obligations in respect of a Sole Risk Development or Sole Risk Opportunity pursuant
to schedule 4 of the Joint Venture Agreement; and 

  

	 	(b)	NCEP Loans which convert to Sole Risk Loans under clause 8(c)(iv). 

 Sole Risk New Capital Expansion Project means a New Capital Expansion Project that is treated as being a Sole Risk Development or a Sole Risk Opportunity. 

Sole Risk Opportunity has the meaning given in clause 8.4(g)(ii) of the Joint Venture Agreement. 

Sole Risk Receivable means a debt arising from the sale of Sole Risk Iron Ore Product by an Issuer (or Issuer JV Subsidiary)
to, or as directed by, a Sole Funding Party. 
 Staff Category Employees means, subject to any specific exceptions
approved by the Implementation Oversight Committee, an employee in a managerial, professional, administrative, technical or supervisory role in respect of whom the Manager will not be bound, upon commencement of employment by the Manager, by an
industrial instrument by virtue of the transfer of business provisions in the Fair Work Act 2009 (Cth) or the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 (Cth). 

Stamp Duty means: 
  

	 	(a)	duty that is payable under any of the following (and any additional tax, penalty, fine or interest relating to that duty): 

 

	 	(i)	the Duties Act 2008 (WA); 

  

	 	(ii)	the Duties Act 1997 (NSW); 

  

	 	(iii)	the Stamp Duty Act 1978 (NT); 

  

	 	(iv)	the Duties Act 2001 (Qld); 

  

	 	(v)	the Duties Act 2000 (Vic); 

  

	 	(vi)	the Duties Act 2001 (Tas); 

  

	 	(vii)	the Stamp Duties Act 1923 (SA); and 

  

	 	(viii)	the Duties Act 1999 (ACT); and 

  
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 Implementation Agreement 

 
  

	 	(b)	amounts payable as a result of the revocation, or assessment or reassessment in relation to, any connected entity exemption or corporate reconstruction relief from
duty, additional tax, penalty, fine or interest under (a). 

 State Agreement means each of the BHP
Billiton State Agreements, the Rio Tinto State Agreements and any other agreement entered into by the State of Western Australia and an Owner, a JV Entity or their respective nominees from time to time in connection with JV Operations in accordance
with the Government Agreements Act 1979 (WA). 
 Subsidiary has the meaning given in the Corporations Act,
provided that: 
  

	 	(a)	an entity will also be deemed to be a Subsidiary of a body corporate if it is controlled (within the meaning of that term provided by Pt 1.2, Div 6 of the Act); and

  

	 	(b)	a trust may be a Subsidiary (for the purposes of which a unit or other beneficial interest will be deemed to be a share in the capital of a body corporate) and a body
corporate or a trust may be a Subsidiary of a trust. 

 Subsidiary Member means has the meaning given
by s.995-1(1) of the 1997 Tax Act. 
 Support Assets has the meaning given in clause 3.6(b)(iv)(A). 

Sustainable Development Committee has the meaning given in Schedule 10. 

Synergies Capture Plan has the meaning given in the Joint Venture Agreement, and also includes the First Synergies Capture
Plan. 
 Tax means any tax, duty, charge or levy imposed now or at any future date under the present or future Laws
of Australia or any other country, and also includes any associated penalties, fines or interest. 
 Tax Allocation
Methodology has the meaning given in clauses 3.5(b)(iv). 
 Tax Asset means any amount receivable in
respect of Tax, including any reduction, refund or reimbursement of Tax, Input Tax Credit entitlement and any amount receivable under a Tax Funding Agreement or Tax Sharing Agreement, and any amount receivable under Division 721 of the 1997 Tax Act
or Subdivision 265-A in Schedule 1 of the Taxation Administration Act 1953. 
 Tax Funding Agreement means the
BHP Billiton Tax Funding Agreement or the Rio Tinto Tax Funding Agreement (as appropriate). 
 Tax Liability means
any amount payable in respect of Tax, including any amount payable to an Authority, any amount payable under a Tax Funding Agreement or Tax Sharing Agreement, and any amount payable under Division 721 of the 1997 Tax Act or Subdivision 265-A in
Schedule 1 of the Taxation Administration Act 1953. 
 Tax Sharing Agreement means an agreement contemplated
by s.721-25 of the 1997 Tax Act. 
 Technical Committee has the meaning given in Schedule 10. 

Term Deposit has the meaning given in the Funding and Distribution Policy. 

Terms of Reference has the meaning given in clause 3.5(a). 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
  

	 	(i)	* * * 

  

	 	(ii)	* * * 

 Transaction
Document means: 
  

	 	(a)	this Agreement; 

  

	 	(b)	the Joint Venture Agreement, including the Funding and Distribution Policy; 

 

	 	(c)	each Debenture Deed Poll; 

  

	 	(d)	each Management Delegation Agreement; 

  

	 	(e)	each Creditor Deed Poll; 

  

	 	(f)	each Parent Company Guarantee; 

  

	 	(g)	each Cross Charge; 

  

	 	(h)	each Ore Sales Agreement; 

  

	 	(i)	the Infrastructure Sharing Agreement; 

  

	 	(j)	the Blending Agreement; 

  

	 	(k)	the Intellectual Property Management Agreement; 

  

	 	(l)	the ERP Service and Licence Agreement; 

  

	 	(m)	the Transitional Services Agreement; 

  

	 	(n)	the Policies and Protocols; 

  

	 	(o)	the Set Off Agreement; 

  

	 	(p)	each Deed of Accession; and 

  

	 	(q)	any other agreements entered into by some or all of the parties in connection with, or to give effect to the requirements of, the documents listed above.

 * * * 
 Transitional Services Agreement means the transitional services agreement on the terms initialled by each of Rio Tinto and BHP Billiton for identification on or about the date of this
Agreement, as developed by the Implementation Management Committee under clause 3.6(b)(iii), to be signed by the parties to that agreement at Completion. 
 Undisclosed Liabilities means Iron Ore Liabilities, which relate to: 
  

	 	(a)	any claim made by a third party arising from circumstances existing or events occurring on or before the Effective Date; or 

 

	 	(b)	any amount expended, on a voluntary basis, to forestall any such claim, but where the claim is, or is likely to be, US$50 million or more, only where the
Owners’ Council has given its prior approval to the amount to be expended, that is made or expended, as the case may be, within 10 years of Completion, but excludes: 

 

	 	(c)	all Iron Ore Liabilities which were disclosed in the Due Diligence Materials; and 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
  

	 	(d)	Excluded Liabilities. 

 WA
Iron Ore JV means the joint venture to be known as the “West Australian Iron Ore Joint Venture” to be formed in accordance with clause 2.1(a) of the Joint Venture Agreement. 

* * * 

Weighing, Sampling and Analysis Protocol means the weighing, sampling and analysis protocol on the terms initialled by each
of Rio Tinto and BHP Billiton for identification on or about the date of this Agreement. 
 Wheelarra Joint Venture
means the joint venture carried on under that name as constituted from time to time pursuant to the Wheelarra Joint Venture Agreement dated 28 September 2004. 
 Workforce Principles means the principles to be applied in planning the composition of the WA Iron Ore JV’s workforce, set out in item 1 of Schedule 6. 

* * * 

Yandi Joint Venture means the joint venture carried on under that name as constituted from time to time pursuant to the
Yandi Joint Venture Agreement dated 10 June 1991. 
  

	1.2	Interpretation 

 Headings
are for convenience only and do not affect interpretation. The following rules apply unless the context requires otherwise. 
  

	 	(a)	The singular includes the plural, and the converse also applies. 

  

	 	(b)	A gender includes all genders. 

  

	 	(c)	If a word or phrase is defined, its other grammatical forms have a corresponding meaning. 

 

	 	(d)	A reference to a person includes a corporation, trust, partnership, unincorporated body or other entity, whether or not it comprises a separate legal entity.

  

	 	(e)	A reference to a clause, Schedule or annexure is a reference to a clause of, or schedule or annexure to, this Agreement. 

 

	 	(f)	A reference to an agreement or document (including a reference to this Agreement) is to the agreement or document as amended, supplemented, novated or replaced, except
to the extent prohibited by this Agreement or that other agreement or document. 

  

	 	(g)	A reference to a party to this Agreement, the Transaction Documents or another agreement or document includes the party’s successors, permitted substitutes and
permitted assigns (and, where applicable, the party’s legal personal representatives). 

  

	 	(h)	A reference to legislation or to a provision of legislation means the legislation as amended from time to time and includes a modification or re-enactment of it, a
legislative provision substituted for it and a regulation or statutory instrument issued under it. 

  

	 	(i)	A reference to sale or sell includes to procure the sale and a reference to purchase includes to procure the purchase. 

 

	 	(j)	A reference to dollars and $ is to Australian currency unless otherwise specified. 

 

	 	(k)	A reference to time is a reference to: 

  

	 	(i)	time in the place in which the relevant event occurs; or 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
  

	 	(ii)	if the relevant event is to occur in more than one place, time in Perth, Western Australia. 

 

	 	(l)	If the day on which any act, matter or thing is to be done is a day other than a Business Day, such act, matter or thing will be done on the immediately succeeding
Business Day. 

  

	 	(m)	The meaning of general words is not limited by specific examples introduced by ‘including’, or ‘for example’, or similar expressions.

  

	 	(n)	A reference to a liability incurred by any person includes any claim, loss, liability, cost or expense of that person arising from or in connection with any obligation
(including indemnities and all other obligations owed as principal or guarantor) whether liquidated or not, whether present, prospective or contingent or otherwise and whether or not it would be shown as a ‘liability’ under applicable
accounting principles and whether owed, incurred or imposed by or to or on account of or for the account of that person alone, severally or jointly or jointly and severally with any other person. 

 

	 	(o)	A reference to an asset of any person includes any form of real or personal, present or future, tangible or intangible property, any form of legal or equitable right
which is not property, and anything of economic value which is not a form of property or legal or equitable right, whether or not the property, right or other thing would be shown as an ‘asset’ under applicable accounting principles, and
whether owned, acquired, held, used or controlled by or for the account of that person alone, or severally or jointly, or jointly and severally, with any other person and whether or not assignable. 

 

	 	(p)	A reference to a loss incurred by any person includes any loss, liability, damage, cost, charge or expense that the person pays, incurs or is liable for and any other
diminution of value of any description which the person suffers, including all liabilities on account of taxes or duties, all interest, penalties, fines and other amounts payable to third parties and all reasonable legal expenses and other expenses
in connection with investigating or defending any claim, action, demand or proceeding, whether or not resulting in any liability, and all amounts paid in settlement of any such claims. 

 

	 	(q)	Other than in clauses 3.2(a) and 3.2(j), any reference to an asset, liability, revenue, expense or cash flow of a JV Entity will, in relation to any JV Entity that is
not wholly owned (directly or indirectly) by Rio Tinto and BHP Billiton, exclude a proportion of that asset, liability, revenue, expense or cash flow, equal to the proportion of that JV Entity owned by third parties. 

 

	 	(r)	Nothing in this Agreement is to be interpreted against a party on the ground that the party put forward this Agreement or a relevant part of it.

  

	1.3	Multiple parties 

 Where
this Agreement confers a right or imposes an obligation on Rio Tinto or BHP Billiton (as applicable): 
  

	 	(a)	that right is held by RTL and RTP, or by BHPBL and BHPBP, (as applicable) severally; and 

 

	 	(b)	that obligation is owed by RTL and RTP, or by BHPBL and BHPBP, (as applicable) jointly and severally. 

Any reference in this Agreement to Rio Tinto and BHP Billiton is a reference to each of RTL and RTP and BHPBL and BHPBP (as applicable)
separately (for example a representation, warranty or undertaking relates to each of them separately). 
  

	1.4	Consents or approval 

 If
the doing of any act, matter or thing under this Agreement is dependent on the consent or approval of a party or is within the discretion of a party, the consent or approval may be given or the discretion may be exercised conditionally or
unconditionally or withheld by the party in its absolute discretion unless expressly provided otherwise. 

  
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 Implementation Agreement 

 
  

	1.5	Method of payment 

 All
payments required to be made under this Agreement must be tendered by way of direct transfer of immediately available funds to the bank account nominated in writing by the party to whom the payment is due. Any payment tendered under this Agreement
after 4pm in the local time of the bank branch from which payment is made must be taken to have been made on the next succeeding Business Day (the deemed payment date) after the date on which payment is tendered, and if the deemed payment date is
after the relevant due date for payment, interest will accrue under item 1.6 accordingly. 
  

	1.6	Interest on amounts payable 

 Unless otherwise specified, interest accrues on each amount which is due and payable, but not paid, by either Rio Tinto or BHP Billiton to the other under or in accordance with this Agreement: 

 

	 	(a)	on a daily basis from the due date up to the date of actual payment; 

  

	 	(b)	both before and after judgment (as a separate and independent obligation); and 

 

	 	(c)	at the rate which is the sum of the Bank Bill Rate plus a margin of 3%, calculated for successive periods of one month, with the first period commencing on the due date
of the amount on which interest is payable. 

 The defaulting party must pay interest accrued under this item 1.6
on written demand by the non-defaulting party or, if no demand is made, on the last day of each month. The interest is payable in the currency of the unpaid amount on which it accrues. 

 

	1.7	Grossed up for Tax 

 Where
a payment by way of indemnity is required to be made under this Agreement, it will be Grossed up for Tax if, and to the extent necessary, in order to preserve or restore the recipient’s economic position having regard to all relevant matters
including: 
  

	 	(a)	the reason that the payment obligation arises; 

  

	 	(b)	the nature of any related Loss or costs incurred by the recipient; 

  

	 	(c)	if the payment is in respect of deprivation of income or profit, or non-receipt of another amount, which would have been subject to Tax; 

 

	 	(d)	if the payment is in respect of a Loss or other event, which results in the recipient, or a Consolidated Group of which it is a member, obtaining a deduction, a
reduction in present or future Tax, a Tax rebate or a Tax credit, which offsets any Tax otherwise due on the payment; and 

  

	 	(e)	if the payment is an indemnity in respect of Stamp Duty or other Tax, which duty or other Tax offsets any Tax otherwise due on the payment. 

For the avoidance of doubt, a reference to a payment by way of indemnity includes: 

 

	 	(f)	a payment by way of indemnity in relation to Rio Tinto Information or BHP Billiton Information under clause 4.4(b) or (c); 

 

	 	(g)	a payment by way of indemnity in relation to Undisclosed Liabilities under clause 13(g); 

 

	 	(h)	a payment by way of indemnity in relation to Indemnified Tax Liabilities under clause 15(d); 

 

	 	(i)	a payment by way of indemnity in relation to warranties under clause 16.4 or 16.5; and 

 

	 	(j)	a payment under Schedule 6, item 4(g). 

  
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 Implementation Agreement 

 
 For the avoidance of doubt, this item 1.7 does not apply to:

  

	 	(k)	a payment for the transfer or sale of an asset; 

  

	 	(l)	a payment under clause 3.2(c)(iii)(C) in respect of a BI Loss; or 

  

	 	(m)	a subscription for Debentures. 

  
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 Implementation Agreement 

 
 Schedule 2 

Competition Law Conditions Precedent 
  

	1.1	(European Commission): 

The satisfactory conclusion of the European Commission’s pre-completion investigation under Article 101 of the Treaty on the
Functioning of the European Union (TFEU) into the WA Iron Ore JV, whether brought about by: 
  

	 	(a)	the European Commission making a decision under Article 10 of Council Regulation 1/2003 that Article 101 TFEU does not apply to the WA Iron Ore JV;

  

	 	(b)	the European Commission finding that the WA Iron Ore JV infringes Article 101 TFEU but imposing remedies which are acceptable to Rio Tinto and BHP Billiton under
clauses 2.3(d) and 1.1 by a decision under Article 7 of Council Regulation 1/2003 indicating that it no longer has grounds for action under Article 101 TFEU; 

 

	 	(c)	the European Commission issuing a decision under Article 9 of Council Regulation 1/2003 in relation to the WA Iron Ore JV on the basis of binding commitments
being offered which are acceptable to Rio Tinto and BHP Billiton under clauses 2.3(d) and 1.1; or 

  

	 	(d)	the European Commission otherwise indicating to the parties that it does not intend to pursue an investigation into the WA Iron Ore JV, or that the WA Iron Ore JV is
compatible with Article 101 TFEU. 

  

	1.2	(Germany): 

 All filings
having been made in relation to the WA Iron Ore JV pursuant to the Gesetz gegen Wettbewerbsbeschränkungen (act against restraints of competition) of 1957 of Germany, and: 

 

	 	(a)	the German Federal Cartel Office has declined its jurisdiction; 

  

	 	(b)	the German Federal Cartel Office has cleared the transaction after a Phase 1 proceeding (Vorprüfverfahren) by issuing a notice that the transaction will not be
prohibited (Mitteilung der Nichtuntersagung) that has been received by the notifying parties, or the transaction is deemed to be cleared because the applicable waiting period pursuant to sec. 41(1)(1) of the German act against restraints of
competition has expired without the Federal Cartel Office having opened Phase II proceedings (Hauptprüfverfahren) pursuant to sec. 41(1)(2) of the German act against restraints of competition; or 

 

	 	(c)	the German Federal Cartel Office has cleared the transaction after a Phase II proceeding (Hauptprüfverfahren) by issuing a clearance decision
(Freigabeentscheidung) that has been received by the notifying parties, or the transaction is deemed to be cleared because the applicable waiting period pursuant to sec. 41(2)(2) of the German act against restraints of competition (plus potential
extensions pursuant to sec. 41 (2) (4) no. 1 of the German act against restraints of competition) has expired without the Federal Cartel Office having prohibited the transaction. 

 

	1.3	(ACCC): 

 Either one of
the following having occurred: 
  

	 	(a)	BHP Billiton and Rio Tinto having received notice in writing from the ACCC to the effect that the ACCC does not propose to intervene in or seek to prevent, pursuant to
Part IV of the Australian Trade Practices Act 1974 (Cth), BHP Billiton or Rio Tinto entering into, or giving effect to, the WA Iron Ore JV, or acquiring any rights or interests with respect to the WA Iron Ore JV; or

  
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 Implementation Agreement 

 
  

	 	(b)	BHP Billiton and Rio Tinto having been granted clearance or authorisation to enter into, or to give effect to, the WA Iron Ore JV or to acquire any rights or interests
with respect to the WA Iron Ore JV, by the ACCC or the Australian Competition Tribunal under Part VII of the Australian Trade Practices Act 1974 (Cth), and no application for review of such clearance or authorisation having been made
within the period prescribed by such Act. 

  

	1.4	(Ministry of Commerce of the People’s Republic of China): 

  

	 	(a)	All filings have been made to the relevant Authority of the People’s Republic of China in relation to the WA Iron Ore JV pursuant to the requirements of the
Anti-Monopoly Law of the People’s Republic of China

 (AML) and relevant regulations with respect to the competition review of joint ventures, and such filings have been accepted by the relevant Authority for examination, and: 

 

	 	(i)	the relevant Authority has cleared the transaction after a preliminary examination

 by issuing a notice that the transaction will not be prohibited or a further examination

 is not required for the transaction and such notice has been received by the notifying parties pursuant to Article 25 par.1 of the AML, or the transaction is deemed to be cleared because the applicable waiting
period for the preliminary examination

 has expired without the relevant Authority having issued a notice to commence a further examination

 pursuant to Article 25 par. 2 of the AML; or 

  

	 	(ii)	in the event that the relevant Authority requires a further examination

 by issuing a notice after the preliminary examination

, the relevant Authority has cleared the transaction after such further examination (including any extension thereof) by issuing a notice that the transaction will not be prohibited and such notice has been received by
the notifying parties pursuant to Article 26 par. 1-2 of the AML, or the transaction is deemed to be cleared because the applicable waiting period for the further examination

 (including any extension thereof) has expired without the relevant Authority having rejected the transaction pursuant to Article 26 par. 3 of the AML; and 

 

	 	(b)	No examination of the transaction by a relevant Authority of the People’s Republic of China with the legal power and capacity to prevent Completion occurring, or
to order Rio Tinto and BHP Billiton not to undertake any obligation under the Joint Venture Agreement, remains in effect, and no relevant Authority of the People’s Republic of China with such legal power and capacity has:

  

	 	(i)	ordered either Rio Tinto or BHP Billiton not to undertake any conduct it will be obligated to pursuant to the terms of the Joint Venture Agreement; or

  

	 	(ii)	imposed any condition, 

other than an order or a condition that is acceptable to Rio Tinto and BHP Billiton under clauses 2.3(d) and 2.4 of this Agreement.

  

	1.5	(Korea Fair Trade Commission): 

 All filings having been made in relation to the WA Iron Ore JV pursuant to the Monopoly Regulation and Fair Trade Law and: 
  

	 	(a)	for the filing under Article 12 of the Monopoly Regulation and Fair Trade Law: 

 

	 	(i)	the Korea Fair Trade Commission has cleared the transaction without a formal hearing after confirmation of the Secretary General or Vice-chairman of the Korea Fair
Trade Commission and BHP Billiton and Rio Tinto have received the official letter of the Korea Fair Trade Commission giving clearance to permit each of BHP Billiton and Rio Tinto to: 

 

	 	(A)	enter into, or to give effect to, the WA Iron Ore JV; and 

  
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 Implementation Agreement 

 
  

	 	(B)	have a major interest or become a major stakeholder with respect to the WA Iron Ore JV; 

 

	 	(ii)	the Korea Fair Trade Commission has cleared the transaction after a formal hearing conducted by a full bench of commissioners and BHP Billiton and Rio Tinto have
received the official letter of the Korea Fair Trade Commission giving clearance to: 

  

	 	(A)	enter into, or to give effect to, the WA Iron Ore JV; and 

  

	 	(B)	have a major interest or become a major stakeholder with respect to the WA Iron JV; or 

 

	 	(iii)	the transaction is deemed to be cleared because the applicable review period has expired (without the issuance of disapproval or non-acceptance by the Korea Fair Trade
Commission) pursuant to Article 12 of the Monopoly Regulation and Fair Trade Law and Article 18 of the Presidential Decree thereof, and, in each case, those Authorisations remain in force in all respects and there has been no notice,
intimation or indication of intention to revoke, suspend, restrict, modify or not renew those Authorisations; and 

  

	 	(b)	if a filing is required under Article 19 of the Monopoly Regulation and Fair Trade Law by the Korea Fair Trade Commission, then the Korea Fair Trade Commission has
cleared the transaction pursuant to Article 19 of the Monopoly Regulation and Fair Trade Law and BHP Billiton and Rio Tinto have received the official letter of the Korea Fair Trade Commission giving clearance to each of BHP Billiton and Rio
Tinto in relation to the WA Iron Ore JV. 

  

	1.6	(Japan Fair Trade Commission): 

  

	 	(a)	If BHP Billiton and Rio Tinto have applied for prior consultation (jizen sodan) with the Japan Fair Trade Commission in relation to the WA Iron Ore JV pursuant to the
Policies Dealing with Prior Consultation Regarding Business Combination Plans (Kigyo Ketsugo Keikaku ni Kansuru Jizen Sodan ni Taisuru Taio Hoshin; December 11, 2002, as amended) and have not withdrawn that application. BHP Billiton and Rio
Tinto have received a response from the Japan Fair Trade Commission that the transaction will not substantially restrain competition in relation to the Act on Prohibition of Private Monopolization and Maintenance of Fair Trade of Japan (Shiteki
Dokusen no Kinshi Oyobi Kosei Torihiki no Kakuho ni Kansuru Horitsu; Law No. 54 of 1947; (Antimonopoly Act)) as amended; or 

  

	 	(b)	if BHP Billiton and Rio Tinto are required to file a prior formal notification (jizen todokede) in relation to the WA Iron Ore JV pursuant to the Antimonopoly Act, as
amended, the Japan Fair Trade Commission is deemed to have cleared the transaction because the Japan Fair Trade Commission has not issued a notice of disapproval or non-acceptance of the WA Iron Ore JV to BHP Billiton or Rio Tinto pursuant to
Section 49(5) of the Antimonopoly Act as amended within the applicable time periods; and 

  

	 	(c)	in any event, the Japan Fair Trade Commission has not initiated an administrative investigation (shinsa) that remains open in relation to the WA Iron Ore JV
pursuant to Sections 45(2) and 45(4) of the Antimonopoly Act. 

  

	1.7	(Taiwan Fair Trade Commission): 

 All filings being made in relation to the WA Iron Ore JV pursuant to the Taiwan Fair Trade Law of 1991, and the regulations and rulings promulgated by the Taiwan Fair Trade Commission, and: 

 

	 	(a)	the Taiwan Fair Trade Commission has declined its jurisdiction over the transaction; 

  
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 Implementation Agreement 

 
  

	 	(b)	the Taiwan Fair Trade Commission has cleared the transaction by issuing a notice that the transaction will not be prohibited and such notice has been received by the
notifying parties or posted on the website of the Taiwan Fair Trade Commission; or 

  

	 	(c)	the transaction is deemed to be cleared because the applicable waiting period plus potential extensions pursuant to Article 11 of the Taiwan Fair Trade Law has
expired without the Taiwan Fair Trade Commission having prohibited the transaction. 

  
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 Implementation Agreement 

 
 Schedule 3 

Part 1: Tax Conditions Precedent 
  

	1.1	BHP Billiton 

 BHPBL (as
Head Company of the BHP Billiton Consolidated Group) obtaining a Private Ruling from the Commissioner of Taxation to the following effect (and words which have a defined meaning in the 1936 Tax Act or 1997 Tax Act have the same meaning below):

  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(c)	* * * 

  

	1.2	Rio Tinto 

 RTL (as Head
Company of the Rio Tinto Consolidated Group) obtaining a Private Ruling from the Commissioner of Taxation to the following effect (and words which have a defined meaning in the 1936 Tax Act or 1997 Tax Act have the same meaning below): 

 

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(c)	* * * 

  

	1.3	Joint BHP Billiton/Rio Tinto Condition Precedent 

 * * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
 Part 2: Stamp Duty Conditions Precedent 

 

	1.1	Rio Tinto Stamp Duty ruling 

 * * * 
  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(C)	* * * 

 * * * 

 

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

 * * * 

 

	 	(ii)	* * * 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

 * * * 

 

	 	(ii)	* * * 

  

	 	(d)	* * * 

  

	1.2	* * * 

 * * * 

 

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
  

	1.3	* * * 

 * * * 

 

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

 * * ** * * 

 

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

 * * * 

 

	 	(ii)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	1.4	* * * 

 * * * 

 

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
 Schedule 4 

Identified Expansion Capital Projects 
  

	1.1	Rio Tinto Identified Projects 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	1.2	BHP Billiton Identified Projects 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
 Schedule 5 

Part 1: RGP5 Handover Verification Process 
  

	 	(a)	Within 5 days of achieving RGP5 Handover, BHP Billiton and Rio Tinto must jointly appoint an Independent Engineer, nominated by the President of the Institute of
Engineers, Australia unless Rio Tinto and BHP Billiton agree otherwise, to prepare and deliver to Rio Tinto the RGP5 Handover Verification Report. The Independent Engineer must: 

 

	 	(i)	have appropriate qualifications and experience; and 

  

	 	(ii)	not have any interest which conflicts or may conflict with his or her appointment as an expert in relation to the dispute. 

 

	 	(b)	If Rio Tinto does not agree with all or any part of the RGP5 Handover Verification Report, Rio Tinto may, within 30 days of receipt of that report, serve a dispute
notice on BHP Billiton. If a dispute notice is served, Rio Tinto and BHP Billiton must consult in good faith with each other and the Independent Engineer, to attempt to resolve the dispute. If the dispute cannot be resolved by consultation within
one month (or such other time as Rio Tinto and BHP Billiton may agree) after service of the dispute notice, the dispute will be resolved by an Independent Expert. 

 

	 	(c)	For the purposes of paragraph (a), the Independent Engineer must be an engineer appointed by agreement between Rio Tinto and BHP Billiton or, in the absence of
agreement, appointed by the President of the Institute of Engineers, Australia. 

  

	 	(d)	For the purposes of paragraph (b), the Independent Expert must: 

  

	 	(i)	have appropriate qualifications, including experience in the subject matter of the dispute or deadlock; and 

 

	 	(ii)	not have any interest which conflicts or may conflict with his or her appointment as an expert in relation to this dispute. 

 

	 	(e)	The Independent Expert must determine whether the conclusion reached in the RGP5 Handover Verification Report is in accordance with the requirements and intention of
clause 3.4(a) and Schedule 5 Part 2. 

  

	 	(f)	If the Independent Expert determines that the conclusion reached in RGP5 Handover Verification Report is not in accordance with the requirements and intention of clause
3.4(a) and Schedule 5 Part 2, then for the purposes of clause 3.4(b), RGP5 Handover will be deemed not to have taken place. 

  

	 	(g)	For the purposes of clause 3.4: 

  

	 	(i)	the Independent Expert will accept oral and written submissions from Rio Tinto and BHP Billiton and make a written determination in relation to the matters in dispute
within 28 days of his or her appointment unless the Independent Expert certifies that the matter is complex in which case the period will be extended to 60 days; 

 

	 	(ii)	the Independent Expert will keep all information received in connection with its appointment under this Agreement confidential; 

 

	 	(iii)	in the absence of manifest error, the decision of the Independent Expert made under this Schedule will be final and binding on Rio Tinto and BHP Billiton; and

  

	 	(iv)	the costs of the Independent Expert will be borne equally between Rio Tinto and BHP Billiton. 

  
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 Implementation Agreement 

 
 * * * 

* * * 
  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

 * * *

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
 Schedule 6 

Employees 
  

	1.	Workforce Principles 

 The
following principles are to be applied in planning the composition of the WA Iron Ore JV’s workforce: 
  

	 	(a)	The Senior Executive Team is to be sourced approximately 50:50 from each of Rio Tinto and BHP Billiton on a “best person for the job” basis.

  

	 	(b)	As at the JV Commencement Date: 

  

	 	(i)	the Manager will be the employer of the CEO, the Senior Executive Team and Staff Category Employees; 

 

	 	(ii)	subject to any Existing JV Arrangements and to any specific transitional arrangements approved by the Implementation Oversight Committee, other JV Employees will be
employed by the Manager or a JV Entity; and 

  

	 	(iii)	where employees are to change employer to the Manager consistent with the intention described in item 2(d), or to another JV Entity consistent with item 1(b)(ii), such
change of employer will be subject to a prior confirmatory decision of the Implementation Oversight Committee, made taking into account all matters set out in item 2(d). 

There will be no secondments into the WA Iron Ore JV, and neither BHP Billiton or Rio Tinto nor their respective Owners has rights of
appointment to any position. 
  

	 	(c)	Following the JV Commencement Date, * * *, made taking into account the matters set out in item 2(d). 

 

	 	(d)	Employees engaged after the JV Commencement Date * * * will be employed by the Manager unless otherwise approved by the Owners’ Council. 

 

	 	(e)	* * * 

  

	 	(f)	Except where otherwise specified in this Schedule, * * * and any costs associated with the JV Employees will be: 

 

	 	(i)	in respect of the Relevant Period, taken into account in the Interim Adjusted Cashflow Statement and the Final Adjusted Cashflow Statement; and

  

	 	(ii)	in respect of the period on and from the JV Commencement Date, a cost of the WA Iron Ore JV. 

 

	 	(g)	* * *costs associated with the establishment of the WA Iron Ore JV will be: 

 

	 	(i)	taken into account in the Interim Adjusted Cashflow Statement and the Final Adjusted Cashflow Statement if paid during the Relevant Period; and

  

	 	(ii)	a cost of the WA Iron Ore JV if paid on or after the JV Commencement Date. 

 

	 	(h)	The WA Iron Ore JV must adopt an owner/operator model, using employees in preference to contractors in long-term operating roles, with a progressive transition to that
model from current arrangements. 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
  

	2.	Selection processes and recruitment 

  

	 	(a)	Employees must be selected for roles in the WA Iron Ore JV’s organisation structures from amongst the available workforces of each of Rio Tinto and BHP Billiton
and their relevant JV Entities, and from external sources as appropriate, by consistent application of objective merit-based criteria, including the expertise and experience of each candidate in light of the expertise and experience required of the
role. 

  

	 	(b)	In the case of Senior Executive Team roles, and any other particular roles specified by the Implementation Oversight Committee, an assessment of candidates by an
independent third party should be obtained. 

  

	 	(c)	Appointments of: 

  

	 	(i)	the CEO and the Senior Executive Team will be subject to the approval of the Owners’ Council in accordance with the Joint Venture Agreement; and

  

	 	(ii)	other employees apart from the CEO and the Senior Executive Team, must be approved by the employee’s manager one-removed taking into account the recommendation of
the employee’s immediate manager. 

  

	 	(d)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

 * * * 

 

	 	(e)	The costs associated with item 2(d) will be: 

  

	 	(i)	taken into account in the Interim Adjusted Cashflow Statement and the Final Adjusted Cashflow Statement if paid during the Relevant Period; and

  

	 	(ii)	a cost of the WA Iron Ore JV if paid on or after the JV Commencement Date. 

 

	3.	Remuneration and other benefits 

  

	 	(a)	Remuneration and benefit principles must be developed and applied consistently for employees in comparable functions and at comparable levels taking into account:

  

	 	(i)	any constraints under employment legislation; and 

  

	 	(ii)	any risks or costs associated with a particular proposal. 

  

	 	(b)	* * * 

  

	 	(c)	The following matters will be recognised by the Manager or the JV Entity and accepted as a cost of the WA Iron Ore JV: 

 

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
 * * * 

 

	 	(d)	* * * However, the cost of the payment will be: 

  

	 	(i)	taken into account in the Interim Adjusted Cashflow Statement and the Final Adjusted Cashflow Statement if paid during the Relevant Period; and

  

	 	(ii)	a cost of the WA Iron Ore JV if paid on or after the JV Commencement Date. 

 

	 	(e)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	if granted after the JV Commencement Date, will be a cost of the WA Iron Ore JV. 

 

	 	(f)	* * * unless otherwise approved by the Implementation Oversight Committee or the Owners’ Council (as applicable), their cost will be: 

 

	 	(i)	taken into account in the Interim Adjusted Cashflow Statement and the Final Adjusted Cashflow Statement to the extent that and pro rata with * * * the Relevant Period;
and 

  

	 	(ii)	a cost of the WA Iron Ore JV if paid on or after the JV Commencement Date, 

 but will otherwise be the responsibility of Rio Tinto or BHP Billiton as applicable. 
  

	 	(g)	Long-term incentive arrangements for eligible members of the WA Iron Ore JV workforce must be designed: 

 

	 	(i)	to operate from the JV Commencement Date; 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	4.	Superannuation 

  

	 	(a)	Defined contribution superannuation arrangements must be established, or made available, for all employees. 

 

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	Any benefit accrual * * * will be: 

  

	 	(i)	in respect of the Relevant Period, taken into account in the Interim Adjusted Cashflow Statement and the Final Adjusted Cashflow Statement; and

  

	 	(ii)	in respect of the period on and from the JV Commencement Date, a cost of the WA Iron Ore JV. 

BHP Billiton or Rio Tinto, as applicable, will be responsible for the funding of benefits accrued * * * up to the Effective Date.

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
 * * * 

* * * 
  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(f)	For the avoidance of doubt, any funding liability relating to superannuation benefits * * * for service prior to the Effective Date will be borne wholly by BHP Billiton
or Rio Tinto, as applicable. Any funding liability relating to service after the Effective Date will be: 

  

	 	(i)	in respect of the Relevant Period, taken into account in the Interim Adjusted Cashflow Statement and the Final Adjusted Cashflow Statement; and

  

	 	(ii)	in respect of the period on and from the JV Commencement Date, a cost of the WA Iron Ore JV. 

 

	 	(g)	The actuarial cost to the employer of the benefit accrual * * * between the Effective Date and the JV Commencement Date will be reimbursed by the Manager to the BHP
Billiton entity or the Rio Tinto entity as the case may require as soon as practicable after the JV Commencement Date to the extent that the Manager has not otherwise met that cost by making contributions at the required level * * *.

  

	5.	Workers’ compensation 

  

	 	(a)	Independent workers’ compensation insurance arrangements must be established. 

 

	 	(b)	Workers’ compensation liabilities and claims management costs * * * will be the responsibility of the relevant employer. 

 

	6.	Contractors 

  

	 	(a)	Contractor personnel considered for employment by the WA Iron Ore JV will be subject to the processes set out in item 2 above. 

 

	 	(b)	The transition of contractor personnel to direct employment by the Manager (or a JV Entity) must be planned and undertaken so as to minimise cost and disruption to
operations, and must take into account the potential for application at law of transferred industrial instruments. 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

 arising from the
transition of the contractor personnel to direct employment by the Manager (or JV Entity). Any such costs, including any termination of employment entitlements and the payment of accrued leave entitlements, will remain the cost of the contractor.

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
 Schedule 7 

Reorganisation Steps 
  

	1.	Part 1—Rio Tinto’s reorganisation steps 

  

	1.1	Pre-Completion reorganisation steps 

 Rio Tinto must implement and complete the following reorganisation steps in the following order in accordance with clause 5.3(a)(i): 

 

	 	(a)	the incorporation of a company limited by shares, all of which are held by RTL (Rio Tinto HoldCo); 

 

	 	(b)	the incorporation of an Australian incorporated company limited by shares, all of which are held by Rio Tinto HoldCo (Rio Tinto Owner);

  

	 	(c)	the incorporation of an Australian incorporated company limited by shares * * *, all of which are held by RTL (Rio Tinto Issuer);

  

	 	(d)	the incorporation of a company limited by shares, all of which are held by Rio Tinto HoldCo (Rio Tinto Marketing SPV); 

 

	 	(e)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	1.2	Other reorganisation steps 

Rio Tinto must * * * in accordance with clause 5.4(a)(i): 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(j)	* * * 

  

	 	(k)	* * * 

  

	 	(l)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(m)	* * * 

  

	 	(n)	* * * 

  

	 	(o)	* * * 

  

	 	(p)	* * * 

  

	 	(q)	* * * 

  

	 	(r)	* * * 

  

	 	(s)	* * * 

  

	 	(t)	* * * 

  

	 	(u)	* * * 

  

	 	(v)	* * * 

  

	 	(w)	* * * 

  

	 	(x)	* * * 

  

	 	(y)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(v)	* * * 

  

	 	(vi)	* * * 

  

	 	(vii)	* * * 

  

	 	(viii)	* * * 

 * * * 

 

	1.3	Diagrams 

 Diagram 1

 * * * 

Diagram 2 
 * * *

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	2.	Part 2—BHP Billiton’s reorganisation steps 

  

	2.1	Pre-Completion reorganisation steps 

 BHP Billiton must implement and complete the following reorganisation steps in accordance with clause 5.3(a)(ii): 
  

	 	(a)	the incorporation of a company limited by shares (BHP Billiton HoldCo), all of which are held by BHPBL; 

 

	 	(b)	the incorporation of an Australian incorporated company limited by shares (BHP Billiton Owner), all of which are held by BHP Billiton HoldCo;

  

	 	(c)	the incorporation of an Australian incorporated company limited by shares * * * (BHP Billiton Issuer), all of which are held by BHPBL;

  

	 	(d)	the incorporation of a company limited by shares (BHP Billiton Marketing SPV), all of which are held by BHP Billiton HoldCo; 

 

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	2.2	Other reorganisation steps 

  

	 	(a)	BHP Billiton must, in accordance with clause 5.4(a)(ii)(A), procure: 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(C)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(b)	BHP Billiton must * * * in accordance with clause 5.4(a)(ii)(A): 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(v)	* * * 

  

	 	(A)	* * * 

 * * * 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(c)	BHP Billiton must deal in accordance with clause 5.4(a)(ii)(B) with: 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	2.3	Diagrams 

 Diagram 1

 * * * 

Diagram 2 
 * * *

  

	2.4	Aerial photograph 

 * * *

  

	2.5	Map 

 * * * 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Schedule 8 

Financial Adjustment Mechanism 
  

	1.	Determination of BHP Billiton Equalisation Investment 

 General principles 
  

	1.1	BHP Billiton Equalisation Investment 

 The BHP Billiton Equalisation Investment will equal: 
  

	 	(a)	US$5.8 billion (Escalated from 1 July 2009 until Completion); plus 

 

	 	(b)	one half of the Estimated Cashflow Difference (which may be a positive or negative number), determined in accordance with item 1.3; plus 

 

	 	(c)	an amount equal to one half of the net present value (discounted at a 3% discount rate (nominal and pre-tax) to Completion) of the post-JV Commencement Date payments
(principal, interest and fees) payable by any BHP Billiton Group entity under * * * expressed as a positive number. 

  

	1.2	Credit to notional franking account 

  

	 	(a)	The Manager must credit the account of franking credits available to frank Coupons payable on the Debentures held by the BHP Billiton Owner in the Rio Tinto Issuer (as
provided in item 9 of the Funding and Distribution Policy) with an amount agreed between BHP Billiton and Rio Tinto. 

  

	 	(b)	The amount referred to in paragraph (a) will be determined having regard to the difference between the Australian income tax paid on the pre-tax profits of the Rio
Tinto JV Entities and the BHP Billiton JV Entities included in the Rio Tinto Final Cashflows and the BHP Billiton Final Adjusted Cashflows. Where the Estimated Adjusted Cashflows indicate with sufficient certainty a minimum amount that should be
credited to the account, that minimum amount will be credited at Completion, and any necessary adjustments arising from the Final Adjusted Cashflows will be made when they are finalised. 

 

	 	(c)	As provided in the Funding and Distribution Policy, the franking credits referred to in paragraph (b) will be retained by Rio Tinto Limited in its franking account
for application to Coupons paid to the BHP Billiton Owner. 

  

	 	(d)	Rio Tinto and BHP Billiton will enter into good faith negotiations after the JV Commencement Date to agree arrangements for payment of Coupons or other frankable
distributions to which the franking credits referred to in paragraph (b) will be attached so as to enable BHP Billiton Limited’s franking account to be credited with those amounts. 

 

	1.3	Estimated Cashflow Difference 

  

	 	(a)	The Estimated Cashflow Difference will be determined in accordance with paragraphs (b) and (c). 

 

	 	(b)	For each Month during the period from and including the Effective Date to and including the day prior to the JV Commencement Date (the Relevant Period) an
Estimated Monthly Difference will be calculated by: 

  

	 	(i)	determining the Rio Tinto Estimated Adjusted Cashflows in US dollars in accordance with item 1.4(a); 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(ii)	determining the BHP Billiton Estimated Adjusted Cashflows in US dollars in accordance with item 1.4(b); 

 

	 	(iii)	subtracting the Rio Tinto Estimated Adjusted Cashflows from the BHP Billiton Estimated Adjusted Cashflows; and 

 

	 	(iv)	the resulting difference (which may be a positive or negative amount) being Escalated between the last day of the Month concerned and the date of Completion, so as to
determine the Estimated Monthly Difference (the Estimated Monthly Difference). 

  

	 	(c)	The Estimated Monthly Differences for each Month in the Relevant Period will be summed, and the adjustment made for the Net Accrued Notional Tax for the Relevant
Period, determined in accordance with item 5.5(c), to determine the Estimated Cashflow Difference (which may be a positive or negative amount) (the Estimated Cashflow Difference). 

 

	1.4	Estimated Adjusted Cashflows 

  

	 	(a)	The Rio Tinto Estimated Adjusted Cashflow in respect of any Month during the Relevant Period will be the net cash flow shown in the Rio Tinto Interim Adjusted Cashflow
Statement for that Month prepared in accordance with item 1.5(b): 

  

	 	(i)	excluding, for the avoidance of doubt, any cash flows (other than study costs) associated with a Rio Tinto Group New Capital Expansion Project; and

  

	 	(ii)	excluding, for the avoidance of doubt, any cash flows associated with research and development in relation to Rio Tinto R&D IP (whether incurred by a JV Entity or
an Affiliate of Rio Tinto). 

  

	 	(b)	The BHP Billiton Estimated Adjusted Cashflow in respect of any Month during the Relevant Period will be the net cash flow shown in the BHP Billiton Interim Adjusted
Cashflow Statement for that Month prepared in accordance with item 1.5(b): 

  

	 	(i)	excluding, for the avoidance of doubt, any cash flows (other than study costs) associated with a BHP Billiton Group New Capital Expansion Project; and

  

	 	(ii)	excluding, for the avoidance of doubt, any cash flows associated with research and development in relation to BHP Billiton R&D IP (whether incurred by a JV Entity
or an Affiliate of BHP Billiton). 

  

	1.5	Interim Completion Accounts 

  

	 	(a)	Each of Rio Tinto and BHP Billiton (as applicable) must, as soon as practicable and in any event not less than 20 Business Days prior to Completion, prepare notional
stand-alone consolidated balance sheets as at the Effective Date for: 

  

	 	(i)	the Relevant Period Assets and the Relevant Period Liabilities of the Rio Tinto Group, (the Rio Tinto RP Assets and Liabilities) with balances adjusted in
accordance with the principles set out in item 5, prepared consistently with the Guidance Materials and in accordance with: 

  

	 	(A)	the accounting polices of Rio Tinto; and 

  

	 	(B)	the principles set out in item 4, and reviewed in accordance with the AUP by the auditor of Rio Tinto, whose review work must be available for inspection by the Auditor
once appointed under clauses 3.6(b)(viii) and 3.7(b); and 

  
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	 	(ii)	the Relevant Period Assets and the Relevant Period Liabilities of the BHP Billiton Group, (the BHP Billiton RP Assets and Liabilities), with balances
adjusted in accordance with the principles set out in item 5, prepared consistently with the Guidance Materials and in accordance with: 

  

	 	(A)	the accounting polices of BHP Billiton; and 

  

	 	(B)	the principles set out in item 4, and reviewed in accordance with the AUP by the auditor of BHP Billiton, whose review work must be available for inspection by the
Auditor once appointed under clause 3.6(b)(viii) and 3.7(b) 

 (the Effective Date Balance Sheets).

  

	 	(b)	Each of Rio Tinto and BHP Billiton must prepare: 

  

	 	(i)	an estimated notional stand-alone consolidated balance sheet as at the day prior to the JV Commencement Date for the Rio Tinto RP Assets and Liabilities and the BHP
Billiton RP Assets and Liabilities (as applicable) with balances adjusted in accordance with the principles set out in item 5 (the Interim Completion Balance Sheets) prepared consistently with, and in the same form as, the Effective
Date Balance Sheets; and 

  

	 	(ii)	notional stand-alone consolidated adjusted cash flow statements for each Month in the Relevant Period for the Rio Tinto RP Assets and Liabilities and the BHP Billiton
RP Assets and Liabilities (as applicable) with balances adjusted in accordance with the principles set out in item 5 (the Interim Adjusted Cashflow Statements). The Interim Adjusted Cashflow Statement for any Month in the Relevant
Period ending after 15 Business Days prior to Completion will be an estimate. Each Interim Adjusted Cashflow Statement must be prepared in accordance with the methodology adopted under item 1.6 of the Funding and Distribution Policy, on the
assumption that it applied from the Effective Date and all Relevant Period Assets and Relevant Period Liabilities are assets and liabilities of the JV Entities, and consistently with the Guidance Materials. 

 

	 	(c)	Rio Tinto and BHP Billiton must provide each other with their respective Interim Completion Balance Sheets and Interim Adjusted Cashflow Statements not less than 15
Business Days prior to Completion. 

  

	 	(d)	Each of Rio Tinto and BHP Billiton must also provide to the other: 

  

	 	(i)	by no later than 31 January 2010, an estimate of the Rio Tinto or BHP Billiton Estimated Adjusted Cashflows (as applicable) for each complete full Month in the
Relevant Period prior to that date and a separate statement of the total expenditure in that Month associated with Rio Tinto Group New Capital Expansion Projects or BHP Billiton Group New Capital Expansion Projects (as applicable); and

  

	 	(ii)	thereafter, within 10 Business Days after the end of each Month in the Relevant Period (but not later than 15 Business Days prior to Completion) an estimate of the Rio
Tinto or BHP Billiton Estimated Adjusted Cashflows (as applicable) for that Month and a separate statement of the total expenditure in that month associated with Rio Tinto Group New Capital Expansion Projects or BHP Billiton Group New Capital
Expansion Projects (as applicable). 

  

	 	(e)	Where an Interim Completion Balance Sheet or an Interim Adjusted Cashflow Statement must be prepared on an estimated basis, that estimate must be prepared in good faith
and on a fair and reasonable basis. 

  
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	2.	Determination of Adjustment Amount 

  

	2.1	Adjustment Amount 

 The
Adjustment Amount will equal: 
  

	 	(a)	one half of the Cashflow Adjustment Amount determined under item 2.2; 

  

	 	(b)	plus any Agreed Sole Risk Adjustment for a Sole Risk Development undertaken by Rio Tinto under item 2.6; and 

 

	 	(c)	minus any Agreed Sole Risk Adjustment for a Sole Risk Development undertaken by BHP Billiton under item 2.6, and: 

 

	 	(d)	if positive, the Rio Tinto Owner will subscribe for Debentures in the BHP Billiton Issuer in that amount; and 

 

	 	(e)	if negative, the BHP Billiton Owner will subscribe for Debentures in the Rio Tinto Issuer in that amount. 

 

	2.2	Cashflow Adjustment Amount 

  

	 	(a)	Subject to paragraph (c), the Cashflow Adjustment Amount will equal the difference between the Estimated Cashflow Difference and the Final Cashflow
Difference, determined in accordance with item 2.3, Escalated from Completion until the date for subscription of the Adjustment Amount. 

  

	 	(b)	Subject to paragraph (c), for the purposes of this item 2.2, the Cashflow Adjustment Amount will be: 

 

	 	(i)	positive and payable by Rio Tinto if the subscription price payable by BHP Billiton at Completion would have been lower had the Final Cashflow Difference

 been used in calculating that subscription price rather than the Estimated Cashflow Difference; or 

 

	 	(ii)	negative and payable by BHP Billiton if the subscription price payable by BHP Billiton at Completion would have been higher had the Final Cashflow Difference been used
in calculating that subscription price rather than the Estimated Cashflow Difference. 

  

	 	(c)	Each of BHP Billiton and Rio Tinto must procure that the Auditor reviews the Escalation of the Cashflow Adjustment Amount and the Adjustment Amount to ensure that it
has been calculated in accordance with this Agreement. 

  

	2.3	Final Cashflow Difference 

The Final Cashflow Difference will be determined in the same manner as the Estimated Cashflow Difference under item 1.3
including Escalation of cash flows to Completion (including cash flows associated with a Rio Tinto Group JV New Capital Expansion Project or a BHP Billiton Group JV New Capital Expansion Project and cash flows referred to in items 2.4(a)(ii) and
2.4(b)(ii)) and the adjustment made for Net Accrued Notional Tax for the Relevant Period, determined in accordance with item 5.5(e), except that: 
  

	 	(a)	references to Estimated Adjusted Cashflows determined in accordance with item 1.4 will be read as references to Final Adjusted Cashflows determined in accordance with
item 2.4; and 

  

	 	(b)	references to the Estimated Cashflow Difference will be read as references to the Final Cashflow Difference. 

  
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	2.4	Final Adjusted Cashflows 

  

	 	(a)	Rio Tinto’s Final Adjusted Cashflow in respect of any Month during the Relevant Period will be the net cash flows shown in the Rio Tinto Final Adjusted Cashflow
Statement for that Month prepared in accordance with item 2.5(a): 

  

	 	(i)	including any cash flows associated with a Rio Tinto Group JV New Capital Expansion Project and excluding any cash flows (other than the study costs) associated with a
Rio Tinto Group Sole Risk New Capital Expansion Project or other Rio Tinto Group New Capital Expansion Project; and 

  

	 	(ii)	if, before the earlier of: 

  

	 	(A)	expiry of the period referred to in clause 8(c)(i) during which the Receiving Party may make an election; and 

 

	 	(B)	the date when all such elections have been made, (the Expiry or Election Date), the Manager has recommended, and the Owners’ Council has approved,
the development of Rio Tinto R&D IP for use in the WA Iron Ore JV and the continuation of research and development in relation to that Rio Tinto R&D IP in accordance with clause 8 of the Intellectual Property Management Agreement, including
any cash flows associated with research and development in relation to that Rio Tinto R&D IP (whether incurred by a JV Entity or an Affiliate of Rio Tinto) to the same extent that ongoing research and development is agreed to be funded by the WA
Iron Ore JV, provided that: 

  

	 	(C)	all claimed expenses are properly attributed to Iron Ore Production Activities; and 

 

	 	(D)	no mark-up or margin is applied to those costs by Rio Tinto. 

  

	 	(b)	BHP Billiton’s Final Adjusted Cashflow in respect of any Month during the Relevant Period will be the net cash flows shown in the BHP Billiton Final Adjusted
Cashflow Statement for that Month prepared in accordance with item 2.5(a): 

  

	 	(i)	including any cash flows associated with a BHP Billiton Group JV New Capital Expansion Project and excluding any cash flows (other than the study costs) associated with
a BHP Billiton Group Sole Risk New Capital Expansion Project or other BHP Billiton Group New Capital Expansion Project; and 

  

	 	(ii)	if, by the Expiry or Election Date, the Manager has recommended, and the Owners’ Council has approved, the development of BHP Billiton R&D IP for use in the WA
Iron Ore JV and the continuation of research and development in relation to that BHP Billiton R&D IP in accordance with clause 8 of the Intellectual Property Management Agreement, including any cash flows associated with research and development
in relation to that BHP Billiton R&D IP (whether incurred by a JV Entity or an Affiliate of BHP Billiton) to the same extent that ongoing research and development is agreed to be funded by the WA Iron Ore JV, provided that:

  

	 	(A)	all claimed expenses are properly attributed to Iron Ore Production Activities; and 

 

	 	(B)	no mark-up or margin is applied to those costs by BHP Billiton. 

  
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	2.5	Final Completion Accounts 

  

	 	(a)	Each of Rio Tinto and BHP Billiton must: 

  

	 	(i)	as soon as reasonably practicable and, in any case, in sufficient time for the Auditor to comply with paragraph (b), prepare a final version of the Interim Completion
Balance Sheets (Final Completion Balance Sheets) and Interim Adjusted Cashflow Statements (Final Adjusted Cashflow Statements) that had been prepared on an estimated basis under item 1.5(b). The final versions will be
prepared on the same basis, in respect of the same date or period and, in the same form as, the interim versions (which were prepared consistently with the Guidance Materials) except that: 

 

	 	(A)	actual amounts will replace any estimates; and 

  

	 	(B)	the Final Adjusted Cashflow Statements will be prepared in accordance with item 5.4; and 

 

	 	(ii)	procure that the Auditor undertakes a review in accordance with the AUP in respect of the Final Completion Balance Sheets and Final Adjusted Cashflow Statements,
including making the adjustments referred to in paragraph (b). 

  

	 	(b)	In carrying out its review in accordance with the AUP, the Auditor will be instructed to: 

 

	 	(i)	ensure that the Final Completion Balance Sheets and Final Adjusted Cashflow Statements have been prepared in accordance with the requirements of this Agreement;

  

	 	(ii)	ensure that the Final Completion Balance Sheets and Final Adjusted Cashflow Statements have been prepared in a consistent manner as between Rio Tinto and BHP Billiton,
including in relation to approaches and levels of materiality; 

  

	 	(iii)	where in the Auditor’s opinion the Final Completion Balance Sheets or Final Adjusted Cashflow Statements (or both) have not been prepared in accordance with this
Agreement or have not been prepared in a consistent manner, then the Auditor must propose such adjustments to the Final Completion Balance Sheets and Final Adjusted Cashflow Statements as the Auditor reasonably determines best reflect the
requirements and intentions of this Schedule; 

  

	 	(iv)	provide Rio Tinto and BHP Billiton with a draft of the AUP review report, including a statement of any adjustments that the Auditor proposes pursuant to paragraph
(iii) and give both Rio Tinto and BHP Billiton a reasonable opportunity to provide comments in writing to the Auditor on the draft report. Any written comments provided by either Rio Tinto or BHP Billiton to the Auditor must be provided to the
other at the same time, and the Auditor must consider the comments and, if either Rio Tinto or BHP Billiton so requests, meet with Rio Tinto and BHP Billiton to discuss the Auditor’s proposed response to the comments before finalising the AUP
report; 

  

	 	(v)	address its AUP review report to both Rio Tinto and BHP Billiton; and 

  

	 	(vi)	complete the AUP review reports by no later than 210 days after Completion. 

 The Final Completion Balance Sheets or Final Adjusted Cashflow Statements, adjusted as proposed by the Auditor, will be final and binding on Rio Tinto and BHP Billiton, unless either Rio Tinto or BHP
Billiton disputes them in accordance with item 6. 

  
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	2.6	Agreed Sole Risk Adjustment 

 For the purposes of clause 8(c)(i) and item 2.1 of this Schedule: 
  

	 	(a)	if, before the fifth Business Day after finalisation of the Final Completion Accounts, Rio Tinto and BHP Billiton have agreed the fair market value for a Sole Risk
Development undertaken by Rio Tinto or BHP Billiton (as applicable) under clause 8.3(c) and item 1(b) of schedule 4 of the Joint Venture Agreement, then the Agreed Sole Risk Adjustment will be the other Owner’s Participating Share of that fair
market value; or 

  

	 	(b)	if not, then on determination of the fair market value under clause 8.(c) and item 1(b) of schedule 4 of the Joint Venture Agreement in accordance with item 1 of
schedule 9 of the Joint Venture Agreement, the party undertaking the Sole Risk Development will instead subscribe for further Debentures in the other Owner’s Participating Share of that fair market value in accordance with clause 7.5, within 5
Business Days of that determination. 

  

	3.	JV Commencement Date Balance Sheets 

 The Manager must, in accordance with clause 4.3(f) of the Joint Venture Agreement, as soon as practicable after the JV Commencement Date, and in any event within 90 days, prepare: 

 

	 	(a)	a notional stand-alone consolidated balance sheet, as at the JV Commencement Date, for the Iron Ore Assets and Iron Ore Liabilities (without adjustment under item 5) in
accordance with the methodology adopted under the Funding and Distribution Policy (JV Commencement Date Balance Sheet), prepared in accordance with the Accounting Policy and reviewed by the Auditor in accordance with the AUP.

  

	 	(b)	a JV Commencement Date Balance Sheet, prepared in accordance with the accounting policy of Rio Tinto and reviewed in accordance with the AUP by the Auditor; and

  

	 	(c)	a JV Commencement Date Balance Sheet, prepared in accordance with the accounting policy of BHP Billiton and reviewed in accordance with the AUP by the Auditor.

 Each JV Commencement Date Balance Sheet must be prepared in accordance with International Financial Reporting
Standards as adopted by the European Union. 
  

	4.	Other Balance Sheets 

 The
Effective Date Balance Sheets, the Interim Completion Balance Sheets and the Final Completion Balance Sheets (the Balance Sheets) must be prepared in accordance with International Financial Reporting Standards as adopted by the
European Union, adjusted in accordance with the following principles: 
  

	 	(a)	the Balance Sheets will be prepared in accordance with the methodology adopted under item 1.6 of the Funding and Distribution Policy, on the assumption that it applied
from the Effective Date and all Relevant Period Assets and Relevant Period Liabilities are assets and liabilities of the JV Entities; 

  

	 	(b)	the Balance Sheets will be prepared on the assumption that all loans and deposits from Affiliates or third parties are Relevant Period Excluded Assets, except for any
loans or deposits that Rio Tinto and BHP Billiton agree form part of Relevant Period Assets; and 

  

	 	(c)	the Balance Sheets will be calculated and prepared in US dollars. Where the functional currency of a Rio Tinto JV Entity or BHP Billiton JV Entity is not US dollars,
the Balance Sheets must be prepared in the functional currency of that Rio Tinto JV Entity or BHP Billiton JV Entity (as applicable) and then converted into US dollars in accordance with International Financial Reporting Standards as adopted by the
European Union. The exchange rates used for this purpose should be disclosed in the Balance Sheets. 

  
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	5.	Adjusted Cashflow Statements 

  

	5.1	Interim Adjusted Cashflow Statements 

 Subject to item 1.4, each Interim Adjusted Cashflow Statement must show the net cash flow (on a notional stand-alone consolidated basis) for the relevant Month for the Rio Tinto RP Assets and Liabilities
or the BHP Billiton RP Assets and Liabilities (as applicable) adjusted in accordance with principles set out in this item 5. For the avoidance of doubt, cash flows will (unless otherwise stated in this Schedule 8) be reflected in the Interim
Adjusted Cashflow Statements based on the time of receipt or payment as applicable. 
  

	5.2	Included cash flows 

  

	 	(a)	For the avoidance of doubt inclusions 

 Subject to items 5.2(b) and (c) and items 5.3(b) and (c), the following cash flows will (for the avoidance of doubt) be included in the net cash flows shown in each Interim Adjusted Cashflow
Statement: 
  

	 	(i)	capital expenditure in respect of, and proceeds from sale of, Relevant Period Iron Ore Assets in that Month; 

 

	 	(ii)	exploration and evaluation expenditure in relation to Relevant Period Iron Ore Assets in that Month; 

 

	 	(iii)	dividends received from associates relating to Relevant Period Iron Ore Assets in that Month (except where the cash flows of the associates are included in the notional
consolidation of the cash flow statement); 

  

	 	(iv)	any cash flows referred to in items 1(f)(i), 1(g)(i), 2(e)(i), 3(d)(i), 3(f)(i), 4(e)(i) and 4(f)(i) of Schedule 6 as being taken into account in the Interim
Adjusted Cashflow Statement or Final Adjusted Cashflow Statement (as applicable), in that Month; 

  

	 	(v)	iron ore production costs expended in that Month; 

  

	 	(vi)	expenditure during that Month (whether by a JV Entity or an Affiliate, as applicable) relating to the reinstatement, repair or replacement of Relevant Period Iron Ore
Assets (other than construction projects in progress) damaged or destroyed, in accordance with clause 1.1; 

  

	 	(vii)	include costs in that Month that have been directly incurred, in the ordinary course, by a JV Entity or an Affiliate in relation to Patented BHP Billiton IP,
Non-Patented BHP Billiton IP, Patented Rio Tinto IP or Non-Patented Rio Tinto IP (each as defined in the Intellectual Property Management Agreement), including costs incurred in respect of licences for, maintenance of, or the creation of
Improvements (as defined in the Intellectual Property Management Agreement) to Patented BHP Billiton IP, Non-Patented BHP Billiton IP, Patented Rio Tinto IP or Non-Patented Rio Tinto IP, where those costs are Attributable to the BHP Billiton Group
or Rio Tinto Group Iron Ore Production Activities; 

  

	 	(viii)	any Recoveries by a JV Entity in respect of an Event received during that Month; and 

 

	 	(ix)	non-product revenue from Relevant Period Iron Ore Assets received during that Month. 

  
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	 	(b)	Specific Relevant Period inclusions 

 Subject to item 5.2(c) and items 5.3(b) and (c), net cash flows for the period included in the Interim Adjusted Cashflow Statement will: 

 

	 	(i)	include receipts from the sale of iron ore in that Month, including receipts from the sale of iron ore on hand as at the Effective Date, calculated, notwithstanding
that the WA Iron Ore JV excludes marketing activities from its operations, on the basis that receipts from the sale of iron ore must be adjusted to reflect the FOB Price paid by the end customer to any Rio Tinto Group entity or BHP Billiton Group
entity; 

  

	 	(ii)	include actual demurrage costs associated with contracts for the sale of iron ore in that Month; 

 

	 	(iii)	include Marketing Costs in that Month; 

  

	 	(iv)	be adjusted to ensure that any cash flows associated with a transaction with an Affiliate (including both the supply of goods or services to, and the acquisition of
goods or services from, an Affiliate): 

  

	 	(A)	are recorded at cost and do not include any mark-ups, management fees, licence fees or royalties paid to Affiliates; and 

 

	 	(B)	include the same types of costs and are calculated consistently with the allocation keys in the Guidance Materials and otherwise on the same basis in relation to both
Rio Tinto and BHP Billiton. 

 Any transactions with Affiliates that remain in the Interim Adjusted Cashflow
Statement must be clearly disclosed, including the name of the Affiliate, the nature of the goods or services supplied and the basis of the charge; 
  

	 	(v)	include cash flows during that Month associated with short-term incentive cash payments of a Transferring Employee contemplated by item 3(f) of Schedule 6, to the
extent that and pro rata with so much of, the applicable incentive period as falls within the Relevant Period; 

  

	 	(vi)	subject to item 5.3(d), include any Cash outflows or Cash inflows in respect of any Taxes (in or out of Australia) for the Month to the extent that they relate to acts,
transactions or events that are reflected in the BHP Billiton Estimated Adjusted Cashflows or the Rio Tinto Estimated Adjusted Cashflows (as applicable). In this paragraph, references to Taxes include PAYG instalment payments, final company tax
payments, amounts paid or received under amended assessments, and like payments or receipts under foreign income tax laws (and, for the avoidance of doubt, in the case of members of the BHP Billiton Consolidated Group or the Rio Tinto Consolidated
Group, also include amounts payable or receivable under a Tax Funding Agreement or Tax Sharing Agreement, with such adjustments as are necessary to prevent double counting); and 

 

	 	(vii)	include any other items specifically agreed in writing by both Rio Tinto and BHP Billiton to be included. 

 

	 	(c)	Timing inclusions 

Subject to items 5.3(b) and (c): 
  

	 	(i)	the net cash flows shown in each Interim Adjusted Cashflow Statement will include any items specifically agreed in writing by both Rio Tinto and BHP Billiton to be
included; and 

  

	 	(ii)	 the Interim Adjusted Cashflow Statement will show as a cash outgoing the value of any goods or services received in that Month that have been pre-paid
as at the Effective Date and will 

  
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 Implementation Agreement 

 

	 	 
show as a cash receipt the value of any goods or services supplied in that Month that have been pre-paid as at the Effective Date. The amount of the adjustment will equal the amount that is shown
in the Effective Date Balance Sheet as a prepayment as at the Effective Date. 

 If the amount of any cash flow
referred to in this item 5.2 relates to more than one Month, then that amount will be allocated pro rata so that the proportion of the amount relating to the relevant Month is included in the Interim Adjusted Cashflow Statement for that Month.

  

	5.3	Excluded Cashflows 

  

	 	(a)	For the avoidance of doubt exclusions 

 Subject to items 5.2(b) and (c) and items 5.3(b) and (c), the following cash flows will (for the avoidance of doubt) be excluded from the net cash flows shown in each Interim Adjusted Cashflow
Statement: 
  

	 	(i)	all cash flows attributable to Relevant Period Excluded Assets and Relevant Period Excluded Liabilities (as determined in accordance with the methodology adopted under
item 1.6 of the Funding and Distribution Policy, on the assumption that it applied from the Effective Date and all Relevant Period Assets and Relevant Period Liabilities are assets and liabilities of the JV Entities) and any other cash flows not
attributable to Relevant Period Assets or Relevant Period Liabilities (as determined in accordance with the methodology adopted under item 1.6 of the Funding and Distribution Policy, on the assumption that it applied from the Effective Date and all
Relevant Period Assets and Relevant Period Liabilities are assets and liabilities of the JV Entities) received or paid in that Month; 

  

	 	(ii)	all amounts received during that Month that relate to sales of iron ore invoiced to an Owner or its Related Corporations by an Other JV Participant pursuant to an
arrangement referred to in clause 6.7 of the Joint Venture Agreement; and 

  

	 	(iii)	JV Formation Costs and any JV Implementation Costs, other than Approved JV Implementation Costs paid in that Month. 

 

	 	(b)	Specific Relevant Period exclusions 

 Subject to items 5.2(b) and (c) and item 5.3(c), the following cash flows will be excluded from the net cash flows shown in each Interim Adjusted Cashflow Statement: 

 

	 	(i)	gains or losses realised during that Month from hedging activities; 

  

	 	(ii)	premia in respect of any insurance policy and associated insurance planning and administration costs; 

 

	 	(iii)	actual shipping costs during that Month associated with contracts for the sale of iron ore; 

 

	 	(iv)	the payments (principal, interest and fees) under the * * * paid by BHP Billiton Iron Ore Pty Limited during that Month; 

 

	 	(v)	costs (excluding RGP5 study costs) of procuring the completion of design, construction and commissioning of RGP5 in accordance with the RGP5 scope of Work and achieving
RGP5 Handover above $4.8 billion (85% BHP Billiton share) paid by BHP Billiton during that Month; 

  

	 	(vi)	costs paid during that Month that item 4 of Schedule 6 provides are to be borne by either Rio Tinto or BHP Billiton; 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
  

	 	(vii)	costs paid by either party during that Month in relation to workers’ compensation liabilities and claims management costs associated with * * * item 5(b) of
Schedule 6. 

  

	 	(viii)	cash flows during that Month associated with incentive entitlements of an employee that do not fall within item 5.2(b)(v); 

 

	 	(ix)	any receipts during that Month under any public liability insurance policy (including in connection with contract works) or contract works insurance policy relating to
a party’s Relevant Period Iron Ore Assets, and any other recoveries received during that Month in connection with a public liability claim (including in connection with contract works) or the reinstatement, repair or replacement of a
construction project; 

  

	 	(x)	any expenditure during that Month relating to a public liability claim (including in connection with contract works), including expenditure in making any recoveries in
connection with such a claim; 

  

	 	(xi)	any expenditure during that Month relating to the reinstatement, repair or replacement of construction projects in progress that have been damaged or destroyed, in
accordance with clause 3.2(j); 

  

	 	(xii)	any receipts during that Month under any property damage and business interruption insurance policy relating to a party’s Relevant Period Iron Ore Assets, where
the applicable deductible under the relevant insurance policy is less than the applicable Deductible under clause 3.2(c), and to the extent that the receipts, when aggregated with receipts in any previous Month relating to the same Event under any
property damage and business interruption insurance policy do not exceed the difference between the applicable deductible under the relevant insurance policy and the applicable Deductible under clause 3.2(c); 

 

	 	(xiii)	any receipts during that Month under any property damage and business interruption insurance policy relating to a party’s Relevant Period Iron Ore Assets, to the
extent that the receipts (when aggregated with any prior receipts in relation to the same Event), exceed the lesser of the Assessed Loss and the Maximum Amount; 

 

	 	(xiv)	any Recoveries by an Affiliate in respect of an Event received during that Month; and 

 

	 	(xv)	any other items specifically agreed in writing by both Rio Tinto and BHP Billiton to be excluded, 

and: 
  

	 	(xvi)	the Interim Adjusted Cashflow Statement will only take into account cash flows arising from the operating and investing activities of the relevant Rio Tinto JV Entities
and BHP Billiton JV Entities attributable to Relevant Period Assets and Relevant Period Liabilities during the Relevant Period, as determined in accordance with International Accounting Standard 7 “Statement of Cash Flows” (IAS
7), and will not take into account cash flows associated with their financing activities, as determined in accordance with IAS 7, (whether by way of shareholder equity, debt or otherwise), including: 

 

	 	(A)	interest payments and receipts; 

  

	 	(B)	dividend payments and capital distributions; 

  

	 	(C)	loan repayments and draw-downs, and debt waivers, assumptions and novations and like transactions; 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Implementation Agreement 

 
  

	 	(D)	advances and loans to or from a Rio Tinto Group entity or BHP Billiton Group entity (as applicable); 

 

	 	(E)	equity issues and repurchases; 

  

	 	(F)	payments on finance leases; and 

  

	 	(xvii)	any Cash outflows or Cash inflows in respect of any Taxes (in or out of Australia) for the Month to the extent that item 5.2(b)(vi) does not apply to them. In this
paragraph, references to Taxes include PAYG instalment payments, final company tax payments, amounts paid or received under amended assessments, and like payments or receipts under foreign income tax laws (and, for the avoidance of doubt, also
include amounts payable or receivable under a Tax Funding Agreement or Tax Sharing Agreement). 

  

	 	(c)	Timing exclusions 

Subject to items 5.2(b) and (c), the following cash flows will be excluded from the net cash flows shown in each Interim Adjusted Cashflow
Statement: 
  

	 	(i)	all amounts received during that Month that relate to sales that were invoiced and delivered (even if invoiced at a provisional amount) prior to the Effective Date. The
amount of the adjustment will equal the actual cash received, regardless of the amount shown in the Effective Date Balance Sheet; 

  

	 	(ii)	all amounts paid during that Month that relate to purchases of goods or services that were received prior to the Effective Date. The amount of the adjustment will equal
the actual cash paid regardless of the amount shown in the Effective Date Balance Sheet. This adjustment will apply irrespective of whether the purchase related to an operating or capital item; 

 

	 	(iii)	proceeds of any insurance claim in that Month relating to events that occurred prior to the Effective Date; 

 

	 	(iv)	royalty payments paid and/or received during that Month in relation to ore sales before the Effective Date; and 

 

	 	(v)	any other items specifically agreed in writing by both Rio Tinto and BHP Billiton to be excluded. 

If the amount of any cash flow referred to in this item 5.3 relates to more than one Month, then that amount will be allocated pro rata so
that the proportion of the amount relating to the relevant Month is included in the Interim Adjusted Cashflow Statement for that Month. 
  

	 	(d)	GST 

 For the avoidance of
doubt, the cash flows shown in each Interim Adjusted Cashflow Statement will exclude: 
  

	 	(i)	GST payable to the Australian Taxation Office on supplies; 

  

	 	(ii)	amounts payable to suppliers for GST on acquisitions for which an Input Tax Credit arises; and 

 

	 	(iii)	equivalent liabilities and credits for goods and services tax, value added tax or like taxes in other jurisdictions. 

 

	5.4	Final Adjusted Cashflow Statements 

 The Final Adjusted Cashflow Statements will also be prepared in accordance with the requirements of items 5.1 to 5.3 (inclusive), except that: 

 

	 	(a)	cash flows attributable to JV New Capital Expansion Projects will be included; 

  
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 Implementation Agreement 

 
  

	 	(b)	cash flows (other than the study costs) attributable to Sole Risk New Capital Expansion Projects or other New Capital Expansion Projects will be excluded;

  

	 	(c)	if, by the Expiry or Election Date, the Manager has recommended, and the Owners’ Council has approved, the development of BHP Billiton R&D IP or Rio Tinto
R&D IP (as applicable) for use in the WA Iron Ore JV and the continuation of research and development in relation to that BHP Billiton R&D IP or Rio Tinto R&D IP (as applicable) in accordance with clause 8 of the Intellectual Property
Management Agreement, any cash flows associated with research and development in relation to that BHP Billiton R&D IP or Rio Tinto R&D IP (as applicable) (whether incurred by a JV Entity or an Affiliate of BHP Billiton or Rio Tinto, as
applicable) will be included to the same extent that ongoing research and development is agreed to be funded by the WA Iron Ore JV, provided that: 

  

	 	(i)	all claimed expenses are properly attributed to Iron Ore Production Activities; and 

 

	 	(ii)	no mark-up or margin is applied to those costs by BHP Billiton or Rio Tinto (as applicable); and 

 

	 	(d)	any cash flows associated with research and development in relation to BHP Billiton R&D IP or Rio Tinto R&D IP not referred to in paragraph (c) will be
excluded. 

  

	5.5	General provisions 

  

	 	(a)	The Interim Adjusted Cashflow Statements and Final Adjusted Cashflow Statements must be calculated and prepared in US dollars. Where the functional currency of the
relevant entity is not US dollars, the Interim Adjusted Cashflow Statements and Final Adjusted Cashflow Statements must be prepared in the functional currency of that entity and then converted into US dollars using an average of the applicable daily
Bloomberg Fix exchange rate (code: BFIX) reported by Bloomberg at 4pm (Sydney time) for the relevant Month. The exchange rates used for this purpose must be disclosed in the Interim Completion Accounts and the Final Completion Accounts.

  

	 	(b)	The Interim Adjusted Cashflow Statements and Final Adjusted Cashflow Statements must be prepared in the same form as the standardised templates set out in the Guidance
Materials. 

  

	 	(c)	The net accrued notional tax (Net Accrued Notional Tax) for the Relevant Period will be calculated by subtracting accrued notional tax in respect of total
BHP Billiton Estimated Adjusted Cashflows from accrued notional tax in respect of total Rio Tinto Estimated Adjusted Cashflows (which may be a positive or negative number). 

 

	 	(d)	For the purposes of item (c), accrued notional tax relates to amounts payable or receivable in respect of income tax and is calculated on the basis of the following
principles: 

  

	 	(i)	accrued notional tax will be calculated on an accruals basis, such that the relevant entity need not have actually paid, or become liable to pay, the income tax
(including making a payment under a Tax Funding Agreement or Tax Sharing Agreement) in the Relevant Period; 

  

	 	(ii)	accrued notional tax will take into account the income tax consequences for the Relevant Period arising from acts, transactions or events that are reflected in the BHP
Billiton Estimated Adjusted Cashflows or the Rio Tinto Estimated Adjusted Cashflows (as applicable), but will be calculated net of any Cash outflows or Cash inflows in respect of income tax (in or out of Australia) already taken into account under
item 5.2(b)(vi), and, in the case of members of the BHP Billiton Consolidated Group or the Rio Tinto Consolidated Group will take into account amounts payable or receivable under a Tax Funding Agreement or Tax Sharing Agreement, or by the Head
Company, with such adjustments as are necessary to prevent double counting; 

  

	 	(iii)	accrued notional tax will be calculated on the basis that all entities with Cash Flows included in the BHP Billiton Estimated Adjusted Cashflows or the Rio Tinto
Estimated Adjusted Cashflows (as applicable) are residents of Australia for Australian income tax purposes; 

  
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 Implementation Agreement 

 
  

	 	(iv)	accrued notional tax will be calculated in relation acts, transactions or events that are reflected in the BHP Billiton Estimated Adjusted Cashflows or the Rio Tinto
Estimated Adjusted Cashflows (as applicable) in accordance with all applicable Australian income tax laws, and, for the avoidance of doubt, will take into account depreciation in relation to Relevant Period Iron Ore Assets, and expenditure in
relation to Relevant Period Iron Ore Assets paid or incurred before the Effective Date that is deductible for the purposes of the 1936 Act or the 1997 Act after the Effective Date (determined on a fair and reasonable basis); and

  

	 	(v)	accrued notional tax will be calculated at the Australian statutory company tax rate (currently 30%) that would apply to the Head Company of the BHP Billiton
Consolidated Group or the Rio Tinto Consolidated Group (as applicable) during the Relevant Period. 

  

	 	(e)	Net Accrued Notional Tax in respect of the Final Adjusted Cashflow Statements will be calculated in the same way as set out in items 5.5(c) and 5.5(d), with Net Accrued
Notional Tax calculated in relation to acts, transactions or events that are reflected in the BHP Billiton Final Adjusted Cashflows or the Rio Tinto Final Adjusted Cashflows (as applicable) using the same tax treatment (including tax rates) that was
adopted in relation to the Cash Flows referred to in item 5.5(c). 

  

	5.6	Guidance Materials 

 In
the event of an inconsistency between this Schedule and the Guidance Materials, this Schedule will prevail to the extent of the inconsistency. 
  

	6.	Disputes 

  

	 	(a)	Either Rio Tinto or BHP Billiton may, within 30 days of receipt of the Final Completion Accounts, serve a dispute notice on the other. If a dispute notice is
served, the dispute must be resolved by an Independent Expert and subject to paragraph (b), the provisions of clauses 16.2 and 16.3 of the Joint Venture Agreement will apply. 

 

	 	(b)	The Independent Expert must determine whether the Final Completion Accounts and the Adjustment Amount have been determined in accordance with the requirements and
intention of clause 1 and this Schedule. 

  

	 	(c)	If the Independent Expert determines that an adjustment must be made to the Adjustment Amount, then that adjustment will be effected by the Rio Tinto Owner or the BHP
Billiton Owner subscribing for further Debentures for the amount of that adjustment in accordance with clause 7.5 within 5 Business Days of that determination. 

 

	7.	Post-JV Commencement Date cash flows 

  

	 	(a)	Within 90 days after the end of each six month period (Cashflow Period), with the first such Cashflow Period commencing on the JV Commencement Date, Rio
Tinto and BHP Billiton must provide to one another a statement reviewed by the auditor of Rio Tinto or the auditor of BHP Billiton (as applicable) in accordance with the AUP setting out: 

 

	 	(i)	as a positive number all amounts received during that Cashflow Period that relate to sales of iron ore that were invoiced and delivered (even if invoiced at a
provisional amount) in the Relevant Period. The amount, in relation to sales of iron ore, must be calculated on the same basis specified in item 5.2(a); 

  
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 Implementation Agreement 

 
  

	 	(ii)	as a negative number: 

  

	 	(A)	all amounts paid during that Cashflow Period that relate to purchases of goods or services that were received in the Relevant Period (irrespective of whether the
purchase related to an operating or capital item); and 

  

	 	(B)	an amount equal to the value of any iron ore supplied to customers in that Cashflow Period that was pre-paid in the Relevant Period, as recorded in the Final Completion
Balance Sheets; and 

  

	 	(iii)	such reductions in respect of accrued tax as are appropriate to ensure the cash flows covered by this item 7 are reduced by accrued tax basis, consistently with the
methodology in item 5.5; and 

  

	 	(iv)	the net sum of the above amounts (Post-Completion Cashflow Amount). 

 

	 	(b)	If, in relation to a Cashflow Period one Owner has a lower Post-Completion Cashflow Amount that Owner will, as soon as practicable after the provision of both
statements under item 7(a), be entitled to receive a franked Coupon in an amount equal to the after-Tax amount of one half of the difference between the two Owner’s Post-Completion Cashflow Amounts. 

 

	 	(c)	After the second Cashflow Period, and (if no settlement is reached under this item 7(c)) each subsequent Cashflow Period, Rio Tinto and BHP Billiton must negotiate in
good faith to agree a settlement of any such amounts still outstanding. If such a settlement is reached, the provisions of this item 7 will no longer apply. 

  
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 Schedule 9 

Warranties 
 In this
Schedule: 
  

	 	(1)	references to the “Warrantor” and “Warrantor Group” are: 

 

	 	(a)	where BHP Billiton is giving the warranties—to BHP Billiton and the BHP Billiton Group, respectively; and 

 

	 	(b)	where Rio Tinto is giving the warranties—to Rio Tinto and the Rio Tinto Group, respectively; and 

 

	 	(2)	references to JV Entities are: 

  

	 	(a)	where BHP Billiton is giving the warranties—to the BHP Billiton JV Entities; and 

 

	 	(b)	where Rio Tinto is giving the warranties—to the Rio Tinto JV Entities; and 

 

	 	(3)	references to “the other party” are: 

  

	 	(a)	where the Warrantor is BHP Billiton, to Rio Tinto; and 

  

	 	(b)	where the Warrantor is Rio Tinto, to BHP Billiton. 

 Part 1—Warranties given by each Warrantor 
  

	 	(1)	Except as disclosed in the Due Diligence Materials or otherwise in writing to the other party, the Relevant Period Iron Ore Assets of the Warrantor are owned by the
Warrantor Group and are not subject to any Security Interest, other than: 

  

	 	(a)	a Permitted Security Interest; or 

  

	 	(b)	an Existing JV Cross Charge. 

  

	 	(2)	The Due Diligence Materials provided by or on behalf of a member of the Warrantor Group to the other party were provided in good faith and, to the best of the knowledge
and belief of the Warrantor, were true, accurate and, except to the extent that disclosure has been withheld as required by contractual obligations of confidentiality to third parties, or by antitrust Laws, complete in all material respects at the
time they were provided. 

 Part 2—Warranty given by Rio Tinto 

 

	 	(1)	Diagram 1 and Diagram 2 set out in item 1.3 of Part 1 of Schedule 7 shows all the Rio Tinto JV Entities in yellow shaded boxes and is a complete and accurate
depiction of the ownership interests in and held by Rio Tinto JV Entities. 

 Part 3—Warranty given by
BHP Billiton 
  

	 	(1)	Diagram 1 set out in item 2.3 of Part 2 of Schedule 7 identifies as “JV Entity” all the BHP Billiton JV Entities and is a complete and accurate
depiction of the ownership interests in and held by BHP Billiton JV Entities. 

  
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 Schedule 10 

Owners’ Council Completion Resolutions 
  

	Resolution	1: Powers of Owners’ Council to approve, amend and replace additional policies 

Resolved that, pursuant to clause 3.3(a)(iv) of the Joint Venture Agreement, the following policies are necessary and desirable:

  

	 	(a)	an insurance protocol; and 

  

	 	(b)	a hedging policy. 

 Further
Resolved that, pursuant to clause 3.3(a)(iv) of the Joint Venture Agreement, the following policies (in the form tabled at the meeting) be approved and take effect from the JV Commencement Date: 

 

	 	(a)	the Insurance Protocol; and 

  

	 	(b)	the Hedging Policy. 

  

	Resolution	2: Meetings of the Owners’ Council 

 Resolved that the following Owners’ Council meeting procedures be adopted pursuant to clause 3.5 of the Joint Venture Agreement: 

At least 14 days’ prior notice of each meeting of the Owners’ Council, together with notice of the agenda for the meeting,
will be given to each Representative by the Manager or the Owner calling the meeting. Notice of any meeting or of the agenda for the meeting, or both, may be waived by all the Representatives. Additional items may be added to the agenda by the
Manager or any Owner by notice to each Representative not less than 5 days prior to the scheduled date of the meeting. If notice of an agenda has not been waived in accordance with this paragraph, only items on the agenda may be the subject of
decision at an Owners’ Council meeting, unless otherwise agreed by the Owners’ Council. 
  

	Resolution	3: Establishment of the Audit, Remuneration, Technical and Sustainable Development Committees of the Owners’ Council 

Resolved that, pursuant to clause 3.9 of the Joint Venture Agreement, with effect from the JV Commencement Date, the following
standing committees be established, with the following functions and responsibilities: 
  

	 	(a)	an audit committee (Audit Committee), which will make recommendations, and report and provide advice, to the Owners’ Council, based on its review of
relevant material, including: 

  

	 	(i)	the financial information that will be provided to the Owners and the public; 

 

	 	(ii)	the systems and internal controls that the Owners’ Council and the Manager will establish; and 

 

	 	(iii)	the audit, accounting and financial reporting processes of the WA Iron Ore JV; 

 

	 	(b)	a remuneration committee (Remuneration Committee), which will report and provide advice to the Owners’ Council in relation to the remuneration of the
CEO and Senior Executive Team members; and 

  

	 	(c)	a technical committee (Technical Committee), whose function will be to: 

 

	 	(i)	report and provide advice to the Owners’ Council, based on pertinent reports and technical information relating to the operations and development and expansion
activities of the WA Iron Ore JV; and 

  

	 	(ii)	report and provide advice to the Owners’ Council based on the Owners’ Business Plans and Budgets and studies provided to the Owners pursuant to clause 8 of
the Joint Venture Agreement. 

  
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	 	(d)	a sustainable development committee (Sustainable Development Committee), whose function will be to report and provide advice to the Owners’ Council
in relation to its oversight of matters relating to health, safety, environment, community and sustainable development, including: 

  

	 	(i)	the WA Iron Ore JV’s compliance with applicable legal and regulatory requirements; and 

 

	 	(ii)	the approach to be taken by the Manager in relation to these matters. 

 Each of the Committees will meet at least Quarterly (or more frequently as may be desirable) and will regulate the conduct of their meetings as they see fit. 

 

	Resolution	4: Appointment of initial Auditor 

 Resolved that [insert name], recommended by the Implementation Management Committee in accordance with clause 3.6(b)(viii) of the Implementation Agreement for appointment as the
initial Auditor, be appointed as the initial Auditor and that such appointment take effect on and from the JV Commencement Date. 

Further Resolved that [insert name] recommended by the Implementation Management Committee in accordance with clause
3.6(b)(viii) of the Implementation Agreement for appointment as the internal auditor, be appointed as the internal auditor and that such appointment take effect on and from the JV Commencement Date. 

 

	Resolution	5: Revised Accounting Policy 

 Resolved that, pursuant to clause 3.13 of the Joint Venture Agreement, the Revised Accounting Policy (in the form tabled at the meeting) be adopted as the Accounting Policy and have effect from the
JV Commencement Date. 
  

	Resolution	6: Limitations on Manager’s expenditure 

 Resolved that for the purposes of clause 3.10(l) of the Joint Venture Agreement: 
  

	 	(a)	the Budget Overrun Percentage is * * * of the total expense specified in the relevant Budget; 

 

	 	(b)	the Expenditure Category Overrun Amount is * * * of the expense specified in the relevant Budget for each of the following categories of aggregated expenditure:

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

 * * * 

 

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Schedule 11 

Joint Venture Agreement 

  
 Page 105

 West Australian Iron Ore 

Production Joint Venture 
 Agreement 
 Rio Tinto Limited 

Rio Tinto plc 
 BHP
Billiton Limited 
 BHP Billiton plc 
 [Rio Tinto Owner] 
 [BHP Billiton Owner] 

[Rio Tinto Marketing SPV] 
 [BHP Billiton Marketing SPV] 
 [The Manager] 

An agreement to establish a production joint venture 
 by Rio Tinto and BHP Billiton 

 West Australian Iron Ore 
 Production Joint Venture Agreement 
 Table of Contents 

 

											
	1.	  	 	Definitions and Interpretation	  	 	2	  
		  	 	1.1	  	  	Definitions	  	 	2	  
		  	 	1.2	  	  	Interpretation	  	 	2	  
	2.	  	 	WA Iron Ore Production Joint Venture Overview	  	 	2	  
		  	 	2.1	  	  	Formation of WA Iron Ore Production Joint Venture	  	 	2	  
		  	 	2.2	  	  	Scope of WA Iron Ore JV	  	 	3	  
		  	 	2.3	 	  	Objectives of the WA Iron Ore JV	  	 	4	  
		  	 	2.4	  	  	JV Entities	  	 	5	  
		  	 	2.5	  	  	Term of the WA Iron Ore JV	  	 	7	  
	3.	  	 	Governance of WA Iron Ore JV	  	 	7	  
		  	 	3.1  	  	  	Establishment of the Owners’ Council	  	 	7	  
		  	 	3.2  	  	  	Representation on Owners’ Council	  	 	7	  
		  	 	3.3  	  	  	Owners’ Council Powers and Functions	  	 	8	  
		  	 	3.4  	  	  	Manager’s Authority	  	 	9	  
		  	 	3.5  	  	  	Meetings	  	 	10	  
		  	 	3.6  	 	  	Voting	  	 	10	  
		  	 	3.7  	  	  	Deadlock general principles	  	 	11	  
		  	 	3.8  	  	  	Deadlock resolution for specific matters	  	 	11	  
		  	 	3.9  	  	  	Owners’ Council Committees	  	 	12	  
		  	 	3.10	  	  	Business Plans, Budgets and Synergies Capture Plans	  	 	13	  
		  	 	3.11	  	  	Called Sums	  	 	16	  
		  	 	3.12	  	  	Funding and Distribution Policy	  	 	19	  
		  	 	3.13	  	  	Policies and Protocols	  	 	19	  
	4.	  	 	Management of WA Iron Ore JV	  	 	19	  
		  	 	4.1  	  	  	Appointment and removal of Manager	  	 	19	  
		  	 	4.2  	  	  	Liability	  	 	20	  
		  	 	4.3  	  	  	Manager Duties	  	 	22	  
		  	 	4.4  	  	  	Board of Manager	  	 	22	  
		  	 	4.5  	  	  	Appointment and Removal of CEO and Senior Executive Team	  	 	23	  
		  	 	4.6  	  	  	Employees of Manager	  	 	24	  
		  	 	4.7  	  	  	WA Iron Ore JV systems, standards and procedures	  	 	25	  
		  	 	4.8  	  	  	Revenue Based Royalties	  	 	25	  
		  	 	4.9  	  	  	JV Entities’ and Manager’s accounts and records	  	 	27	  
		  	 	4.10	  	  	Accounting systems	  	 	28	  
		  	 	4.11	  	  	Audit	  	 	29	  
		  	 	4.12	  	  	Reporting Policy and Accounting Policy	  	 	30	  
		  	 	4.13	  	  	Access to Information	  	 	30	  
		  	 	4.14	  	  	Weighing, Sampling and Analysis Protocol	  	 	32	  

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  

											
		  	 	4.15	  	  	Insurance	  	 	32	  
		  	 	4.16	  	  	Intellectual property	  	 	33	  
		  	 	4.17	  	  	Maintenance of tenements	  	 	34	  
		  	 	4.18	  	  	Environmental compliance and rehabilitation	  	 	34	  
		  	 	4.19	  	  	Ownership of WA Iron Ore JV Property	  	 	34	  
		  	 	4.20	  	  	Manager not empowered to create Encumbrances	  	 	34	  
		  	 	4.21	  	  	Assignment, subcontracting and delegation	  	 	34	  
	5.	  	 	* * *	  	 	34	  
		  	 	5.1  	  	  	* * *	  	 	34	  
		  	 	5.2  	  	  	* * *	  	 	34	  
		  	 	5.3  	  	  	* * *	  	 	35	  
		  	 	5.4  	  	  	* * *	  	 	35	  
		  	 	5.5  	  	  	* * *	  	 	36	  
	6.	  	 	Supply of Iron Ore Product	  	 	36	  
		  	 	6.1  	  	  	General principles	  	 	36	  
		  	 	6.2  	  	  	Ore Sales Agreements	  	 	36	  
		  	 	6.3  	  	  	Quantity	  	 	37	  
		  	 	6.4  	  	  	Price	  	 	40	  
		  	 	6.5  	  	  	Minimising need for Adjustments	  	 	43	  
		  	 	6.6  	  	  	Separate Marketing	  	 	43	  
		  	 	6.7  	  	  	* * *	  	 	44	  
	7.	  	 	Other marketing arrangements	  	 	44	  
		  	 	7.1  	  	  	Product standardisation	  	 	44	  
		  	 	7.2  	  	  	Pre-existing Customer Contracts	  	 	44	  
	8.	  	 	Expansions and New Opportunities	  	 	44	  
		  	 	8.1  	  	  	Owners Forward Demand Forecasts	  	 	44	  
		  	 	8.2  	  	  	Development Studies	  	 	45	  
		  	 	8.3  	  	  	Owners’ Council Decisions on Projects	  	 	47	  
		  	 	8.4  	  	  	New Opportunities	  	 	48	  
		  	 	8.5  	  	  	General provisions	  	 	49	  
		  	 	8.6  	  	  	Incidental acquisitions	  	 	49	  
	9.	  	 	Default and Dilution	  	 	50	  
		  	 	9.1  	  	  	Suspension of voting rights	  	 	50	  
		  	 	9.2  	  	  	Liability for Unpaid Amounts and Associated Amounts	  	 	51	  
		  	 	9.3  	  	  	Payment by Non-Defaulting Owner	  	 	51	  
		  	 	9.4  	  	  	Remedy of Default	  	 	52	  
		  	 	9.5  	  	  	Non-Defaulting Owner’s Election	  	 	52	  
		  	 	9.6	  	  	Purchase Option	  	 	53	  

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  

											
		  	 	9.7	  	  	Dilution Option	  	 	54	  
		  	 	9.8	  	  	Implementation of Dilution	  	 	55	  
		  	 	9.9	  	  	Cross Charges	  	 	55	  
	10.	  	 	Disposals	  	 	56	  
		  	 	10.1  	  	  	No restriction on disposals	  	 	56	  
		  	 	10.2  	  	  	Underlying assets	  	 	56	  
		  	 	10.3  	  	  	* * *	  	 	56	  
		  	 	10.4  	  	  	Minority Owners (less than 17%)	  	 	57	  
		  	 	10.5  	  	  	Substantial Owner (17% or greater, but not greater than 25%)	  	 	57	  
		  	 	10.6  	  	  	New Majority Owner (Third Party or Existing Owner)	  	 	58	  
		  	 	10.7  	  	  	No Majority Owner * * *	  	 	58	  
		  	 	10.8  	  	  	Requirements for all Disposals to third parties	  	 	58	  
		  	 	10.9  	  	  	Requirements for Disposals from one Owner to another Owner	  	 	59	  
		  	 	10.10	  	  	* * *	  	 	59	  
	11.	  	 	Security Structure	  	 	60	  
		  	 	11.1	  	  	Single purpose undertaking—Owners	  	 	60	  
		  	 	11.2	  	  	Funding undertaking—Owners	  	 	60	  
		  	 	11.3	  	  	Security Interests—Owners	  	 	61	  
		  	 	11.4	  	  	Security Interests—Issuers, shareholders of JV Entities and JV Entities	  	 	61	  
		  	 	11.5	  	  	Cross Charges—Owners	  	 	61	  
		  	 	11.6	  	  	Cross Charges—Issuers and JV Entities—general requirement	  	 	61	  
		  	 	11.7	  	  	Agreed Reorganisation and removal of Agreed Impediments	  	 	62	  
		  	 	11.8	  	  	Procedure for granting Cross Charges	  	 	63	  
		  	 	11.9	  	  	* * *	  	 	64	  
	12.	  	 	* * *	  	 	65	  
		  	 	12.1	  	  	* * *	  	 	65	  
		  	 	12.2	  	  	* * *	  	 	65	  
		  	 	12.3	  	  	* * *	  	 	65	  
	13.	  	 	Public Announcements and External Relations	  	 	65	  
		  	 	13.1	  	  	Public Announcements	  	 	65	  
		  	 	13.2	  	  	Continuous Disclosure	  	 	66	  
		  	 	13.3	  	  	External Relations	  	 	66	  
	14.	  	 	Confidentiality	  	 	66	  
		  	 	14.1	  	  	Confidential Information not to be disclosed	  	 	66	  
		  	 	14.2	  	  	Permitted disclosure	  	 	67	  
		  	 	14.3	  	  	Conditions to disclosure	  	 	68	  
		  	 	14.4	  	  	Owner’s Confidential Information	  	 	69	  
		  	 	14.5	  	  	Law of confidentiality	  	 	70	  
		  	 	14.6	  	  	Former party bound	  	 	70	  

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page iii

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  

											
	15.	  	 	Relationship of the Parties	  	 	70	  
		  	 	15.1	  	  	No partnership or proprietary interests	  	 	70	  
		  	 	15.2	  	  	Liability	  	 	70	  
	16.	  	 	Independent Expert	  	 	70	  
		  	 	16.1  	  	  	Referral to Independent Expert	  	 	70	  
		  	 	16.2  	  	  	Appointment of Independent Expert	  	 	70	  
		  	 	16.3  	  	  	Conduct of Independent Expert	  	 	71	  
	17.	  	 	Prohibition on partition	  	 	71	  
	18.	  	 	Force Majeure	  	 	71	  
		  	 	18.1  	  	  	Event of Force Majeure	  	 	71	  
		  	 	18.2  	  	  	No liability during an Event of Force Majeure	  	 	72	  
		  	 	18.3  	  	  	Suspension of obligations	  	 	72	  
		  	 	18.4  	  	  	Remedy of Force Majeure	  	 	72	  
		  	 	18.5  	  	  	Mitigation	  	 	72	  
		  	 	18.6  	  	  	No requirement to settle labour dispute	  	 	72	  
		  	 	18.7  	  	  	* * *	  	 	73	  
	19.	  	 	GST	  	 	73	  
		  	 	19.1  	  	  	Definitions	  	 	73	  
		  	 	19.2  	  	  	Recovery of GST	  	 	74	  
		  	 	19.3  	  	  	Liability net of GST	  	 	74	  
		  	 	19.4  	  	  	Adjustments	  	 	74	  
		  	 	19.5  	  	  	Revenue exclusive of GST	  	 	74	  
		  	 	19.6  	  	  	Cost exclusive of GST	  	 	74	  
		  	 	19.7  	  	  	GST obligations to survive termination	  	 	74	  
	20.	  	 	Governing Law and Jurisdiction	  	 	74	  
		  	 	20.1  	  	  	Governing Law	  	 	74	  
		  	 	20.2  	  	  	Final judgment conclusive and enforceable	  	 	75	  
		  	 	20.3  	  	  	Dispute Resolution	  	 	75	  
		  	 	20.4  	  	  	Service of Process	  	 	75	  
	21.	  	 	Ancillary Provisions	  	 	76	  
		  	 	21.1  	  	  	Notices	  	 	76	  
		  	 	21.2  	  	  	Severability	  	 	77	  
		  	 	21.3  	  	  	Variation	  	 	77	  
		  	 	21.4  	  	  	No Waiver	  	 	77	  
		  	 	21.5  	  	  	Remedies	  	 	77	  
		  	 	21.6  	  	  	No Merger	  	 	77	  
		  	 	21.7  	  	  	Costs and Expenses	  	 	77	  

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page iv

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  

											
		  	 	21.8  	  	  	Entire Agreement	  	 	78	  
		  	 	21.9  	  	  	Further Assurances	  	 	78	  
		  	 	21.10	  	  	Change of Law	  	 	78	  
		  	 	21.11	  	  	Enurement	  	 	78	  
		  	 	21.12	  	  	Civil Liability Act 2002	  	 	78	  
		  	 	21.13	  	  	Counterparts	  	 	78	  
	 Schedule 1
	  	 	79	  
		  	 	Definitions and Interpretation	  	 	79	  
	 Schedule 2
	  	 	106	  
		  	 	List of JV Entities	  	 	106	  
	 Schedule 3
	  	 	109	  
		  	 	Support for Owner Loans and Owner Guarantees	  	 	109	  
	 Schedule 4
	  	 	111	  
		  	 	Sole Risk Developments and Sole Risk Opportunities	  	 	111	  
	 Schedule 5
	  	 	122	  
		  	 	Pre-Feasibility and Feasibility Studies	  	 	122	  
	 Schedule 6
	  	 	125	  
		  	 	Owner Guarantee—Deed of Indemnity	  	 	125	  
	 Schedule 7
	  	 	126	  
		  	 	Ore Sales Agreement	  	 	126	  
	 Schedule 8
	  	 	127	  
		  	 	* * *	  	 	127	  
	 Schedule 9
	  	 	131	  
		  	  
	 Determination of Fair Market Value and Purchase Options
	  	 	131	  
		  	  
	 * * * 
	  	 	134	  
		  	  
	 * * *
	  	 	134	  
	 Schedule 11
	  	 	160	  
		  	  
	 New Owner’s Assumption Deed
	  	 	160	  
	 Schedule 12
	  	 	161	  
		  	  
	 Cross Charges
	  	 	161	  
	 Schedule 13
	  	 	164	  
		  	  
	 Creditor Deed Poll
	  	 	164	  
	 Schedule 14
	  	 	165	  
		  	  
	 Existing Cross Charges
	  	 	165	  
	 Schedule 15
	  	 	168	  
		  	  
	 Product Types
	  	 	168	  

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page v

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  

									
	 Schedule 16
	  	 	169	  
		  	 Parent Company Guarantee
	  	 	169	  
	 Schedule 17
	  	 	170	  
		  	 Parent Assumption Deed
	  	 	170	  
	 Schedule 18
	  	 	171	  
		  	 Deed of Accession (Sole Risk Entity)
	  	 	171	  

  
 Page vi

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  

	 Date 
	 2009

Parties 
  

	 	1.	Rio Tinto Limited (ACN 004 458 404), a company incorporated in Australia, of Level 33, 120 Collins Street, Melbourne, Victoria, Australia
(RTL). 

  

	 	2.	Rio Tinto plc (registration number 00719885), a company incorporated in England and Wales, of 2 Eastbourne Terrace, London, United Kingdom (RTP
and, together with RTL, Rio Tinto). 

  

	 	3.	BHP Billiton Limited (ACN 004 028 077), a company incorporated in Australia, of 180 Lonsdale Street, Melbourne, Victoria, Australia (BHPBL).

  

	 	4.	BHP Billiton plc (registration number 3196209), a company incorporated in England and Wales, of Neathouse Place, London, United Kingdom (BHPBP
and, together with BHPBL, BHP Billiton). 

  

	 	5.	[*] (Rio Tinto Owner). 

  

	 	6.	[*] (BHP Billiton Owner). 

  

	 	7.	[*] (Rio Tinto Marketing SPV). 

  

	 	8.	[*] (BHP Billiton Marketing SPV). 

  

	 	9.	[*] (the Manager). 

Recitals 
  

	 	A	Rio Tinto and BHP Billiton each carry on iron ore operations in Western Australia. 

 

	 	B	Rio Tinto Owner and BHP Billiton Owner own shares and debentures in [names of debenture issuers to be inserted]. 

 

	 	C	Rio Tinto Owner and BHP Billiton Owner have determined that their respective interests as shareholders and debenture holders will be enhanced if the following
arrangements (to be known collectively as the “West Australian Iron Ore Joint Venture”) are entered into: 

  

	 	(a)	each JV Entity contracts to have its Iron Ore Assets managed by the Manager; 

 

	 	(b)	each relevant JV Entity enters contracts to allow its infrastructure to be used by the other JV Entities; 

 

	 	(c)	each relevant JV Entity enters contracts to sell agreed proportions of its annual production to Rio Tinto Marketing SPV and BHP Billiton Marketing SPV, for separate

  

	 	(d)	Rio Tinto Owner and BHP Billiton Owner agree to share in equal proportions the cost of funding the respective iron ore operations of the JV Entities,

 on the terms and conditions of this Agreement and the other Transaction Documents, subject to the terms of any
Existing JV Arrangements. 
  

	 	D	The objectives of the West Australian Iron Ore Production Joint Venture are to manage, develop and expand, on a unified basis, the respective iron ore assets of the JV
Entities in Western Australia, realise the significant synergy opportunities available to them and facilitate increased supply to the global marketplace. 

  
 Page 1

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 It is agreed as follows. 
  

	1.	Definitions and Interpretation 

  

	1.1	Definitions 

 In this
Agreement, unless the subject matter or context requires otherwise, the terms defined in item 1.1 of schedule 1 have the meaning given to them in that schedule. 
  

	1.2	Interpretation 

 The
interpretation provisions in items 1.2 to 1.7 of schedule 1 apply to the interpretation of this Agreement. 
  

	2.	WA Iron Ore Production Joint Venture Overview 

  

	2.1	Formation of WA Iron Ore Production Joint Venture 

  

	 	(a)	Subject to paragraph (b), on and from the JV Commencement Date, a joint venture to be known as the “West Australian Iron Ore Joint Venture” will be formed in
accordance with the terms of the Transaction Documents (WA Iron Ore JV). 

  

	 	(b)	The Owners acknowledge that formation of the WA Iron Ore JV will only occur after the BHP Billiton Owner has subscribed for Debentures issued by the Rio Tinto Issuer
and the Rio Tinto Owner has subscribed for Debentures issued by the BHP Billiton Issuer, and that continued participation in the WA Iron Ore JV will require the Owners (or their Related Corporations) to continue to hold such Debentures.

  

	 	(c)	The holding of such Debentures does not confer on the Debenture Holder any legal or equitable rights other than the rights of an unsecured creditor and the economic
interest conferred by participation in the WA Iron Ore JV. For the avoidance of doubt, it is expressly declared and acknowledged that: 

  

	 	(i)	a Debenture does not confer any proprietary interest in law or equity of any kind whatsoever in: 

 

	 	(A)	any of the assets or cash flows of the Shareholder, the Issuer or any of their Related Corporations; or 

 

	 	(B)	any income, profits or gains of the Shareholder, the Issuer or any of their Related Corporations; and 

 

	 	(ii)	the Shareholder, the Issuer and their Related Corporations do not, by reason of the execution of this Agreement or the Debenture Deeds Poll, or the issue of the
Debentures, hold any of their assets, cash flows, income, profits or gains on any trust (actual or constructive) of any kind whatsoever for the Debenture Holders, or have any fiduciary relationship of any kind whatsoever with the Debenture Holders,

 except that certain amounts received by a Shareholder or a Debenture Holder (or their Related Corporations) in
excess of their entitlements under the Funding and Distribution Policy will be held on trust pursuant to clauses 4.6, 6.3, 10.3 and 11.9 of that policy. 
  

	 	(d)	On the JV Commencement Date, the Participating Shares in the WA Iron Ore JV will be: 

 

	 	(i)	Rio Tinto Owner 50%; and 

  

	 	(ii)	BHP Billiton Owner 50%. 

  
 Page 2

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	2.2	Scope of WA Iron Ore JV 

  

	 	(a)	The permitted scope of the WA Iron Ore JV is: 

  

	 	(i)	the production of Iron Ore Product in Western Australia and delivery of that Iron Ore Product at the ship’s rail, including: 

 

	 	(A)	mining, processing and blending iron ore, and operating associated rail, port, power and other infrastructure in Western Australia, including the Secondary Processing
facilities at Tom Price and Newman and the HBI Beneficiation Plant; 

  

	 	(B)	maintaining, constructing, upgrading and expanding iron ore mines and infrastructure in Western Australia; 

 

	 	(C)	any proposal, development or activity required to satisfy Secondary Processing obligations under any current or future State Agreements; and 

 

	 	(D)	any Secondary Processing that the Owners agree is economically feasible or necessary having regard to the projected life of operations and the quality of the iron ore
reserves and resources available to the WA Iron Ore JV; 

  

	 	(ii)	further business development activities associated with the business referred to in paragraph (i) above, including exploration for iron ore in Western Australia
and the acquisition of additional iron ore assets in Western Australia; and 

  

	 	(iii)	all other activities reasonably necessary or incidental to the above. 

 It is intended that (except as contemplated by this Agreement or any other Transaction Document, or required by Existing JV Arrangements), the activities of the Rio Tinto Group and the BHP Billiton Group
falling within this scope should be conducted only through the WA Iron Ore JV. 
  

	 	(b)	The following are excluded from the permitted scope of the WA Iron Ore JV: 

 

	 	(i)	the sale and marketing of Iron Ore Product (which will be carried on by each Owner and its Related Corporations separately); 

 

	 	(ii)	HBI Plant and HIsmelt (and any associated liabilities); 

  

	 	(iii)	any other Secondary Processing except as contemplated by paragraph (a); 

  

	 	(iv)	exploration, whether in Western Australia or elsewhere, for non-iron ore mineral products; 

 

	 	(v)	any Excluded Asset; and 

  

	 	(vi)	iron ore business development activities outside Western Australia. 

  

	 	(c)	Except as required under the terms of this Agreement and the other Transaction Documents, each Owner Parent must not, and must procure that its Affiliates do not,
explore for iron ore resources and reserves in Western Australia other than in connection with: 

  

	 	(i)	a New Opportunity that the Manager cannot operate and maintain due to any contractual constraints existing at the time the New Opportunity is acquired, but only to the
extent of such contractual constraints; and 

  

	 	(ii)	any Target Iron Ore Assets that will not form part of the WA Iron Ore JV pursuant to clause 8.6(d). 

  
 Page 3

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(d)	If there is a discovery of prospective iron ore resources in Western Australia (a Discovery) as a consequence of exploration activities for other minerals
on a tenement in which an Owner (the Finder Owner) or any of its Affiliates (the Finder) holds or is entitled to acquire an interest, whether direct or indirect (the Interest), then the Finder Owner must
notify the Manager and the other Owner as soon as practicable. Upon receipt of such notification, the Manager must decide whether it wishes to take up the opportunity on behalf of the WA Iron Ore JV. If the Manager decides that it does not wish to
take up the opportunity on behalf of the WA Iron Ore JV, it must refer the matter to the Owners’ Council. If the Owners’ Council declines the opportunity, the Finder Owner will be free to pursue the Interest as a Sole Risk Opportunity in
accordance with item 2 of schedule 4, unless the Representatives of the Finder Owner voted against (or abstained from voting on) the opportunity at the Owners’ Council meeting at which the opportunity was declined. 

 

	 	(e)	If either the Manager or the Owners’ Council decides to take up the opportunity as part of the WA Iron Ore JV under paragraph (d), the Manager and the Finder Owner
will, subject to this paragraph (e), agree an arrangement (a Transfer Arrangement) for making the Interest available to a JV Entity that is a wholly owned Subsidiary of the Finder Owner. Any such Transfer Arrangement:

  

	 	(i)	must include a reimbursement of the costs incurred by the Finder Owner or Finder (as applicable) in making the Discovery and all transfer costs incurred by the Finder
Owner or Finder (as applicable) in making the relevant tenure available to the JV Entity (which amounts will be treated as costs of the WA Iron Ore JV): and 

 

	 	(ii)	will be conditional on: 

  

	 	(A)	the satisfaction of all legal and regulatory constraints in relation to the Transfer Arrangement; and 

 

	 	(B)	* * * 

 The Finder Owner must
use, and where applicable must procure that the Finder uses, all reasonable endeavours to ensure that such constraints are overcome * * * 
  

	 	(f)	If the conditions to a Transfer Arrangement can be satisfied, the Finder Owner and the relevant Owner Parent must procure compliance by the Finder with the terms of the
Transfer Arrangement. 

  

	 	(g)	If the conditions to a Transfer Arrangement cannot be satisfied, and either the Manager or the Owners’ Council has decided to take up the opportunity as part of
the WA Iron Ore JV, then the Finder Owner must use all reasonable endeavours to confer, to the extent practicable, on the other Owner an economic interest in the Discovery equal to the other Owner’s Participating Share of the Finder
Owner’s Interest, subject to that other Owner paying a reimbursement of that other Owner’s Participating Share of the costs referred to in paragraph (e)(i). 

 

	2.3	Objectives of the WA Iron Ore JV 

 The objectives of the WA Iron Ore JV are to: 
  

	 	(a)	manage and develop, on a unified basis, each JV Entity’s respective Iron Ore Assets and Western Australian iron ore production operations, including all activities
required to produce finished Iron Ore Product for delivery to the Marketing SPVs and the Non-Selling Entities; 

  

	 	(b)	achieve substantial cost and capital reductions and other efficiencies from operational integration, including infrastructure sharing and ore blending;

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 4

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(c)	facilitate resource optimisation and utilisation through ore blending and integrated mine planning; 

 

	 	(d)	explore for iron ore resources and reserves, expand existing iron ore production operations and acquire additional iron ore assets in Western Australia;

  

	 	(e)	improve expansion potential, facilitating increased supply to the global marketplace; and 

 

	 	(f)	otherwise realise synergies including through the combined management of the Iron Ore Assets by the Manager. 

 

	2.4	JV Entities 

  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

 * * *

  

	 	(ii)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(C)	* * * 

  

	 	(D)	* * * 

  

	 	(E)	* * * 

  

	 	(1)	* * * 

  

	 	(2)	* * * 

 * * *

  

	 	(F)	* * * 

  

	 	(1)	* * * 

  

	 	(2)	* * * 

 * * *

  

	 	(G)	* * * 

  

	 	(1)	* * * 

  

	 	(2)	* * * 

 * * *

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(H)	* * * 

  

	 	(I)	* * * 

  

	 	(1)	* * * 

  

	 	(2)	* * * 

 * * * 

 

	 	(J)	* * * 

  

	 	(K)	* * * 

 * * *

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(C)	* * * 

  

	 	(1)	* * * 

  

	 	(2)	* * * 

  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(iii)	* * * 

  

	 	(d)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(e)	* * * * * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

 * * *

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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	2.5	Term of the WA Iron Ore JV 

The WA Iron Ore JV will commence on the JV Commencement Date and continue until the earlier of when: 

 

	 	(a)	all assets referred to in the definition of “Iron Ore Assets” are completely depleted or disposed of, and all liabilities in respect of the Iron Ore Assets of
the JV Entities (including rehabilitation and closure costs associated with the Iron Ore Assets) have been discharged, including under the State Agreements, and the winding up of all JV Operations is complete; and 

 

	 	(b)	only one Owner continues to hold a Participating Interest, 

 and, in either case, no Sole Risk Development or Sole Risk Opportunity continues to be undertaken by a party to this Agreement. The WA Iron Ore JV and this Agreement cannot be terminated in any other
circumstances. 
  

	3.	Governance of WA Iron Ore JV 

  

	3.1	Establishment of the Owners’ Council 

  

	 	(a)	With effect from the JV Commencement Date, a non-executive Owners’ Council is established to represent the Owners and oversee JV Operations.

  

	 	(b)	The Owners’ Council is the ultimate governance body of the WA Iron Ore JV. 

 

	 	(c)	The CEO will report to the Owners’ Council. 

  

	3.2	Representation on Owners’ Council 

  

	 	(a)	Each Owner may appoint up to four Representatives to the Owners’ Council. 

 

	 	(b)	The Representatives appointed by an Owner will collectively have one vote. 

 

	 	(c)	Subject to paragraph (d), one Representative will be appointed as JV Chairperson and will hold office for a one year period (or until resignation, dismissal, incapacity
or death). 

  

	 	(d)	The first JV Chairperson will be appointed by Rio Tinto and will remain in the position for a four year period from the JV Commencement Date, unless the appointee:

  

	 	(i)	resigns, becomes incapacitated or dies before the expiration of that period; or 

 

	 	(ii)	is removed by the agreement of both Owners, 

 in which case Rio Tinto may (after consultation with BHP Billiton) appoint a replacement for the balance of that four year period. Subject to clause 3.8(e)(iii), after the initial four year period
expires, BHP Billiton will appoint the JV Chairperson for the next one year period, with the right to appoint subsequent JV Chairpersons rotating between each Owner each year thereafter. 

 

	 	(e)	The JV Chairperson will not have a casting vote. 

  

	 	(f)	The primary roles of the JV Chairperson are to: 

  

	 	(i)	provide leadership to the Owners’ Council and ensure the efficient organisation and conduct of the Owners’ Council and its activities;

  

	 	(ii)	in consultation with the CEO: 

  

	 	(A)	set the agenda for and convene Owners’ Council meetings; 

  

	 	(B)	agree a forward programme for Owners’ Council meetings, to be approved by the Owners’ Council; 

  
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	 	(iii)	facilitate the effective contribution of the Representatives and the work of the Owners’ Council at its meetings; 

 

	 	(iv)	be responsible for ensuring that principles and processes of the Owners’ Council are maintained (including between meetings) in fulfilling the Owners’
Council’s governance role; and 

  

	 	(v)	promote constructive and respectful relations among the Representatives in the fulfilment of their governance role. 

The role conferred on the JV Chairperson does not extend to any involvement in the day to day management of JV Operations. 

 

	 	(g)	The Owners’ Council will monitor the decisions and actions of the CEO and the performance of the WA Iron Ore JV to gain assurance that progress is being made
towards the objectives of the WA Iron Ore JV set out in clause 2.3. 

  

	 	(h)	Between meetings of the Owners’ Council, the JV Chairperson will ensure that the CEO provides information relating to proposed significant decisions and actions
and the basis for them to the Owners’ Council in a timely manner. 

  

	 	(i)	The Owners’ Council may appoint a JV Employee as Owners’ Council secretary to support the Owners’ Council. The Owners’ Council secretary will report
to the JV Chairperson on matters relating to the Owners’ Council. 

  

	3.3	Owners’ Council Powers and Functions 

 The Owners’ Council has the following powers and functions: 
  

	 	(a)	the power to approve the following high level policies regulating the conduct of JV Operations: 

 

	 	(i)	business conduct; 

  

	 	(ii)	health, safety and environment; 

  

	 	(iii)	communities, including towns and indigenous groups; and 

  

	 	(iv)	such other policies as the Owners’ Council determines are necessary or desirable; 

 

	 	(b)	the power to review the conduct of the JV Operations; 

  

	 	(c)	the power to give general direction as to the manner in which the Manager manages the JV Operations; 

 

	 	(d)	the following powers and functions: 

  

	 	(i)	approving Business Plans, Budgets and Synergies Capture Plans in accordance with clause 3.10; 

 

	 	(ii)	approving contracts with a value exceeding US$250 million (Indexed); 

  

	 	(iii)	reviewing performance against Business Plans and Budgets (including integration synergy capture); 

 

	 	(iv)	approving capital projects exceeding US$250 million (Indexed); 

  

	 	(v)	approving studies for projects with a capital cost exceeding US$250 million (Indexed); 

 

	 	(vi)	approving mine closures; 

  
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	 	(vii)	approving Iron Ore Asset disposals and acquisitions (whether of shares or assets or by entry into of joint venture arrangements or otherwise) exceeding
US$100 million (Indexed) or the relinquishment of tenure having a strategic value; 

  

	 	(viii)	approving strategy for dealing with third party access requests; 

  

	 	(ix)	approving product types, volumes and specifications; 

  

	 	(x)	reviewing the performance of the CEO and Senior Executive Team members and fixing the remuneration of the CEO and Senior Executive Team members;

  

	 	(xi)	approving related party transactions (including transactions with either Owner or their Affiliates); 

 

	 	(xii)	subject to item 14.3 of the Reporting Policy, approving the commencement or settlement of litigation involving a potential liability or claim exceeding
US$100 million (Indexed); 

  

	 	(xiii)	approving the encumbrance of Iron Ore Assets, other than Permitted Security Interests; 

 

	 	(xiv)	approving entry into new State Agreements or material amendments to existing State Agreements; 

 

	 	(xv)	appointing and removing the CEO; 

  

	 	(xvi)	approving the appointment of Senior Executive Team members pursuant to clause 4.5; 

 

	 	(xvii)	ensuring the management of intellectual property in accordance with the Intellectual Property Management Agreement (distinguishing between patented and unpatented
intellectual property); 

  

	 	(xviii)	approving the exercise by the Manager of enforcement powers under any Cross Charge granted to the Manager; 

 

	 	(xix)	such other powers and functions as are specifically conferred on the Owners’ Council by a Transaction Document; and 

 

	 	(xx)	such other powers and functions that the Owners’ Council resolves are necessary or desirable. Any such resolution will be effective only if and when the resolution
is initialled by a duly authorised representative of each Owner. 

 Notwithstanding any other provision of this
Agreement, until the second anniversary of the JV Commencement Date, the CEO’s approval limit will not exceed US$125 million (Indexed), unless the Owners’ Council otherwise agrees following a review to be conducted after the first
anniversary of the JV Commencement Date. The references in paragraphs (d)(ii), (iv) and (v) to US$250 million (Indexed) will be taken to be references to US$125 million (Indexed) until the second anniversary of the JV
Commencement Date or any earlier date the Owners’ Council otherwise agrees. 
 The Owners’ Council may amend or replace
the policies referred to in paragraph (a) by passing a resolution adopting the amended or replaced policy and providing a copy of that amended or replaced policy to the Owners and the Manager. 

 

	3.4	Manager’s Authority 

  

	 	(a)	Subject to clause 3.3 and to Existing JV Arrangements, the Manager (at the direction of the CEO) will have clear authority to manage the JV Operations and the Owners
will not interfere with the day-to-day management of the JV Operations as carried out by the JV Entities. The CEO will be required to act in accordance with the governance arrangements. The separate references to the CEO are not intended to suggest
otherwise. 

  
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	 	(b)	Subject to clause 3.10(i)(iii), the Manager may not act in respect of any matter falling within the functions and powers of the Owners’ Council except with the
authority of a decision: 

  

	 	(i)	made by the Owners’ Council; or 

  

	 	(ii)	arrived at through the deadlock resolution procedures set out in clauses 3.7 and 3.8. 

Where no decision is made by the Owners’ Council in respect of any matter falling within a function or power referred to in clauses
3.3(a), 3.3(d)(i), 3.3(d)(ix), 3.10(l), 4.7(a), 4.7(c) or 4.15(a) in respect of a particular period, the Manager must continue to act in accordance with the most recent decision of the Owners’ Council in relation to that matter. 

 

	3.5	Meetings 

  

	 	(a)	The Owners’ Council will meet at least Quarterly at meetings convened in accordance with clause 3.2(f)(ii) and additional meetings may be called by either Owner or
the Manager. Each Owner may add additional points to the agenda for any Owners’ Council Meeting in accordance with any meeting procedures approved by the Owners’ Council. 

 

	 	(b)	Owners’ Council meetings will be held in Perth, Western Australia (or such other place as the Owners agree in writing), or by contemporaneously linking together of
Representatives by instantaneous communication devices. 

  

	 	(c)	The Owners’ Council may by resolution establish procedures regulating the convening and conduct of Owners’ Council Resolutions. The Owners’ Council must
comply with any such resolution. 

  

	 	(d)	Subject to clause 9.1(a)(iii), a quorum of the Owners’ Council will be constituted by a Representative from each Owner. If a quorum is not present the Owners’
Council meeting will be postponed for 7 days. If a quorum is not present at the first postponed meeting, the Owners’ Council meeting will be postponed for a further 7 days. At the second postponed meeting, a quorum will be formed by
one Representative of the Owner who was represented at the two earlier meetings. The only items that may be considered at any postponed meetings are items that were included in the agenda provided in relation to the first meeting. The date and time
for each postponed meeting will be notified to each Representative by the Manager or the Owner whose Representative was present at the relevant postponed meeting as soon as practicable after the time the relevant meeting is adjourned.

  

	 	(e)	The Manager must be separately represented at each meeting of the Owners’ Council, unless the Owners otherwise agree, but will have no right to vote.

  

	 	(f)	Duly passed resolutions of the Owners’ Council within the scope of its functions will be contractually binding on the Manager from the time passed, and the Manager
must act on the basis of those resolutions, even if it has not received minutes of the meeting signed by the JV Chairperson (provided that, if the Manager is not present at the meeting, it has been notified of the resolution). In the event of an
inconsistency between this Agreement and the Policies and Protocols, the policies referred to in clause 3.3(a) or an Owners’ Council resolution, this Agreement will prevail to the extent of that inconsistency. 

 

	 	(g)	A resolution in writing signed by all the Representatives is valid and effectual as if it had been passed at a duly convened meeting of the Owners’ Council. The
written resolution may consist of one or several documents in the same terms. 

  

	3.6	Voting 

  

	 	(a)	All matters considered at Owners’ Council meetings will be decided by unanimity of the votes cast. 

  
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 West Australian Iron Ore 
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	 	(b)	If a unanimous vote cannot be obtained, the deadlock resolution procedure provided in clauses 3.7 and 3.8 will apply. 

 

	3.7	Deadlock general principles 

  

	 	(a)	If the Owners’ Council does not reach agreement on a matter, then either Owner may refer the dispute to the chief executive officers of the ultimate holding
companies of the Owners (the Chief Executives), who will meet and seek to resolve the matter in good faith within 30 days. 

  

	 	(b)	If the Chief Executives are unable to resolve the matter within 30 days of referral to them, either Owner may refer the dispute to the chairpersons of the ultimate
holding companies of the Owners (the Owners’ Chairpersons), who will meet and seek to resolve the matter in good faith within 30 days. 

 

	 	(c)	If the Owners’ Chairpersons are unable to resolve the matter within 30 days of referral to them, then: 

 

	 	(i)	if the matter is of a type referred to in clause 3.8, the dispute will be resolved in accordance with the provisions of clause 3.8; and 

 

	 	(ii)	if the matter is not of a type referred to in clause 3.8, clause 3.4(b) will apply. 

 

	3.8	Deadlock resolution for specific matters 

 Deadlocks in relation to communities and other issues 
  

	 	(a)	If the Owners’ Chairpersons have been unable to resolve a dispute about a proposal or expenditure put forward by an Owner or the Manager in relation to:

  

	 	(i)	communities or towns; 

  

	 	(ii)	indigenous groups; 

  

	 	(iii)	environmental issues; or 

  

	 	(iv)	occupational health and safety, 

any Owner may refer the dispute to an Independent Expert for prompt resolution under clause 16. 

 

	 	(b)	The Independent Expert will be required to determine whether or not the proposal or expenditure in relation to the relevant matter in paragraph (a) is being put
forward in whole or in part for a collateral purpose, or for other reasons that are not wholly connected with the WA Iron Ore JV. 

  

	 	(c)	If the Independent Expert reaches the view that: 

  

	 	(i)	the proposal or expenditure is being put forward for one of the reasons in paragraph (b), then the Owners’ Council will be deemed to have rejected that proposal or
expenditure, and the Manager will not be authorised to implement it; or 

  

	 	(ii)	the proposal or expenditure is not being put forward for one of the reasons in paragraph (b), then the Owners’ Council will be deemed to have approved that
proposal or expenditure and the Manager will be authorised and required to implement it. 

 Deadlocks in
relation to Government obligations 
  

	 	(d)	If the Owners’ Chairpersons have been unable to resolve a dispute in relation to a proposal put forward by an Owner or the Manager: 

 

	 	(i)	for the satisfaction of a Secondary Processing obligation under a current or future State Agreement; 

  
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 West Australian Iron Ore 
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	 	(ii)	to assume, perform, amend or satisfy any other obligation imposed by an Authority (including under a current or future State Agreement or imposed as a condition to any
Authorisation); or 

  

	 	(iii)	that relates to the preservation of a JV Tenement, an Owner may refer the dispute to an Independent Expert for resolution under clause 16. In making the determination,
the Independent Expert must determine what is in the best interests of the WA Iron Ore JV, having regard to: 

  

	 	(iv)	in the case of paragraph (i), the alternatives available to satisfy the Secondary Processing obligations and the costs and consequences of failing to do so;

  

	 	(v)	in the case of paragraph (ii), the alternatives available and the costs and consequences of failing to assume, perform, amend or satisfy the obligation concerned; or

  

	 	(vi)	in the case of paragraph (iii), the obligations applying in relation to the JV Tenement and the strategic or economic value of the JV Tenement.

 Deadlocks in relation to CEO appointment 

 

	 	(e)	If the Owners’ Chairpersons have been unable to resolve a dispute in relation to the appointment of the CEO, then unless paragraph (f) applies:

  

	 	(i)	the CEO who is then holding office will continue to act as CEO; 

  

	 	(ii)	the Owners’ Council must conduct a Quarterly review of the CEO’s appointment until a CEO agreed by the Owners Council (other than on a temporary basis) is
appointed; and 

  

	 	(iii)	if the JV Chairperson has been appointed by Rio Tinto under clause 3.2(d) during the first four year period from the JV Commencement Date, then that JV Chairperson will
continue in office and Rio Tinto will continue to be entitled to appoint the JV Chairperson until a CEO agreed by the Owners’ Council (other than on a temporary basis) is appointed. 

 

	 	(f)	If the Owners’ Chairpersons have been unable to resolve a dispute in relation to the appointment of the CEO and the CEO who is then holding office:

  

	 	(i)	does not wish to continue to act; 

  

	 	(ii)	resigns, becomes incapacitated or dies; or 

  

	 	(iii)	has been removed from the position, 

 and the Owners disagree in relation to a replacement, the JV Chairperson will appoint a temporary CEO from the Senior Executive Team. That temporary appointment, and any proposals for an alternative CEO,
will be reviewed each Quarter until such time as the Owners’ Council agrees on the appointment of a replacement CEO. If the JV Chairperson has been appointed by Rio Tinto under clause 3.2(d) during the first four year period from the JV
Commencement Date, then that JV Chairperson will continue in office and Rio Tinto will continue to be entitled to appoint the JV Chairperson until a CEO agreed by the Owners’ Council (other than on a temporary basis) is appointed. 

 

	3.9	Owners’ Council Committees 

  

	 	(a)	From time to time the Owners’ Council may, by resolution, establish standing and ad hoc committees (Committees). The function of such Committees will
be to report and provide advice to the Owners’ Council in relation to the exercise of powers conferred on the Owners’ Council by this Agreement. 

  
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	 	(b)	Each Owner will be entitled to nominate an equal number of representatives to be members of each Committee. The members of each Committee must be Owners’ Council
Representatives, except that an Owner may nominate one Committee member who is not an Owners’ Council Representative provided that person is of group management committee or executive committee seniority. Each Owner is entitled to have advisors
(internal and external) attend Committee meetings on a specific needs basis in order to ensure that an Owner has access to requisite advice in the context of a particular matter or project. 

 

	 	(c)	The chairperson of each Committee must be an Owners’ Council Representative. The Owners will divide between them the first Committee Chairs of the audit and
remuneration committees. The Owners will also divide between them the first Committee Chairs of the technical and sustainable development committees. Committee chairpersons will serve two years and their appointment will alternate between each
Owner. 

  

	 	(d)	The Committees will meet together, adjourn and otherwise regulate their meetings as directed by the Committee chairperson and otherwise as they see fit.

  

	 	(e)	The Owners acknowledge and agree that on Completion the following standing Committees will be established: 

 

	 	(i)	an audit committee; 

  

	 	(ii)	a remuneration committee; 

  

	 	(iii)	a sustainable development committee; and 

  

	 	(iv)	a technical committee, 

 in each
case with the functions contemplated by resolutions of the Owners’ Council required to be made pursuant to clause 6.2(f) of the Implementation Agreement. 
  

	 	(f)	The audit committee and remuneration committee established at Completion will remain in place unless a subsequent Owners’ Council resolution abolishes them. The
sustainable development committee and the technical committee established at Completion will remain in place until the fourth anniversary of the JV Commencement Date, unless a subsequent Owners’ Council resolution extends their existence. Any
other standing or ad hoc committee will remain in place for the period set by the Owners’ Council when establishing that Committee. 

  

	3.10	Business Plans, Budgets and Synergies Capture Plans 

  

	 	(a)	The Manager must prepare each Business Plan and each Budget in accordance with this clause 3.10 and submit them to the Owners’ Council. The Manager must submit:

  

	 	(i)	each Business Plan to the Owners’ Council at least 6 months (or such other period as the Owners’ Council may agree) prior to the commencement of each
Half Year; and 

  

	 	(ii)	each Budget (including the Synergies Capture Plan as a discrete component) to the Owners’ Council at least 90 days (or such other period as the Owners’
Council may agree) prior to the commencement of each Half Year. 

  

	 	(b)	The first Business Plan and the first Budget will be prepared and approved in accordance with clauses 3.6(b)(v) and (vi) and 3.7 of the Implementation Agreement.

  

	 	(c)	Rio Tinto and BHP Billiton are committed to identifying synergies between their respective Iron Ore Assets and associated iron ore production operations and
implementing appropriate arrangements to reduce costs and maximise efficiencies in a manner that operates fairly between the Owners and their respective Related Corporations that are parties to the Transaction Documents. 

  
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	 	(d)	The first Synergies Capture Plan will be prepared and approved in accordance with clauses 3.6(b)(vii) and 3.7 of the Implementation Agreement and will include
details of the synergies the WA Iron Ore JV is expected to achieve, which will form a baseline against which synergy capture can be measured. 

  

	 	(e)	The capture of synergies will be a key business initiative as outlined in the initial Business Plan and Budget. Each Synergies Capture Plan must:

  

	 	(i)	be consistent with the objectives set out in paragraph (c); 

  

	 	(ii)	identify and describe the synergies the Manager expects the WA Iron Ore JV to realise in each Quarter for the forthcoming year and include indicative estimates for any
synergies to be realised after the forthcoming year, including the synergies specified as the baseline synergies in the first Synergies Capture Plan and any synergies identified in any subsequent Synergies Capture Plan; 

 

	 	(iii)	provide indicative estimates of the costs and expenses to be incurred by the Manager and each Owner to capture the synergies/implement the Synergies Capture Plan;

  

	 	(iv)	include a reconciliation of planned and actual progress in the delivery of the synergies compared against both the previous Synergies Capture Plan and the baseline
contained in the first Synergies Capture Plan; 

  

	 	(v)	detail the specific information and actions the Manager requires from the Owners to implement the Synergies Capture Plan; and 

 

	 	(vi)	otherwise comply with the Reporting Policy. 

  

	 	(f)	The Manager’s obligation to prepare and submit a Synergies Capture Plan (and any associated reporting) pursuant to this clause 3.10 will continue until such time
as is agreed by the Owners’ Council. 

  

	 	(g)	In preparing each Business Plan and each Budget, the Manager must: 

  

	 	(i)	ensure the requirements of any Existing JV Arrangements of which the Manager is aware are met; and 

 

	 	(ii)	subject to satisfying paragraph (i); 

  

	 	(A)	provide for the achievement of Pilbara System Capacity and present options for improvements; and 

 

	 	(B)	ensure that JV Operations are conducted at minimum efficient cost, subject to system safety and integrity. 

 

	 	(h)	Each Business Plan and each Budget must: 

  

	 	(i)	cover the forthcoming 5 year period and set out all information on a monthly basis for the first 2 years and on a Quarterly basis for the final three years;

  

	 	(ii)	be prepared on the assumption that the WA Iron Ore JV will operate at full capacity, based on the Manager’s forecast of capacity over the next 5 years based
on the existing assets and approved expansions; 

  

	 	(iii)	be reported in Australian dollars. An Owner may require the Manager to also prepare a Business Plan and a Budget for that Owner in another currency, in accordance with
the Reporting Policy and the Accounting Policy; 

  
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	 	(iv)	include estimates of production, capital and operating expenditure, funds required from the Owners and proposed cash distributions; 

 

	 	(v)	include an explanation and reconciliation against performance projected in the previous Business Plan or previous Budget; 

 

	 	(vi)	in the case of the Budget, be consistent with, and include an explanation and reconciliation against, the then-current Business Plan; and 

 

	 	(vii)	include all details, estimates and forecasts required under, and be prepared in accordance with, the Reporting Policy and the Accounting Policy.

  

	 	(i)	If the Owners’ Council: 

  

	 	(i)	approves a Business Plan or a Budget submitted to it, that Business Plan or that Budget will apply for the relevant Half Year; 

 

	 	(ii)	agrees amendments to a Business Plan or a Budget, that Business Plan or that Budget as amended will apply for the relevant Half Year; or 

 

	 	(iii)	rejects a Business Plan or a Budget or fails to make a decision, the Manager must prepare a revised Business Plan or a revised Budget within 30 days of the
relevant Owners’ Council meeting for reconsideration by the Owners’ Council. In doing so, the Manager must have regard to the views, if any, expressed by the Owners’ Council. This paragraph (i) will then apply in relation to the
revised Business Plan or the revised Budget, except that, subject to paragraph (j) below: 

  

	 	(A)	if the Owners’ Council rejects the Manager’s revised Business Plan or the revised Budget or fails to make a decision within 30 days from the date on
which such revised Business Plan or Budget is presented, the Manager’s revised Business Plan or Budget will apply for the relevant Half Year (except to the extent that paragraph (B) applies); or 

 

	 	(B)	if the Synergies Capture Plan reflected in the Budget is rejected (or a decision is not made within 30 days from presentation of a revised Synergies Capture Plan),
the previous approved Synergies Capture Plan will continue in force. 

  

	 	(j)	Where any component of the revised Business Plan or the revised Budget relates to a matter within the authority of the Owners’ Council under clause 3.3, that
component must be consistent with: 

  

	 	(i)	any decisions of the Owners’ Council; or 

  

	 	(ii)	the resolution of any deadlock in accordance with clauses 3.7 and 3.8. Where the deadlock has not been resolved for whatever reason, the relevant component of the
Business Plan or the Budget will be consistent with the position, if any, applying to that component for the immediately preceding Half Year as set out or reflected in the Business Plan or the Budget for that Half Year. 

 

	 	(k)	The Manager may prepare supplementary Business Plans and supplementary Budgets from time to time. Any supplementary Business Plan or Budget will require approval of the
Owners’ Council pursuant to clause 3.3(d)(i). 

  

	 	(l)	Subject to paragraph (m), the Manager must not incur: 

  

	 	(i)	expenses in excess of a percentage of the total expense specified in the relevant Budget, which percentage will be determined by the Owners’ Council from time to
time (the Budget Overrun Percentage); or 

  
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	 	(ii)	expenses in excess of the amount determined by the Owners’ Council from time to time in relation to categories of expenditure in the Budget as determined by the
Owners’ Council from time to time (the Expenditure Category Overrun Amount), 

 without
preparing and obtaining approval from the Owners’ Council to a supplementary Budget pursuant to paragraph (k). The Manager must promptly notify the Owners of any reasonably anticipated expenses in excess of the amounts specified in this
paragraph (l) and the reasons for such excess. 
  

	 	(m)	Despite any Business Plan or Budget, the Manager may take any action that is reasonably necessary from time to time in an emergency situation to:

  

	 	(i)	prevent or mitigate: 

  

	 	(A)	any risk to the health or safety of any persons in circumstances where they may be at risk; or 

 

	 	(B)	any risk of any material damage to the environment or to any Iron Ore Asset or any other property of any person (including maintenance of all Authorisations and tenure
in good standing); or 

  

	 	(ii)	repair any material damage to the environment, any Iron Ore Asset or any other property of any person on a temporary basis, 

and to incur all reasonable costs in so doing. Such expenditure must be reported to the next meeting of the Owners’ Council and must,
in the first instance, be funded out of Called Sums on hand to the Manager and not then immediately required for JV Operations, and to the extent of any remaining deficit, will be requested as additional Called Sums pursuant to clause 3.11(a).

  

	 	(n)	Once the Synergies Capture Plan is approved, the Manager and the JV Entities will be required to implement it in accordance with its terms and to take whatever action
is reasonably necessary for its implementation. 

  

	 	(o)	The Manager must report to the Owners’ Council on a Quarterly basis identifying the synergies outstanding, the steps required to achieve the synergies and the
progress of the Manager against the then applicable Synergies Capture Plan in accordance with the Reporting Policy. 

  

	3.11	Called Sums 

  

	 	(a)	The Manager may at any time send a notice (a Call Notice) to the Owners requiring them to contribute funds in accordance with item 2 of the Funding and
Distribution Policy in proportion to their respective Participating Shares to meet JV Cash Costs that the Manager estimates are to be paid during the period to which the Call Notice relates (each a Called Sum).

  

	 	(b)	A Call Notice must specify: 

  

	 	(i)	the amount (and currency of the amount if in a currency other than Australian dollars) of the Called Sums in respect of each Owner; 

 

	 	(ii)	a reconciliation of the amount of the Called Sums to the then current Business Plan and Budget (including a reconciliation to any undrawn Called Sums in the previous
months); 

  

	 	(iii)	a reconciliation of the amount of the Called Sums to the current cash on hand balance; 

 

	 	(iv)	that part of the Called Sums for an Owner that relates to working capital requirements and that part of the Called Sums for an Owner that relates to capital expenditure
requirements; 

  
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	 	(v)	the amount of the Called Sums for an Owner to be paid to each Issuer and/or the Manager; 

 

	 	(vi)	which entity or entities the funds are to be lent or contributed to; 

  

	 	(vii)	relevant banking details for the transfer of funds; and 

  

	 	(viii)	an estimate of the Called Sums that are likely to be called by the Manager in the subsequent month. 

 

	 	(c)	The Manager must issue a monthly notice (Monthly Cash Requirements Notice) on or before the 10th day of each month specifying: 

 

	 	(i)	an indicative estimate of the total amount of funds that the Manager will require for the following month; 

 

	 	(ii)	the dates during that month on which Called Sums will be payable (Called Sum Payment Dates), which dates must be at intervals of no less than one week;
and 

  

	 	(iii)	an indicative estimate of the amount of funds the Manager will require on each of the Called Sum Payment Dates. 

 

	 	(d)	The Manager must issue Call Notices at least 1 Business Day prior to each Called Sum Payment Date specifying the actual amount of funds that the Manager requires to be
paid on that date. 

  

	 	(e)	The Manager may also issue Call Notices at any other time with respect to any additional funds required during the period to which a Call Notice issued under paragraph
(d) relates. 

  

	 	(f)	The Owners’ Council may from time to time resolve to make such alterations to the arrangements described in paragraphs (b), (c), (d) and (e) as the
Owners’ Council considers appropriate. 

  

	 	(g)	Subject to paragraph (i) and paragraph (o), each Owner must pay the Called Sums by way of loans or equity contributions to the Issuers or the Manager in the
proportions specified in the Call Notice to an account or accounts nominated by the Manager: 

  

	 	(i)	in the case of a Call Notice referred to in paragraph (d), on the relevant Called Sum Payment Dates and in the amounts specified in the Call Notice; and

  

	 	(ii)	in the case of a Call Notice referred to in paragraph (e), within 10 days of the date of the Call Notice. 

Such loans or equity contributions will be transferred to bank accounts established in the name of an Issuer, accounts established in the
name of the Manager acting as the agent of an Issuer, or accounts established in the name of the Manager as appropriate (JV Bank Accounts). The amount of any Called Sum will be payable by way of loan or equity contribution in
Australian dollars unless any JV Cash Costs are incurred in another currency and the Call Notice requires the relevant part of the Called Sum to be paid in that other currency. 

 

	 	(h)	The Manager must ensure that the funds transferred to the JV Bank Accounts pursuant to paragraph (g) are on the same day placed on deposit in equal shares with the
Owners or their Designated Finance Companies, by transferring the funds to bank accounts nominated by the Owners (Owners Bank Accounts). As funds are required by the Manager, the Manager must provide a request for the funds on 24 hours
notice to the Owners and the Owners must transfer, or procure that their Designated Finance Companies transfer, the funds to the JV Bank Accounts nominated by the Manager. 

 

	 	(i)	 If a JV Entity or the Manager has incurred a Substantial Liability as a result of a third party claim, other than a liability to which clauses 13 or 15
of the Implementation Agreement applies, then the 

  
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Owners’ Council may determine whether or not to cease funding that JV Entity or the Manager. If at an Owners’ Council meeting the Owners cannot reach an agreement on whether or not to
cease funding such JV Entity or the Manager, then the Owners’ Council will be deemed to have determined not to fund that JV Entity or the Manager. 

 

	 	(j)	Unless the Funding and Distribution Policy requires that all or part of any funding be by way of equity, or paragraph (o) applies, Called Sums paid by an Owner by
way of loan to an Issuer or the Manager will be treated as Participant Loans on the terms set out in the Funding and Distribution Policy. Where equity funding is required, it will be on the terms agreed by the Owners pursuant to the Funding and
Distribution Policy. 

  

	 	(k)	Where payment of a Called Sum is made by way of loan or equity contribution to an account in the name of the Manager, the funds in that account must be held by the
Manager for or on behalf of that Issuer for the purpose of being expended in accordance with this Agreement. 

  

	 	(l)	The Owners acknowledge that the WA Iron Ore JV is intended to operate on a minimum cash balance. Unless otherwise approved by the Owners’ Council, or paragraph
(o) applies the WA Iron Ore JV will be funded entirely by way of loans or equity contributions from the Owners as contemplated by this clause 3.11 and not by way of third party debt. For these purposes third party debt:

  

	 	(i)	includes any project financing of a JV Entity, trade debt, working capital facility and long term lease of heavy mobile equipment * * *;

  

	 	(ii)	does not include: 

  

	 	(A)	ordinary course debt such as purchases on credit terms and capital leases for activities that are incidental to JV Operations such as leases of office equipment and
motor vehicles and short term leases of heavy mobile equipment; or 

  

	 	(B)	indebtedness in respect of an indemnity, guarantee or similar undertaking issued by a bank or other provider of financial accommodation, which relates to JV Operations.

 For the avoidance of doubt, this paragraph (i) does not preclude project financing by an Owner in
compliance with clause 11. 
  

	 	(m)	The amount of any Called Sum properly called by the Manager in accordance with this Agreement constitutes a funding obligation due and payable to the Issuers or the
Manager (as applicable) by the Owners (in proportion to their Participating Shares) and will be enforceable by the Manager, or by the Issuers directly if the Manager does not take action, in accordance with this Agreement. 

 

	 	(n)	Any amounts payable under a contract for the supply of goods or services between a JV Entity and an Affiliate of an Owner (other than under a Transaction Document) will
be excluded in determining JV Cash Costs and JV Accounting Costs and any such amounts must be borne by the Owner concerned unless the contract has been approved by the Owners’ Council (whether or not the contract was entered into prior to the
JV Commencement Date). 

  

	 	(o)	The Owners acknowledge that funds may also be contributed by way of indemnity pursuant to item 2.19 of the Funding and Distribution Policy, and references in this
Agreement to Called Sums include amounts called under the indemnity arrangements in item 2.19. 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	3.12	Funding and Distribution Policy 

  

	 	(a)	The Owners, the Manager and the Marketing SPVs must, and must procure that each of their Related Corporations, comply with the Funding and Distribution Policy and the
Debenture Deeds Poll. 

  

	 	(b)	The Owners, the Manager and the Marketing SPVs agree that the application of funds, and all payments and repayments of loans and deposits, and all settlements of
receivables, pursuant to the Funding and Distribution Policy will have the characteristics and status described in the Funding and Distribution Policy. 

  

	3.13	Policies and Protocols 

  

	 	(a)	As at the date of this Agreement, the Owners have agreed: 

  

	 	(i)	the Accounting Policy; 

  

	 	(ii)	the Reporting Policy; 

  

	 	(iii)	the Ring-Fencing Protocol; 

  

	 	(iv)	the Scheduling Protocol; and 

  

	 	(v)	the Weighing, Sampling and Analysis Protocol, 

 (the Policies and Protocols). 
  

	 	(b)	The Policies and Protocols may be amended or replaced by the Owners’ Council passing a resolution adopting the amended or replaced policy or protocol and a
representative of each Owner initialling the amended or replaced policy or protocol. 

  

	 	(c)	The Funding and Distribution Policy and each of the Policies and Protocols, including as amended or replaced in accordance with paragraph (b), will be legally binding
on the parties to this Agreement as if set out in full in this Agreement. 

  

	4.	Management of WA Iron Ore JV 

  

	4.1	Appointment and removal of Manager 

  

	 	(a)	The Owners appoint the Manager to manage the JV Operations as carried out by the JV Entities on the terms set out in this Agreement. 

 

	 	(b)	The Manager will at all times be owned by Hamersley Holdings Ltd and BHP Billiton Minerals Pty Ltd in equal shares. 

 

	 	(c)	At Completion, the Manager’s constitution will be in the form agreed by Rio Tinto and BHP Billiton and may only be amended with the agreement of the Owners.

  

	 	(d)	The Manager: 

  

	 	(i)	may be removed by a resolution of the Owners’ Council; and 

  

	 	(ii)	will be automatically removed if the Manager becomes an externally administered body corporate (as defined in the Corporations Act), unless the Owners’ Council
resolves that the Manager not be so removed. 

 Where the Manager is removed, the Owners’ Council must appoint
a replacement Manager which will be owned by Hamersley Holdings Ltd and BHP Billiton Minerals Pty Ltd in equal shares. 

  
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	4.2	Liability 

Manager’s Liability and Indemnity 
  

	 	(a)	Subject to paragraphs (b), (c), (d) and (e), if an Owner (or its Affiliates) sustains or incurs any Loss as a result (whether directly or indirectly) of any breach
by the Manager of its obligations under this Agreement or under any other Transaction Document then the other Owner (the Paying Owner) must pay an amount to that Owner (the Receiving Owner) equal to the Paying
Owner’s Participating Share of the Loss (subject to adjustment under paragraph (e)). 

  

	 	(b)	An Owner will not be liable under paragraph (a) in relation to a breach by the Manager that results in a Loss or Losses totalling less than A$10 million.

  

	 	(c)	An Owner may not recover a Loss under paragraph (a) where the Manager’s breach has caused the Owners (or their Affiliates) to sustain the same type of Loss
and the quantum of the Owners’ (and their Affiliates’) Loss is in proportion to their respective Participating Shares. 

  

	 	(d)	If an Owner wishes to make a claim under paragraph (a), it must provide a notice to the other Owner, with a copy to the Manager, setting out in reasonable detail the
basis of the claim and the amount claimed. The Owners must meet and seek in good faith to agree whether an amount is payable under paragraph (a) and, if so, the amount payable. If the Owners are unable to reach agreement, then either Owner may
refer the matter to the Chief Executives, who will meet and seek to resolve the matter in good faith within 30 days. If the Chief Executives are unable to resolve the matter within 30 days of referral to them, then either Owner may refer
the dispute to the Owner’s Chairpersons, who will meet and seek to resolve the matter within 30 days and, failing resolution, the matter will be referred to the Independent Expert in accordance with clause 16. If the Owners agree or an
Independent Expert determines that an amount is payable under paragraph (a), the Paying Owner must pay that amount to the Receiving Owner within 10 Business Days. 

 

	 	(e)	If a breach by the Manager of its obligations under this Agreement or under any other Transaction Documents results in one Owner (or its Affiliates) incurring Losses
and the other Owner (or its Affiliates) receiving profits or other financial benefits, then: 

  

	 	(i)	the Paying Owner must pay the Receiving Owner the full amount of the Losses of the Receiving Owner, up to a maximum amount equal to the profits or other financial
benefits received by the Paying Owner as a consequence of that breach; and 

  

	 	(ii)	if the amount required to be paid by the Paying Owner under paragraph (e)(i) is less than the Receiving Owner’s Loss, the Paying Owner must also pay to the
Receiving Owner the Paying Owner’s Participating Share of the unpaid balance of the Loss. 

 Owner
Proceedings 
  

	 	(f)	If a third party commences legal, administrative or other proceedings against an Owner or any Owner’s Affiliated Corporation and those proceedings relate to, or
arose from, JV Operations (Owner Proceedings), except where those proceedings relate to a liability to which clauses 13 or 15 of the Implementation Agreement applies or as otherwise provided in clause 3.2 of the Implementation
Agreement, then the other Owner must indemnify that Owner or its Affiliates against any Loss arising from those proceedings to the extent the Loss relates to, or arose from, JV Operations, and is not covered by item 8 of the Funding and Distribution
Policy in proportion to the other Owner’s Participating Share. 

  
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	 	(g)	An Owner or an Affiliate of an Owner against whom Owner Proceedings are brought: 

 

	 	(i)	must notify the other Owner and the Manager as soon as practicable after it becomes aware of any such Owner Proceedings; 

 

	 	(ii)	subject to paragraph (h) and item 14.3(b) of the Reporting Policy, is responsible for conducting, defending, negotiating or settling Owner Proceedings as it sees
fit; and 

  

	 	(iii)	may require the Manager and the other Owner to provide such assistance in defending the Owner Proceedings as it reasonably requests, including providing documents and
making employees available as witnesses. 

  

	 	(h)	An Owner or an Affiliate of an Owner against whom Owner Proceedings are brought may require the Manager to conduct those Owner Proceedings on its behalf, subject to
such limitations and discretions agreed between the Manager and the Owner. The Owners must: 

  

	 	(i)	cooperate and consult with each other in relation to the conduct, negotiation, defence or settlement of those Owner Proceedings; and 

 

	 	(ii)	provide such assistance in relation to those Owner Proceedings as the Manager or an Owner reasonably requests. 

 

	 	(i)	Where an Owner or an Affiliate of an Owner incurs reasonable costs under paragraphs (f) to (h), in relation to Owner Proceedings (to the extent those proceedings
relate to, or arose from, JV Operations) the other Owner must pay an amount to that Owner equal to the paying Owner’s Participating Share of those reasonable costs within 10 Business Days of demand. Where the Manager incurs reasonable costs
under paragraphs (f) to (h), in relation to Owner Proceedings (to the extent those proceedings relate to, or arose from, JV Operations) those costs will be costs of the WA Iron Ore JV borne and funded by the Owners in proportion to their
respective Participating Shares in accordance with clause 3.11. 

 Obligation to Provide Support for Owner
Loans and Guarantees 
  

	 	(j)	If a member of the BHP Billiton Group or Rio Tinto Group (as applicable), which is not a JV Entity (the Relevant Group Member) has provided or is obliged
under any Existing JV Arrangement to provide any Owner Loans or Owner Guarantees, then the relevant Owner must procure that: 

  

	 	(i)	the Owner Parent that is not a Related Corporation of the Relevant Group Member; or 

 

	 	(ii)	an entity nominated by that Owner Parent that: 

  

	 	(A)	is a Related Corporation of that Owner Parent (other than the Manager); and 

 

	 	(B)	where an Owner Guarantee has been provided, has a credit rating of at least an “A” (as reported by Standard and Poor’s) at the date of such nomination;
or 

  

	 	(iii)	such other entity as may be agreed with the other Owner, 

 (in each of paragraphs (j)(i), (ii) and (iii), the Supporting Entity) provides support, commensurate with the Participating Share of the relevant Owner, in respect of the Owner Loan or
Owner Guarantee, in accordance with schedule 3. 
  

	 	(k)	Before providing any new Owner Loan or Owner Guarantee, the relevant Owner must first consult with the other Owner. Any Owner Loans or Owner Guarantees entered into
after the JV Commencement Date, other than pursuant to an obligation under an Existing JV Arrangement or with the agreement of the Owners’ Council, will be Excluded Liabilities. 

  
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	4.3	Manager Duties 

  

	 	(a)	The Manager must at all times act in accordance with: 

  

	 	(i)	the Transaction Documents; 

  

	 	(ii)	the Policies and Protocols; and 

  

	 	(iii)	any policies that are approved by the Owners’ Council pursuant to clause 3.3(a), which policies will be legally binding on the Manager. 

 

	 	(b)	The Manager and the CEO will have fiduciary obligations to the Owners. The Manager and the CEO must: 

 

	 	(i)	ensure JV Operations are conducted safely at all times; 

  

	 	(ii)	act equitably and fairly and give each of the Owners due and equal treatment; 

 

	 	(iii)	subject to any obligations in respect of any Existing JV Arrangements, or any other legally binding obligation on an Owner or a Related Corporation of an Owner, manage
the Iron Ore Assets for the benefit of the Owners and their respective Related Corporations in a manner that is consistent with the approved Business Plans and Budgets; 

 

	 	(iv)	act in accordance with applicable Laws and consistently with any Authorisations held by the Manager or a JV Entity (including in respect of occupational health and
safety, carriage of hazardous goods and the environment); and 

  

	 	(v)	perform any obligation or provide any service in a good, workmanlike and commercially reasonable manner and in accordance with the most suitable engineering,
construction, operating, mining, transportation and processing methods and with a standard of skill, diligence and care normally applied or exercised in respect of comparable mine or infrastructure operations. 

For the avoidance of doubt, no JV Entity will have fiduciary obligations to the Owners, and the Owners will not have fiduciary obligations
to each other, except for the trusts expressly referred to in clause 2.1(c). 
  

	 	(c)	The Manager and the CEO must not take or omit to take any action if the result would be to cause any JV Entity to breach any agreement to which it is a party and the
relevant terms of which have been disclosed to the Manager (including any Existing JV Arrangement or any other infrastructure arrangement or a State Agreement). 

 

	 	(d)	Except to the extent permitted by this Agreement, or with the approval of the Owners’ Council, the Manager must not undertake any business or engage in any other
activity not expressly contemplated by this Agreement. 

  

	 	(e)	Subject to clauses 3.10(l) and (m), the Manager must implement the Business Plan and the Budget (including the Synergies Capture Plan). 

 

	 	(f)	The Manager must comply with any obligation expressly imposed on the Manager in the Implementation Agreement. 

 

	4.4	Board of Manager 

 The
board of directors of the Manager will be appointed in accordance with the constitution of the Manager. 

  
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	4.5	Appointment and Removal of CEO and Senior Executive Team 

  

	 	(a)	Subject to paragraph (b), the CEO of the Manager will be appointed by the Owners’ Council with effect on and from the JV Commencement Date or the expiry of the
previous term of the former CEO (as the case may be). The CEO will be the executive head of the WA Iron Ore JV. 

  

	 	(b)	The first CEO will be appointed by BHP Billiton and will remain in the position for a four year period from the JV Commencement Date, unless the appointee:

  

	 	(i)	resigns, becomes incapacitated or dies before the expiration of that period; or 

 

	 	(ii)	is removed by the agreement of both Owners (including, for the avoidance of doubt, by resolution of the Owners’ Council pursuant to this Agreement),

 in which case BHP Billiton may (after consultation with Rio Tinto) appoint a replacement for the balance of that
four year period. On the expiry of the abovementioned four year period each CEO will be appointed for a four year period and paragraph (a) will reapply on the expiry of each such four year period. In appointing a CEO under paragraph (a), the
Owners’ Council will take into account the importance of continuity. 
  

	 	(c)	The contract of employment for the CEO will be approved by the Owners’ Council and will provide that the CEO will have the same duties as the Manager as set out in
clause 4.3 and will be consistent with this clause 4.5. 

  

	 	(d)	The CEO can appoint or dismiss any employee of the Manager, except that the appointment of a Senior Executive Team member requires the approval of the Owners’
Council. 

  

	 	(e)	It is the intention of Rio Tinto and BHP Billiton that the Senior Executive Team be sourced initially approximately 50:50 from Rio Tinto and BHP Billiton on a
‘best person for the job’ basis. This 50:50 balance is to be maintained for the first 3 years after the JV Commencement Date. 

  

	 	(f)	Where the CEO: 

  

	 	(i)	engages in serious misconduct, such conduct being inconsistent with the due and faithful discharge of duties; or 

 

	 	(ii)	is grossly neglectful in their duties, 

 then (unless clause 4.5(g) applies) the Owners’ Council must consider in good faith removing the CEO pursuant to clause 3.3(d)(xv). 

 

	 	(g)	Where the CEO is disqualified from managing corporations under Part 2D.6 of the Corporations Act, the CEO must be removed from office by the Owners’ Council
under clause 3.3(d)(xv) unless: 

  

	 	(i)	the Owners’ Council decides otherwise; and 

  

	 	(ii)	the CEO obtains leave from the court to manage the Manager under Part 2D.6 of the Corporations Act. 

 

	 	(h)	If the CEO is removed pursuant to paragraphs (f) or (g), a replacement CEO will be appointed pursuant to clause 3.3(d)(xv) and, where applicable, clauses 3.8(e)
and (f). 

  

	 	(i)	Where an Owner is not satisfied, on reasonable grounds, with the performance of the CEO in achieving the objectives of the Business Plan (including in relation to the
Synergies Capture Plan), then that Owner may request, by notice to the other Owner, that the Owners’ Council conduct an assessment of the performance of the CEO in relation to the each relevant Business Plan within 30 days of the notice.

  
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	 	(j)	An assessment of the CEO’s performance by the Owners’ Council pursuant to paragraph (i) must consider the CEO’s performance in relation to:

  

	 	(i)	each relevant Business Plan; 

  

	 	(ii)	each relevant Synergies Capture Plan, including: 

  

	 	(A)	the realisation of synergies pursuant to the Synergies Capture Plan; 

  

	 	(B)	the engagement by the Manager with Authorities and third parties required to achieve the synergies referred to in those plans; and 

 

	 	(C)	all prior reports by the Manager to the Owners’ Council in relation to the synergies referred to in those plans; and 

 

	 	(iii)	each relevant Budget. 

  

	 	(k)	Where, following the assessment pursuant to paragraph (j), either Owner or both Owners are dissatisfied, on reasonable grounds, with the performance of the CEO the
Owners’ Council must consider in good faith removing the CEO pursuant to clause 3.3(d)(xv). 

  

	4.6	Employees of Manager 

  

	 	(a)	All JV Employees, including the CEO and members of the Senior Executive Team, will be remunerated in a manner that is consistent with the WA Iron Ore JV’s
objectives, subject to: 

  

	 	(i)	the value of pre-existing entitlements of employees that are to be transferred to the Manager being preserved; and 

 

	 	(ii)	the WA Iron Ore JV meeting those pre-existing entitlements and paying any redundancy costs. 

 

	 	(b)	Each Owner and the Manager must ensure that: 

  

	 	(i)	the CEO and each member of the Senior Executive Team: 

  

	 	(A)	is employed on an exclusive basis by the Manager and is not employed by, or seconded from, an Owner or its Affiliates; 

 

	 	(B)	during the period of such employment: 

  

	 	(1)	is not an Officer, and does not sit on any committee, council or other oversight group, of an Owner or its Affiliates; and 

 

	 	(2)	does not report, or provide information, to one Owner or its Affiliates, but not the other Owner or its Affiliates, except as required under this Agreement or the
Ring-Fencing Protocol; and 

  

	 	(C)	is not engaged through any relationship of employment, consultancy or other arrangement by either Owner Parent or its Affiliates within 18 months of ceasing to
hold their position of CEO or Senior Executive Team member, without the approval of the Owners’ Council; and 

  

	 	(ii)	the Manager’s principal place of business and that of any JV Entity is in a building that is not occupied by any part of the global iron ore business of either
Owner, or branded with the name of either Owner. 

  

	 	(c)	No Owner has the right to second employees to the WA Iron Ore JV or appoint persons to specific positions within the WA Iron Ore JV. 

  
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	 	(d)	The Owners and their Affiliates must not provide any commitment, reassurance or representation of employment or re-employment of any JV Employee who is a member of the
Senior Executive Team or a direct report of the Senior Executive Team either as part of the process of engagement for employment by the Manager or during the period of employment by the Manager of any such JV Employee. 

 

	 	(e)	The Owners and their Affiliates must not offer to employ, or seek to employ, a JV Employee who is a member of the Senior Executive Team or a direct report of the Senior
Executive Team, without the prior approval of the Owners’ Council. 

  

	4.7	WA Iron Ore JV systems, standards and procedures 

  

	 	(a)	The CEO will have the mandate to make the WA Iron Ore JV operationally stand-alone as soon as practicably possible without any services being provided to the WA Iron
Ore JV by any Owner except: 

  

	 	(i)	as contemplated in the Transitional Services Agreement, the Intellectual Property Management Agreement or the ERP Service and Licence Agreement; or

  

	 	(ii)	as specifically agreed by the Owners’ Council. 

  

	 	(b)	The WA Iron Ore JV will initially source systems, standards and procedures from the Owners, selected in accordance with clauses 3.6(b)(ii) and 3.7 of the Implementation
Agreement, and thereafter the WA Iron Ore JV will maintain, improve or replace those systems, standards and procedures subject to clause 4.7(a). 

  

	 	(c)	The WA Iron Ore JV will put in place procurement arrangements initially in accordance with clauses 3.6(b)(iii) and 3.6(b)(x) and 3.7 of the Implementation Agreement.
The Manager may recommend to the Owners’ Council, and the Owners’ Council may approve, changes to these procurement arrangements. Subject to compliance with competition laws, the procurement arrangements may include:

  

	 	(i)	the WA Iron Ore JV having its own stand alone procurement arrangements; 

  

	 	(ii)	the WA Iron Ore JV utilising the procurement arrangements of the Owners, in a manner that is fair between the Owners; 

 

	 	(iii)	the Owners utilising the WA Iron Ore JV’s procurement arrangements, in a manner that is fair between the Owners; or 

 

	 	(iv)	any combination of the above. 

  

	 	(d)	The Manager will adopt the principle of an owner operator model for the WA Iron Ore JV so that it utilises employees in preference to contractors in long term operating
roles with the WA Iron Ore JV. To the extent that current operations involve contractors in long term operating roles, the Manager will progressively shift those operations to the owner operator model. 

 

	4.8	Revenue Based Royalties 

Payment of Revenue Based Royalties by the Manager 

 

	 	(a)	The Manager will include in each monthly Call Notice its estimate of any Revenue Based Royalties that are payable by a JV Entity in the relevant month. The Manager may
also make such additional calls as are required in order to discharge its obligations under paragraph (b). 

  

	 	(b)	 The Manager must ensure that each JV Entity pays, or the Manager must on behalf of each of the relevant JV Entities pay, the Revenue Based Royalties as
and when they fall due. The Revenue Based 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  

	 	 
Royalties will be costs of the WA Iron Ore JV borne by the Owners in their Participating Shares. For the avoidance of doubt, any royalties payable in connection with a Sole Risk Development or
Sole Risk Opportunity will be borne entirely by the Sole Funding Party. 

  

	 	(c)	The Manager must appoint an independent third party to assist it to: 

  

	 	(i)	estimate the Revenue Based Royalties for the purposes of paragraph (a); 

  

	 	(ii)	pay, or procure the payment by the JV Entities of, the Revenue Based Royalties pursuant to paragraph (b); and 

 

	 	(iii)	calculate the Owner Royalty Allocation and the Royalty Allocation Adjustment pursuant to paragraphs (d) to (f). 

Each Owner must provide to the independent third party (but not to the Manager or to the other Owner) any information the independent
third party reasonably requires in order to assist the Manager pursuant to this paragraph (c), including such information in relation to the price at which Iron Ore Product is sold. Such information will be dealt with by the independent third party
in accordance with the Ring-Fencing Protocol. 
 Calculation of Royalty Allocation Adjustment 

 

	 	(d)	* * *

* * *                    
                 * * *

* * *
  

	 	(i)	* * *

  

	 	(ii)	* * *

* * *

* * *

* * *

* * *

* * *

* * *

* * *

* * *

* * *
  

	 	(e)	* * *

  

	 	(f)	* * *

  

	 	(g)	* * *

  

	 	(h)	Any dispute arising under this clause 4.8 (including any dispute about a determination or other act of the independent third party) may be referred by either Owner to
the Independent Expert for determination pursuant to clause 16. 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	4.9	JV Entities’ and Manager’s accounts and records 

  

	 	(a)	The Manager and the JV Entities will keep accounts and records to enable financial reporting, and the measurement of financial performance, for a Financial Year with a
30 June year end and a Financial Year with a 31 December year end and otherwise as required in accordance with the Accounting Policy and Reporting Policy. 

 

	 	(b)	Subject to paragraph (c), the Manager will keep comprehensive records and accounts in Australian dollars in respect of the Iron Ore Assets owned by, and the JV
Operations of, the JV Entities and the Manager in accordance with the Accounting Policy and the Reporting Policy on a consistent basis and subject to the terms of any Existing JV Arrangements. The Manager will also keep records and accounts in such
other currencies as are required to enable it to comply with its obligations under the Reporting Policy and the Accounting Policy. 

  

	 	(c)	The records and accounts kept by the Manager in respect of: 

  

	 	(i)	a JV Entity that owns Excluded Assets will be prepared for the JV Operations and Iron Ore Assets only on a stand alone basis and not include costs, expenses and
liabilities relating to the Excluded Assets or any Excluded Marketing Operations; and 

  

	 	(ii)	a JV Entity that is a Non-Selling Entity will not include records and accounts relating to its Excluded Marketing Operations and the sale of production (and all costs,
expenses and liabilities directly incurred in the sale of production) of that Non-Selling Entity. 

 Each Owner
will be responsible on behalf of each such JV Entity that is a Related Corporation of that Owner for keeping all relevant records and accounts relating to its Excluded Assets or Excluded Marketing Operations. Preparation of the relevant consolidated
and individual entity financial records and accounts for such a JV Entity will be the responsibility of each Owner, provided that the Manager will be responsible for providing all necessary financial information in respect of the Iron Ore Assets and
JV Operations, as provided in the Accounting Policy. 
  

	 	(d)	Each Owner and the Manager will provide each other (and their respective auditors) with access to such of their records and accounts as are reasonably required by them
to perform their functions under the Transaction Documents and their statutory responsibilities, as provided in the Accounting Policy, including to verify costs and revenues allocated to a JV Entity that owns Excluded Assets or that is a Non-Selling
Entity or otherwise conducts Excluded Marketing Operations and to confirm that distributions, loan repayments and other payments have been made in accordance with the Funding and Distribution Policy. 

 

	 	(e)	The records and accounts referred to in paragraph (b) must: 

  

	 	(i)	include records and accounts enabling the Manager to comply with all obligations under the Transaction Documents (including the Funding and Distribution Policy)
including determining and verifying: 

  

	 	(A)	the Ore Sales Price payable pursuant to the Ore Sales Agreements; and 

  

	 	(B)	the distributions, loan repayments and other payments have been made in accordance with the Funding and Distribution Policy and Debenture Deeds Poll;

  

	 	(ii)	be sufficient to provide the information required to enable an Owner: 

  

	 	(A)	to complete a tax return or deal with any tax enquiry, tax audit or tax litigation (including any information required for the purposes of a consolidated group tax
return or business activity statement, or any information required to be provided pursuant to any relevant tax funding agreement, tax sharing agreement or other contractual agreement providing for preparation of stand alone notional tax returns and
like documents); 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(B)	to complete statutory accounts and other financial statements (including consolidated group and individual entity financial statements) or any corporate or other
regulatory filings of any kind that the Owner or its Related Corporations are required by Law to make; or 

  

	 	(C)	to otherwise comply with any of its obligations under any tax or other Law; and 

 

	 	(iii)	be sufficient to provide the information required to enable all Existing JV Arrangements to be complied with. 

 

	 	(f)	In addition to maintaining the records and accounts referred to in this clause 4.9, the Manager will also be responsible, on behalf of each JV Entity which owns only
Iron Ore Assets and has no Excluded Marketing Operations, for the preparation of the statutory accounts and other regulatory filings of any kind that are required by Law to be prepared or filed, or are otherwise required to comply with any
obligations of such a JV Entity under any tax or other Law, provided however that the Owner that is a Related Corporation of any such JV Entity will remain responsible for procuring that any such statutory accounts or regulatory filings are
finalised and lodged or filed. 

  

	4.10	Accounting systems 

  

	 	(a)	The Accounting Policy must include (in conjunction with the Funding and Distribution Policy) rules, systems and procedures for: 

 

	 	(i)	allocating liabilities to the Iron Ore Assets and the Excluded Assets; 

  

	 	(ii)	attributing cash flows to the Iron Ore Assets and the Excluded Assets; and 

 

	 	(iii)	preparing stand-alone cash flow statements, profit and loss statements and balance sheets for the Iron Ore Assets. 

Where there are Sole Risk Assets, liabilities will be allocated, cash flows attributed and statements and balance sheets prepared
according to the same methodology. 
  

	 	(b)	The Owners and the Manager must, in relation to the accounting matters for which they are respectively responsible under clause 4.9, establish and maintain accounting
systems that operate at all times: 

  

	 	(i)	to allocate liabilities and attribute cash flows to Iron Ore Assets and Excluded Assets (and, where applicable, Sole Risk Assets) in accordance with the Accounting
Policy; 

  

	 	(ii)	to generate stand-alone cash flow statements, profit and loss statements and balance sheets for the Iron Ore Assets and the Excluded Assets (and, where applicable, Sole
Risk Assets) in accordance with the Accounting Policy; 

  

	 	(iii)	to calculate the Net Iron Ore Cash Surplus (as defined in the Funding and Distribution Policy) in accordance with the Funding and Distribution Policy;

  

	 	(iv)	to calculate all Dividends and Coupons (each as defined in the Funding and Distribution Policy) payable in accordance with the Debenture Deeds Poll and the Funding and
Distribution Policy; and 

  

	 	(v)	to otherwise demonstrate full compliance with the Debenture Deeds Poll, the Funding and Distribution Policy and the other Transaction Documents.

  

	 	(c)	 An Owner may (at its own cost) from time to time conduct a detailed review of the WA Iron Ore JV accounting systems, and to the extent necessary, the
other Owner’s accounting systems, for the 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  

	 	 
purposes of satisfying the Owner that those systems are in compliance with paragraph (b), and following such review the Owners must consult in good faith to determine such adjustments, if any, as
may need to be made to the systems so as to ensure that they are compliant. 

  

	 	(d)	Subject to clause 12 of the Implementation Agreement, the cost of making any adjustments to the accounting systems agreed by the parties following a review will be
borne: 

  

	 	(i)	if the deficiency is in the systems of an Owner, by that Owner; or 

  

	 	(ii)	if the deficiency is in the systems of the Manager, by the Owners in proportion to their respective Participating Shares. 

 

	 	(e)	If the data generated by the WA Iron Ore JV accounting systems, or an Owner’s accounting systems, or the application of the Accounting Policy using those systems:

  

	 	(i)	gives rise to an error, as a result of which an Owner receives any amount in excess of its entitlement under the Funding and Distribution Policy, it will hold the
excess on trust pursuant to clause 4.6, 6.3, 10.3 and 11.9 (as applicable) of that Policy; or 

  

	 	(ii)	gives rise to an allocation of distributions between the Owners which is inconsistent with the intention of the Funding and Distribution Policy, the parties will meet
to discuss in good faith, and will make such arrangements as are appropriate to rectify the inconsistency (which may include amending the Accounting Policy, the Funding and Distribution Policy or the accounting systems, and may also include making
reconciliation payments between Owners). 

  

	4.11	Audit 

  

	 	(a)	An auditor will be appointed in respect of the Manager and the WA Iron Ore JV (the Auditor). An internal auditor will also be appointed in respect of the
Manager and the WA Iron Ore JV. The appointment and removal of the Auditor and the internal auditor will be subject to approval of the Owners’ Council, following receipt of a recommendation from the Audit Committee. Subject to the appointment
of the initial Auditor and initial internal Auditor pursuant to clauses 3.6(b)(viii), 3.7 and 6.2(f) of the Implementation Agreement, the Auditor will be appointed following a tender process overseen by the Audit Committee. The internal auditor will
be appointed in accordance with the resourcing model for the internal auditor determined by the Owners’ Council and following such selection process as the Owners’ Council agrees (which may include a tender process).

  

	 	(b)	At the times required by, and otherwise in accordance with, the Accounting Policy, the Manager must: 

 

	 	(i)	procure that the accounts referred to in clause 4.9 (the Accounts) are audited by the Auditor, including confirming that the Accounts have been prepared
in accordance with any Laws applicable to one or more of the Owners; 

  

	 	(ii)	procure that the Auditor provides confirmation to the Owners that all payments, distributions and dividends during the relevant period were calculated and applied in
accordance with the terms of the Funding and Distribution Policy, the Debentures and any other relevant Transaction Documents; 

  

	 	(iii)	agree the scope of the audit with both Owners; and 

  

	 	(iv)	provide a copy of the audit report and confirmation to each Owner. 

 The costs of each audit will be deemed to be a cost of the WA Iron Ore JV. 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(c)	Either Owner or the Owners’ Council may, by notice in writing to the Manager, request that: 

 

	 	(i)	an audit address particular records and accounts of the Manager where the Owner has a reasonable concern that any payment, distribution or dividend paid or received by
it in the relevant period has not been calculated or applied in accordance with the terms of the Funding and Distribution Policy, the Debentures or any other relevant Transaction Documents; 

 

	 	(ii)	an audit be undertaken to ensure that the Synergies Capture Plan and reports in relation to the achievement of synergies, including any reconciliation to the baseline
specified in the first Synergies Capture Plan, and any synergies forecasts, are audited in accordance with agreed upon procedures (to be conducted either by an external auditor or an internal auditor as requested by the Owner or the Owners’
Council as the case may be); or 

  

	 	(iii)	such other audits as an Owner or the Owners’ Council may reasonably request be conducted (either by an external auditor or an internal auditor as requested by the
Owner or the Owners’ Council, as the case may be), including in relation to items such as occupational health and safety, communities or towns, environmental or indigenous issues and internal systems and procedures. 

 

	 	(d)	For the purposes of carrying out the audit, the Manager and the Owners will, and will procure that the JV Entities, provide the Auditor with access to such of their
accounting records as are reasonably required by the Auditor to carry out its functions. The Auditor may also liaise with any auditor appointed by an Owner for the purposes of enabling the Auditor to carry out any audit required under paragraphs
(b) or (c). 

  

	 	(e)	The Manager and the Owners will procure that any adjustments required by the Auditor will be made no later than 10 Business Days after they receive notice of any
incorrect payment, distribution or dividend, or other non-compliance with the terms of the Funding and Distribution Policy and the Debentures or other relevant Transaction Document and a request from the Auditor to make such adjustments to rectify
the error or remedy any non-compliance. 

  

	4.12	Reporting Policy and Accounting Policy 

 The Manager must prepare its estimates, forecasts, actual results and other data and report to the Owners’ Council in accordance with the Reporting Policy and the Accounting Policy. 

 

	4.13	Access to Information 

  

	 	(a)	The Manager, any Owner whose Affiliates provide ERP Services and each JV Entity must ensure that each Owner: 

 

	 	(i)	has equal access to information; and 

  

	 	(ii)	receives equal treatment. 

  

	 	(b)	The Manager and each JV Entity must promptly satisfy any request made by an Owner for: 

 

	 	(i)	accounts, records or other documents of the Manager or any JV Entity; 

  

	 	(ii)	explanation or information in relation to JV Operations (including future prospects and expansions under review), the Manager or any JV Entity; or

  

	 	(iii)	any information required for the purposes of any tax enquiry, tax audit or tax litigation, or a consolidated group tax return or business activity statement, or any
information required pursuant to any relevant tax funding agreement, tax sharing agreement or other contractual agreement providing for preparation of stand alone notional tax returns and like documents. 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(c)	The Manager must ensure that any document or information it provides to an Owner in response to any request under paragraph (b) is also provided to the other
Owner, unless: 

  

	 	(i)	that request is made for the purposes of: 

  

	 	(A)	a corporate or other commercially sensitive proposal that has not been announced to the market or is not otherwise in the public domain; or 

 

	 	(B)	a tax or other regulatory audit or investigation of an Owner or of its Related Corporations; and 

 

	 	(ii)	the Owner making the request provides notice to the Manager and/or JV Entity (as applicable) at the time of making the request that the document or information is being
requested for one of the purposes described in paragraph (c)(i). 

  

	 	(d)	The Manager will utilise systems that: 

  

	 	(i)	enable the Manager to manage JV Operations independently on a stand alone basis (other than on a transitional basis or as otherwise agreed by the Owners’ Council);
and 

  

	 	(ii)	comply with the requirements of the Ring-Fencing Protocol. 

  

	 	(e)	The Manager and each Owner acknowledge that the reporting and information requirements of the Owners’ Council and each Owner may differ and, accordingly, that:

  

	 	(i)	an Owner may require the Manager to provide any report or information referred to in the Reporting Policy to be given to that Owner in the form, format and medium
required by that Owner from time to time (including data in electronic format that aligns with, and can be incorporated into, that Owner’s systems, processes, standards and policies); and 

 

	 	(ii)	the Owners’ Council may require the Manager to provide any report or information referred to in the Reporting Policy to be given to the Owners’ Council in a
form, format or medium required by the Owners’ Council from time to time. 

 In either case, the Owners’
Council or Owner (as applicable) may provide to the Manager a template that sets out the format to be used by the Manager for preparing and providing any particular report or information. 

 

	 	(f)	The Manager must establish with each Owner a system interface between each Owner’s system and the WA Iron Ore JV ERP and other information systems. The system
interfaces established with both Owners must (unless the Owners otherwise agree in writing) be equivalent in all respects, including with respect to functionality, efficiency, process and access to data. The system interface must be acceptable to,
and meet the requirements of, each individual Owner. The costs of establishing and managing such interfaces will be costs of the WA Iron Ore JV. 

  

	 	(g)	Each Owner may: 

  

	 	(i)	independently access the WA Iron Ore JV ERP and other information systems (including access to all underlying data); 

 

	 	(ii)	independently generate reports and use data sets and associated analytical tools (including query tools and report writing tools) that the WA Iron Ore JV ERP (and other
information systems) are configured to provide; and 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(iii)	require the WA Iron Ore JV ERP (and other information systems) be reconfigured to provide the ability for an Owner to independently generate reports and use data sets
and associated analytical tools which the WA Iron Ore JV ERP is not configured to provide, subject to: 

  

	 	(A)	the Manager being able to raise concerns about any such requirement that it considers unreasonable for consideration by the Owners at a meeting of the Owners’
Council in accordance with item 4.1(h) of the Reporting Policy (as if it was a request to which that clause applies); and 

  

	 	(B)	clause 13.1(b) and schedule 3 of the ERP Service and Licence Agreement. 

  

	 	(h)	Each Owner, through its authorised representatives, delegates, employees and invitees, at its own risk and expense at all reasonable times, will have:

  

	 	(i)	access to all offices, facilities and sites of the WA Iron Ore JV, the JV Entities and the Manager, including for the purposes of investor, analyst and media visits;
and 

  

	 	(ii)	the right to examine and make copies of any accounts, records and other documents of or in respect of, the WA Iron Ore JV, the JV Entities or the Manager.

  

	 	(i)	The rights and obligations under this clause 4.13 are subject to the terms of the Ring-Fencing Protocol and all obligations of confidence binding on a JV Entity or the
Manager. 

  

	 	(j)	Nothing in this clause 4.13, prevents the Manager from raising concerns for consideration by the Owners at a meeting of the Owners’ Council in accordance with
clause 4.1(h) of the Reporting Policy. 

  

	4.14	Weighing, Sampling and Analysis Protocol 

  

	 	(a)	The Owners, the Manager and the Marketing SPVs must, and must procure that each of their Related Corporations, comply with the provisions of the Weighing, Sampling and
Analysis Protocol. 

  

	 	(b)	All costs incurred in connection with compliance with the Weighing, Sampling and Analysis Protocol pursuant to paragraph (a) will be costs of the WA Iron Ore JV.

  

	4.15	Insurance 

Manager Insurances Responsibilities 
  

	 	(a)	The Manager must effect, maintain and administer insurances in accordance with the insurance protocol approved by the Owners’ Council pursuant to clause 6.2(f) of
the Implementation Agreement as amended or replaced by the Owners’ Council from time to time in accordance with the process set out in clause 3.3 (the Insurance Protocol). 

 

	 	(b)	Each Owner will provide such information and assistance as is necessary to enable the Manager to effect, maintain, administer and comply with any insurances referred to
in paragraph (a), including providing any information referred to in the Reporting Policy. 

  

	 	(c)	The Manager agrees to co-operate, provide access to information and systems in accordance with this Agreement and the Reporting Policy and to do all other things
reasonably necessary to: 

  

	 	(i)	enable an Owner to obtain insurance as contemplated in clauses 4.15(e) and 4.15(f), including providing engineers, surveyors, risk assessors and other consultants
engaged by an Owner or an agent or insurer of the Owner with access to property and Accounts; and 

  

	 	(ii)	provide cost or claim consultants or assessors engaged by an Owner or insurer of an Owner with access to property and Accounts for the purposes of determining the
quantum, scale and scope of any claim or potential claim to be made in relation to the JV Operations. 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Owner Insurance Responsibilities 
  

	 	(d)	Each Owner, for its own account, will be responsible for effecting, maintaining and administering all insurances required to be effected, maintained and administered by
it pursuant to the Insurance Protocol and paragraph (f). 

  

	 	(e)	An Owner may at its own cost effect, maintain and administer insurances in relation to its interest in the WA Iron Ore JV and the sale of Iron Ore Product, including in
relation to: 

  

	 	(i)	material damage and business interruption insurance; 

  

	 	(ii)	liability insurance; 

  

	 	(iii)	marine insurance; 

  

	 	(iv)	contract works; and 

  

	 	(v)	any other insurance that an Owner wishes to effect. 

  

	 	(f)	Each Owner will be responsible for effecting, maintaining and administering any insurance that is required in respect of the interests of the Other JV Participants
pursuant to an Existing JV Arrangement or any other infrastructure arrangement to which the Owner or its Related Corporations is a party. 

  

	 	(g)	Where there is insurance cover available in respect to an occurrence that occurred prior to the JV Commencement Date that gives rise to a liability to a third party in
connection with an Iron Ore Asset after the JV Commencement Date, the insurance proceeds will be made available to the relevant JV Entity and any residual uninsured liability will be shared by the Owners as costs of the WA Iron Ore JV.

  

	 	(h)	The Owner, or Related Corporation of the Owner, who is insured under an insurance policy in respect of the liability referred to in (g) above, must use all
reasonable endeavours to recover diligently the maximum amount possible from its insurers. All unrecovered costs reasonably incurred by the Owner or Related Corporation of the Owner in obtaining the insurance proceeds from the insurers will be
shared by the Owners as costs of the WA Iron Ore JV. 

  

	 	(i)	Where an Iron Ore Asset is damaged after the JV Commencement Date and a decision is made to repair, reinstate and/or replace that Iron Ore Asset, any costs of
undertaking such repair, reinstatement and/or replacement will be shared by the Owners as costs of the WA Iron Ore JV (regardless of what insurance arrangements, if any, an Owner may have in respect of the relevant Iron Ore Asset and, in particular,
an Owner will not be entitled to defer payment of its share of such costs pending recovery under any applicable insurance policy). 

  

	 	(j)	If the Insurance Protocol requires an Owner to take out insurances in respect of employees who are employed by a JV Entity which is a Subsidiary of the Owner and the
employees are engaged in JV Operations, the costs of the Owner in effecting, maintaining and administering such insurances will be a cost of the WA Iron Ore JV. 

 

	4.16	Intellectual property 

 Each Owner must procure that certain intellectual property is made available to the Manager, the JV Entities and, in certain circumstances, the other Owner pursuant to the Intellectual Property Management
Agreement. 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	4.17	Maintenance of tenements 

 Subject to the Existing JV Arrangements, the Manager on behalf of the Owners and the JV Entities must ensure that the JV Entities: 

 

	 	(a)	maintain the JV Tenements in good standing; 

  

	 	(b)	comply with the requirements of the State Agreements; 

  

	 	(c)	secure any ancillary tenements or other titles necessary for the operation of the WA Iron Ore JV; and 

 

	 	(d)	monitor and take appropriate actions in relation to any applications made by third parties over JV Tenements or areas which might reasonably be expected to be required
for future JV Operations. Subject to any Existing JV Arrangements or any other infrastructure arrangements, the Manager will be authorised on behalf of the Owners and the JV Entities to conduct any negotiations with those third parties as to the
terms of access to any JV Tenements. 

  

	4.18	Environmental compliance and rehabilitation 

 Subject to clause 3.11(g), the Manager must ensure that sufficient funds are called from the Owners in order to meet all Rehabilitation Costs of the WA Iron Ore JV. The Manager may only call funds as
required to pay Rehabilitation Costs as, and when, they fall due. 
  

	4.19	Ownership of WA Iron Ore JV Property 

  

	 	(a)	All property held, developed, constructed or acquired by the Manager on behalf of the WA Iron Ore JV under this Agreement will be Iron Ore Assets.

  

	 	(b)	Except for assets acquired by the Manager on its own account, the Manager will not have any beneficial interest in the Iron Ore Assets of the JV Entities or in any
moneys paid to, collected or received by the Manager for or on behalf of the Owners, or the JV Entities or any of them. 

  

	4.20	Manager not empowered to create Encumbrances 

 Except as expressly provided in this Agreement or any of the Transaction Documents to which the Manager is a party (and except for Permitted Security Interests), the Manager will not have any right or
power to encumber any part of the Iron Ore Assets. 
  

	4.21	Assignment, subcontracting and delegation 

 The Manager may not assign, subcontract or delegate all or any part of its rights, duties and obligations under this Agreement to any party without the prior written approval of the Owners’ Council.

  

	5.	* * *  

  

	5.1	* * *  

 * * *
  

	5.2	* * *  

  

	 	(a)	* * *

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(i)	* * *

  

	 	(ii)	* * *

* * *
  

	 	(b)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(iii)	* * *

  

	 	(iv)	* * *

  

	 	(v)	* * *

  

	 	(c)	* * *

  

	 	(d)	* * *

  

	 	(e)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(f)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(iii)	* * *

  

	 	(iv)	* * *

  

	 	(v)	* * *

  

	5.3	* * *

* * *
  

	5.4	* * *

  

	 	(a)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

* * *
  

	 	(b)	* * *

  

	 	(c)	* * *

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(i)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(ii)	* * *

  

	5.5	* * *

* * *
  

	6.	Supply of Iron Ore Product 

  

	6.1	General principles 

 The
parties’ intention is that each Owner should be entitled to have its Marketing SPV purchase that Owner’s Participating Share of JV Production for each Product Type. The parties recognise, however, that Existing JV Arrangements and
Pre-existing Customer Contracts mean that variations to such proportionate entitlement to purchase each Product Type will be necessary, as provided in this clause 6. 
  

	6.2	Ore Sales Agreements 

  

	 	(a)	To give effect to clause 6.1: 

  

	 	(i)	the Selling Entities (severally, as sellers) must deliver and sell to the Marketing SPVs the quantity of Iron Ore Product determined in accordance with clause 6.3 on
the terms set out in their respective Ore Sales Agreements; and 

  

	 	(ii)	each Marketing SPV (as purchaser) must pay to the Selling Entities the purchase price for Iron Ore Product, as determined in accordance with clause 6.4, on the terms
set out in the relevant Ore Sales Agreement, unless and until otherwise agreed between the Owners. 

  

	 	(b)	If a JV Entity ceases to be a Non-Selling Entity and becomes a Selling Entity (either in whole or only in respect of certain Iron Ore Product), that JV Entity must to
that extent become a party to each Ore Sales Agreement as a Seller. 

  

	 	(c)	An Owner may nominate third parties to enter into Ore Sales Agreements (as purchasers) in addition to, or instead of, that Owner’s Marketing SPV. The Owner’s
Marketing SPV must guarantee payment of the Ore Sales Price by any such nominee. 

  

	 	(d)	In making nominations and exercising rights under clauses 6.3 and 6.4, an Owner does so in respect of its Marketing SPVs and its Non-Selling Entities.

  

	 	(e)	References in this clause 6 to an Owner being entitled to receive Iron Ore Product mean (as the case requires) being entitled to have its Marketing SPV or its nominee
purchase the product, or its Non-Selling Entities obtain such product in accordance with Existing JV Arrangements. 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	6.3	Quantity 

* * *
  

	 	(a)	* * *

  

	 	(i)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(C)	* * *

  

	 	(D)	* * *

  

	 	(E)	* * *

* * *
  

	 	(ii)	* * *

  

	 	(iii)	* * *

* * *
  

	 	(b)	* * *

* * *
  

	 	(c)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

* * *
  

	 	(d)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(iii)	* * *

  

	 	(e)	* * *

  

	 	(f)	* * *

  

	 	(g)	* * *

* * *
  

	 	(h)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

* * *
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(i)	* * *

* * *
  

	 	(j)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(k)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(iii)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

* * *
  

	 	(l)	* * *

  

	 	(i)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(ii)	* * *

  

	 	(A)	* * *

* * *

* * *

* * *

* * *

* * *
  

	 	(B)	* * *

  

	 	(m)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(iii)	* * *

  

	 	(iv)	* * *

* * *
  

	 	(n)	* * *

* * *
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(o)	* * *

  

	 	(p)	(i)      * * *

  

	 	(ii)	* * *

  

	 	(iii)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(C)	* * *

* * *
  

	 	(iv)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(v)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(C)	* * *

  

	 	(D)	* * *

  

	 	(E)	* * *

* * *

* * *
  

	 	(q)	* * *

  

	 	(i)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(C)	* * *

* * *
  

	 	(ii)	* * *

  

	 	(iii)	* * *

* * *
  

	 	(r)	* * *

Scheduling 
  

	 	(s)	Each Owner must, and must procure that its relevant Affiliates, co-operate with the Manager, and the Manager must cooperate with each Owner (and its relevant
Affiliates), so as to ensure co-ordinated scheduling of the WA Iron Ore JV production and each Owner’s shipping activities. 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(t)	Each Owner must, and must procure that its relevant Affiliates, comply with the Scheduling Protocol. The Manager must comply with the Scheduling Protocol.

 * * *
  

	 	(u)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

 Dispute
Resolution 
  

	 	(v)	Any dispute arising under this clause 6.3 may be referred by either Owner to an Independent Expert for determination pursuant to clause 16. 

* * *
  

	 	(w)	* * *

  

	6.4	Price 

* * *
  

	 	(a)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(C)	* * *

  

	 	(D)	* * *

  

	 	(E)	* * *

  

	 	(F)	* * *

  

	 	(G)	* * *

  

	 	(H)	* * *

  

	 	(I)	* * *

  

	 	(J)	* * *

  

	 	(K)	* * *

  

	 	(L)	* * *

  

	 	(iii)	* * *

  

	 	(A)	* * *

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(B)	* * *

  

	 	(C)	* * *

  

	 	(D)	* * *

  

	 	(E)	* * *

  

	 	(F)	* * *

  

	 	(iv)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(C)	* * *

  

	 	(D)	* * *

  

	 	(E)	* * *

  

	 	(F)	* * *

  

	 	(G)	* * *

  

	 	(H)	* * *

  

	 	(v)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(C)	* * *

  

	 	(D)	* * *

  

	 	(E)	* * *

* * *
  

	 	(b)	* * *

* * *

* * *

* * *

* * *

* * *
  

	 	(c)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(d)	* * *

* * *
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(e)	(i)      * * *

 * * *
 * * *

* * *

* * *

* * *

* * *
  

	 	(ii)	* * *

  

	 	(iii)	* * *

  

	 	(iv)	* * *

  

	 	(f)	* * *

  

	 	(i)	* * *

* * *

* * *

* * *

* * *

* * *

* * *
  

	 	(ii)	* * *

  

	 	(iii)	* * *

  

	 	(g)	* * *

* * *

* * *

* * *

* * *

* * *

Dispute Resolution 
  

	 	(h)	Any dispute arising under this clause 6.4 (including any dispute about a determination or other act of the independent third party) may be referred by either Owner to
the Independent Expert for determination pursuant to clause 16. 

 * * *

 

	 	(i)	* * *

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	6.5	Minimising need for Adjustments 

 * * *
  

	 	(a)	* * *

  

	 	(b)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(c)	* * *

  

	 	(d)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(e)	* * *

  

	 	(f)	* * *

  

	 	(g)	* * *

* * *
  

	 	(h)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(i)	* * *

  

	6.6	Separate Marketing 

  

	 	(a)	The Owners will continue to cause Iron Ore Product to be marketed separately from, and in competition with, each other. 

 

	 	(b)	Each Owner and its Related Corporations will have no knowledge of the marketing strategy or terms of the other Owner and its Related Corporations.

  

	 	(c)	The Manager will have no knowledge of the marketing strategy of either Owner or their Related Corporations. The Manager has no powers or functions in relation to the
marketing of Iron Ore Product by the Owners or their Related Corporations. 

  

	 	(d)	The Manager and each Owner must, and must procure that its Related Corporations, comply with the Ring-Fencing Protocol. 

 

	 	(e)	 Each Owner and its Related Corporations will satisfy their respective product sale commitments arising from their respective Existing JV Arrangements
with customers from that Owner’s Total 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 43

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  

	 	 
Allocation. At the date of this Agreement, those arrangements are BHP Billiton’s Wheelarra Joint Venture, JW 4 Joint Venture and POSMAC Joint Venture, and Rio Tinto’s Bao-HI Joint
Venture and Channar Joint Venture. 

  

	 	(f)	Where Existing JV Arrangements oblige an Owner or its Related Corporations to market the volume entitlements of the Other JV Participants, then the Owner or its Related
Corporations will retain those commitments and they will not form part of the WA Iron Ore JV. 

  

	6.7	* * *

* * *
  

	 	(a)	* * *

  

	 	(b)	* * *

* * *
  

	 	(c)	* * *

  

	 	(d)	* * *

  

	7.	Other marketing arrangements 

  

	7.1	Product standardisation 

  

	 	(a)	* * *

  

	 	(b)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(iii)	* * *

  

	 	(c)	Clause 6.3(j) will not apply to any new Product Type introduced as a result of product standardisation. 

 

	 	(d)	Nothing in this clause 7 will cause Rio Tinto, BHP Billiton or their respective Related Corporations to discuss or coordinate market strategy or contract negotiation
either directly as between their respective Iron Ore Marketing Businesses or through the JV Manager or Owners’ Council. 

  

	7.2	Pre-existing Customer Contracts 

 * * *
  

	8.	Expansions and New Opportunities 

  

	8.1	Owners Forward Demand Forecasts 

  

	 	(a)	* * *, each Owner must notify the Manager of its indicative non-binding rolling * * * demand forecasts (Demand Forecast) for Iron Ore Product, by Product
Type, to be delivered to them at the ship’s rail, * * * covered by that Demand Forecast. 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(b)	An Owner must not provide its Demand Forecast to the other Owner and the Manager must not provide one Owner’s Demand Forecast to the other Owner, provided however
that the Owners may exchange and discuss that part (but only that part) of their respective Demand Forecasts which relate to production requirements from JV Operations beyond * * *, but only for the purposes of reaching a consolidated view of
capacity expansions for the purposes of this clause 8 in accordance with the Ring-Fencing Protocol. 

  

	 	(c)	The Manager may use an Owner’s Demand Forecast only for the purposes of this clause 8. 

 

	8.2	Development Studies 

Preliminary Studies 
  

	 	(a)	The Manager will be responsible for conducting studies that consider alternate development paths available to the WA Iron Ore JV either in order to meet the
consolidated Demand Forecast or as required by an Owner in accordance with paragraph (b) or in accordance with an approved Business Plan and/or Budget (each a Preliminary Study). Each Preliminary Study will:

  

	 	(i)	examine a range of possible mines and infrastructure developments, including the expansion or reconfiguration of existing mines and infrastructure to increase capacity
and/or production, including any proposal made by an Owner under paragraph (b)(ii) and progressed by the Manager in accordance with paragraph (b); 

  

	 	(ii)	include a high level indicative analysis of technical and regulatory issues associated with each development option, such analysis to include high level preliminary
capital cost estimates and associated economic analysis; and 

  

	 	(iii)	will provide a recommendation of the scope and scale on which it proposes to conduct a Pre-Feasibility Study (Contemplated Project).

  

	 	(b)	If: 

  

	 	(i)	in any two consecutive Half Years, the sum of Demand Forecasts referred to in clause 8.1 exceeds the expected JV Capacity for the relevant period(s), either in total or
in relation to a particular Product Type; or 

  

	 	(ii)	an Owner proposes by notice to the Manager and the other Owner that the Manager investigate: 

 

	 	(A)	a mine development (either as an additional mine or as a replacement to an existing mine that is nearing the end of its mine life); or 

 

	 	(B)	expansion of an existing mine, 

and associated infrastructure, for a certain quantity, the Manager may (and will, if directed by an Owner) * * * provide to the
Owners’ Council for review a Preliminary Study which must, where applicable, include a proposal made by an Owner pursuant to paragraph (b)(ii). 
  

	 	(c)	* * *, the Manager and the Owner which has not proposed the Contemplated Project can propose that additional or alternative expansions be reviewed by the Manager as
part of the Preliminary Study. 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Pre-Feasibility Studies 
  

	 	(d)	Unless both Owners have agreed not to proceed to investigate the feasibility of the Contemplated Project * * * the Manager will expeditiously commence, and complete * *
*, a pre-feasibility study for the purposes of evaluating the Contemplated Project and associated capital estimates (Pre-Feasibility Study). If the Owners’ Council cannot agree the scale and scope of the Contemplated Project for
the purposes of conducting a Pre-Feasibility Study from the options considered in the Preliminary Study * * *, the Manager must prepare the Pre-Feasibility Study based on the scale and scope that it reasonably expects will deliver the highest Net
Present Value to the Owners (as determined by the Manager based on the assumptions referred to in schedule 5 or in any guidelines or protocols determined by the Owners’ Council from time to time) when compared against the same Base Case. The
Pre-Feasibility Study will be prepared in accordance with the guidelines set out in item 1 of schedule 5 as amended or replaced by any guidelines or protocols determined by the Owners’ Council from time to time. 

 

	 	(e)	Once a Pre-Feasibility Study is required to be commenced by the Manager pursuant to paragraph (d), the Manager must (unless otherwise directed by both Owners) progress
that Pre-Feasibility Study and any consequential Feasibility Study in respect of the Contemplated Project selected from that Pre-Feasibility Study in priority to all other Preliminary Studies that would overlap with the Pre-Feasibility Study. For
the avoidance of doubt, if there is more than one Pre-Feasibility Study or Feasibility Study that the Manager is required to progress pursuant to this clause 8.2, the Manager must progress the first such study in priority to all other studies
(unless otherwise directed by both Owners). 

  

	 	(f)	The Manager will promptly provide a copy of the completed Pre-Feasibility Study to the Owners for review and comment. 

Feasibility Studies 
  

	 	(g)	If the Pre-Feasibility Study contains more than one option for a Contemplated Project and the Owners’ Council has not agreed on the option to pursue, the option
which has the highest Net Present Value to the Owners (as determined by the Manager based on the assumptions referred to in schedule 5 or in any guidelines or protocols determined by the Owners’ Council from time to time) when compared against
the same Base Case, will be selected (the agreed or selected expansion or development referred to as the Project). 

  

	 	(h)	Based on the outcome of the Pre-Feasibility Study and any comments received from the Owners, the Manager may (and will if directed by an Owner) expeditiously conduct
(and, where directed by an Owner, complete * * * a study to evaluate the full economic value of a single development or expansion scenario considered by the Pre-Feasibility Study, including a review of all costs and capital estimates
(Feasibility Study). The Feasibility Study will be prepared in accordance with the guidelines set out in item 3 of schedule 5 as amended or replaced by any guidelines or protocols determined by the Owners’ Council from time to
time. 

  

	 	(i)	The Manager will promptly provide to the Owners a copy of the completed Feasibility Study, and a recommendation of the Manager, together with the financial model, study
reports and supporting information that were generated by the Manager in connection with the Feasibility Study. 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Reporting 
  

	 	(j)	The Manager must provide detailed reports on the progress of any studies undertaken pursuant to this clause 8.2 as part of its reporting obligations under the Reporting
Policy. 

 Costs 
  

	 	(k)	All costs incurred by the Manager in connection with any Preliminary Study, Pre-feasibility Study or Feasibility Study will be costs of the WA Iron Ore JV. Each Owner
will be entitled to retain all information (including copies of the relevant studies and all supporting documentation) irrespective of whether the Project contemplated by a Pre-Feasibility Study or Feasibility Study proceeds as a Sole Risk
Development or otherwise. 

  

	8.3	Owners’ Council Decisions on Projects 

  

	 	(a)	* * * an Owners’ Council meeting will be convened to determine whether the Project the subject of that Feasibility Study will proceed as part of the WA Iron Ore
JV. * * * 

  

	 	(b)	If: 

  

	 	(i)	the Owners’ Council votes in favour of proceeding with the Project, paragraph (d) will apply; or 

 

	 	(ii)	the Owners’ Council does not vote in favour of proceeding with the Project, and the Project involves capital expenditure in excess of US$250 million
(Indexed), then an Owner that voted in favour of proceeding with the Project, (the Sole Funding Party) may * * * elect by written notice to the other Owner and to the Manager to proceed with the Project outside the WA Iron Ore JV (a
Sole Risk Development). 

  

	 	(c)	* * *, the Owner receiving that notice may elect by written notice to the other Owner and to the Manager to participate in the Project as part of the WA Iron Ore JV, in
which case paragraph (d) will apply. If no such notice is given, the Sole Funding Party: 

  

	 	(i)	may proceed with the Project as a Sole Risk Development and the applicable provisions of schedule 4 will apply; and 

 

	 	(ii)	for the avoidance of doubt, will not be obliged to proceed with the Project as a Sole Risk Development. 

 

	 	(d)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(v)	* * * 

  

	 	(vi)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(e)	Despite any provision of this clause 8 or the Implementation Agreement, each Owner must contribute its Participating Share of the costs of any development or expansion
of an Iron Ore Asset or a Secondary Processing facility or alternative proposal, and cannot opt out of any such development or expansion, without the consent of the other Owner, if: 

 

	 	(i)	* * *; or 

  

	 	(ii)	the Owners have otherwise agreed that this paragraph (e) applies to that development or expansion. 

 

	8.4	New Opportunities 

  

	 	(a)	If an Owner or the Manager becomes aware of a potential New Opportunity, it must provide as soon as reasonably practicable notice to: 

 

	 	(i)	in the case of a New Opportunity in respect of which an Owner has provided notice, the Manager and the other Owner; or 

 

	 	(ii)	in the case of a New Opportunity in respect of which the Manager has provided notice, each Owner. 

 

	 	(b)	The Manager must progress the proposal to acquire that New Opportunity (including negotiating the terms of that proposal with third parties) * * *

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * *, an Owners’ Council meeting will be convened to determine whether the New Opportunity the subject of the New Opportunity Notice will proceed as part of WA
Iron Ore JV. * * * 

  

	 	(g)	If: 

  

	 	(i)	the Owners’ Council votes in favour of proceeding with the New Opportunity, paragraph (i) will apply; or 

 

	 	(ii)	the Owners’ Council does not vote in favour of proceeding with the New Opportunity, the New Opportunity will not proceed as part of the WA Iron Ore JV, and the
Owner that voted in favour of proceeding with the New Opportunity (the Sole Funding Party) * * * elect by notice to the other Owner and to the Manager to proceed with the New Opportunity outside the WA Iron Ore JV (a Sole Risk
Opportunity). 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(ii)	* * * 

 * * * 

 

	 	(iii)	* * * 

  

	 	(iv)	* * * 

 * * * 

 

	 	(i)	If the Owners’ Council agrees to proceed with the New Opportunity as part of the WA Iron Ore JV: 

 

	 	(i)	the New Opportunity will proceed as part of the WA Iron Ore JV; 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(v)	* * * 

  

	 	(vi)	* * * 

  

	 	(vii)	* * * 

  

	 	(j)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	8.5	General provisions 

  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

 * * * 

 

	 	(b)	Any Project, New Opportunity, Sole Risk Development or Sole Risk Opportunity will be conditional on obtaining all necessary Authorisations. 

 

	 	(c)	An Owner may elect to fund the costs of a Project, New Opportunity, Sole Risk Development or Sole Risk Opportunity on a project finance basis in accordance with clause
11.4. 

  

	8.6	Incidental acquisitions 

  

	 	(a)	If an Owner or its Affiliate (Acquirer) acquires * * * a Non-Iron Ore Target, then the Owner will procure that the Acquirer will, * * * provide written
notice to the other Owner and the Manager. 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(v)	* * * 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(d)	* * * the other Owner may, subject to paragraph (e), elect to purchase its Participating Share of the Target Iron Ore Assets. If the other Owner:

  

	 	(i)	elects to purchase its Participating Share of the Target Iron Ore Assets then, subject to paragraph (e), it will pay the fair market value determined under paragraph
(c) to the Acquirer and the Acquirer will transfer the other Owner’s Participating Share of the Target Iron Ore Assets to the other Owner or its nominee and the Target Iron Ore Assets will form part of the WA Iron Ore JV and will become
Iron Ore Assets; or 

  

	 	(ii)	elects not to purchase its Participating Share of the Target Iron Ore Assets, then: 

 

	 	(A)	the Acquirer is free to own (directly or indirectly) or otherwise deal with the Target Iron Ore Assets outside the WA Iron Ore JV; and 

 

	 	(B)	if the Acquirer is the Owner or a Subsidiary of the Owner, the applicable provisions of schedule 4 will apply to the Target Iron Ore Assets as if they were a Sole Risk
Opportunity. 

  

	 	(e)	* * * 

  

	9.	Default and Dilution 

  

	9.1	Suspension of voting rights 

  

	 	(a)	If an Owner (Defaulting Owner) fails to provide an amount in respect of a Called Sum that it is required to pay pursuant to clause 3.11 of this Agreement
and the Funding and Distribution Policy, being either a failure to pay a Called Sum or a failure to transfer funds or procure the transfer of funds to the JV Bank Accounts in response to a notice by the Manager to the Owner (the Unpaid
Amount) within 30 days of the due date for payment, then: 

  

	 	(i)	the Defaulting Owner’s voting rights in relation to the WA Iron Ore JV and the Manager will be suspended with effect from the Default Date (being the
date falling 30 days after the due date for payment) until: 

  

	 	(A)	the default has been fully remedied in accordance with clause 9.4; 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(B)	the Participating Interest of the Defaulting Owner has been purchased by the Non-Defaulting Owner in accordance with clause 9.6; or 

 

	 	(C)	the Participating Share of the Defaulting Owner has been diluted in accordance with clause 9.7; 

 

	 	(ii)	no vote taken or matter decided without the Defaulting Owner’s vote during the period in which the Defaulting Owner was not entitled to vote pursuant to paragraph
(a)(i) will be invalid for want of the Defaulting Owner’s vote; 

  

	 	(iii)	notwithstanding paragraphs (i) and (ii) a Defaulting Owner’s Representatives may attend, but may not vote at, a meeting of the Owners’ Council. A
Representative of the Defaulting Owner will not be required in order to constitute a quorum of the Owners’ Council; and 

  

	 	(iv)	the Manager will provide notice to each Owner of the default. 

  

	 	(b)	Where the suspension of voting rights in respect of any Owners’ Council decision would, in the reasonable opinion of the Manager or the Defaulting Owner,
* * * notwithstanding any ongoing default by the Defaulting Owner. 

  

	 	(c)	A notice by the Manager or the Defaulting Owner under paragraph (b) must be provided to all Owners and the Manager and provide sufficient details of the Material
Adverse JV Effect and the decisions that would be affected by any suspension of voting rights. 

  

	9.2	Liability for Unpaid Amounts and Associated Amounts 

  

	 	(a)	Each Unpaid Amount, together with the amounts referred to in paragraph (b), will: 

 

	 	(i)	constitute a funding obligation due and payable to the Issuers or the Manager (as applicable) by the Defaulting Owner; and 

 

	 	(ii)	be enforceable by the Manager or by the Issuers directly if the Manager does not take action, in accordance with this Agreement (without prejudice to any other means of
enforcement available to the Manager or to the other Owner). 

  

	 	(b)	The total amount due and payable by the Defaulting Owner will also include: 

 

	 	(i)	interest on the Unpaid Amount calculated pursuant to item 1.5 of schedule 1 (Default Interest); and 

 

	 	(ii)	any costs of enforcement or recovery, or attempted enforcement or recovery, incurred by the Manager or the other Owner as a consequence of the default (Default
Costs), 

 (together with the Unpaid Amount, the Default Amount). 

 

	9.3	Payment by Non-Defaulting Owner 

  

	 	(a)	Following receipt of the notice given pursuant to clause 9.1(a)(iii) and provided the other Owner is not also a Defaulting Owner (the Non-Defaulting
Owner), the Non-Defaulting Owner may elect to fund all or any part of the Unpaid Amount. The Non-Defaulting Owner must provide the funding by way of loan in the manner provided for by the relevant Call Notice (NDO Loan).

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(b)	The Defaulting Owner must on demand by the Non-Defaulting Owner purchase the NDO Loan for an amount equal to the face value of the loan plus interest calculated under
paragraph (c), and that aggregate amount: 

  

	 	(i)	will be a debt due and payable by the Defaulting Owner to the Non-Defaulting Owner; and 

 

	 	(ii)	without limiting any other right of recovery, can be deducted from the price at which the Purchase Option described in clause 9.4 may be exercised by the Non-Defaulting
Owner. 

  

	 	(c)	Interest accrues on each amount which is due and payable by the Defaulting Owner to the Non-Defaulting Owner calculated pursuant to item 1.5 of schedule 1.

  

	 	(d)	Interest paid pursuant to paragraph (c) will not be considered as having been paid on account of the principal of the Unpaid Amount in respect of which the
Defaulting Owner is in default. 

  

	9.4	Remedy of Default 

  

	 	(a)	A default by the Defaulting Owner under clause 9.1 will not be regarded as remedied unless and until: 

 

	 	(i)	the Default Amount has been paid to the Issuers or the Manager (as applicable); or 

 

	 	(ii)	if the Non-Defaulting Owner has funded all or any part of the Unpaid Amount pursuant to clause 9.3: 

 

	 	(A)	all amounts due to the Non-Defaulting Owner under clause 9.3 have been paid; 

 

	 	(B)	all Default Interest and Default Costs due to, or incurred by, the Non-Defaulting Owner have been paid; 

 

	 	(C)	the Default Amount (less the amount the Non-Defaulting Owner has funded and less any amount that is payable to the Non-Defaulting Owner under paragraph (ii)(B)) has
been paid to the Issuers or the Manager (as applicable); and 

  

	 	(iii)	any interest owing by the Defaulting Owner in respect of any of the foregoing have been paid. 

 

	 	(b)	Where the Defaulting Owner cures the default by purchasing the NDO Loan, such NDO Loan will be deemed to become a Participant Loan. However, if the Called Sum required
funding by way of equity contribution or an indemnity under clause 3.11(o), then the Defaulting Owner will discharge the NDO Loan by converting it to equity. 

 

	 	(c)	Where there is more than one default subsisting in respect of a Defaulting Owner, the Non-Defaulting Owner may exercise its remedies under the Transaction Documents in
respect of each default within the periods that apply to each such default. 

  

	9.5	Non-Defaulting Owner’s Election 

  

	 	(a)	If clause 9.1 applies, and the default is not remedied in accordance with clause 9.4 within 120 days of receipt of a notice given under clause 9.1(a)(iii), then
the Non-Defaulting Owner may give to the Manager and to the Defaulting Owner a notice requiring: 

  

	 	(i)	the fair market value of the Participating Interest of the Defaulting Owner and the Iron Ore Assets of the Defaulting Owner and its Related Corporations; and

  

	 	(ii)	the fair market value of the entire WA Iron Ore JV, 

 to be determined in accordance with schedule 9. That notice must be given within 60 days of the expiration of the 120 day cure period referred to in this paragraph (a), failing which the
Purchase Option will lapse. 

  
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	 	(b)	The Non-Defaulting Owner may, within 30 days of finalisation of the fair market values referred to in paragraph (a), elect by providing written notice to the
Manager and the Defaulting Owner either to: 

  

	 	(i)	exercise the Purchase Option in accordance with clause 9.6; or 

  

	 	(ii)	exercise the Dilution Option in accordance with clause 9.7. 

 If no notice of election is provided within the 30 day period referred to above, the right to exercise the Purchase Option or Dilution Option will lapse. 

 

	 	(c)	Unless and until all Owners have: 

  

	 	(i)	met the Sufficient Asset Test; and 

  

	 	(ii)	procured the grant of the Cross Charges to be procured by them pursuant to clause 11.8(b), the Non-Defaulting Owner may only exercise the Purchase Option by purchasing
the Iron Ore Assets of the Defaulting Owner and its Related Corporations directly (and not, for the avoidance of doubt, by acquiring Securities in the Issuer or the JV Entities that are Related Corporations of the Defaulting Owner).

  

	 	(d)	If the condition in paragraph (c) has not been satisfied at the time the right to exercise a Purchase Option would otherwise arise in favour of the Non-Defaulting
Owner, then: 

  

	 	(i)	the notice provided by the Non-Defaulting Owner under paragraph (a) will only require the fair market value of the entire WA Iron Ore JV to be valued in accordance
with schedule 9; and 

  

	 	(ii)	any notice provided by the Non-Defaulting Owner under paragraph (b) may only be for the exercise of the Dilution Option in accordance with clause 9.7.

  

	 	(e)	If the condition in paragraph (c) has been satisfied, then unless and until: 

 

	 	(i)	all Owners have met the Issuer Share Security Test; and 

  

	 	(ii)	the Cross Charges have been extended to cover all shares in the Issuers pursuant to clause 11.8(g), the Non-Defaulting Owner may not exercise the Purchase Option by
acquiring Securities in the Issuer that is a Related Corporation of the Defaulting Owner, but may exercise the Purchase Option by purchasing the Iron Ore Assets of the Defaulting Owner and its Related Corporations directly or by acquiring Securities
the other JV Entities that are Related Corporations of the Defaulting Owner. 

  

	 	(f)	The parties acknowledge that the Purchase Option or Dilution Option may be exercised in accordance with this clause 9, irrespective of whether the relevant default or
defaults have been remedied after the giving of the notice by the Non-Defaulting Owner pursuant to paragraph (a). 

  

	9.6	Purchase Option 

  

	 	(a)	Subject to clause 9.5(c) and (e), if the Non-Defaulting Owner exercises the Purchase Option under clause 9.5(b)(i), the Non-Defaulting Owner may purchase all of:

  

	 	(i)	the Defaulting Owner’s Participating Interest, including the Participant Loans and Debentures; and 

 

	 	(ii)	the Iron Ore Assets of the Defaulting Owner and its Related Corporations, either directly or by the acquisition of Securities in the JV Entities that are Related
Corporations of the Defaulting Owner at the election of the Non-Defaulting Owner, 

 (the Purchase
Option) at a price (the Purchase Option Price) which is equal to the fair market value determined in accordance with item 1 of schedule 9. 

  
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	 	(b)	Item 2 of schedule 9 will apply to the exercise and implementation of the Purchase Option pursuant to this clause 9.6. 

 

	 	(c)	If the Purchase Option lapses pursuant to item 2.5 of schedule 9, the Non-Defaulting Owner may within 30 days of the date the Purchase Option lapsed elect by
providing written notice to the Manager and the Defaulting Owner to exercise the Dilution Option in accordance with clause 9.7. 

  

	9.7	Dilution Option 

  

	 	(a)	If the Non-Defaulting Owner exercises the Dilution Option under clause 9.5(b)(ii) or clause 9.6(c), the Participating Share of the Defaulting Owner will be diluted in
accordance with the following formula, with retrospective effect on and from the Default Date (the Dilution Option): 

  

					
	 NPS =
	  	 MV
	  	x PS
	  	MV+CS	  

 Where: 

NPS is the new Participating Share of the Defaulting Owner after the application of the formula; 

PS is the Participating Share of the Defaulting Owner before the application of the formula; 

MV is the fair market value of the entire WA Iron Ore JV determined pursuant to clause 9.5(a)(ii) in accordance with item 1
of schedule 9 at the Default Date (excluding the Non-Defaulting Owner’s share of the Called Sum in respect of which the dilution notice has been issued (the Relevant Called Sum) and any subsequent Called Sum); and 

CS is the sum of: 
  

	 	(i)	the total amounts paid by the Non-Defaulting Owner in relation to its share of the Relevant Called Sum and any subsequent Called Sum; and 

 

	 	(ii)	the Defaulting Owner’s Unpaid Amount. 

  

	 	(b)	The Participating Share of the Non-Defaulting Owner will be increased by the reduction in the Participating Share of the Defaulting Owner (being PS less NPS for the
Defaulting Owner as determined in accordance with the formula in paragraph (a)), with retrospective effect on and from the Default Date. 

  

	 	(c)	If the Defaulting Owner’s Participating Interest is diluted in accordance with this clause 9.7, then: 

 

	 	(i)	the Non-Defaulting Owner must, if it has not already done so, fund the Defaulting Owner’s Unpaid Amount in accordance with clause 9.3; 

 

	 	(ii)	the Defaulting Owner will be taken to have satisfied its obligation to fund that amount and its obligation to reimburse the Non-Defaulting Owner the amount the
Non-Defaulting Owner has funded under clause 9.3; and 

  

	 	(iii)	if the Non-Defaulting Owner has made an NDO Loan, the NDO Loan is deemed to become a Participant Loan. 

 

	 	(d)	The cost of any stamp duty or equivalent duty arising in connection with dilution and any associated assignment of property must be paid by the Non-Defaulting Owner.

  

	 	(e)	Any reduction or increase in Participating Share required by this clause 9.7 and any associated assignments contemplated by clause 9.8 will be conditional on obtaining
all necessary Authorisations. Pending obtaining any such Authorisations, the Defaulting Owner will hold on trust and for the sole benefit of and at the expense of the Non-Defaulting Owner the appropriate portion of their Participating Interest
(subject to any necessary Authorisations having been obtained for such arrangements). 

  
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	 	(f)	If, during the period between the Default Date and determination of the relevant new Participating Share, any calls, dividends, distributions or loan repayments have
been made on the basis of the pre-dilution Participating Shares (except for dividends and distributions relating to a period prior to the Default Date), once the new Participating Shares have been determined pursuant to this clause 9.7, the
Owners will discuss and seek to agree, or failing agreement, and on referral by any Owner, will have determined by the Valuers in accordance with item 1 of schedule 9, the appropriate adjustments to be made to give retrospective effect to the new
Participating Shares and the Owners will make all necessary payments and take all other necessary steps in order to give effect to the adjustments determined by the Owners or the Valuers (as applicable). 

 

	9.8	Implementation of Dilution 

  

	 	(a)	Following the exercise of the Dilution Option, the Manager must as soon as practicable calculate the revised Participating Shares in accordance with clause 9.7 and
notify each Owner of the Participating Shares so calculated. 

  

	 	(b)	Following recalculation by the Manager of the Participating Shares of the Owners under paragraph (a), the Owners must contribute funds to all further Called Sums in
proportion to their recalculated Participating Shares. 

  

	 	(c)	In order to give effect to the exercise of the Dilution Option: 

  

	 	(i)	the Defaulting Owner must: 

  

	 	(A)	assign to the Non-Defaulting Owner a proportion of its Participating Interest of any Iron Ore Assets owned directly by the Owners pursuant to clause 2.4(c)(ii)(B),
prorata with the reduction in its Participating Share; and 

  

	 	(B)	assign to the Non-Defaulting Owner a proportion of its Participant Loans prorata with the reduction in its Participating Share; and

  

	 	(ii)	the Manager must: 

  

	 	(A)	prepare any appropriate forms of assignment to effect the assignments referred to in paragraph (c)(i) and submit them to the Owners for approval (which may not be
unreasonably withheld or delayed) and execution; and 

  

	 	(B)	seek on behalf of the Owners all necessary Authorisations; 

  

	 	(iii)	each of the Owners must as soon as practicable do everything necessary or appropriate to ensure that all such assignments are promptly and fully effected, including
obtaining any necessary Authorisations. 

  

	 	(d)	For the avoidance of doubt, it is not intended that any Debentures be assigned in order to effect dilution under clause 9.7. 

 

	9.9	Cross Charges 

 Nothing in
this clause 9 affects the ability of any Owner to enforce its rights under any Cross Charge in addition to, or as an alternative to, any remedy provided for in this clause 9 in respect of any default by another Owner. 

  
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	10.	Disposals 

  

	10.1	No restriction on disposals 

 An Owner may Dispose of the whole or a proportionate part of its Participating Interest to any person * * * Any such Disposal will not give rise to any purchase option or pre-emption right * * *

  

	10.2	Underlying assets 

  

	 	(a)	Neither an Owner nor the Manager may Dispose of all or any Iron Ore Assets or any Securities in any JV Entity which owns any Iron Ore Assets, and the Owners must
procure that no JV Entity disposes of all or any Iron Ore Assets * * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(v)	* * * 

  

	 	(vi)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	10.3	* * * 

  

	 	(a)	If an Owner Disposes of any proportionate part of its Participating Interest, then for the purposes of this Agreement: 

 

	 	(i)	* * * 

  

	 	(A)	* * *: 

  

	 	(1)	* * * 

  

	 	(2)	* * * 

  

	 	(B)	* * * 

  

	 	(1)	* * * 

  

	 	(2)	* * * 

 * * * 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(ii)	the Majority Owner * * * is: 

  

	 	(A)	the Owner * * * whose Participating Share is greater than 25%; or 

  

	 	(B)	where the Participating Shares of a group of Related Corporations are in aggregate greater than 25%, the Owner designated by that group from time to time;

  

	 	(iii)	a Substantial Owner is an Owner * * * whose Participating Share is 17% or greater, but not greater than 25%; 

 

	 	(iv)	a Minority Owner is an Owner * * * whose Participating Share is less than 17%; 

 

	 	(v)	* * * 

  

	 	(vi)	* * * 

  

	 	(vii)	the Participating Share of an Owner will be aggregated with any Participating Shares of Related Corporations of the Owner for the purposes of determining whether the
Owner is a Majority Owner, Substantial Owner or Minority Owner * * * 

  

	 	(viii)	* * * 

  

	 	(b)	Except as provided for in this clause 10: 

  

	 	(i)	the Majority Owner * * * will be entitled and obliged to exercise all rights conferred, and perform all obligations imposed, on an Owner under the Transaction Documents
* * *; and 

  

	 	(ii)	the exercise of such rights, and the performance of such obligations, will be binding on the other Owners * * * and may be relied upon by the * * * other Owner * * *.

  

	 	(c)	* * * 

  

	10.4	Minority Owners (less than 17%) 

 A Minority Owner will: 
  

	 	(a)	not be entitled to exercise any rights of an Owner * * *; and 

  

	 	(b)	be reliant on the Majority Owner * * * for the exercise of rights and the performance of obligations * * *, 

* * * 
  

	10.5	Substantial Owner (17% or greater, but not greater than 25%) 

  

	 	(a)	Subject to paragraph (b), a Substantial Owner will: 

  

	 	(i)	not be entitled to exercise any rights of an Owner * * *; and 

  

	 	(ii)	be reliant on the Majority Owner * * * for the exercise of rights and the performance of obligations * * * 

* * * 
  

	 	(b)	A Substantial Owner will be entitled to purchase or have its Marketing SPV purchase JV Production and exercise all other rights of an Owner under clause 6.

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	10.6	New Majority Owner (Third Party or Existing Owner) 

 If a Disposing Owner wishes to Dispose of a Participating Share greater than 25% to an Acquiring Owner or an Acquiring Owner otherwise wishes to acquire a Participating Share greater than 25% * * *

  

	 	(a)	then upon such Disposal: 

  

	 	(i)	the Acquiring Owner will become the Majority Owner * * * (the New Majority Owner); 

 

	 	(ii)	the Disposing Owner will become a Minority Owner or a Substantial Owner (as applicable) if it has not Disposed of its entire Participating Share;

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(v)	* * * 

  

	 	(b)	it will be a condition precedent to such Disposal that the Acquiring Owner acquires a majority ownership of the Iron Ore Assets of the Disposing Owner and its Related
Corporations, * * * 

  

	10.7	No Majority Owner * * * 

If as a result of a Disposal, there is no Owner * * * whose Participating Share is greater than 25%, the following provisions will apply
for so long as that continues to be the case * * *: 
  

	 	(a)	* * * will be Minority Owners or Substantial Owners (as applicable) and * * * will exercise all the rights and obligations of an Owner referable to their
respective Participating Interests; 

  

	 	(b)	the right to vote on the Owners’ Council may only be exercised by an Owner * * * that has a Participating Share of more than 25%, except that any
related party transaction (including transactions with an Owner or its Affiliates) will require the consent of Owners holding, in aggregate, Participating Shares of 75% or more; 

 

	 	(c)	if there is no Owner * * * that has a Participating Share of more than 25%, the right to vote on the Owners’ Council will be exercised by each Owner in proportion
to their respective Participating Shares, except that any related party transaction (including transactions with an Owner or its Related Corporations) will require the consent of Owners holding, in aggregate, Participating Shares of 75% or more;

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	10.8	Requirements for all Disposals to third parties 

 Unless otherwise agreed in writing by the Owners, the following provisions will apply in relation to any Disposal of a Participating Interest to an Acquiring Owner that is a third party: 

 

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(B)	* * * 

  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	10.9	Requirements for Disposals from one Owner to another Owner 

 Unless otherwise agreed in writing by the Owners, the following provisions will apply in relation to any Disposal of a Participating Interest by a Disposing Owner to an Acquiring Owner that is an existing
Owner: 
  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	10.10	* * * 

 * * * 

 

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

 * * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

 * * * 

 

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

 * * * 

* * * 
  

	 	(d)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(e)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

 * * * 

 

	11.	Security Structure 

  

	11.1	Single purpose undertaking—Owners 

 An Owner may not carry on any business or other activity other than: 
  

	 	(a)	the ownership of its Participating Interest; 

  

	 	(b)	the exercise of its rights and performance of its obligations under the Transaction Documents; and 

 

	 	(c)	any incidental activities. 

  

	11.2	Funding undertaking—Owners 

 An Owner must not: 
  

	 	(a)	fund the acquisition or holding of its Participating Interest by any means other than non-redeemable share capital; or 

 

	 	(b)	incur any Finance Debt other than by way of a Guarantee in respect of Finance Debt of a Related Corporation. 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	11.3	Security Interests—Owners 

 An Owner may not create a Security Interest or permit a Security Interest to subsist over any of its assets other than: 
  

	 	(a)	a Cross Charge; 

  

	 	(b)	any Permitted Security Interest; and 

  

	 	(c)	any other Security Interest over any or all of its assets, as long as the chargee under that Security Interest has entered into an Intercreditor Deed in favour of the
other Owner. 

  

	11.4	Security Interests—Issuers, shareholders of JV Entities and JV Entities 

Each Owner must procure that each of its Related Corporations which is: 

 

	 	(a)	a JV Entity; or 

  

	 	(b)	the holder of shares in, or other Securities issued by, the Manager or a JV Entity, does not create a Security Interest or permit a Security Interest to subsist over
the whole or any part of: 

  

	 	(c)	its shares or other Securities in the Manager or a JV Entity; or 

  

	 	(d)	any Iron Ore Assets or JV Operations, other than: 

  

	 	(e)	any Permitted Security Interest; 

  

	 	(f)	any Existing JV Cross Charge; and 

  

	 	(g)	any Sole Risk Assets, as long as the chargee under that Security Interest has entered into an Intercreditor Deed in favour of the Manager on behalf of each other party
to this Agreement. 

 For the avoidance of doubt, this clause does not prevent the creation or subsistence of a
Security Interest over any Excluded Assets. 
  

	11.5	Cross Charges—Owners 

  

	 	(a)	(Initial Owners) Each of RTL and BHPBL undertakes to procure that the Rio Tinto Owner and the BHP Billiton Owner, respectively, grants a Cross Charge:

  

	 	(i)	over its Participating Interest and all its other assets and undertaking, but excluding its shares in the relevant Issuer, on or about the date of Completion; and

  

	 	(ii)	on terms that it will extend to its shares in the relevant Issuer, in accordance with the procedures set out in clause 11.7 and 11.8. 

 

	 	(b)	(Subsequent Owners) It is a condition of any Disposal under clause 10.8(c) that any new Owner grants a Cross Charge over its Participating Interest and all its
other assets and undertaking (but, in the case of any shares in an Issuer, only as required in accordance with the procedures set out in clauses 11.7 and 11.8). 

 

	11.6	Cross Charges—Issuers and JV Entities—general requirement 

 

	 	(a)	(Initial Owners) Each of the Rio Tinto Owner and the BHP Billiton Owner undertakes to procure that: 

 

	 	(i)	the Issuer that is its Subsidiary; and 

  
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	 	(ii)	each JV Entity that is its wholly-owned subsidiary (as defined in the Corporations Act), 

grants a Cross Charge over any shares it holds in another JV Entity and all its other assets and undertaking, other than any Excluded
Assets or Sole Risk Assets, in accordance with the procedure set out in clauses 11.7 and 11.8. 
  

	 	(b)	(Subsequent Owners) It is a condition of any Disposal under clause 10.8(c) that any new Owner procures that: 

 

	 	(i)	any Issuer that is its Subsidiary; and 

  

	 	(ii)	any JV Entity that is its wholly-owned subsidiary (as defined in the Corporations Act), 

grants a Cross Charge over all its assets and undertaking to the extent required in accordance with the procedures set out in clauses 11.7
and 11.8. 
  

	11.7	Agreed Reorganisation and removal of Agreed Impediments 

  

	 	(a)	(Sufficient Asset Test and Issuer Share Security Test) 

  

	 	(i)	Each of the Rio Tinto Owner and the BHP Billiton Owner will be taken to have met the Sufficient Asset Test and the Issuer Share Security Test
when it has implemented such parts of its Agreed Reorganisation, and obtained consents, waivers or amendments to overcome such of its Agreed Impediments, as the Owners have agreed are required to be implemented and overcome in order to
enable the relevant test to be met. 

  

	 	(ii)	A new Owner will be taken to have met the Sufficient Asset Test and the Issuer Share Security Test: 

 

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(b)	(Obligation to use reasonable endeavours) Subject to paragraph (c), each Owner must, and must procure that its Related Corporations will:

  

	 	(i)	(Sufficient Asset Test) use its reasonable endeavours to implement such parts of its Agreed Reorganisation and obtain consents, waivers or amendments to overcome
such of its Agreed Impediments as are required to be implemented and overcome in order to enable the Sufficient Asset Test to be met * * *; 

  

	 	(ii)	(Issuer Share Security Test) if: 

  

	 	(A)	all Owners have met the Sufficient Asset Test; and 

  

	 	(B)	the Owners have agreed that they wish to endeavour to meet the Issuer Share Security Test, having regard to the desirability of extending the Cross Charge to the Shares
and to any risk of liability associated with doing so, use its reasonable endeavours to implement such parts of its Agreed Reorganisation and obtain consents, waivers or amendments to overcome such of its Agreed Impediments as are required to be
implemented and overcome in order to enable the Issuer Share Security Test to be met, * * *; and 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(iii)	(other) use its reasonable endeavours to implement any other parts of its Agreed Reorganisation and obtain consents, waivers or amendments to overcome any other
of its Agreed Impediments, * * * 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(d)	(* * * Indemnity) Each Owner (an Indemnifying Owner) must indemnify each other Owner and its Related Corporations (an Indemnified
Party) for * * *: 

  

	 	(i)	caused by the implementation of the Indemnifying Owner’s Agreed Reorganisation; or 

 

	 	(ii)	* * * 

  

	 	(iii)	* * * 

 Notwithstanding any other
provision of a Transaction Document an Owner and its Affiliates will not be obliged to implement an Agreed Reorganisation * * * if doing so may trigger the indemnity under this paragraph (d). For the avoidance of doubt, if the circumstances
contemplated by this paragraph apply, Rio Tinto or BHP Billiton may discharge and extinguish or convert to equity all or part of their respective Agreed Opening Iron Ore Loans. 
 The indemnity in this paragraph (d) will not apply if * * * 
  

	 	(iv)	* * * 

  

	 	(v)	* * * 

 * * * 

 

	 	(e)	(Information requirements) Each Owner must keep the other Owners informed of the progress of its endeavours under paragraph (b), and must notify the other Owners
when it has met the Sufficient Asset Test or the Issuer Share Security Test. 

  

	11.8	Procedure for granting Cross Charges 

  

	 	(a)	(Effect of Agreed Impediments) A party is not required to procure the grant of a Cross Charge over: 

 

	 	(i)	Shares; or 

  

	 	(ii)	any part of the assets or undertaking of an Issuer or JV Entity, 

 if and to the extent that the grant of the Cross Charge is prohibited or prevented by an Agreed Impediment. 
  

	 	(b)	(Obligation to procure asset Cross Charge when Sufficient Asset Test met) 

 An Owner must procure that any Issuer that is its Subsidiary, and any JV Entity that is its wholly-owned subsidiary, grants a Cross Charge over any shares it holds in another JV Entity and all its other
assets and undertaking, other than: 
  

	 	(i)	any Excluded Assets or Sole Risk Assets; and 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(ii)	any assets that continue to be subject to an Agreed Impediment, 

 either: 
  

	 	(iii)	in the case of a new Owner that already meets the Sufficient Asset Test, on becoming an Owner, or 

 

	 	(iv)	otherwise, within 30 days after the Owner meets the Sufficient Asset Test, 

 unless the Owner is permitted and elects to defer the grant of that charge under paragraph (e). 
  

	 	(c)	(Parent Company Guarantee) Each of Rio Tinto (in the case of the RTL Owner) and BHP Billiton (in the case of the BHP Billiton Owner) must give a Parent Company
Guarantee including provisions relating to Called Sums on or before Completion. 

  

	 	(d)	(Release of Parent Company Guarantee on provision of Cross Charge) Upon an Owner that has provided a Parent Company Guarantee in relation to Called Sums under
paragraph (c) meeting the Sufficient Asset Test, and procuring the grant of the relevant Cross Charges in accordance with paragraph (b), the Parent Company Guarantee will be released to the extent it relates to Called Sums.

  

	 	(e)	(Election to defer Cross Charge where only one Owner meets Sufficient Asset Test) If an Owner has met the Sufficient Asset Test but another Owner has not, the
Owner that has met the test may elect to defer the grant of the Cross Charges required under paragraph (b) until each other Owner has also met the Sufficient Asset Test. The Owner may subsequently elect to procure the grant of the Cross Charges
at any time even if another Owner has still not met the Sufficient Asset Test. If it does so, the Parent Company Guarantee will be released to the extent it relates to Called Sums. 

 

	 	(f)	(Grant of Cross Charge when both Owners meet Sufficient Asset Test) If all Owners have met the Sufficient Asset Test, all Cross Charges must be granted as
required by paragraph (b). 

  

	 	(g)	(Obligation to extend Cross Charge if Issuer Share Security Test met) If it has been agreed under clause 11.7(b)(ii) that the owners are to endeavour to meet the
Issuer Share Security Test, the Cross Charges granted by each Owner under clause 11.6 must extend to cover all shares held by the Owner in an Issuer within 30 days after all Owners have met the Issuer Share Security Test.

  

	 	(h)	(Continued reasonable endeavours) An Owner’s obligations under clause 11.7 will continue until its Agreed Reorganisation has been completed and all its
Agreed Impediments have been overcome, even if the relevant Cross Charges have been granted under paragraph (b) and the relevant Parent Company Guarantee has been released and even after the date mentioned in clause 11.7(b)(i). If an Agreed
Impediment is overcome in respect of an asset after the relevant Cross Charge has been granted, the relevant Owner must procure that an additional Cross Charge is granted in respect of the relevant asset within 30 days of the Agreed Impediment
being overcome. 

  

	11.9	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(c)	* * * 

  

	12.	* * * 

  

	12.1	* * * 

 * * * 

 

	12.2	* * * 

 * * * 

 

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	12.3	* * * 

 * * * 

 

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	13.	Public Announcements and External Relations 

  

	13.1	Public Announcements 

  

	 	(a)	The Owner Parents must use all reasonable endeavours to agree the wording and timing of all public announcements and statements by either of them relating to the WA
Iron Ore JV (including any disclosure to any stock exchange or other Authorities and statements to shareholders, whether in annual reports or otherwise) before any announcement or statement is made. 

 

	 	(b)	The Manager must consult and agree with the Owners the wording and timing of all public announcements and statements made by it on behalf of the WA Iron Ore JV.

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(c)	If agreement cannot be reached by the time that any announcement or statement must be made: 

 

	 	(i)	in the case of paragraph (a), the Owner Parent in question will nevertheless be free to make the relevant announcement or statement, but in doing so must have due
regard to the interest of the other Owner Parent and disclose only the information which in its good faith opinion it believes is necessary in the particular circumstances; and 

 

	 	(ii)	in the case of paragraph (b), the Manager will nevertheless be free to make the relevant announcement or statement in respect of operational matters affecting health,
safety or the environment. 

  

	 	(d)	Copies of any public announcement or statement: 

  

	 	(i)	made by an Owner Parent must be given to the other Owner Parent and the Manager; or 

 

	 	(ii)	made by the Manager must be given to the Owner Parents, in the most expeditious manner reasonably available. 

 

	13.2	Continuous Disclosure 

The Owners and the Manager will establish a protocol for the referral of material information by the Manager to the Owners to enable the
Owner Parents to comply with their regulatory obligations. 
  

	13.3	External Relations 

 The
Owner Parents and the Manager will also establish a protocol for consultation and coordination of communications with: 
  

	 	(a)	Commonwealth and Western Australian State Authorities; 

  

	 	(b)	the media (and analysts); and 

  

	 	(c)	communities, 

 in relation to all
matters affecting the WA Iron Ore JV. 
  

	14.	Confidentiality 

  

	14.1	Confidential Information not to be disclosed 

  

	 	(a)	For the purposes of this clause 14, Confidential Information means: 

 

	 	(i)	the terms and conditions of the Transaction Documents; 

  

	 	(ii)	the terms and conditions on which the WA Iron Ore JV supplies or acquires goods and/or services; 

 

	 	(iii)	any information that cannot be disclosed by reason of an Existing JV Arrangement; 

 

	 	(iv)	any proposals or studies that are commercially sensitive and that have not been announced to the market; 

 

	 	(v)	any communications between Owners or between an Owner and the Manager that are commercially sensitive and that are identified as being Confidential Information for the
purposes of this clause 14.1 at the time of the communication; and 

  

	 	(vi)	such other categories of information as are determined by the Owners’ Council from time to time. 

  
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 It does not include information: 
  

	 	(vii)	which is in or comes into the public domain otherwise than by disclosure in breach of a Transaction Document; 

 

	 	(viii)	(other than in respect of the terms and conditions of the Transaction Documents) already known to the person at the date of disclosure; 

 

	 	(ix)	acquired from a third party who is entitled to disclose it; 

  

	 	(x)	which is independently developed by the person receiving that information otherwise than by disclosure in breach of a Transaction Document; 

 

	 	(xi)	disclosed pursuant to the Intellectual Property Management Agreement, the confidentiality of which is governed by that agreement; and 

 

	 	(xii)	other than information disclosed pursuant to the Intellectual Property Management Agreement, which is confidential and commercially sensitive to Rio Tinto, BHP Billiton
or their respective Related Corporations and which does not specifically relate to JV Operations (including extracts of those entities’ Board minutes or documents prepared for submission to investment or evaluation committees) (an Owner
Confidential Information). 

  

	 	(b)	Each party undertakes that it will not, and will procure that its Related Corporations will not: 

 

	 	(i)	disclose Confidential Information, including Confidential Information of any other Owner (the Protected Party), to any person; or

  

	 	(ii)	use Confidential Information of the Protected Party, 

 except either: 
  

	 	(iii)	with the prior written approval of the Protected Party; or 

  

	 	(iv)	for the purposes of the Transaction Documents or as otherwise permitted by this clause 14. 

 

	 	(c)	Each party undertakes that it will: 

  

	 	(i)	promptly do anything reasonably required by another party to prevent or restrain a breach or suspected breach of this clause 14.1 or any infringement or suspected
infringement whether by court proceedings or otherwise; and 

  

	 	(ii)	inform each other party immediately if it becomes aware that Confidential Information has been disclosed to an unauthorised third party. 

 

	14.2	Permitted disclosure 

  

	 	(a)	Subject to clause 14.3, an Owner and each Related Corporation of an Owner which is a party to this Agreement may disclose Confidential Information:

  

	 	(i)	(Related Corporation) to any of its Related Corporations; 

  

	 	(ii)	(officers and employees) to its directors, employees, officers and agents or of any of its Related Corporations; 

 

	 	(iii)	(professional advisers) to its professional advisers (including legal advisers) and consultants; 

 

	 	(iv)	(lenders) to a bank or other financial institution (and its professional advisers including legal advisers) in connection with any loan or other financial
accommodation or application for a loan or financial accommodation to it or to any of its Related Corporations or the provision of underwriting for any issue of Securities; 

  
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	 	(v)	(potential disposals) in connection with any potential Disposal, Security Interest or investment; 

 

	 	(vi)	(disposals) to a third party to whom an Owner has Disposed of a proportionate part of its Participating Interest or who has otherwise acquired an economic
interest in part of an Owner’s Participating Interest or to a third party to whom an Owner or a Related Corporation of an Owner has granted a Security Interest; 

 

	 	(vii)	(required Disclosures) to the extent required under any applicable Law or the rules or regulations of any recognised securities exchange which apply to it or to
any of its Related Corporations; 

  

	 	(viii)	(legal proceedings) if the disclosure is required for the purposes of any legal, administrative or other proceedings involving it or any of its Related
Corporations; 

  

	 	(ix)	(Duties) if and to the extent that it may be reasonably necessary in the discharge of its duties and obligations under the Transaction Documents;

  

	 	(x)	(Authority) if and to the extent that it may be reasonably necessary or desirable to disclose the information to any Authority in connection with applications
for any Authorisations; and 

  

	 	(xi)	(Customers) to an existing or potential customer of Iron Ore Product in connection with the sale of Iron Ore Product or other arrangements for the supply of Iron
Ore Product to that customer. 

  

	 	(b)	The Manager may disclose Confidential Information: 

  

	 	(i)	(Related Corporations) to any of its Related Corporations; 

  

	 	(ii)	(Other JV Participants) to Other JV Participants, to the extent required by Existing JV Arrangements; 

 

	 	(iii)	(officers and employees) to its directors, employees, officers and agents or any of its Related Corporations; 

 

	 	(iv)	(professional advisers) to its professional advisers (including legal advisers) and consultants; 

 

	 	(v)	(legal proceedings) if the disclosure is required for the purposes of any legal, administrative or other proceedings involving it or any of its Related
Corporations; 

  

	 	(vi)	(Duties) if and to the extent that it may be reasonably necessary or desirable in the discharge of its duties and obligations under the Transaction Documents;
and 

  

	 	(vii)	(Authority) to the extent required under any applicable Law or if and to the extent that it may be reasonably necessary or desirable to disclose the information
to any Authority in connection with applications for any Authorisations. 

  

	14.3	Conditions to disclosure 

  

	 	(a)	Any disclosure: 

  

	 	(i)	under clause 14.2(a)(iv), (v) or (vi) may only be made if the person to whom disclosure is to be made first agrees with the Owner disclosing the information,
in a form enforceable by the Protected Party and which is no less onerous than the requirements of this clause 14, that the information concerned must not be disclosed to any other person for any purpose, and such disclosure may only be made for the
purposes of satisfying the person to whom disclosure is made as to the value and commercial viability of the proposed transaction; and 

  
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	 	(ii)	under clause 14.2(a)(i) to (iii), (ix) and (x) and under clause 14.2(b)(i) to (iii) and (v) may only be made if the person to whom disclosure is to
be made is informed of the confidential nature of the information and required to, in the case of an Authority, to the extent possible, respect that confidentiality. 

 

	 	(b)	Any Confidential Information that is required to be disclosed in legal, administrative or other proceedings (other than between the Owners, or an Owner and the Manager)
pursuant to clause 14.2(a)(viii) or clause 14.2(b)(v) may not be disclosed to any person unless: 

  

	 	(i)	prior to that disclosure, the Owner intending to disclose the Confidential Information (Disclosing Party) notifies the other Owner giving full details of:

  

	 	(A)	the legal, administrative or other proceedings in relation to which disclosure is required, including to the maximum extent permitted by Law, copies of documents filed
in those legal, administrative or other proceedings; and 

  

	 	(B)	the Confidential Information intended to be disclosed; 

  

	 	(ii)	to the maximum extent permitted by Law, the Disclosing Party gives the other Owner a reasonable opportunity in a court of law or other appropriate body or forum to:

  

	 	(A)	challenge whether the proposed disclosure is in accordance with the terms of this clause 14; 

 

	 	(B)	challenge the obligation of the Disclosing Party or any other person to make that disclosure; or 

 

	 	(C)	secure an order or ruling (including, where appropriate, an order or ruling that the disclosure should only be made on a confidential basis) to protect or preserve the
confidentiality of the relevant information; 

  

	 	(iii)	the Disclosing party takes all reasonable steps to preserve the Confidential Information to be disclosed, including, where appropriate, by doing all things necessary to
obtain an order that the Confidential Information be disclosed in accordance with an appropriate confidentiality regime; and 

  

	 	(iv)	the other requirements of this clause 14 applicable to that disclosure are satisfied. 

 

	14.4	Owner’s Confidential Information 

  

	 	(a)	The Owners and the Manager acknowledge that nothing in a Transaction Document will require an Owner to disclose any of its Owner’s Confidential Information.

  

	 	(b)	If notwithstanding paragraph (a), an Owner or the Manager obtains Owner Confidential Information of another Owner, it: 

 

	 	(i)	undertakes that it will not, and will procure that its Related Corporations will not: 

 

	 	(A)	disclose that information; or 

  

	 	(B)	use that information; and 

  

	 	(ii)	will (directly or on behalf of its Related Corporations) destroy that information (or expunge it from any device in the case of electronic information) as soon as
practicable after receipt of a request from the other Owner. 

  
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	14.5	Law of confidentiality 

 The confidentiality undertaking contained in this Agreement will be in addition to and will in no way derogate from the obligations of the Owners and the Manager in respect of secret and confidential
information at law, in equity or under any statute or trade or professional custom or use. 
  

	14.6	Former party bound 

This clause 14 will continue to bind a party after it ceases to be a party to this Agreement. 

 

	15.	Relationship of the Parties 

  

	15.1	No partnership or proprietary interests 

 Nothing in this Agreement or any other Transaction Documents implies that the Owners or any of the JV Entities are: 
  

	 	(a)	forming a partnership, agency or a similar relationship between the Owners or any of the JV Entities; or 

 

	 	(b)	otherwise carrying on business in common with a view to profit, within the meaning of any partnership or limited partnership legislation in any jurisdiction; or

  

	 	(c)	otherwise creates any fiduciary relationship between the Owners or any of the JV Entities. 

 

	15.2	Liability 

 The
liabilities and obligations of the Owners arising out of or in connection with the JV Operations will be several and not joint or joint and several and must be borne by them severally in their respective Participating Shares. 

 

	16.	Independent Expert 

  

	16.1	Referral to Independent Expert 

 This clause 16 will apply to the appointment and conduct of an Independent Expert appointed under this Agreement (but, will not apply in relation to the Valuers appointed pursuant to item 1 of schedule
9). 
  

	16.2	Appointment of Independent Expert 

  

	 	(a)	The Independent Expert will be appointed by agreement between the parties to the dispute or deadlock. If the parties cannot agree on appointment of an Independent
Expert, the appointment will be made by: 

  

	 	(i)	for technical matters—the President of the Institute of Engineers, Australia; 

 

	 	(ii)	for financial and valuation matters—the President of the Institute of Chartered Accountants, Australia. 

 

	 	(b)	The Independent Expert will: 

  

	 	(i)	have appropriate qualifications, including experience in the subject matter of the dispute or deadlock; and 

 

	 	(ii)	not have any interest which conflicts or may conflict with his or her appointment as an expert in relation to the dispute. 

  
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	16.3	Conduct of Independent Expert 

  

	 	(a)	The Independent Expert will accept oral and written submissions from the parties to the dispute or deadlock and make a written determination in relation to the matters
in dispute within 28 days of his or her appointment unless the Independent Expert certifies that the matter is complex in which case the period will be extended to 60 days. 

 

	 	(b)	The Independent Expert will keep all information received in connection with its appointment under this Agreement confidential. 

 

	 	(c)	In the absence of manifest error, the decision of the Independent Expert made under this clause will be final and binding on the parties to the dispute and all other
parties to this Agreement. 

  

	 	(d)	The costs of the Independent Expert will be borne equally between the parties in dispute. 

 

	17.	Prohibition on partition 

  

	 	(a)	Unless otherwise agreed unanimously by the Owners, no Owner or the Manager and no person claiming through an Owner or the Manager may seek partition or the
establishment of a trust for sale or take any action (whether by any court order or otherwise) for partition or sale in lieu of partition (and each Owner and the Manager waives any rights it may have under any applicable Law to seek and do any acts
and things as stated above) in respect of any Iron Ore Assets or Securities in a JV Entity during the term of this Agreement. 

  

	 	(b)	Nothing in this clause 17 will in any way affect the right of each Owner: 

  

	 	(i)	to purchase (or nominate a nominee to purchase) product under the Ore Sales Agreements pursuant to clause 6; or 

 

	 	(ii)	to Dispose of its Participating Interest or make any other Disposal of assets as contemplated by clause 10, or to grant a Security Interest or permit a Security
Interest to subsist as contemplated by clause 11. 

  

	18.	Force Majeure 

  

	18.1	Event of Force Majeure 

 For the purposes of this clause 18, an Event of Force Majeure means an event beyond the reasonable control of a party, including: 

 

	 	(a)	act of God, lightning, storm, flood, cyclone, tidal wave, landslide, fire, earthquake or explosion; 

 

	 	(b)	strike, lockout or stoppage or ban or limitation on work or restraint of labour, whether at a mine or mines, railway, port or otherwise; 

 

	 	(c)	act of public enemy, war (declared or undeclared), terrorism, sabotage, blockade, revolution, riot, insurrection, civil commotion or epidemic; 

 

	 	(d)	any act, inaction, demand, order, restraint, restriction, requirement, prevention, frustration or hindrance by or of any government or other competent authority;

  

	 	(e)	embargo or boycott, unavailability of essential equipment, materials or facilities, unavailability of qualified employees or contractors, power or water shortages or
lack of transportation; or 

  

	 	(f)	any other cause, whether specifically referred to above or otherwise which is not within its reasonable control. 

  
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	18.2	No liability during an Event of Force Majeure 

 A party will not be liable for any delay in or failure of performance (or for any delay in procuring performance or failure to procure performance by a JV Entity pursuant to clause 2.4(b)(ii)) (other than
a delay in or failure to make payment of a Called Sum or any other amount payable under this Agreement) if: 
  

	 	(a)	that delay or failure arises from an Event of Force Majeure; 

  

	 	(b)	it has taken (or, in the case of a procurement obligation pursuant to clause 2.4(b)(ii), has procured that the relevant JV Entity has taken) all proper precautions, due
care and reasonable alternative measures with the object and intent of avoiding the delay or failure and of carrying out its obligations under this Agreement (including, to the extent possible, its procurement obligations under clause 2.4(b)(ii));
and 

  

	 	(c)	as soon as practicable after the beginning of the event of Force Majeure which affects the ability of the party claiming under this clause 18.2 to observe or perform
any of its obligations under this Agreement, the claiming party gives notice to each other party, subject to the Ring-Fencing Protocol: 

  

	 	(i)	fully describing the Event of Force Majeure and, as far as possible, estimating its duration; 

 

	 	(ii)	identifying the specific obligations affected by that Event of Force Majeure and the possible extent to which the claiming party (or the JV Entity in respect of which
the claiming party has procurement obligations under clause 2.4(b)(ii)) will be unable to perform those obligations; and 

  

	 	(iii)	specifying the measures proposed to be adopted to remedy or abate the Event of Force Majeure. 

 

	18.3	Suspension of obligations 

While an Event of Force Majeure continues, the obligations which cannot be performed because of the Event of Force Majeure (other than a
delay in or failure to make payment of a Called Sum or any other amount payable under this Agreement) will be suspended. 
  

	18.4	Remedy of Force Majeure 

The party that is prevented from carrying out its obligations under this Agreement (including its procurement obligations under clause
2.4(b)(ii)) as a result of an Event of Force Majeure will remedy (or, as the case may be, procure the remedy of) the Event of Force Majeure to the extent reasonably practicable, keep the other parties regularly informed on the progress of remedying
the Event of Force Majeure and resume the performance of its obligations (including its procurement obligations under clause 2.4(b)(ii)) as soon as reasonably possible. 

 

	18.5	Mitigation 

 The party
that is prevented from carrying out its obligations under this Agreement as a result of an Event of Force Majeure and the Manager must take (or procure the taking by a relevant JV Entity) all action reasonably practicable to mitigate any loss
suffered by a party or a third party as a result of that party’s failure to carry out its obligations under this Agreement (including its procurement obligations under clause 2.4(b)(ii)). 

 

	18.6	No requirement to settle labour dispute 

 A party is not required, under clause 18.4 or 18.5, to settle any labour dispute against its will. 

  
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	18.7	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	19.	GST 

  

	19.1	Definitions 

 For the
purposes of this clause 19: 
  

	 	(a)	Adjustment has the meaning given by the GST Law; 

  

	 	(b)	Consideration has the meaning given by the GST Law; 

  

	 	(c)	Input Tax Credit has the meaning given by the GST Law and a reference to an Input Tax Credit entitlement of a party includes an Input Tax Credit for an
acquisition made by that party but which the representative member of a GST Group or the Joint Venture Operator of a GST Joint Venture is entitled under GST Law; 

 

	 	(d)	GST has the meaning given by the GST Law; 

  

	 	(e)	GST Amount means in relation to a Taxable Supply the amount of GST payable in respect of that Taxable Supply; 

 

	 	(f)	GST Group has the meaning given by the GST Law; 

  

	 	(g)	GST Joint Venture has the meaning given by the GST Law. 

 

	 	(h)	GST Law has the meaning given by the A New Tax System (Goods and Services Tax) Act 1999 (Cth); 

 

	 	(i)	Joint Venture Operator has the meaning given by the GST Law. 

 

	 	(j)	Tax Invoice has the meaning given by the GST Law; and 

  

	 	(k)	Taxable Supply has the meaning given by the GST Law excluding the reference to Section 84-5 of the A New Tax System (Goods and Services Tax) Act
1999 (Cth). 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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	19.2	Recovery of GST 

 If GST
is payable on a Taxable Supply made under, by reference to or in connection with this Agreement, the party providing the Consideration for that Taxable Supply must also pay the GST Amount as additional Consideration. Subject to the prior receipt of
a Tax Invoice, the GST Amount is payable at the same time that the other Consideration for the Taxable Supply is provided. This clause 19.2 does not apply to the extent that the Consideration for the Taxable Supply is expressly stated to be GST
inclusive. 
  

	19.3	Liability net of GST 

 Any
reference in the calculation of Consideration or of any indemnity, reimbursement or similar amount to a cost, expense or other liability incurred by a party must exclude the amount of any Input Tax Credit entitlement of that party in relation to the
relevant cost, expense or other liability. A party will be assumed to have an entitlement to a full Input Tax Credit unless it demonstrates otherwise prior to the date on which the Consideration must be provided. 

 

	19.4	Adjustments 

 If an
Adjustment occurs in relation to a Taxable Supply made under, by reference to or in connection with this Agreement, the GST Amount will be recalculated to reflect that Adjustment and an appropriate payment will be made between the parties.

  

	19.5	Revenue exclusive of GST 

Any reference in this Agreement to price, value, sales, revenue or a similar amount (Revenue), is a reference to that
Revenue exclusive of GST. 
  

	19.6	Cost exclusive of GST 

Any reference in this Agreement (other than in the calculation of Consideration or of any indemnity, reimbursement or similar amount) to
cost, expense or other similar amount (Cost), is a reference to that Cost exclusive of any Input Tax Credit entitlement. 
  

	19.7	GST obligations to survive termination 

 This clause 19 will continue to apply after expiration or termination of this Agreement. 
  

	20.	Governing Law and Jurisdiction 

  

	20.1	Governing Law 

  

	 	(a)	This Agreement and the other Transaction Documents are governed by the laws of Western Australia, Australia. 

 

	 	(b)	The parties irrevocably and unconditionally: 

  

	 	(i)	submit to the non-exclusive jurisdiction of the courts of Western Australia; and 

 

	 	(ii)	agree that they may not object to any suit, action or proceeding commenced under or in connection with this Agreement or the other Transaction Documents on the basis
that the courts of Western Australia are not an appropriate forum. 

  
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 West Australian Iron Ore 
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	20.2	Final judgment conclusive and enforceable 

 The parties agree that a final judgment in any suit, action or proceeding commenced under or in connection with this Agreement or the other Transaction Documents in any court of competent jurisdiction is
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. 
  

	20.3	Dispute Resolution 

  

	 	(a)	The parties will first seek to resolve any dispute under or in connection with this Agreement or the other Transaction Documents by discussions in good faith.

  

	 	(b)	Any party may, by notice to the other parties, require any dispute (other than a dispute or deadlock to which the deadlock resolution procedure set out in clauses 3.7
and 3.8 applies 

 or which is otherwise expressly to be referred to an Independent Expert pursuant to clause 16 or
a Valuer pursuant to item 1 of schedule 9 or which is to be determined pursuant to an alternative process under the Implementation Agreement) arising under or in connection with this Agreement or the other Transaction Documents to be referred to the
Chief Executives. The Chief Executives will meet and seek in good faith to resolve the dispute within 30 days. 
  

	 	(c)	If the Chief Executives are unable to resolve the dispute within 30 days of referral to them, any party may refer the dispute to the Owners’ Chairpersons, who
will meet and seek in good faith to resolve the dispute within 30 days. 

  

	 	(d)	If the Owners’ Chairpersons are unable to resolve the dispute within 30 days of referral to them, then any party may commence proceedings in any court of
competent jurisdiction. 

  

	 	(e)	Subject to paragraph (f), a party may not commence court proceedings in relation to any dispute arising out of or in connection with this Agreement or the other
Transaction Documents until it has complied with the dispute resolution process set out in paragraphs (a) to (d). 

  

	 	(f)	Nothing in this clause 20 prevents a party seeking appropriate injunctive or interlocutory relief at any time to preserve property or rights or to avoid losses that are
not compensable in damages. 

  

	 	(g)	Each party agrees that: 

  

	 	(i)	it is responsible for its own costs in connection with the dispute resolution process; and 

 

	 	(ii)	the costs of any suit, action or proceeding commenced under or in connection with this Agreement or the other Transaction Documents will be borne as between the parties
as determined by the court of competent jurisdiction that hears the suit, action or proceeding. 

  

	20.4	Service of Process 

  

	 	(a)	Each party agrees that service of all writs, process and summonses in any suit, action or proceeding under or in connection with this Agreement or the other Transaction
Documents brought in Western Australia may be made on its registered or principal office for the time being in Australia. 

  

	 	(b)	Nothing contained or implied in this Agreement or the other Transaction Documents will in any way be taken to limit the ability of a party to: 

 

	 	(i)	serve any writs, process or summonses; or 

  

	 	(ii)	obtain jurisdiction over a party in other jurisdictions, 

 in any manner permitted by Law. 

  
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 West Australian Iron Ore 
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	21.	Ancillary Provisions 

  

	21.1	Notices 

  

	 	(a)	Subject to paragraph (b), any notice, demand, consent, certificate, approval, nomination, waiver or other similar communication given or made in connection with this
Agreement (a notice): 

  

	 	(i)	will be in writing and signed by the sender or a person duly authorised by the sender; 

 

	 	(ii)	will be addressed and delivered to the intended recipient at the address or fax number below or the address or fax number last notified by the intended recipient to the
sender after the date of this Agreement: 

  

			
	 (A)     to Rio Tinto and the Rio Tinto Owner: 
	  	 Rio Tinto plc

2 Eastbourne Terrace
 London W2
6LG
 UNITED KINGDOM
 Attention: Company
Secretary
 Fax +44 20 7781 1835
  

and to
  
 Rio Tinto Limited
 Level 33, 120 Collins Street

Melbourne VIC 3000
 AUSTRALIA

Attention: Company Secretary
 Fax +61 3 9283
3151

		
	 (B)     to BHP Billiton and the BHP Billiton Owner:
	  	 BHP Billiton plc

Neathouse Place, Victoria
 London SW1V
1B
 UNITED KINGDOM
 Attention: Company
Secretary
 Fax +44 20 7802 4111
  

and to
  
 BHP Billiton Limited
 BHP Billiton Centre

180 Lonsdale Street
 Melbourne VIC
3000
 Attention: Company Secretary
 Fax
No: +61 3 9609 3015

		
	 (C)     to the Manager:
	  	 [#]

  

	 	(iii)	will be taken to be duly given or made when delivered, received or left at the above fax number or address. If delivery or receipt occurs on a day that is not a
business day in the place to which the notice is sent or is later than 4pm (local time) at that place, it will be taken to have been duly given or made at the commencement of business on the next business day in that place. 

 

	 	(b)	Any notice relating to a matter that is agreed by the Owners’ Council to be a routine operational communication may be made by electronic email to the email
addresses provided by the Owners and the Manager from time to time. Where a notice is permitted to be sent by email pursuant to this paragraph, the notice will be taken to have been received by the party upon the earlier of the sender receiving
either an automatic delivery receipt or other confirmation of delivery and otherwise be made in accordance with paragraphs (a)(i) and (iii). 

  
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 West Australian Iron Ore 
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	21.2	Severability 

 If
any of the provisions of this Agreement is or becomes invalid, illegal or unenforceable, in whole or in part, under the law of any jurisdiction, the validity, legality or enforceability of such provision or part under the law of any other
jurisdiction and the validity, legality and enforceability of the remaining provisions of this Agreement will not in any way be affected or impaired. If any provision of this Agreement, or its application to any person or entity or any circumstance,
is invalid or unenforceable, the parties will make such suitable and equitable provision as is necessary in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision. 

 

	21.3	Variation 

 No
variation, modification or amendment of all or any part of this Agreement, including the schedules to this Agreement, will be effective unless in writing and signed by or on behalf of each party other than the Manager. The Manager agrees that it
will be bound by any variation, modification or amendment of this Agreement, including the schedules to this Agreement, that is in writing and signed by or on behalf of each party other than the Manager. 

 

	21.4	No Waiver 

 No
failure of any of the parties to exercise, or delay by it in exercising, any right, power or remedy in connection with this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right, power or remedy preclude
any other or further exercise of such right, power or remedy or the exercise of any other right, power or remedy. 
  

	21.5	Remedies 

  

	 	(a)	Except as otherwise provided for in this Agreement, the rights and remedies of the parties are cumulative and not exclusive of rights and remedies provided by Law.

  

	 	(b)	Without prejudice to any other rights and remedies which any party may have, each party acknowledges and agrees that damages would not be an adequate remedy for any
breach by any party of the provisions of this Agreement and any party will be entitled to seek the remedies of injunction, specific performance and other equitable relief (and the parties will not contest the appropriateness or availability
thereof), for any threatened or actual breach of any provision of this Agreement by any party and no proof of special damages will be necessary for the enforcement by any party of the rights under this Agreement. 

 

	21.6	No Merger 

 The
rights and obligations of the parties: 
  

	 	(a)	will not merge on the completion of any transaction contemplated by this Agreement; and 

 

	 	(b)	will survive the execution and delivery of any assignment or other document entered into for the purpose of implementing a transaction. 

 

	21.7	Costs and Expenses 

  

	 	(a)	Each party must bear its own costs arising out of the negotiation, preparation and execution of this Agreement. 

 

	 	(b)	All stamp duty (including fines, penalties and interest) payable by a party on or in connection with this Agreement will be borne by that party.

  
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 West Australian Iron Ore 
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	21.8	Entire Agreement 

This Agreement contains the entire agreement between the parties in relation to its subject matter and supersedes all agreements,
undertakings, negotiations and discussions, whether oral or written, of the parties. 
  

	21.9	Further Assurances 

Each party agrees to do anything necessary or desirable (including executing agreements, deeds, transfers, instruments and documents) to
give full effect to this Agreement and the transactions contemplated by it. 
  

	21.10	Change of Law 

  

	 	(a)	If there is a change in law or change in accounting standards that materially affects the operation of the Transaction Documents to the detriment of an Owner or its
Related Corporations, then that Owner by notice to the other Owner may require the other Owner to enter into good faith negotiations to seek to agree such amendments to the Transaction Documents as may be appropriate to mitigate the detriment, to
the extent practicable and reasonable, and in a manner which operates fairly between the Owners. A failure to agree amendments is not a dispute that may be referred for resolution in accordance with clause 20.3. 

 

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

 * * *

  

	21.11	Enurement 

 Except
as provided in this Agreement, the provisions of this Agreement will enure for the benefit of, and be binding on, the parties and their respective successors and permitted assigns. 

 

	21.12	Civil Liability Act 2002 

 The parties agree that the Civil Liability Act 2002 (WA) is expressly excluded from application to this Agreement and the Transaction Documents, or any relevant dispute, claim, action or other
matter whatsoever arising out of or in connection with this Agreement and the Transaction Documents pursuant to Section 4A of that Act. 
  

	21.13	Counterparts 

 This
Agreement may be executed in any number of counterparts and by the parties on separate counterparts, each of which will be an original but all of which together will constitute one and the same instrument. This Agreement will not take effect until
each party has executed at least one counterpart. 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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 Schedule 1 
 Definitions and Interpretation 

 

	1.	Definitions and Interpretation 

  

	1.1	Definitions 

 The
following definitions apply unless the context requires otherwise. 
 1997 Tax Act means the Income Tax
Assessment Act 1997 (Cth). 
 AAO Issuer has the meaning given in clause 12.3(b)(ii). 

Accounting Policy means the accounting policy on the terms initialled by Rio Tinto and BHP Billiton for identification on or
about the date of the Implementation Agreement, as amended by the Revised Accounting Policy, in either case as amended or replaced from time to time in accordance with clause 3.13(b). 

Accounts has the meaning given in clause 4.11(b)(i). 

Acquiring Owner, for the purposes of clause 10, means the entity (which may be a third party or an existing Owner) that is
acquiring a Participating Interest from a Disposing Owner. 
 Additional Tonnes has the meaning given in item 1(c)
of schedule 4. 
 Adjustment Reversion Notice has the meaning given in clause 18.7(f). 

Adjustment Termination Notice has the meaning given in clause 18.7(f). 

Affiliate means a Related Corporation that is not a JV Entity or the Manager. 

Agreed Impediment means each impediment to be overcome for the purposes of clause 11, as agreed between Rio Tinto and BHP
Billiton on or about the date of the Implementation Agreement. 
 Agreed Reorganisation means the reorganisation
steps agreed between Rio Tinto and BHP Billiton on or about the date of the Implementation Agreement. 
 Attributable
means attributed, allocated or apportioned in accordance with the Attribution Principles. 
 Attribution Principles
means the principles in item 1.6 of the Funding and Distribution Policy. 
 Audit Committee means the audit
committee to be established pursuant to clause 3.9(e)(i). 
 Auditor has the meaning given in clause 4.11(a).

 Authorisations means all permissions, licences, authorisations, approvals, consents, rulings, registrations,
filings, lodgements, permits, franchises, agreements, notarisations, certificates, licences, approvals, directions, declarations, authorities or exemptions from, by or with any Authority, including as may be required or obtained under the Mining Act
or any State Agreement. 
 Authority means any minister, government or representative of a government or any
governmental, quasi-governmental, local government, statutory, judicial, administrative, fiscal, tax, competition or regulatory authority, entity or other body, department, concession, tribunal, self-regulatory organisation established pursuant to
statute or rules of a recognised stock exchange, instrumentality, agency, statutory corporation or public authority. 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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 BHP Billiton Group means BHPBL, BHPBP and each of their Subsidiaries and BHP Billiton Group entity means an entity in the BHP Billiton Group. 

BHP Billiton Issuer has the meaning given in the Implementation Agreement. 

BHP Billiton JV Entities means: 
  

	 	(a)	as at the date of this Agreement, the BHP Billiton Issuer and the BHP Billiton Subsidiaries listed in, and which are engaged in the businesses described in, schedule 2;
and 

  

	 	(b)	any other wholly-owned Subsidiary of the BHP Billiton Issuer that subsequently acquires Iron Ore Assets for the purposes of the WA Iron Ore JV.

 BHP Billiton JVs means: 

 

	 	(a)	the Mt Newman Joint Venture; 

  

	 	(b)	the Goldsworthy Joint Venture; 

  

	 	(c)	the Yandi Joint Venture; 

  

	 	(d)	the Wheelarra Joint Venture; 

  

	 	(e)	the JW4 Joint Venture; 

  

	 	(f)	the POSMAC Joint Venture; and 

  

	 	(g)	any other joint venture that a BHP Billiton JV Entity enters into after the date of this Agreement within the scope of the WA Iron Ore JV. 

BHP Billiton Owner means the entity that is: 

 

	 	(a)	the holder of Debentures issued by the Rio Tinto Issuer from time to time; and 

 

	 	(b)	the holder of Shares issued by the BHP Billiton Issuer from time to time. 

 * * * 
 BHP Billiton State Agreements means: 

 

	 	(a)	the Iron Ore (Mount Newman) Agreement Act 1964 (WA); 

  

	 	(b)	the Iron Ore (Mount Goldsworthy) Agreement Act 1964 (WA); 

  

	 	(c)	the Iron Ore (Goldsworthy-Nimingarra) Agreement Act 1972 (WA); 

  

	 	(d)	the Iron Ore (Marillana Creek) Agreement Act 1991 (WA); and 

  

	 	(e)	the Iron Ore (McCamey’s Monster) Agreement Authorisation Act 1973 (WA). 

Bank Bill Rate in relation to any calendar month, means: 

 

	 	(a)	the average one month Australian bank bill rate by Reuters Monitor Service Page “BBSY” (rounded up, if necessary, to the nearest two decimal places) displayed
at about 10:00 am (Melbourne time) on the first Business Day of that calendar month; or 

  

	 	(b)	if no such rate is displayed for any calendar month, then the Bank Bill Rate for that month in respect of any unpaid amount, will be the rate which is the average
(rounded up, if necessary to the nearest two decimal places) of the rates quoted to the person to which the relevant amount is owed by each of three Australian banks selected by that person as the relevant bank’s buying rate as at 10:00 am
(Melbourne time) on the first Business Day of that calendar month for bank-accepted bills of exchange having a term of 30 days. 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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 Bao-HI Joint Venture means the joint venture established by the Bao-HI Ranges Joint Venture Agreement dated 22 June 2002. 

Base Case is the Net Present Value (as determined by the Manager based on the assumptions referred to in schedule 5) of the
existing operations prior to any Contemplated Project being assessed. 
 Beasley Joint Venture means the joint
venture to be established pursuant to clause 3.1 of the Beasley River Joint Venture Agreement dated 28 October 2004. 

Blending Agreement means the blending agreement to be entered into by [#] pursuant to clause 3.5(a)(vi) and 6.2(a) of
the Implementation Agreement. 
 Budget means, in respect of the WA Iron Ore JV, a document that describes,
consistent with the Business Plan, the business activities, the associated resource requirements and the expected financial outcomes, as: 
  

	 	(a)	prepared by the Manager pursuant to clauses 3.10(a), (i)(iii) or (k); and 

  

	 	(b)	approved by the Owners’ Council pursuant to clause 3.10(i)(i) or (ii) or applied by operation of clause 3.10(i)(iii) and also includes the First Budget (as
defined in the Implementation Agreement). 

 Budget Overrun Percentage has the meaning given in
clause 3.10(l)(i). 
 Business Day means a day that is not a Saturday, Sunday or public holiday in Perth, Western
Australia. 
 Business Plan means a document that summarises the operational and financial objectives of the WA
Iron Ore JV, its strategy to achieve these objectives, the key initiatives that will enable this strategy to be implemented and the key indicators by which the performance of the WA Iron Ore JV against these objectives can be assessed, as:

  

	 	(a)	prepared by the Manager pursuant to clauses 3.10(a), (i)(iii) or (k); and 

  

	 	(b)	approved by the Owners’ Council pursuant to clause 3.10(i)(i) or (ii) or applied by operation of clause 3.10(i)(iii) and also includes the First Business Plan
(as defined in the Implementation Agreement). 

 CEO means the chief executive officer of the
Manager. 
 CFR has the meaning given in the International Rules for the Interpretation of Trade Terms of the
International Chamber of Commerce (Incoterms) 2000 Edition, as replaced from time to time. 
 CPI means the
Australian All Groups Consumer Price Index Number (weighted average of eight capital cities) published by the Australian Bureau of Statistics. In this definition: 
  

	 	(a)	the reference to the Australian All Groups Consumer Price Index Number (weighted average of eight capital cities) means: 

 

	 	(i)	the same numbers but with different names at any time; and 

  

	 	(ii)	the same numbers adjusted mathematically to take account of a change at any time in the base year provided that indices of the same base year are used throughout the
calculation; and 

  

	 	(b)	the reference to the Australia Bureau of Statistics includes a reference to: 

 

	 	(i)	the Bureau but with a different name at any time; and 

  

	 	(ii)	a governmental agency in Australia (in the absence of the Australian Bureau of Statistics) at any time having similar functions. 

  
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 West Australian Iron Ore 
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 Call Deposits has the meaning given in the Funding and Distribution Policy. 
 Call Notice means a notice given pursuant to clause 3.11(a). 

Called Sum has the meaning given in clause 3.11(a). 
 Called Sum Payment Dates has the meaning given in clause 3.11(c)(ii). 

* * * 

* * * 

Cash means all cash and cash equivalents within the meaning of the definition of Cash Flows. 

Cash Flows means, as the case requires, all inflows and outflows of cash and cash equivalents from operating, financing and
investing activities, as determined in accordance with IAS 7 and AASB 107. References to Cash inflows and Cash outflows have a corresponding meaning. 

Channar Joint Venture means the joint venture established by the Channar Mining Joint Venture Agreement dated 16
November 1987. 
 Chief Executives has the meaning given in clause 3.7(a). 

Commissioner of Taxation means the Australian Federal Commissioner of Taxation. 

Committees has the meaning given in clause 3.9(a). 
 Completion has the meaning given in the Implementation Agreement. 

Confidential Information has the meaning given in clause 14.1. 

Consolidated Group means a consolidated group as that term is defined in s.995-1 (1) of the 1997 Tax Act. 

Contemplated Project has the meaning given in clause 8.2(a). 

Contract Quantity has the meaning given in clause 6.5(b)(ii)(A). 

Corporations Act means the Corporations Act 2001 (Cth). 

Creditor Deed Poll means a deed in the form of schedule 13. 

Cross Charge means a cross charge in the form of schedule 12. 

dmtu means dry metric tonne units. 
 Debenture means securities of that name issued or to be issued on the terms and conditions set out in the Debenture Deeds Poll. 

Debenture Deed Poll means a deed poll entered into by each Issuer in conjunction with the issue of the Debentures on or
about the date of this Agreement. 
 Debenture Holder has the meaning given in the Debenture Deeds Poll.

 Deed of Accession means each deed of accession entered into by a Sole Risk Entity in the form set out in
schedule 18. 
 Default Amount has the meaning given in clause 9.2(b). 

Default Costs has the meaning given in clause 9.2(b)(ii). 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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 Default Date has the meaning given in clause 9.1(a)(i). 

Default Interest has the meaning given in clause 9.2(b)(i). 

Defaulting Owner has the meaning given in clause 9.1(a). 

Demand Forecast has the meaning given in clause 8.1(a). 

Designated Finance Company has the meaning given in the Funding and Distribution Policy. 

Dilution Option has the meaning given in clause 9.7(a). 

Discovery has the meaning given in clause 2.2(d). 
 Dispose means, in relation to any asset, to sell, transfer, assign, declare oneself a trustee of, or part with the benefit of, or otherwise dispose of, the asset (or any interest in it, or
any part of it) other than (in each case) by the creation of a Security Interest, and Disposal has a corresponding meaning. 
 Disposing Owner, for the purposes of clause 10, means an Owner (either alone or together with its Related Corporations) that is making a Disposal of any proportionate part of its
Participating Interest. 
 ERP Service and Licence Agreement means the Service and Licence Agreement entered into
by [#] on or about the date of this Agreement. 
 ERP Services has the meaning given in the ERP Service and Licence
Agreement. 
 Effective Date means 1 July 2009. 

Escalated means escalated at a nominal rate of 6.5% per annum, compounded annually, using the following formula:

 A x (1 + 0.065)(x/365) 

Where: 
 A
= the amount to be escalated; and 
 x = the number of days that have lapsed during the period over which the amount
is escalated. 
 Excluded Assets means any assets of any Rio Tinto Group entity or BHP Billiton Group entity from
time to time that are not Iron Ore Assets and includes: 
  

	 	(a)	assets used in Iron Ore Marketing Activities and not Iron Ore Production Activities (Marketing Assets) including: 

 

	 	(i)	plant and equipment used in Iron Ore Marketing Activities and not Iron Ore Production Activities; 

 

	 	(ii)	land (including fixtures) used in Iron Ore Marketing Activities and not Iron Ore Production Activities; 

 

	 	(iii)	contracts and leases to the extent they relate to Iron Ore Marketing Activities, including contracts for the supply of iron ore produced by Iron Ore Production
Activities to customers (other than Ore Sales Agreements); 

  

	 	(iv)	Cash and receivables arising from Iron Ore Marketing Activities; 

  

	 	(v)	iron ore to which a Rio Tinto Group entity or BHP Billiton Group entity is entitled that has been loaded on board a ship; and 

 

	 	(vi)	all other assets of a Rio Tinto Group entity or BHP Billiton Group entity referable to Iron Ore Marketing Activities and not Iron Ore Production Activities;

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(b)	for Rio Tinto, its interests in each of the following companies and their existing and future assets: 

 

	 	(i)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(C)	* * *

  

	 	(D)	* * *

  

	 	(E)	* * *

  

	 	(F)	* * *

  

	 	(ii)	* * *

  

	 	(iii)	* * *

  

	 	(iv)	* * *

  

	 	(v)	* * *

  

	 	(vi)	* * *

  

	 	(vii)	* * *

  

	 	(viii)	* * *

  

	 	(ix)	* * *

  

	 	(x)	* * *

  

	 	(xi)	* * *

  

	 	(c)	for BHP Billiton, its interests in each of the following: 

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(iii)	* * *

  

	 	(d)	any Secondary Processing facilities, other than the facilities expressly included in the definition of Iron Ore Assets; 

 

	 	(e)	subject to clause 4.16 and the ERP Service and Licence Agreement, all intellectual property and technology of the Rio Tinto Group and the BHP Billiton Group used in
Iron Ore Production Activities; 

  

	 	(f)	any Retained Assets; 

  

	 	(g)	Excluded Cash Flows, Excluded Distributable Earnings and Excluded Asset Surplus; 

 

	 	(h)	Cash arising from Excluded Cash Flows, and any loan or deposit arising from use of such Cash; 

 

	 	(i)	anything which is, or is deemed to be, an Excluded Asset or part of Excluded Assets under, or by operation of, the Transaction Documents; and 

 

	 	(j)	anything that the Owners agree are Excluded Assets, 

 and, for the avoidance of doubt, does not include Sole Risk Assets. 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Excluded Asset Surplus of an Issuer on an Insolvency Administration has the meaning given in the Funding and Distribution Policy. 

Excluded Cash Flows means Cash Flows that are not Iron Ore Cash Flows or Sole Risk Cash Flows. 

Excluded Distributable Earnings means Distributable Earnings that are not Iron Ore Distributable Earnings. 

Excluded Liabilities means any liabilities of any Rio Tinto Group entity or BHP Billiton Group entity, from time to time,
that are not Iron Ore Liabilities or Sole Risk Liabilities and includes: 
  

	 	(a)	any liabilities Attributable to Excluded Assets; 

  

	 	(b)	any liabilities to the extent they arise from the conduct of the Iron Ore Marketing Activities (Marketing Liabilities); 

 

	 	(c)	Excluded Loans; 

  

	 	(d)	anything which is, or is deemed to be, an Excluded Liability under, or by operation of, the Transaction Documents; and 

 

	 	(e)	anything that the Owners agree are Excluded Liabilities. 

 Excluded Loans means any loans that are not Iron Ore Loans or Sole Risk Loans, and includes: 
 (a) Agreed Opening Excluded Loans (as defined in the Implementation Agreement); and 

(b) Post-Commencement NCEP Loans (as defined in the Implementation Agreement). 

Excluded Marketing Operations means, in relation to a JV Entity, that part of its operations concerning the sale of Iron Ore
Product to customers other than pursuant to an Ore Sales Agreement, and a reference to the Excluded Marketing Operations division of a JV Entity has a corresponding meaning. 
 Existing JV means a Rio Tinto JV or a BHP Billiton JV. 

Existing JV Arrangements means the agreements and other arrangements which constitute a Rio Tinto JV or BHP Billiton JV,
from time to time, and includes: 
  

	 	(a)	the arrangements between Rio Tinto Group entities and Robe in relation to Pilbara Iron infrastructure sharing and Pilbara Iron corporate shared services and mobile
equipment, each as amended from time to time; and 

  

	 	(b)	any terms implied under such arrangements and any fiduciary, equitable or other obligation owed in relation to such agreements or other arrangements.

 Existing JV Cross Charge means a Security Interest mentioned in schedule 14. 

Expenditure Category Overrun Amount has the meaning given in clause 3.10(l)(ii). 

Expiring Contract has the meaning given in clause 6.5(a). 

Finance Debt means indebtedness (whether actual or contingent) in respect of money borrowed or raised or other financial
accommodation. It includes indebtedness under or in respect of: 
  

	 	(a)	a Guarantee of Finance Debt or a Guarantee given to a financier; 

  

	 	(b)	a finance lease; 

  

	 	(c)	a swap, option, hedge, forward, futures or similar transaction; 

  

	 	(d)	an acceptance, endorsement or discounting arrangement; 

  
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 West Australian Iron Ore 
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	 	(e)	a redeemable share or redeemable stock; or 

  

	 	(f)	the deferred purchase price (for more than 90 days) of an asset or service, or an obligation to deliver assets or services paid for in advance by a financier or
otherwise relating to a financing transaction. 

 Financial Year means a period of 12 months
commencing on 1 January in each year and a period of 12 months commencing on 1 July each year. 
 Finder
has the meaning given in clause 2.2(d). 
 Finder Owner has the meaning given in clause 2.2(d). 

Feasibility Study has the meaning given in clause 8.2(h). 

FOB has the meaning given in the International Rules for the Interpretation of Trade Terms of the International Chamber of
Commerce (Incoterms) 2000 Edition. 
 FOB Price means: 

 

	 	(a)	where Iron Ore Product is sold on an FOB basis, the price (expressed in US$ per dmtu) for Iron Ore Product the subject of any shipment or sale which is payable by the
third party end customer under the applicable FOB sales contract; or 

  

	 	(b)	where Iron Ore Product is sold on a non-FOB basis * * *

  

	 	(i)	* * *

* * *

* * *

* * *

* * *

* * *

* * *

* * *
  

	 	(ii)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

 For the
avoidance of doubt, the purpose of this definition is to allow the parties to determine the realised FOB price equivalent for each shipment or sale of Iron Ore Product and eliminating the non-FOB component of the price paid by the end customer on an
arm’s length basis. 
 Funding and Distribution Policy means the funding and distribution policy initialled by
BHP Billiton and Rio Tinto on or about the date of the Implementation Agreement, as amended or replaced from time to time in accordance with clause 21.3. 
 Goldsworthy Joint Venture means the joint venture carried on under the name “Mt Goldsworthy Mining Associates Joint Venture” as constituted from time to time pursuant to the
Restated Mount Goldsworthy Mining Associates Joint Venture agreement dated 7 September 1990. 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Guarantee means an obligation or offer to provide funds (including by subscription or purchase) or otherwise be responsible in respect of an obligation or indebtedness, or the financial
condition or solvency, of another person. It includes a guarantee, indemnity, letter of credit or legally binding letter of comfort, or an obligation or offer to purchase an obligation or indebtedness of another person. 

Grossed up for Tax means that, where one party (the Payer) is liable to pay an amount to another party (the
Recipient) and that payment increases the Tax payable by the Recipient or the Head Company of any Consolidated Group of which the Recipient is a member (collectively the Recipient Group), then the payment must be grossed
up by such amount as is necessary to ensure that the net amount retained by the Recipient Group after deduction of Tax or payment of the increased income tax equals the amount the Recipient Group would have retained had the Tax not been payable.

 Half Year means the 6 month periods commencing on 1 January and 1 July in each year (and includes
the period from the JV Commencement Date until the following 30 June or 31 December whichever is the earlier). 

* * *

HBI Beneficiation Plant means the assets marked red and green on the aerial photograph in item 2.4 of Part 2 of
Schedule 7 of the Implementation Agreement (but excluding all liabilities associated with them and arising from circumstances or events occurring prior to * * * to clause 5.4(a) to (b) of the Implementation Agreement).

 HBI Plant means all real property, plant and equipment and other assets situated at the hot briquetted iron
processing facility at Boodarie, Western Australia (other than the HBI Beneficiation Plant) and all associated liabilities. 

Head Company has the meaning given by s.995-1(1) of the 1997 Tax Act. 

HIsmelt means all land, buildings, structures, offices, fixed and mobile equipment, roads, wharfs, loading and unloading
facilities, stockpiles, storage facilities and associated facilities owned, leased or used by any member of the Rio Tinto Group at Kwinana, Western Australia including the facility constructed by certain members of the Rio Tinto Group in joint
venture with third parties and all HIsmelt Technology. 
 HIsmelt Technology means technology presently, or in
future, owned by, or licensed to, any member of the Rio Tinto Group relating to the high intensity direct smelting of iron, or the dimensioning, design, application, manufacture, erection, installation, testing, operation and maintenance of
equipment designed or used for that purpose, including patents, know-how and other designs and copyright, technological and technical knowledge, expertise, experience, inventions, data, algorithms, codes, instructions, techniques, processes,
drawings, specifications and other unpatented information. 
 Hope Downs Joint Venture means the joint venture
carried on pursuant to the Hope Downs Joint Venture Agreement dated 16 March 2006 as constituted from time to time. 

Implementation Agreement means the implementation agreement entered into by Rio Tinto Limited, Rio Tinto plc, BHP Billiton
Limited and BHP Billiton plc on 5 December 2009. 
 Implementation Management Committee has the meaning given
in the Implementation Agreement. 
 Implementation Oversight Committee has the meaning given in the Implementation
Agreement. 
 Independent Expert means a person appointed in accordance with clause 16. 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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 Indexed means: 
  

	 	(a)	prior to 31 December 2009, the relevant amount; and 

  

	 	(b)	during any Half Year subsequent to that referred to in paragraph (a): 

  

							
		  		  	 	CPIt-1	  
		  	The relevant amount X	  			
		  		  	 	CPIb	  
	 where:
	  		  			
			
	 CPIt-1
	  	means the CPI number for the Quarter most recently published prior to the start of that Half Year; and	  			
			
	 CPIb
	  	means the CPI number for the Quarter ending on 30 June 2009.	  			

 Infrastructure and Blending Principles means the Infrastructure and Blending
Principles initialled by Rio Tinto and BHP Billiton for the purposes of identification on or about the date of the Implementation Agreement. 
 Infrastructure Sharing Agreement means the Infrastructure Sharing Agreement to be entered into by [#] pursuant to clauses 3.5(a)(vi) and 6.2(a) of the Implementation Agreement. 

* * *

Insolvency Administration means, in relation to an Issuer, a winding up of the Issuer, or the appointment of an
administrator to the Issuer pursuant to Part 5.3A of the Corporations Act 2001 (Cth). 
 Insurance Protocol
has the meaning given in clause 4.15(a). 
 * * *

Intellectual Property Management Agreement means the intellectual property management agreement entered into by [#] on or
about the date of this Agreement. 
 * * *
 Iron Ore Assets means the right, title or interest (whether directly or indirectly held) of any JV Entity from time to time in: 

 

	 	(a)	plant and equipment and land (including fixtures) used in, or acquired for the purposes of, Iron Ore Production Activities, including mines, water bores, light and
heavy mobile equipment, conveyors, processing plant (including crushing, screening, beneficiating, concentrating, washing and drying plant, tailings dams and associated infrastructure), rail infrastructure (including rail track, signalling and
control systems), rolling stock (including locomotives, fuel cars and ore cars), communication systems, shipping terminals and port facilities (including stockyards, ore car dumpers, in-load and out-load circuits (including car-dumpers, conveyors,
transfer stations, bins, stackers and reclaimers, stockpiles and yards, screening plant, berths, wharves, jetties, tugs), power facilities (including generation, transmission and distribution networks), other associated infrastructure (such as
housing and town infrastructure and pastoral stations, airstrips and associated infrastructure, water utilities, gas pipelines and fuel farms), and maintenance facilities and equipment (including administration offices and workshops);

  

	 	(b)	the beneficiation plant at Newman, and the HBI Beneficiation Plant to the extent that it is made available pursuant to clause 5.4(a)(ii)(B) of the Implementation
Agreement); 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(c)	the Secondary Processing facilities at Tom Price; 

  

	 	(d)	any other Secondary Processing facilities to the extent required to satisfy obligations under a future State Agreement or obligations not yet satisfied under a current
State Agreement; 

  

	 	(e)	any Support Assets; 

  

	 	(f)	the JV Tenements; 

  

	 	(g)	the State Agreements, together with the benefits of all associated Authorisations; 

 

	 	(h)	contracts and leases to the extent they relate to Iron Ore Production Activities, other than, on and from the JV Commencement Date, contracts with Affiliates of Rio
Tinto or BHP Billiton that have not been approved by the Implementation Oversight Committee or the Owners’ Council; 

  

	 	(i)	iron ore produced by Iron Ore Production Activities but not yet loaded on board a ship; 

 

	 	(j)	receivables arising from Iron Ore Production Activities, including any amount payable under the Ore Sales Agreements (but excluding any receivable arising from Iron Ore
Marketing Activities); 

  

	 	(k)	Iron Ore Cash Flows, Iron Ore Distributable Earnings and Iron Ore Asset Surplus; 

 

	 	(l)	Cash arising from Iron Ore Cash Flows and any loan or deposit arising from use of such Cash; 

 

	 	(m)	any other assets to the extent that they arise from Iron Ore Production Activities 

 

	 	(p)	anything which is, or is deemed to be, an Iron Ore Asset or part of Iron Ore Assets under, or by operation of, the Transaction Documents; and 

 

	 	(q)	anything that the Owners agree are Iron Ore Assets, 

 but excluding any Excluded Assets and Sole Risk Assets. 
 Iron Ore Asset
Surplus of an Issuer on an Insolvency Administration has the meaning given in the Funding and Distribution Policy. 

Iron Ore Cash Flows means Cash Flows Attributable to Iron Ore Assets and Iron Ore Liabilities. 

Iron Ore Distributable Earnings means Distributable Earnings Attributable to Iron Ore Assets and Iron Ore Liabilities.

 Iron Ore Liabilities means: 
  

	 	(a)	any liabilities of any JV Entity from time to time: 

  

	 	(i)	which are Attributable to Iron Ore Assets; 

  

	 	(ii)	to the extent they arise from Iron Ore Production Activities; or 

  

	 	(iii)	which are Iron Ore Loans, 

 and
also includes: 
  

	 	(b)	anything which is, or is deemed to be, an Iron Ore Liability under, or by operation of, the Transaction Documents; and 

 

	 	(c)	anything that the Owners agree are Iron Ore Liabilities, 

 but excluding any Excluded Liabilities and Sole Risk Liabilities. 
 Iron Ore
Loans means: 
  

	 	(a)	Agreed Opening Iron Ore Loans (as defined in the Implementation Agreement); 

  
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 West Australian Iron Ore 
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	 	(b)	Participant Loans; 

  

	 	(c)	NDO Loans; and 

 (d) any loan
that the Owners agree is an Iron Ore Loan. 
 Iron Ore Marketing Activities means the activities carried on, and
transactions entered into, by the Rio Tinto Group and BHP Billiton Group separately (whether before or after the JV Commencement Date) in relation to: 
  

	 	(a)	marketing and selling iron ore produced from Iron Ore Production Activities and related activities (other than sales by JV Entities pursuant to Ore Sales Agreements),
including Excluded Marketing Operations; and 

  

	 	(b)	transporting iron ore produced from Iron Ore Production Activities from the ship’s rail in Western Australia to customers and related activities.

 Iron Ore Product means any finished iron ore product recovered, produced or purchased as part of
the conduct of JV Operations, including any iron ore recovered, produced or purchased pursuant to an Existing JV Arrangement but does not include Sole Risk Iron Ore Product. 
 Iron Ore Production Activities means activities within the permitted scope of the WA Iron Ore JV: 
  

	 	(a)	carried on by the Rio Tinto Group and the BHP Billiton Group separately prior to the JV Commencement Date; and 

 

	 	(b)	carried on by the JV Entities or the Manager as JV Operations on and after the JV Commencement Date. 

Issuer means: 
  

	 	(a)	in the case of Rio Tinto, the Rio Tinto Issuer; and 

  

	 	(b)	in the case of BHP Billiton, the BHP Billiton Issuer. 

 Issuer JV Subsidiary means a JV Entity which is a Subsidiary of an Issuer. 
 Issuer Share Security Test has the meaning given in clause 11.7(a). 

JV Accounting Policy means the accounting policies adopted pursuant to the Accounting Policy for the preparation of JV
Financial Information. 
 JV Bank Accounts has the meaning given in clause 3.11(g). 

* * *
  

	 	(a)	* * *

  

	 	(b)	* * *

  

	 	(c)	* * *

  

	 	(d)	* * *

* * *

JV Cash Costs means all cash amounts relating to costs and liabilities of the JV Entities and the Manager payable to any
person in connection with the conduct of JV Operations, including capital expenditure, calls 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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made on a JV Entity pursuant to an Existing JV Arrangement and taxes and penalties. It includes all amounts identified in the Transaction Documents as costs of the WA Iron Ore JV and Approved JV
Implementation Costs (as defined in the Implementation Agreement). 
 JV Chairperson means the chairperson of the
Owners’ Council appointed or replaced in accordance with clause 3.2. 
 JV Commencement Date means the first
day of the first month that commences after Completion. 
 JV Employees means all employees of the Manager and all
employees of the JV Entity employed in connection with JV Operations, including the CEO and the members of the Senior Executive Team. 
 JV Entity means: 
  

	 	(a)	in the case of Rio Tinto, a Rio Tinto JV Entity; 

  

	 	(b)	in the case of BHP Billiton, a BHP Billiton JV Entity; and 

  

	 	(c)	any other entity jointly owned by the Owners carrying on JV Operations (other than the Manager). 

JV Financial Information has the meaning given in the Accounting Policy. 

JV Operations means all activities conducted by or on behalf of the JV Entities or the Manager within the scope of the WA
Iron Ore JV pursuant to this Agreement on and from the JV Commencement Date, excluding, for the avoidance of doubt, Excluded Marketing Operations and any activities conducted in connection with Excluded Assets, a Sole Risk Development or Sole Risk
Opportunity. A reference to the JV Operations division of a JV Entity means that part of its activities which comprise JV Operations. 
 JV Production means: 
  

	 	(a)	the amount of Iron Ore Product actually recovered, produced or purchased by the JV Entities in the conduct of JV Operations and able to be loaded onto a vessel * *
*; 

  

	 	(b)	but does not include the amount of any Iron Ore Product to which the Other JV Participants are entitled (including a proportion of any production by a JV Entity that is
not wholly owned by an Owner equal to the proportion of that entity owned by an Other JV Participant), 

 in each
case expressed in WMT of Iron Ore Product (unless the context requires otherwise). 
 JV Production Accounting Costs
means costs determined in accordance with clause 6.4(a). 
 JV Tenements means all mining leases, general
purposes leases, miscellaneous licences, special leases and easements held pursuant to a State Agreement and / or the Mining Act, Land Act 1933 (WA), Land Administration Act 1997 (WA), Port Authorities Act 1999 (WA) or
Jetties Act 1926 (WA) held by or on behalf of a JV Entity * * * except to the extent it relates wholly or substantially to an Excluded Asset. 
 JW4 Joint Venture means the joint venture carried on under the name “JFE Western 4 Joint Venture” as constituted from time to time pursuant to the JFE Western 4 Joint Venture
Agreement dated 22 July 2005. 
 * * *

 

	 	(a)	* * *

  

	 	(b)	* * *

 Law
includes statutes, regulations, rules of the common law, principles of equity, regulatory agency policies and guidelines and security exchange rules. 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Losses means demands, claims, actions or proceedings made or brought by or against a person and losses (including loss of profits), liabilities, costs or expenses of any kind and however
arising. 
 Majority Owner has the meaning given in clause 10.3(a)(ii). 

Management Delegation Agreement means each agreement between the Manager and a JV Entity pursuant to which the JV Entity
delegates or subcontracts to the Manager certain functions of the JV Entity, or pursuant to which the Manager provides services to the JV Entity, entered into on or about the date of this Agreement. 

Manager means each entity appointed from time to time to manage the WA Iron Ore JV in accordance with clause 4.1, being
initially the manager incorporated in accordance with clause 5.1 of the Implementation Agreement. 
 Manager Duties
means the duties imposed on the Manager pursuant to clause 4.3. 
 Marginal Profit has the meaning given in
item 1(n) of schedule 4. 
 Marketing Assets has the meaning given in the definition of Excluded Assets.

 Marketing Liabilities has the meaning given in the definition of Excluded Liabilities. 

Marketing SPV means: 
  

	 	(a)	in the case of Rio Tinto or the Rio Tinto Owner, the Rio Tinto Marketing SPV; and 

 

	 	(b)	in the case of BHP Billiton or the BHP Billiton Owner, the BHP Billiton Marketing SPV. 

* * *

Maximum Permitted Excluded Loan Balance has the meaning given in the Funding and Distribution Policy. 

Mining Act means the Mining Act 1978 (WA) or the Mining Act 1904 (WA) or both (as applicable).

 Minority Owner has the meaning given in clause 10.3(a)(iv). 

Monthly Cash Requirement Notice has the meaning given in clause 3.11(c). 

* * *

Mt Newman Joint Venture means the joint venture carried on under that name as constituted from time to time pursuant to the
Mt Newman Joint Venture Agreement dated 1 February 1967. 
 NDO Loan has the meaning given in clause 9.3(a).

 * * *
 Net Present Value means the sum of the expected future ungeared cash flows over the life of a project, discounted to reflect the time value of money and investment risk. 

* * *

New Majority Owner has the meaning given in clause 10.6(a). 

New Opportunity means * * *
  

	 	(a)	* * *

  

	 	(b)	* * *

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(c)	* * *

  

	 	(d)	* * *

* * *

New Opportunity Notice has the meaning given in clause 8.4(c). 

* * *

* * *

* * *
  

	 	(a)	* * *

  

	 	(b)	* * *

Non-Defaulting Owner has the meaning given in clause 9.3(a). 

Non-Iron Ore Target means * * *
 Non-Selling Entities means those JV Entities that sell Iron Ore Product, but that are not able to sell Iron Ore Product to the Marketing SPVs by reason of Existing JV Arrangements, being as
at the date of this Agreement in relation to Rio Tinto, Channar Mining Pty Ltd, North Mining Limited, RRMC and Hamersley WA Pty Ltd. 
 Officer means, in relation to an entity, its directors, officers and employees. 
 Operational Completion is that stage in the design, construction and commissioning of any works under this Agreement when: 

 

	 	(a)	the works are complete and fit for all of the intended purposes except for minor omissions and minor defects which do not prevent the works from being reasonably
capable of being safely and lawfully used for their intended purposes; and 

  

	 	(b)	those tests which a competent, prudent and experienced contractor or construction manager would reasonably carry out and pass, before the works reach operational
completion, have been carried out and passed. 

 Operational Implementation Plan has the meaning
given in item 3(b)(vi) of schedule 5. 
 Opt-in Owner has the meaning given in items 1(k) or 2(i) of schedule 4 (as
applicable). 
 Ore Loan Balance means the amount in tonnes of Iron Ore Product received by an Owner as a result of
an adjustment to the Owner’s Capacity Percentage made pursuant to clause 6.3(d)(iii), less any amount set off pursuant to clause 6.3(e) or returned pursuant to clause 6.3(f). 

Ore Sales Agreements means: 
  

	 	(a)	the ore sales agreement between the Selling Entities and the Rio Tinto Marketing SPV; and 

 

	 	(b)	the ore sales agreement between the Selling Entities and the BHP Billiton Marketing SPV, 

entered into on or about the date of this Agreement, and any other Ore Sales Agreement entered into pursuant to the operation of clause 10
and schedule 10, as amended or replaced from time to time. 
 Ore Sales Price means the price paid by each
Marketing Entity to the Selling Entities pursuant to the relevant Ore Sales Agreement, determined in accordance with clause 6.4. 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Other JV Participant means a participant in a Rio Tinto JV or BHP Billiton JV, whether unincorporated or incorporated, that is not a Related Corporation of Rio Tinto or BHP Billiton.

 Owner means: 
  

	 	(a)	the Rio Tinto Owner; or 

  

	 	(b)	the BHP Billiton Owner, 

 and
their respective permitted successors and assignees. 
 * * *

* * *

Owner Confidential Information has the meaning given in clause 14.1(a)(xii). 

Owner Guarantee means a Guarantee to: 
  

	 	(a)	a person other than a JV Entity; or 

  

	 	(b)	a consortium, partnership, limited partnership, incorporated or unincorporated joint venture, syndicate or other group in which a JV Entity is a participant (each a
Business Association), and in each case in respect of either: 

  

	 	(c)	a JV Entity, including in connection with its participation in a Business Association; or 

 

	 	(d)	an entity from whom assets were transferred to a JV Entity as part of any re-organisation undertaken by an Owner in connection with the WA Iron Ore JV,

 and which relates to the funding of, or is otherwise provided in connection with, the operations of a JV Entity.

 Owner Loan means a financial loan or other form of financial accommodation or obligation to: 

 

	 	(a)	a person other than a JV Entity; or 

  

	 	(b)	a consortium, partnership, limited partnership, incorporated or unincorporated joint venture, syndicate or other group in which a JV Entity is a participant (each a
Business Association), and in each case in respect of either: 

  

	 	(c)	a JV Entity, including in connection with its participation in a Business Association; or 

 

	 	(d)	an entity from whom assets were transferred to a JV Entity as part of any re-organisation undertaken by an Owner in connection with the WA Iron Ore JV,

 and which relates to the funding of, or is otherwise provided in connection with, the operations of a JV Entity.

 Owner Parent means, in relation to the Rio Tinto Owner, Rio Tinto and, in relation to the BHP Billiton Owner,
BHP Billiton. 
 Owner Proceedings has the meaning given in clause 4.2(f). 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Owners Bank Accounts has the meaning given in clause 3.11(h). 

Owners’ Chairpersons has the meaning given in clause 3.7(b) 

Owners’ Council means the decision-making body established pursuant to clause 3.1. 

* * *

* * *

Parent Assumption Deed means a deed in the form of schedule 17. 

Parent Company Guarantee means a guarantee in the form of schedule 16. 

Participant Loans has the meaning given in the Funding and Distribution Policy. 

Participating Interest, in relation to an Owner, means that Owner’s Participating Share in relation to the WA
Iron Ore JV as constituted by the following rights, benefits, liabilities and obligations from time to time under this Agreement and the other Transaction Documents, including: 

 

	 	(a)	any shares or Debentures held by the Owner in an Issuer; 

  

	 	(b)	any Participant Loans made by the Owner; 

  

	 	(c)	the obligation of the Owner, subject to the terms of this Agreement and the other Transaction Documents, to fund all JV Cash Costs; and 

 

	 	(d)	all other rights, benefits, liabilities and obligations accruing to or incurred by or on behalf of an Owner under, or arising out of, the Transaction Documents.

 Participating Share means the percentage interest of an Owner in the WA Iron Ore JV initially as
set out in clause 2.1(d) as may be varied from time to time pursuant to the terms and conditions of this Agreement. 

Permitted Security Interest means any of the following: 

 

	 	(a)	any lien arising by operation of Law in the ordinary course of business and not securing debt incurred for financing purposes, where the amount secured is paid when
due, unless being contested in good faith; 

  

	 	(b)	any charge or lien arising in favour of an Authority by operation of statute, where the amount secured is paid when due, unless being contested in good faith;

  

	 	(c)	any deposit of cash, securities or other assets under a foreign exchange or interest rate hedging arrangement, entered into in the ordinary course of business;

  

	 	(d)	any deposit of cash, securities or other assets to secure any bid, tender, contract (other than a contract in respect of debt incurred for financing purposes), lease,
statutory obligation or other similar obligation arising in the ordinary course of business; 

  

	 	(e)	any Security Interest existing over any asset when the asset is acquired so long as the amount secured is not increased and the Security Interest was not created in
contemplation of the acquisition of the asset; or 

  

	 	(f)	any other Security Interest to which all Owners have given their consent. 

 Pilbara Integrated System means: 
  

	 	(a)	all Iron Ore Assets; 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(b)	the interests of Other JV Participants in assets held under Existing JV Arrangements; and 

 

	 	(c)	all Sole Risk Assets, 

 but only
to the extent such assets are located in the Pilbara region of Western Australia and are connected to infrastructure forming part of the Iron Ore Assets. 
 Pilbara System Capacity means the quantity of iron ore that the Pilbara Integrated System can deliver at the ship’s rail in a period, expressed in WMT, having regard to: 

 

	 	(a)	the design and physical characteristics of the Pilbara Integrated System; and 

 

	 	(b)	good operating practice applicable to the Pilbara Integrated System, 

 in each case considered on a whole of system basis. 
 Policies and Protocols
has the meaning given in clause 3.13(a). 
 POSMAC Joint Venture means the joint venture carried on under
that name as constituted from time to time pursuant to the POSMAC Joint Venture Agreement dated 3 April 2002. 

* * *

* * *

Pre-Feasibility Study has the meaning given in clause 8.2(d). 

Preliminary Study has the meaning given in clause 8.2(a). 

Production Percentage has the meaning given in clause 6.3(i). 

Product Type means each type of Iron Ore Product produced by the West Australian Iron Ore Joint Venture from time to time,
expected to be at JV Commencement, the Product Types described in schedule 15. 
 * * *

* * *

Project has the meaning given in clause 8.2(g) and includes a Project arising from a Subsequent Sole Risk Development
Proposal pursuant to item 3 of schedule 4. 
 Proposed Activities has the meaning given in item 5(a) of schedule 4.

 Protected Party has the meaning given in clause 14.1(b). 

Purchase Option has the meaning given in clause 9.6(a). 

Purchase Option Price has the meaning given in clause 9.6(a). 

Purchased Tonnes has the meaning given in item 1(b) of schedule 4. 

Purchasing Owner has the meaning given in item 3(c) of schedule 4. 

Quarter means the 3 month periods commencing on 1 January, 1 April, 1 July and 1 October. 

* * *

RRMC means Robe River Mining Co. Pty Ltd. 
 Rail and Port Expansion Costs has the meaning given in items 1(e)(i)(B)(1) or (e)(ii)(A) of schedule 4, as the context requires. 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Rail and Port Operating Costs has the meaning given in items 1(e)(i)(B)(2) or (e)(ii)(B) of schedule 4, as the context requires. 

* * *

Reimbursing Owner has the meaning given in clause 6.3(p)(iii). 

Related Corporation has the meaning given to “Related Body Corporate” in the Corporations Act but as if
“Subsidiary” had the meaning given in this Agreement, and also includes: 
  

	 	(a)	in the case of Rio Tinto, any member of the Rio Tinto Group; and 

  

	 	(b)	in the case of BHP Billiton, any member of the BHP Billiton Group. 

 Relevant Group Member has the meaning given in clause 4.2(j). 

* * *

Representative means a representative of an Owner appointed to the Owners’ Council pursuant to clause 3.2.

 Reporting Policy means the reporting policy initialled by BHP Billiton and Rio Tinto for the purposes of
identification on or about the date of the Implementation Agreement, as amended or replaced from time to time in accordance with clause 3.13(b). 
 Retained Assets has the meaning given in the Implementation Agreement. 
 Revenue Based Royalties means any royalty that is payable in connection with the sale of Iron Ore Product that is based on the actual or notional price at which such Iron Ore Product is
sold, including revenue based royalties payable under State Agreements, private royalties agreements with third parties and native title agreements, but does not include any royalty that is payable in connection with production from a Sole Risk
Development or Sole Risk Opportunity. 
 Revised Accounting Policy has the meaning given in the Implementation
Agreement. 
 * * *
 Rhodes Ridge Joint Venture means the joint venture established by the Rhodes Ridge Joint Venture Agreement dated 11 October 1972. 

Ring-Fencing Protocol means the ring-fencing protocol initialled by BHP Billiton and Rio Tinto for the purposes of
identification on or about the date of the Implementation Agreement, as amended or replaced from time to time in accordance with clause 3.13(b). 
 Rio Tinto Group means RTL, RTP and each of their Subsidiaries and Rio Tinto Group Entity means an entity in the Rio Tinto Group. 

Rio Tinto Issuer has the meaning given in the Implementation Agreement. 

Rio Tinto JV Entities means: 
  

	 	(a)	as at the date of this Agreement, the Rio Tinto Issuer and the Rio Tinto Subsidiaries listed in, and which are engaged in the businesses described in, schedule 2; and

  

	 	(b)	any other wholly-owned Subsidiary of the Rio Tinto Issuer that subsequently acquires Iron Ore Assets for the purposes of the WA Iron Ore JV. 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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 Rio Tinto JVs means: 
  

	 	(a)	the Robe Joint Venture; 

  

	 	(b)	the Hope Downs Joint Venture; 

  

	 	(c)	the Channar Joint Venture; 

  

	 	(d)	the Bao-HI Joint Venture; 

  

	 	(e)	the Beasley Joint Venture; 

  

	 	(f)	the Rhodes Ridge Joint Venture; and 

  

	 	(g)	any other joint venture that a Rio Tinto JV Entity enters into after the date of this Agreement within the scope of the WA Iron Ore JV. 

Rio Tinto Owner means the entity that is: 
  

	 	(a)	the holder of Debentures issued by the BHP Billiton Issuer from time to time; and 

 

	 	(b)	the holder of Shares issued by the Rio Tinto Issuer from time to time. 

 * * *
 Rio Tinto State Agreements means: 

 

	 	(a)	the Iron Ore (Hamersley Range) Agreement Act 1963 (WA); 

  

	 	(b)	the Iron Ore (Hamersley Range) Agreement Act 1968 (Paraburdoo) (WA); 

 

	 	(c)	the Iron Ore (Yandicoogina) Agreement Act 1996 (WA); 

  

	 	(d)	the Iron Ore (Robe River) Agreement Act 1964 (WA); 

  

	 	(e)	the Iron Ore (Rhodes Ridge) Authorisation Act 1972 (WA); 

  

	 	(f)	the Iron Ore (Mt Bruce) Agreement Act 1972 (WA); 

  

	 	(g)	the Iron Ore (Channar Joint Venture) Agreement Act 1987 (WA); and 

  

	 	(h)	the Iron Ore (Hope Downs) Agreement Act 1992 (WA). 

 Robe or Robe Joint Venture means the joint venture carried on under the name ‘Robe River Iron Associates’ as constituted from time to time pursuant to the Robe River
Joint Venture Agreement dated 25 May 1970. 
 Rollover Tonnes has the meaning given in clause 6.3(o).

 Royalty Allocation Adjustment has the meaning given in clause 4.8(e). 

Scheduling Protocol means the scheduling protocol initialled by BHP Billiton and Rio Tinto on or about the date of the
Implementation Agreement, as amended or replaced from time to time in accordance with clause 3.13(b). 
 Secondary
Processing means secondary processing of iron ore being the concentration or upgrading of iron ore otherwise than by washing, drying, crushing or screening, or a combination thereof. 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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 Security means any debt or equity entitlement of any kind, whether or not constituted or evidenced by a written instrument, and includes any form of share, stock, option, convertible note,
bond, debenture, certificate of entitlement, bill of exchange, promissory note, deposit, secured or unsecured loan, or financing arrangement, and for the avoidance of doubt includes a Share or a Debenture. 

Security Interest means any mortgage, pledge, lien or charge or any other security or preferential interest or arrangement
of any kind or any other right of, or arrangement with, any creditor to have its claims satisfied in priority to other creditors with, or from the proceeds of, any asset. 
 Selling Entities means those JV Entities that are able to sell Iron Ore Product to the Marketing SPVs, being as at the date of this Agreement Hamersley Iron Pty Ltd, Hamersley Iron-Yandi Pty
Ltd and BHP Billiton Minerals Pty Ltd. * * *
 Senior Executive Team means each senior executive who
reports directly to the CEO and Senior Executive Team Member has a corresponding meaning. 
 Set-Off Agreement has
the meaning given in the Implementation Agreement. 
 Share means a share in the capital of an Issuer. 

Shareholder means: 
  

	 	(a)	in relation to Rio Tinto Issuer, the holder of Shares issued by Rio Tinto Issuer from time to time; and 

 

	 	(b)	in relation to BHP Billiton Issuer, the holder of Shares issued by BHP Billiton Issuer from time to time. 

Sole Funding Party has the meaning given in clause 8.3(b)(ii) or clause 8.4(g)(ii) as the context requires. 

Sole Risk Assets means, in relation to a Sole Funding Party, all assets forming part of their entitlements in respect of the
relevant Sole Risk Development or Sole Risk Opportunity pursuant to schedule 4, including any Sole Risk Iron Ore Product, Sole Risk Cash Flows, Sole Risk Receivable or Sole Risk Asset Surplus, and also includes: 

 

	 	(a)	Cash arising from Sole Risk Cash Flows, and any loan or deposit arising from use of such Cash; 

 

	 	(b)	anything which is, or is deemed to be, a Sole Risk Asset under, or by operation of, the Transaction Documents; and 

 

	 	(c)	anything that the Owners agree are Sole Risk Assets. 

 Sole Risk Asset Surplus of an Issuer on an Insolvency Administration has the meaning given in the Funding and Distribution Policy. 

Sole Risk Capacity means the aggregate amount of Sole Risk Iron Ore Product that can be delivered at the ship’s rail in
a period, expressed in WMT having regard to: 
  

	 	(a)	the design and physical characteristics of the Sole Risk Assets; and 

  

	 	(b)	good operating practice applicable to the Sole Risk Assets and, to the extent applicable, the Pilbara Integrated System considered on a whole of system basis.

 Sole Risk Cash Flows means Cash Flows attributable to Sole Risk Assets and Sole Risk Liabilities.

 Sole Risk Development has the meaning given in clause 8.3(b)(ii). 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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 Sole Risk Entity has the meaning given in item 4(a) of schedule 4. 

Sole Risk Liabilities means, in relation to a Sole Funding Party, all liabilities Attributable to Sole Risk Assets including
any Sole Risk Loans, and also includes: 
  

	 	(a)	anything which is, or is deemed to be, a Sole Risk Liability under, or by operation of, the Transaction Documents; and 

 

	 	(b)	anything that the Owners agree are Sole Risk Liabilities. 

 Sole Risk Loans means loans made by a Sole Funding Party to an Issuer or the Manager to discharge funding obligations in respect of a Sole Risk Development or Sole Risk Opportunity pursuant
to schedule 4. 
 Sole Risk Receivable means a debt arising from the sale of Sole Risk Iron Ore Product by an
Issuer (or Issuer JV Subsidiary) to, or as directed by, a Sole Funding Party. 
 Sole Risk Iron Ore Product means
any finished iron ore product recovered, produced or purchased as part of the conduct of operations of a Sole Risk Development or Sole Risk Opportunity. 
 Sole Risk Opportunity has the meaning given in clause 8.4(g)(ii). 

Sole Risk Opportunity Development has the meaning given in item 2(b) of schedule 4. 

* * *

State Agreement means the BHP Billiton State Agreements, the Rio Tinto State Agreements and any other agreement entered into
by the State of Western Australia and an Owner, a JV Entity or their respective nominees from time to time in connection with JV Operations in accordance with the Government Agreements Act 1979 (WA). 

Subsequent Sole Risk Development Proposal has the meaning given in item 3(a) of schedule 4. 

Subsidiary has the meaning given in the Corporations Act, provided that: 

 

	 	(a)	an entity will also be deemed to be a Subsidiary of a body corporate if it is controlled (within the meaning of that term provided by Pt 1.2, Div 6 of the Act); and

  

	 	(b)	a trust may be a Subsidiary (for the purposes of which a unit or other beneficial interest will be deemed to be a share in the capital of a body corporate) and a body
corporate or a trust may be a Subsidiary of a trust. 

 Substantial Liability means * * *:

  

	 	(a)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(b)	* * *

* * *

Substantial Owner has the meaning given in clause 10.3(a)(iii). 

Sufficient Asset Test has the meaning given in clause 11.7(a). 

Support Assets has the meaning given in clause 3.6(b)(iv)(A) of the Implementation Agreement. 

Supporting Entity has the meaning given in clause 4.2(j). 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Synergies Capture Plan means a document that describes and measures the progress of a business initiative to identify and capture the efficiencies and other cost benefits associated with the
creation of the WA Iron Ore JV, as: 
  

	 	(a)	prepared by the Manager pursuant to clauses 3.10(a), (i)(iii) or (k); and 

  

	 	(b)	approved by the Owners’ Council pursuant to clause 3.10(i)(i) or (ii) or applied by operation of clause 3.10(i)(iii). 

Target Iron Ore Assets has the meaning given in clause 8.6(b). 

Tax means any tax, duty, charge or levy imposed now or at any future date under the present or future Laws of Australia or
any other country, and also includes any associated penalties, fines or interest. 
 Term Deposit has the meaning
given in the Funding and Distribution Policy. 
 * * *

Transaction Document means: 
  

	 	(a)	the Implementation Agreement; 

  

	 	(b)	this Agreement, including the Funding and Distribution Policy; 

  

	 	(c)	each Debenture Deed Poll; 

  

	 	(d)	each Management Delegation Agreement; 

  

	 	(e)	each Creditor Deed Poll; 

  

	 	(f)	each Parent Company Guarantee; 

  

	 	(g)	each Cross Charge; 

  

	 	(h)	each Ore Sales Agreement; 

  

	 	(i)	the Infrastructure Sharing Agreement; 

  

	 	(j)	the Blending Agreement; 

  

	 	(k)	the Intellectual Property Management Agreement; 

  

	 	(l)	the ERP Service and Licence Agreement; 

  

	 	(m)	the Transitional Services Agreement; 

  

	 	(n)	the Policies and Protocols; 

  

	 	(o)	the Set-Off Agreement; 

  

	 	(p)	* * *

  

	 	(q)	each Parent Assumption Deed; 

  

	 	(r)	each New Owner’s Assumption Deed; 

  

	 	(s)	each Owner Guarantee—Deed of Indemnity; 

  

	 	(t)	each Deed of Accession; and 

  

	 	(u)	such other agreements entered into by some or all of the parties to give effect to the requirements of the above Transaction Documents. 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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 Transfer Arrangement has the meaning given in clause 2.2(e). 

Transitional Services Agreement means the transitional services agreement on the terms initialled by BHP Billiton and Rio
Tinto for identification on or about the date of the Implementation Agreement, as developed by the Implementation Management Committee under clause 3.6(b)(iii) of the Implementation Agreement, to be signed by the parties thereto at Completion.

 Ultimate Holding Company has the meaning given in the Corporations Act, but as if “subsidiary” had the
meaning given in this Agreement. 
 Unpaid Amount has the meaning given in clause 9.1(a). 

* * *

* * *

Valuer has the meaning given in item 1.2(b) of schedule 9. 

WA Iron Ore JV means the joint venture to be known as the West Australian Iron Ore Joint Venture to be formed in accordance
with clause 2.1(a). 
 WA Iron Ore JV Rail and Port Expansion Costs has the meaning given in item 2(b)(i)(B)(1) or
(b)(ii)(A) of schedule 4, as the context requires. 
 WA Iron Ore JV Rail and Port Operating Costs has the meaning
given in item 2(b)(i)(B)(2) or (b)(ii)(B) of schedule 4, as the context requires. 
 WMT means wet metric tonnes.

 Weighing, Sampling and Analysis Protocol means the weighing, sampling and analysis protocol initialled by BHP
Billiton and Rio Tinto for the purposes of identification on or about the date of the Implementation Agreement, as amended or replaced from time to time in accordance with clause 3.13(b). 

Wheelarra Joint Venture means the joint venture carried on under that name as constituted from time to time pursuant to the
Wheelarra Joint Venture Agreement dated 28 September 2004. 
 Yandi Joint Venture means the joint venture
carried on under that name as constituted from time to time pursuant to the Yandi Joint Venture Agreement dated 10 June 1991. 
  

	1.2	Interpretation 

 Headings
are for convenience only and do not affect interpretation. The following rules apply unless the context requires otherwise. 
  

	 	(a)	The singular includes the plural, and the converse also applies. 

  

	 	(b)	A gender includes all genders. 

  

	 	(c)	If a word or phrase is defined, its other grammatical forms have a corresponding meaning. 

 

	 	(d)	A reference to a person includes a corporation, trust, partnership, unincorporated body or other entity, whether or not it comprises a separate legal entity.

  

	 	(e)	A reference to a clause, schedule or annexure is a reference to a clause of, or schedule or annexure to, this Agreement. 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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	 	(f)	A reference to an agreement or document (including a reference to this Agreement) is to the agreement or document as amended, supplemented, novated or replaced, except
to the extent prohibited by this Agreement or that other agreement or document. 

  

	 	(g)	A reference to a party to this Agreement, the Transaction Documents or another agreement or document includes the party’s successors, permitted substitutes and
permitted assigns (and, where applicable, the party’s legal personal representatives). 

  

	 	(h)	A reference to legislation or to a provision of legislation includes a modification or re-enactment of it, a legislative provision substituted for it and a regulation
or statutory instrument issued under it. 

  

	 	(i)	A reference to sale or sell includes to procure the sale and a reference to purchase includes to procure the purchase. 

 

	 	(j)	A reference to dollars and $ is to Australian currency. 

  

	 	(k)	A reference to time is a reference to: 

  

	 	(i)	time in the place in which the relevant event occurs; or 

  

	 	(ii)	if the relevant event is to occur in more than one place, time in Perth, Western Australia. 

 

	 	(l)	If the day on which any act, matter or thing is to be done is a day other than a Business Day, such act, matter or thing will be done on the immediately succeeding
Business Day. 

  

	 	(m)	The meaning of general words is not limited by specific examples introduced by including, or for example, or similar expressions. 

 

	 	(n)	A reference to a liability incurred by any person includes any claim, loss, liability, cost or expense, of that person arising from or in connection with any obligation
(including indemnities and all other obligations owed as principal or guarantor) whether liquidated or not, whether present, prospective or contingent or otherwise and whether or not it would be shown as a ‘liability’ under applicable
accounting principles and whether owed, incurred or imposed by or to or on account of or for the account of that person alone, severally or jointly or jointly and severally with any other person. 

 

	 	(o)	A reference to an asset of any person includes any form of real or personal, present or future, tangible or intangible property, any form of legal or equitable right
which is not property, and anything of economic value which is not in the form of property or legal or equitable right, whether or not the property, right or other thing would be shown as an “asset” under applicable accounting principles,
and whether owned, acquired, held, used or controlled by it for the account of that person alone, or severally or jointly, or jointly and severally, with any other person and whether or not assignable. 

 

	 	(p)	A reference to a loss incurred by any person includes any loss, liability, damage, cost, charge or expense that the person pays, incurs or is liable for and any other
diminution of value of any description which the person suffers, including all liabilities on account of taxes or duties, all interest, penalties, fines and other amounts payable to third parties and all reasonable legal expenses and other expenses
in connection with investigating or defending any claim, action, demand or proceeding, whether or not resulting in any liability, and all amounts paid in settlement of any such claims. 

 

	 	(q)	Nothing in this Agreement is to be interpreted against a party on the ground that the party put forward this Agreement or a relevant part of it.

  

	 	(r)	A reference to a JV operating committee includes a reference to a management or other committee howsoever described, which is responsible for making decisions in
respect of a joint venture to which either Owner or a Related Corporation of an Owner is a party. 

  
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	 	(s)	Unless expressly provided otherwise in this Agreement, any reference to an asset, liability, revenue, expense or cashflow of a JV Entity will, in relation to any JV
Entity that is not wholly owned (directly or indirectly) by Rio Tinto or BHP Billiton, excludes a proportion of that asset, liability, revenue, expense or cashflow, equal to the proportion of that JV Entity owned by third parties.

  

	1.3	Consents or approval 

 If
the doing of any act, matter or thing under this Agreement is dependent on the consent or approval of a party or is within the discretion of a party, the consent or approval may be given or the discretion may be exercised conditionally or
unconditionally or withheld by the party in its absolute discretion unless expressly provided otherwise. 
  

	1.4	Method of payment 

 All
payments required to be made under this Agreement must be tendered by way of direct transfer of immediately available funds to the bank account nominated in writing by the party to whom the payment is due. Any payment tendered under this Agreement
after 4pm in the local time of the bank branch from which payment is made must be taken to have been made on the next succeeding Business Day (the deemed payment date) after the date on which payment is tendered, and if the deemed payment date is
after the relevant due date for payment, interest will accrue under item 1.5 accordingly. 
  

	1.5	Interest on amounts payable 

 Interest accrues on each amount which is due and payable, but not paid, by one party to another under or in accordance with this Agreement: 

 

	 	(a)	on a daily basis from the due date up to the date of actual payment; 

  

	 	(b)	both before and after judgment (as a separate and independent obligation); and 

 

	 	(c)	at the rate which is the sum of the Bank Bill Rate plus a margin of 3%, calculated for successive periods of one month, with the first period commencing on the due date
of the amount on which interest is payable. 

 The defaulting party must pay interest accrued under this item 1.5
on written demand by the non-defaulting party or, if no demand is made, on the last day of each month. The interest is payable in the currency of the unpaid amount on which it accrues. 

 

	1.6	Multiple parties 

 Where
this Agreement confers a right or imposes an obligation on Rio Tinto or BHP Billiton: 
  

	 	(a)	that right is held by RTL and RTP, and by BHPBL and BHPBP, (as applicable) severally; and 

 

	 	(b)	that obligation is owed by RTL and RTP, and by BHPBL and BHPBP, (as applicable) jointly and severally. 

Any reference in this Agreement to Rio Tinto and BHP Billiton is a reference to each of RTL and RTP and BHPBL and BHPBP (as applicable)
separately (for example a representation, warranty or undertaking relates to each of them separately). 
  

	1.7	Grossed up for tax 

 Where
a payment by way of indemnity, compensation or reimbursement is required to be made under this Agreement, it will be Grossed up for Tax if, and to the extent necessary, in order to preserve or restore the recipient’s economic position having
regard to all relevant matters including: 
  

	 	(a)	the reason that the payment obligation arises; 

  
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 West Australian Iron Ore 
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	 	(b)	the nature of any related Loss or costs incurred by the recipient; 

  

	 	(c)	if the payment is in respect of deprivation of income or profit, or non-receipt of another amount, which would have been subject to Tax; 

 

	 	(d)	if the payment is in respect of a Loss or other event, which results in the recipient or a Consolidated Group of which it is a member, obtaining a deduction, a
reduction in present or future Tax, a Tax rebate or a Tax credit, which offsets any Tax otherwise due on the payment; 

  

	 	(e)	if the payment is an indemnity in respect of stamp duty or other Tax, which duty or other Tax offsets any Tax otherwise due on the payment. 

For the avoidance of doubt, a reference to a payment by way of indemnity, compensation or reimbursement includes: 

 

	 	(f)	a reimbursement of costs under clause 2.2(e) or clause 2.2(g) in respect of a Discovery (but not for tax on any gain on a transfer of the Discovery derived by the
transferor); 

  

	 	(g)	indemnity for Loss due to Manager default under clauses 4.2(a) and 4.2(e); 

 

	 	(h)	indemnity for Loss and costs in respect of Owner Proceedings under clauses 4.2(f) and (h); 

 

	 	(i)	reimbursement of costs and loss of profit under clause 6.3(p)(iii) on failure to take delivery of sufficient Iron Ore Product; 

 

	 	(j)	reimbursement of loss of profit caused by Sole Risk Projects under item 1(n) of schedule 4; 

 

	 	(k)	the indemnity for Loss due to Manager default or Sole Funding Party default under items 5(b) and 5(c) of schedule 4; 

 

	 	(l)	the indemnity for stamp duty in clauses 11.7; 

  

	 	(m)	the indemnities in respect of excess amounts received by a Shareholder, Debenture Holder or Affiliate under items 4.6, 6.3(c), 10.3(b) and 11.9(f) of the Funding and
Distribution Policy; 

  

	 	(n)	the indemnities under items 6.3(a), 6.4(a), 7.3, 11.9(d) and 11.9(e) of the Funding and Distribution Policy. 

For the avoidance of doubt this item 1.7 does not apply to: 

 

	 	(o)	a payment for the transfer or sale of an asset; 

  

	 	(p)	a payment for purchase of a Participating Interest; 

  

	 	(q)	a payment in respect of reserves from a Sole Funding Party to the other Owner pursuant to item 1(a) of schedule 4; 

 

	 	(r)	a payment by an Opt-in Owner under item 1(k) or item 2(i) of schedule 4; 

  

	 	(s)	a payment by a Purchasing Owner under item 3(c) of schedule 4; 

  

	 	(t)	a payment in respect of a New Opportunity under clause 8.4(h); 

  

	 	(u)	a payment in respect of Target Iron Ore Assets under clause 8.6(d); 

  

	 	(v)	an indemnity payment for a major property damage event pursuant to clause 3.11(o); 

 

	 	(w)	the royalty allocation adjustment under clause 4.8(d); 

  

	 	(x)	Coupons paid under clause 6.4(e). 

  
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 Schedule 2 
 List of JV Entities 

 

	1.	Rio Tinto JV Entities 

  

			
	 JV Entity
	  	 Business of JV Entity

	 Baume Pty Limited
	  	Holder of interests in the Channar Partnership.
		
	 Beasley River Management Pty Limited
	  	Manager of the Beasley River Joint Venture.
		
	 Beasley River Mining Pty Limited
	  	Holder of interests in the Beasley River Joint Venture. JV Operations division only.
		
	 Channar Finance Limited
	  	Provision of finance to the participants in the Channar Mining Joint Venture.
		
	 Channar Financial Services Pty Ltd
	  	Calculates and coordinates payments under the Channar Partnership documents.
		
	 Channar Investment Nominee Pty Limited
	  	Operator of the Channar Partnership.
		
	 Channar Management Services Pty Limited
	  	Manager of the Channar Mining Joint Venture.
		
	 Channar Mining Pty Limited
	  	Holder of interests in the Channar Mining Joint Venture. JV Operations division only.
		
	 Channar Security Pty Limited
	  	Holds securities over Channar Joint Venture and other assets for the benefit of Channar Partnership entities.
		
	 Gumala Advisory Co Pty Ltd
	  	Acts as advisory trustee in respect of the General Gumala Foundation and the Elderly Foundation.
		
	 Hamersley Associated Investments Pty Limited
	  	Holder of interests in the Channar Partnership.
		
	 Hamersley Exploration Pty Limited
	  	Holder of iron ore exploration tenements.
		
	 Hamersley HMS Pty Ltd
	  	Manager of the Hope Downs Joint Venture.
		
	 Hamersley Holdings Limited
	  	Holding company of investments in corporations involved in the mining, transport and export of iron ore and the exploration for mineral deposits in Western
Australia.
		
	 Hamersley Iron Pty Limited
	  	Mining. Holder of certain commercial tenancies. Provision of services to the Hope Downs, Bao-HI and Channar Joint Ventures. JV Operations division only.
		
	 Hamersley Iron-Yandi Pty Limited
	  	Mining. Holder of Yandicoogina mineral leases. JV Operations division only.
		
	 Hamersley Resources Limited
	  	Holder of interests in and manager of the Rhodes Ridge Joint Venture.
		
	 Hamersley WA Pty Ltd
	  	Holder of interests in the Hope Downs Joint Venture. JV Operations division only.

  
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 West Australian Iron Ore 
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	 JV Entity
	  	 Business of JV Entity

	 Juna Station Pty Ltd
	  	Operates Juna Downs pastoral station.
		
	 Mount Bruce Mining Pty Limited
	  	Holder of mineral lease under the Mount Bruce State Agreement and associated mining interests.
		
	 North Mining Limited
	  	Holder of interests in the Robe River Iron Associates Joint Venture, covering mining including rail and port operations. JV Operations division only.
		
	 Pandrew Pty Ltd
	  	Held the benefit of certain rights under the Channar project security structure on behalf of certain Japanese debt financiers (now repaid). Currently dormant.
		
	 Pilbara Iron Company (Services) Pty Ltd
	  	Provides mining and other corporate services to Hamersley Iron Pty Limited and the Robe River Iron Associates Joint Venture.
		
	 Pilbara Iron Pty Ltd
	  	Provides port, rail, power and infrastructure services to Hamersley Iron Pty Limited and the Robe River Iron Associates Joint Venture.
		
	 Ranges Management Company Pty Ltd
	  	Manager of the Bao-HI Joint Venture.
		
	 Ranges Mining Pty Ltd
	  	Holder of interests in the Bao-HI Joint Venture.
		
	 Robe River Limited
	  	Holder of shares in Robe River Mining Co Pty Ltd and the holder of the Robe State Agreement Mining Lease.
		
	 Robe River Mining Co. Pty Ltd
	  	Holder of interests in the Robe River Iron Associates Joint Venture, covering mining including rail and port operations. JV Operations division only.
		
	 Robe Fair Value
	  	Notional entity in which accounting costs associated with the step up in value arising from Rio Tinto’s acquisition of North Limited (to the extent they relate to Iron Ore
Assets) are recorded. Included only for the purpose of calculating JV Accounting Costs.
		
	 Rocklea Station Pty Ltd
	  	Operates Rocklea pastoral station.
		
	 Vostin Pty Limited
	  	Holder of interests in the Channar Partnership.
		
	 Yalleen Pastoral Co Pty Ltd
	  	Operates Yalleen Pastoral station.

  
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 West Australian Iron Ore 
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	2.	BHP Billiton JV Entities 

  

			
	 JV Entity
	  	 Business of JV Entity

	 BHP Billiton Iron Ore Pty Ltd
	  	Manager of iron ore operations (including mining, rail and port).
		
	 BHP Billiton Minerals Pty Ltd
	  	Holder of interests in mining joint ventures, covering mining including rail and tug operations; holder of exploration tenements.
		
	 BHP Billiton Mount Newman SPV
	  	Holder of iron ore exploration tenements.
		
	 BHP Billiton WAIO Pty Ltd
	  	Employs staff and provides their services to BHP Billiton Iron Ore Pty Ltd, for a service fee. Formerly called BHP Iron Pty Limited—name changed
23 April 2009.
		
	 BHP Iron Ore (Jimblebar) Pty Ltd
	  	Mining.
		
	 BHPB SPV (IO Newco)
	  	Subsidiary of the BHP Billiton Issuer to be formed to hold all the shares in BHP Billiton Minerals Pty Ltd.

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Schedule 3 
 Support for Owner Loans and Owner Guarantees 

 

	1.	Support for Owner Loans and Owner Guarantees 

  

	1.1	Method of Providing Support 

 The Supporting Entity must provide support: 
  

	 	(a)	in the case of an Owner Loan, by making a cash deposit (which, for the avoidance of doubt, is not a Cash Flow under the Funding and Distribution Policy) with the
Relevant Group Member in an amount equal to its Participating Share of the amount of the Owner Loan from time to time; or 

  

	 	(b)	in the case of an Owner Guarantee, by providing an indemnity in the form set out in schedule 6 (or as otherwise agreed by the Owners to Relevant Group Member for a
proportion of the relevant Liability under that Owner Guarantee equal to its Participating Share, 

 or (in any
case) in any other manner agreed in writing between the Owners. 
  

	1.2	Time for Providing Support 

The support to be provided by the Supporting Entity under this schedule 3 must be provided: 

 

	 	(a)	in the case of Owner Loans and Owner Guarantees notified by one Owner to the other prior to Completion, upon Completion; and 

 

	 	(b)	in the case of any other Owner Loan or Owner Guarantee, promptly upon receipt of notification by the relevant Owner to the other. 

 

	1.3	Application of Cash Deposit Support 

 Where a cash deposit is made pursuant to item 1.1(a): 
  

	 	(a)	prior to, or contemporaneously with, the Owner Loan arising, the cash deposit must be applied by the Relevant Group Member to fund the Owner Loan; or

  

	 	(b)	in subsequent reimbursement of an existing Owner Loan, the cash deposit can be dealt with at the Relevant Group Member’s discretion (again, for the avoidance of
doubt, not being a Cash Flow under the Funding and Distribution Policy). 

  

	1.4	Acknowledgement of Cash Deposit 

 Where a cash deposit is made pursuant to item 1.1(a) with a Relevant Group Member other than the Owner, the relevant Owner must procure that the Relevant Group Member delivers an acknowledgement of
deposit to the Supporting Entity, in the form of a deed poll in favour of the Supporting Entity, in the following terms: 

‘[Name of Relevant Group Member]: 
  

	 	(a)	acknowledges receipt of a deposit of $[amount] from [name of Supporting Entity] (the Supporting Entity) in respect of [description of Owner Loan] (the
Owner Loan); 

  

	 	(b)	undertakes to repay and make other payments in respect of that deposit as and when required by schedule 3 of the West Australian Iron Ore Production Joint Venture
Agreement dated [date]; and 

  

	 	(c)	will hold any amount that it receives in respect of the Owner Loan and is required to pay to the Supporting Entity under paragraph (b) on trust for the Supporting
Entity, and will account to it accordingly.’ 

  
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 West Australian Iron Ore 
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	1.5	Accounting for Repayments and Other Receipts 

 If the Relevant Group Member receives any interest or other return on, or any repayment, reimbursement or other recovery in respect of, any Owner Loan or Owner Guarantee in respect of which a Supporting
Entity has: 
  

	 	(a)	provided support as required under this item 1; and 

  

	 	(b)	complied with its indemnity or other obligations under the support provided, 

 the Owner that is a Related Corporation of the Relevant Group Member must procure that the Relevant Group Member (after all amounts owing as at the date of Completion in respect of the relevant Owner Loan
or Owner Guarantee have been repaid to that Relevant Group Member) accounts to the Supporting Entity for their Participating Share of the net amount received. No Relevant Group Member will be required to reimburse or compensate a Supporting Entity
for any withholding tax or other deduction required to be made from any amount received by the Relevant Group Member, or from any amount to be paid to a Supporting Entity under this item 1.5. 

 

	1.6	Release of Support 

 Where
the relevant Owner Loan or Owner Guarantee provided by a Relevant Group Member is cancelled, released or reduced the Relevant Group Member will: 
  

	 	(a)	in the case of an Owner Guarantee, promptly release and return all, or the relevant part of, the Supporting Entity’s support for that Owner Guarantee; and

  

	 	(b)	in the case of an Owner Loan, promptly return the Supporting Entity’s proportionate interest (commensurate with its participating Share) of the undrawn amount of
that Owner Loan (if any) (again, for the avoidance of doubt, not being a Cash Flow under the Funding and Distribution Policy). 

  

	1.7	Adjusting Support to Reflect Changes in Participating Shares 

 Where a Supporting Entity provides support in accordance with item 1 and subsequently has its Participating Share varied: 
  

	 	(a)	where its Participating Share has increased, it is required within 30 days to increase the support provided in accordance with this item 1 to reflect its new
Participating Share; or 

  

	 	(b)	where its Participating Share has decreased, on the later of 30 days after the decrease or when all relevant Supporting Entity’s which contemporaneously
increased their Participating Share have provided the required support in accordance with paragraph (a), the Relevant Group Member will: 

  

	 	(i)	in the case of an Owner Guarantee, promptly release and return a proportion of the Supporting Entity’s support for that Owner Guarantee reflecting the reduction in
its Participating Share; and 

  

	 	(ii)	in the case of an Owner Loan, promptly return a proportion of the Supporting Entity’s interest (reflecting the reduction in its Participating Share) of the undrawn
amount of that Owner Loan (if any) (again, for the avoidance of doubt, not being a Cash Flow under the Funding and Distribution Policy). 

  
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 West Australian Iron Ore 
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 Schedule 4 
 Sole Risk Developments and Sole Risk Opportunities 

 

	1.	Sole Risk Development 

  

	 	(a)	If a Sole Funding Party wishes to proceed with a Sole Risk Development pursuant to clause 8.3, the Sole Funding Party must pay in accordance with the Funding and
Distribution Policy an amount equal to the other Owner’s Participating Share of the fair market value of the scheduled reserves and resources referred to in paragraph (b). A Sole Funding Party may not proceed with a Sole Risk Development until
such time as the relevant payment has been made. 

  

	 	(b)	The fair market value will be agreed by the Owners or, failing agreement, will be determined by the Valuers in accordance with item 1 of schedule 9:

  

	 	(i)	based on the fact that the scheduled reserves and resources will be developed using the infrastructure assets available to the WA Iron Ore JV; 

 

	 	(ii)	based on the quantity of scheduled reserves and resources that the applicable Feasibility Study identifies as being scheduled for delivery to the Sole Funding Party as
part of the Sole Risk Development and the timing for delivery of those tonnes in accordance with the delivery schedule set out in the applicable Feasibility Study, 

(the Purchased Tonnes); and 
  

	 	(iii)	otherwise applying the principles set out in item 1 of schedule 9. 

  

	 	(c)	If the existence of additional reserves or resources is established in the area the subject of a Sole Risk Development through further exploration (Additional
Tonnes), the Manager will notify the Owners as soon as reasonably practicable. For the avoidance of doubt, any such Additional Tonnes will be Iron Ore Assets for the purposes of this Agreement. 

 

	 	(d)	If the Sole Funding Party elects to proceed with the Sole Risk Development, the Sole Funding Party must: 

 

	 	(i)	unless otherwise agreed by the Owners’ Council and subject to paragraph (g)(ii), develop the Sole Risk Development in all material respects in accordance with the
final scope and delivery schedule set out in the relevant Feasibility Study and Operational Implementation Plan or as otherwise voted on in the relevant Owners’ Council meeting; and 

 

	 	(ii)	develop the Sole Risk Development so that it results in total system capacity, that is, mine, infrastructure and associated capacity, sufficient to meet the
requirements of the Sole Risk Development. 

  

	 	(e)	If the Sole Risk Development: 

  

	 	(i)	* * *

  

	 	(A)	the Sole Risk Development may proceed only if, and to the extent, the use or expansion of that infrastructure by the Sole Funding Party can proceed * * *; and

  

	 	(B)	if such use or expansion can proceed, the Sole Funding Party: 

  

	 	(1)	may expand that infrastructure in all material respects in accordance with the final scope set out in the relevant Feasibility Study and must fund the capital costs of
such expansion (Rail and Port Expansion Costs); and 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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	 	(2)	may use that infrastructure * * * and must pay a charge referable to the costs of operating the infrastructure (Rail and Port Operating Costs),

 in accordance with the terms set out in the Infrastructure Sharing Agreement (or if an Infrastructure Sharing
Agreement has not been agreed on the basis of the principles set out in Part A of the Infrastructure and Blending Principles); and 
  

	 	(ii)	would require the use or expansion of rail and port infrastructure that is wholly owned by a JV Entity, the Sole Funding Party: 

 

	 	(A)	may expand that infrastructure in accordance with the final scope set out in the relevant Feasibility Study and must fund the capital costs of such expansion
(Rail and Port Expansion Costs); and 

  

	 	(B)	may use that infrastructure * * * and must pay a charge referable to the costs of operating the infrastructure (Rail and Port Operating
Costs), 

 in accordance with the terms set out in the Infrastructure Sharing Agreement (or if an
Infrastructure Sharing Agreement has not been agreed on the basis of the principles set out in Part A of the Infrastructure and Blending Principles). 
  

	 	(f)	The Sole Funding Party must: 

  

	 	(i)	subject to clause 8.5(a), fund the capital costs of the Sole Risk Development in accordance with clause 11 of the Funding and Distribution Policy;

  

	 	(ii)	in relation to costs incurred by the Manager pertaining to the WA Iron Ore JV and the Sole Risk Development as a whole in a Half Year (such as management,
infrastructure expenses and overheads) other than Rail and Port Operating Costs (Whole of System Costs), incur a portion of Whole of System Costs allocated to it by the Manager on the basis of the proportion of tonnes shipped by the
Sole Risk Development in that Half Year as compared to the total tonnes shipped by the WA Iron Ore JV in that Half Year plus: 

  

	 	(A)	the tonnes shipped by the Sole Risk Development in that Half Year; and 

  

	 	(B)	the tonnes shipped by any previous Sole Risk Development in that Half Year; and 

 

	 	(iii)	incur any other increase in operating costs (other than Rail and Port Operating Costs) not captured in paragraph (ii) directly referrable to the Sole Risk
Development, including any costs incurred during the period of construction of the Sole Risk Development. 

  

	 	(g)	The Sole Funding Party will be entitled to: 

  

	 	(i)	all the additional capacity created by the Sole Risk Development; and 

  

	 	(ii)	receive the Sole Risk Iron Ore Product attributable to the Sole Risk Development on the same terms as apply to other Iron Ore Product of that type sold under clause 6
as a stand alone product (unless the other Owner has agreed to blending with JV Production, in which case the Sole Funding Party will receive blended product in accordance with the arrangements agreed with the other Owner). 

 

	 	(h)	Subject to paragraphs (c) and (o), the Sole Risk Development will not be considered to be part of the WA Iron Ore JV, and subject to any express provision to the
contrary in any Transaction Document (including item 3 of this Schedule 4), decisions that relate solely to the Sole Risk Development will be made by the Sole Funding Party. 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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	 	(i)	The Sole Risk Development will be constructed by the Manager in consultation with the Sole Funding Party consistent with the Feasibility Study undertaken in connection
with the Sole Risk Development, and the Manager will be required to report to the Sole Funding Party as reasonably required by the Sole Funding Party as to progress including as to cost. The Manager will prepare monthly invoices in respect of the
Sole Risk Development in accordance with this item 1 in reasonable detail, which invoices will be payable by the Sole Funding Party. 

  

	 	(j)	If a Sole Funding Party has met its payment obligations under paragraph (a) and proceeds with a Sole Risk Development, the Manager will be obliged to construct,
and the Sole Funding Party will be obliged to fund the construction of, the Sole Risk Development in accordance with the Operational Implementation Plan set out in the applicable Feasibility Study, without adjustment unless the adjustment will not,
in the reasonable opinion of the Manager, have any material effect on the scope, timing or cost of the works required by the Feasibility Study. 

  

	 	(k)	If a Sole Risk Development has not reached Operational Completion * * *, then the Manager will provide written notice to each Owner. * * * the
Owner which is not the Sole Funding Party (the Opt-in Owner) may elect by written notice to the Sole Funding Party and to the Manager to proceed with the Sole Risk Development as part of the WA Iron Ore JV. If the Opt-in Owner provides
such notice, then: 

  

	 	(i)	the Project the subject of the Sole Risk Development will proceed as part of the WA Iron Ore JV; 

 

	 	(ii)	clause 8.3(d) will apply; and 

  

	 	(iii)	the Opt-in Owner must reimburse, to the Sole Funding Party its Participating Share of: 

 

	 	(A)	all costs incurred by the Sole Funding Party in connection with the Sole Risk Development up to the date such notice is provided (any such cost to be Escalated from the
end of the month in which that cost was incurred until the date of reimbursement); and 

  

	 	(B)	any amount paid by the Sole Funding Party for the Purchased Tonnes pursuant to paragraph (a) (such amount to be Escalated from the end of the month in which that
amount was paid by the Sole Funding Party until the date of reimbursement). 

 If no such notice is given, the Sole
Funding Party may proceed with the Sole Risk Development and the rights of the Opt-In Owner under this paragraph (h) will lapse and be of no further force or effect. 

 

	 	(l)	Subject to any Existing JV Arrangements, the Sole Risk Development will be operated and maintained by the Manager on a unified basis in conjunction with the Iron Ore
Assets as if it had been constructed by the WA Iron Ore JV (accordingly the provisions such as standard of service set out in the Transaction Documents will apply), and no management fees in excess of cost will be payable. 

 

	 	(m)	During the period of construction of the Sole Risk Development, the Manager will use all reasonable endeavours to minimise interference with, or disruption to, the JV
Operations. 

  

	 	(n)	If the construction of the Sole Risk Development results or is likely to result in a temporary decrease in the capacity of the Pilbara Integrated System to which the
other Owner is entitled during the construction period which would result in an unavoidable loss of sales of Iron Ore Product by that other Owner (Loss of Sales), the Sole Funding Party must reimburse the other Owner for the loss of
Marginal Profit incurred by the other Owner which arises from Loss of Sales, * * *

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(C)	* * *

  

	 	(D)	* * *

  

	 	(E)	* * *

 For the
purposes of this paragraph (n), Marginal Profit means the revenue from sale of a unit of Iron Ore Product produced less the marginal cost of producing that unit of Iron Ore Product, for each relevant unit of Iron Ore Product.

  

	 	(o)	* * *

  

	 	(p)	Without limiting any other provision of this Agreement, the relevant Owners will do all things and execute all documents necessary and take all steps (including, where
the Sole Funding Party does not own the tenements the subject of the development taking all steps necessary to ensure the Sole Risk Development can proceed on those tenements) within its power, as required by the Manager or the Sole Funding Party,
to give effect to construction of the Sole Risk Development in accordance with the scope of works provided for in the applicable Feasibility Study and the associated Operational Implementation Plan, as adjusted in accordance with paragraph (g).

  

	 	(q)	If a Sole Funding Party transfers all of its Participating Share in accordance with clause 10, it will also transfer, to the acquirer of that interest, its Sole Risk
Assets. 

  

	2.	Sole Risk Opportunity 

  

	 	(a)	If a Sole Funding Party has elected to proceed with a Sole Risk Opportunity pursuant to clause 8.4, the Sole Funding Party, unless otherwise agreed by the Owners’
Council, may proceed with the Sole Risk Opportunity only in accordance with the New Opportunity Notice. 

  

	 	(b)	* * *

  

	 	(i)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(1)	* * *

  

	 	(2)	* * *

* * *
  

	 	(3)	* * *

  

	 	(4)	* * *

  

	 	(5)	* * *

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(ii)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

* * *
  

	 	(C)	* * *

  

	 	(D)	* * *

  

	 	(E)	* * *

  

	 	(c)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(iii)	* * *

  

	 	(d)	The Sole Funding Party will: 

  

	 	(i)	be entitled to all the additional capacity created by the Sole Risk Opportunity, including any capacity created by a Sole Risk Opportunity Development (and its capacity
entitlements under clause 6.3 will be increased accordingly); and 

  

	 	(ii)	receive the Sole Risk Iron Ore Product attributable to the Sole Risk Opportunity on the same terms as apply to other Iron Ore Product of that type sold under clause 6
as a stand alone product (unless the other Owner has agreed to blending with JV Production, in which case the Sole Funding Party will receive blended product in accordance with the arrangements agreed with the other Owner). 

 

	 	(e)	The Sole Risk Opportunity will not be considered to be part of the WA Iron Ore JV, and subject to any express provision to the contrary in any Transaction Document
(including item 3 of this schedule 4), decisions which relate to the Sole Risk Opportunity will be made by the Sole Funding Party. 

  

	 	(f)	Subject to any contractual constraints existing at the time of the acquisition, the Sole Risk Opportunity will be operated and maintained by the Manager on a unified
basis in conjunction with the Iron Ore Assets as if it had been constructed by the WA Iron Ore JV (accordingly the provisions such as standard of service set out in the Transaction Documents will apply), and no management fees in excess of cost will
be payable. 

  

	 	(g)	Any Sole Risk Opportunity Development will be constructed by the Manager in consultation with the Sole Funding Party consistently with the New Opportunity Notice, and
the Manager will be required to report to the Sole Funding Party as reasonably required by the Sole Funding Party as to progress including as to cost. The Manager will prepare monthly invoices in respect of the Sole Risk Opportunity Development in
accordance with this item 2 in reasonable detail, which invoices will be payable by the Sole Funding Party. Items 1(m) and (n) of this schedule 4 will apply to any Sole Risk Opportunity Development. 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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	 	(h)	* * *

  

	 	(i)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(iii)	* * *

  

	 	(A)	* * *

  

	 	(B)	* * *

  

	 	(j)	* * *

  

	 	(k)	Without limiting any other provision of this Agreement, the relevant Owners will do all things and execute all documents necessary and take all steps (including,
* * *

  

	 	(l)	* * *

  

	3.	Subsequent Expansions of Sole Risk Developments and Sole Risk Opportunities 

 

	 	(a)	If: 

  

	 	(i)	the Sole Funding Party of a Sole Risk Development or the other Owner wishes to expand that Sole Risk Development beyond the final scope and delivery schedule set out in
the Feasibility Study and Operational Implementation Plan that applied with respect to the Sole Risk Development; or 

  

	 	(ii)	the Sole Funding Party of a Sole Risk Opportunity or the other Owner wishes to expand that Sole Risk Opportunity beyond the final scope set out in the New Opportunity
Notice that applied with respect to that Sole Risk Opportunity, including by: 

  

	 	(A)	increasing the maximum rate of production of the New Opportunity above the amount specified in the New Opportunity Notice; or 

 

	 	(B)	expanding the maximum Pilbara Integrated System and/or increasing the extent to which the New Opportunity uses the Pilbara Integrated System above the amount specified
in the New Opportunity Notice, 

 it must first provide written notice to the Manager and to the other Owner
proposing that the Manager investigate: 
  

	 	(iii)	a mine development (either as an additional mine or as a replacement to an existing mine that is nearing the end of its mine life); or 

 

	 	(iv)	expansion of an existing mine, 

and associated infrastructure expansions, for a certain quantity (a Subsequent Sole Risk Development Proposal). The Manager
may (and will, if directed by an Owner) * * * provide to the Owners’ Council for review a Preliminary Study for that Subsequent Sole Risk Development Proposal in accordance with clause 8.2(a). 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 West Australian Iron Ore 
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	 	(b)	Subject to paragraph (c) * * *, the provisions of clauses 8.2(c) to (h) will apply to the studies associated with the Subsequent Sole Risk
Development Proposal, the provisions of clause 8.3 will apply to the decision of the Owners’ Council on whether to proceed with the Project, and the provisions of item 1 of this schedule will apply if an Owner wishes to proceed with the Project
as a Sole Risk Development. 

  

	 	(c)	If, pursuant to clauses 8.3(b) or (c), the Project contemplated by the Subsequent Sole Risk Development Proposal is to proceed as part of the WA Iron Ore JV and relates
to a Sole Risk Opportunity, then the Owner (not being the Sole Funding Party of the Sole Risk Opportunity) (the Purchasing Owner) will pay as directed by the other Owner in accordance with the Funding and Distribution Policy, the
Purchasing Owner’s Participating Share of the fair market value of the assets comprised by the Sole Risk Opportunity to be used in the Project (other than rail and port infrastructure that may be used pursuant to item 2(h) of this schedule),
taking into account the cost savings and decreased risks for that Purchasing Owner that result from the Sole Funding Party having undertaken the Sole Risk Opportunity. 

 

	 	(d)	The amount to be paid will be agreed by the Owners or, failing agreement, will be determined by the Valuers acting in accordance with item 1 of schedule 9.

  

	4.	Nomination of Sole Risk Entity 

  

	 	(a)	If a Sole Funding Party elects to proceed with a Sole Risk Development pursuant to clause 8.3(e) or a Sole Risk Opportunity pursuant to clause 8.4(f), then that Sole
Funding Party may, at any time during which the Sole Funding Party’s entitlement to proceed with the Sole Risk Development or Sole Risk Opportunity (as applicable) continues, elect to nominate a Related Corporation of the Sole Funding Party
(the Sole Risk Entity) to undertake that Sole Risk Development or Sole Risk Opportunity on its behalf. 

  

	 	(b)	If a Sole Funding Party elects for a Sole Risk Entity to undertake a Sole Risk Development or Sole Risk Opportunity pursuant to paragraph (a), then the Sole Risk Entity
must enter into a Deed of Accession in the form set out in schedule 18 under which it agrees to: 

  

	 	(i)	assume the obligations of the Sole Funding Party under the Joint Venture Agreement; and 

 

	 	(ii)	be bound by the terms of the Joint Venture Agreement, 

 in each case with respect to only the relevant Sole Risk Development or Sole Risk Opportunity in respect of which the election was made. 

 

	 	(c)	In order to give effect to the provisions of this item 4, each party to this Agreement unconditionally and irrevocably: 

 

	 	(i)	appoints the Manager to be its attorney and in its name and on its behalf to execute each Deed of Accession and to do all such other acts as are necessary to give
effect to the provisions of this item 4; and 

  

	 	(ii)	with effect on and from the date the Deed of Accession becomes effective: 

  

	 	(A)	consents to the Sole Risk Entity becoming a party to this Agreement for the purposes of the relevant Sole Risk Development or Sole Risk Opportunity and assuming all
obligations of the Sole Funding Party in accordance with the provisions of this item 4 and the Deed of Accession in respect of that Sole Risk Development or Sole Risk Opportunity (as applicable); 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(B)	agrees that the Sole Risk Entity will be entitled, subject to the terms of the Deed of Accession, to exercise all of the rights, privileges and benefits of the Sole
Funding Party under this schedule as if that Sole Risk Entity was named as a party to this Agreement, but only in respect of the relevant Sole Risk Development or Sole Risk Opportunity to which the Sole Risk Entity has been nominated; and

  

	 	(C)	releases and forever discharges the Sole Funding Party that nominated the Sole Risk Entity from all Liabilities that arise on or after the date of execution of the Deed
of Accession (including any obligation to pay Called Sums) in respect of the Sole Risk Development or Sole Risk Opportunity. 

  

	 	(d)	With effect on and from the date the Deed of Accession becomes effective: 

  

	 	(i)	each reference in this schedule to the Sole Funding Party in respect of the relevant Sole Risk Development or Sole Risk Opportunity will be taken to be a reference to
the Sole Risk Entity, except in the case of items 1(q), 2(l) and 3 which will not apply to the Sole Risk Entity; 

  

	 	(ii)	if the Sole Risk Entity is undertaking a Sole Risk Development, then: 

  

	 	(A)	the references to “the Owners” in item 1(c) will be taken to include a reference to the Sole Risk Entity; 

 

	 	(B)	the references to “the other Owner” in item 1(g)(ii) will be taken to be references to each Owner; 

 

	 	(C)	the reference to “each Owner” in item 1(k) will be taken to include a reference to the Sole Risk Entity; 

 

	 	(D)	the reference to “the Owner which is not a Related Corporation of Sole Funding Party” in item 1(k) will be taken to be a reference to each Owner that is not a
Related Body Corporate of the Sole Risk Entity; 

  

	 	(E)	the references to “the other Owner” or “that other Owner” in item 1(n) will be taken to be a reference to “each Owner that is not a Related
Corporation of the Sole Funding Party”; 

  

	 	(F)	the reference to “the Owners” or “either Owner” in item 1(n) will be taken to include a reference to the Sole Risk Entity; and

  

	 	(G)	the reference to the “relevant Owners” in item 1(p) will be taken to include a reference to the Sole Risk Entity; 

 

	 	(iii)	if the Sole Risk Entity is undertaking a Sole Risk Opportunity, then: 

  

	 	(A)	the references to “the other Owner” in item 2(d)(ii) will be taken to be references to each Owner; and 

 

	 	(B)	the reference to the “relevant Owners” in item 2(i) will be taken to include a reference to the Sole Risk Entity; 

 

	 	(iv)	if the Sole Risk Entity is undertaking either Sole Risk Development or Sole Risk Opportunity, then: 

 

	 	(A)	the reference to “An Owner” in clause 8.5(c) will be taken to be a reference to “The Sole Risk Entity”; 

 

	 	(B)	the reference to “the other Owner” in item 5(a) will be taken to be a reference to “each Owner that is not a Related Corporation of the Sole Funding
Party”; and 

  
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	 	(C)	the reference to “the Owner that is not the Sole Funding Party” in item 6(b) and (c)(i) will be taken to be a reference to “each Owner that is not a
Related Corporation of the Sole Funding Party”; and 

  

	 	(v)	the Sole Risk Entity will be deemed, to the extent necessary and only in respect of such matters as are relevant to the Sole Risk Development or Sole Risk Opportunity
(as applicable), to be an “Owner” or a “party” (as applicable) for the purposes of the following clauses: 

  

	 	(A)	(Term) clause 2.5; 

  

	 	(B)	(Manager’s Duties) clause 4.3(b); 

  

	 	(C)	(Accounts and Records) clauses 4.9(e)(ii) and (iii); 

  

	 	(D)	(Accounting Systems) clause 4.10(a) and (b); 

  

	 	(E)	(Audit) clauses 4.11(b)(iii) and (iv) (provided that the costs of such audit will be borne by the Sole Funding Party), (c) and (e);

  

	 	(F)	(Reporting) clause 4.12 for the purposes of providing reports in relation to the Sole Risk Development or Sole Risk Opportunity (as applicable) in accordance
with the Reporting Policy; 

  

	 	(G)	(Access to information) clauses 4.13(b) and (e)(i); 

  

	 	(H)	(Insurance) clause 4.15(c), (d) and (e); 

  

	 	(I)	(Confidentiality) clause 14; 

  

	 	(J)	(Relationship of the Parties) clause 15; 

  

	 	(K)	(Independent Expert) clause 16; 

  

	 	(L)	(Prohibition on Partition) clause 17; 

  

	 	(M)	(Force Majeure) clause 18; 

  

	 	(N)	(GST) clause 19; 

  

	 	(O)	(Governing Law and Jurisdiction) clause 20; and 

  

	 	(P)	(Ancillary) clause 21 (provided that clause 7 of the Deed of Accession will apply in respect of clause 21.3). 

 

	 	(e)	A Sole Risk Entity must not create a Security Interest or permit a Security Interest to subsist over its rights under this Agreement unless the chargee under the
Security Interest enters into an Intercreditor Deed in the form of part 3 of schedule 8 in favour of each Owner. Each other party to this Agreement must, on request, enter into that Intercreditor Deed with the Sole Risk Entity.

  

	 	(f)	The Sole Risk Entity may Dispose of the whole, but not part, of its rights under this Agreement provided that the assignee must first enter into a Deed of Accession in
the form set out in schedule 18. 

  

	 	(g)	The accession of a Sole Risk Entity pursuant to this item 4 will be subject to and conditional on the Sole Funding Party obtaining all necessary Authorisations and
third party approvals. 

  

	5.	General provisions 

  

	 	(a)	 If, in connection with any Sole Risk Development or Sole Risk Opportunity, either at the time the Sole Funding Party elects to proceed with the Sole
Risk Development or Sole Risk Opportunity or 

  
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subsequently, the Sole Funding Party or a Related Corporation of the Sole Funding Party wishes to undertake any other activities (including Secondary Processing) on any JV Tenement that does not
form part of the Sole Risk Development or Sole Risk Opportunity (Proposed Activities), the Sole Funding Party will provide written notice to the Manager and the other Owners and item 6 of this schedule will apply.

  

	 	(b)	If a Sole Funding Party sustains or incurs any Loss as a result (whether directly or indirectly) of any bad faith, wilful misconduct or gross negligence on the part of
the Manager in respect of a Sole Risk Development or Sole Risk Opportunity (as applicable), the Manager must pay an amount to the Sole Funding Party that is equal to the amount of the Loss. Any amount payable by the Manager pursuant to this
paragraph (b) will be costs of the WA Iron Ore JV and will be funded by the Owners in proportion to their respective Participating Shares in accordance with clause 3.11. 

 

	 	(c)	If the Manager sustains or incurs any Loss as a result (whether directly or indirectly) of any bad faith, wilful misconduct or gross negligence on the part of a Sole
Funding Party in respect of a Sole Risk Development or Sole Risk Opportunity (as applicable), the Sole Funding Party must pay an amount to the Manager that is equal to the amount of the Loss. Any amount payable to the Manager pursuant to this
paragraph (c) will be a revenue of the WA Iron Ore JV. 

  

	 	(d)	If a Sole Risk Development or Sole Risk Opportunity is undertaken, a Sole Risk Scheduling Protocol will be developed in accordance with item 5.4 of the Infrastructure
and Blending Principles (or, if agreed, the equivalent provisions of the Infrastructure Sharing Agreement). The Scheduling Protocol will be subject to any such Sole Risk Scheduling Protocol. 

 

	 	(e)	* * *

  

	6.	Sole Risk Activities on Iron Ore JV Tenements 

  

	 	(a)	Any notice under item 5(a) must contain the following information: 

  

	 	(i)	the reasons for the selection of the applicable JV Tenement as the location of the Proposed Activities; and 

 

	 	(ii)	the scope of the Proposed Activities, including: 

  

	 	(A)	details of the forecast timeframe within which the Proposed Activities are to be commenced and completed; 

 

	 	(B)	details of any Authorisations required to implement and undertake the Proposed Activities; 

 

	 	(C)	detailed technical information, plans, specifications, maps and any other information which may reasonably be considered relevant to the Manager for the purposes of
making a determination under paragraph (b); and 

  

	 	(D)	details of the steps (if any) the Sole Funding Party or its Related Corporation proposes to take to minimise any interference or disruption to the JV Operations in
connection with the Proposed Activities. 

  

	 	(b)	* * * the Owner that is not the Sole Funding Party will provide written notice to the Sole Funding Party and the Manager which either:

  

	 	(i)	consents to the Proposed Activities without qualification; 

  

	 	(ii)	subject to paragraph (c), refuses to consent to the Proposed Activities; or 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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	 	(iii)	subject to paragraph (c), consents to the proposed Activities, provided that as a condition to such consent the relevant Owner or its Related Corporation make
reasonable alterations to the Proposed Activities or comply with reasonable conditions on the conduct of the Proposed Activities. 

 If a relevant Owner fails to give such notice * * * it will be deemed to have given consent pursuant to paragraph (b)(i). 

 

	 	(c)	A relevant Owner may only refuse to consent pursuant to paragraph (b)(ii), or require alterations or impose conditions to its consent pursuant to paragraph (b)(iii), if
it reasonably determines, after consultation with the Sole Funding Party, that the Proposed Activities are likely to: 

  

	 	(i)	unduly prejudice or interfere with any current or prospective JV Operations (including on any area that the Owner that is not the Sole Funding Party reasonably expects
will become a JV Tenement in connection with future JV Operations); or 

  

	 	(ii)	materially reduce the quantity of economically extractable iron ore available to the WA Iron Ore JV. 

In order to enable the relevant Owner to make a determination under paragraph (b), the Manager must provide that Owner with such
information and such assistance as may reasonably be required by that Owner. 
  

	 	(d)	A relevant Owner may not refuse to grant such consent, or impose such alterations or conditions, where the Sole Funding Party or its Related Corporation is required to
undertake the Proposed Activities on the relevant JV Tenement pursuant to any applicable Law or requirement of any Authority. 

  

	 	(e)	If a relevant Owner consents to the Proposed Activities pursuant to paragraphs (b)(i) or (iii), the Sole Funding Party will, or will procure that its Related
Corporations will: 

  

	 	(i)	comply with any conditions or qualifications specified in that consent; and 

 

	 	(ii)	take reasonable steps to ensure that the Proposed Activities do not: 

  

	 	(A)	unduly prejudice or interfere with any current or prospective JV Operations; or 

 

	 	(B)	materially reduce the quantity of economically extractable iron ore available to the WA Iron Ore JV, by conducting additional drilling to ensure that any prospective
resources are not sterilised by the proposed activities or where this is not practicable, the payment of agreed compensation of prospective resources. 

  

	 	(f)	If, notwithstanding paragraph (e), the Proposed Activities of the Sole Funding Party unduly prejudice or interfere with any current or prospective JV Operations or
materially reduce the quantity of economically extractable iron ore available to the WA Iron Ore JV, then the parties will meet and discuss in good faith the measures that the Sole Funding Party can take to rectify the situation (including the form
and quantum of any compensation it may to pay to the WA Iron Ore JV) as soon as reasonably practicable. If the parties are unable to 

  

	 	(g)	agree on the measures the Sole Funding Party is required to take to rectify the situation, then any party may refer the matter for determination by the Independent
Expert in accordance with clause 16. 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 Schedule 5 
 Pre-Feasibility and Feasibility Studies 

 

	1.	Preliminary Studies 

 The
Preliminary Study must: 
  

	 	(a)	be conducted based on customary economic assumptions agreed by the Owners’ Council (other than in respect of the assumptions listed in paragraphs (a)(i),
(ii) and (iii)) or, in the absence of such agreement (or in the case of paragraphs (a)(i), (ii) and (iii)), selected by the Manager, including in relation to: 

 

	 	(i)	iron ore prices; 

  

	 	(ii)	current and projected demand and supply conditions in the global market; 

  

	 	(iii)	foreign exchange; 

  

	 	(iv)	cost of capital; and 

  

	 	(v)	inflation; and 

  

	 	(b)	include the overall scope, direction and timing of the Contemplated Project. 

 

	2.	Pre-Feasibility Studies 

The Pre-Feasibility Study must: 
  

	 	(a)	be conducted based on customary economic assumptions agreed by the Owners’ Council (other than in respect of the assumptions listed in paragraphs (a)(i),
(ii) and (iii)) or, in the absence of such agreement (or in the case of paragraphs (a)(i), (ii) and (iii)), selected by the Manager, including in relation to: 

 

	 	(i)	iron ore prices; 

  

	 	(ii)	current and projected demand and supply conditions in the global market; 

  

	 	(iii)	foreign exchange; 

  

	 	(iv)	cost of capital; and 

  

	 	(v)	inflation; and 

  

	 	(b)	include the overall scope, direction and timing of the Contemplated Project, including: 

 

	 	(i)	detailed technical information, plans, specifications, maps and any other information which may reasonably be considered relevant to the Contemplated Project (including
those items referred to in item 2(b) of this schedule and which are relevant to a Pre-Feasibility Study); 

  

	 	(ii)	a preliminary engineering study capital cost estimate (+/- 20-25%) of the cost to bring the Contemplated Project to Operational Completion and reasonable details of the
major categories of expenditure, including: 

  

	 	(A)	direct; 

  

	 	(B)	indirect; 

  

	 	(C)	owner’s; and 

  

	 	(D)	contingent costs; 

  
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	 	(iii)	details of the associated execution strategy required to implement the Contemplated Project, including Authorisations, third party approvals, commercial, contract and
risk management strategies; and 

  

	 	(iv)	consideration of alternatives that deliver Pilbara System Capacity (eg, mine, infrastructure and ancillary assets) sufficient to meet the requirements of the Project;
and 

  

	 	(v)	a detailed financial evaluation of the results of the Pre-Feasibility Study and the Manager’s assessment of the Contemplated Project, including ranking of the
options considered by the Pre-Feasibility Study. 

  

	3.	Feasibility Studies 

The Feasibility Study must: 
  

	 	(a)	be conducted based on customary economic assumptions agreed by the Owners’ Council (other than in respect of the assumptions listed in paragraphs (a)(i),
(ii) and (iii)) or, in the absence of such agreement (or in the case of paragraphs (a)(i), (ii) and (iii)), selected by the Manager, including in relation to: 

 

	 	(i)	iron ore prices; 

  

	 	(ii)	current and projected demand and supply conditions in the global market; 

  

	 	(iii)	foreign exchange; 

  

	 	(iv)	cost of capital; and 

  

	 	(v)	inflation; 

  

	 	(b)	include the final scope and project delivery plan of the Project, including: 

 

	 	(i)	detailed technical information, plans, specifications, maps and any other information which may reasonably be considered relevant to the Project, including:

  

	 	(A)	the quantum and nature of scheduled iron ore reserves and resources within the defined area of the Project; 

 

	 	(B)	the product type and likely trends in quality specifications that are expected to be produced; 

 

	 	(C)	projected capital and operating costs of the Project over the project life; 

 

	 	(D)	the quantity of additional system capacity (including Latent System Capacity across each major infrastructure element to be used by the expansion or development) that
is expected to be created by the Project; 

  

	 	(E)	a clear statement of the scheduled iron ore reserves and resources to be consumed by the Project and a delivery schedule setting out the tonnages expected to be
produced and delivered for each year of the Project; 

  

	 	(F)	the required use of system capacity broken down by major infrastructure element to be used in connection with the Project; and 

 

	 	(G)	details of any downstream infrastructure that is required to be constructed in connection with the Project; 

  
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	 	(ii)	a definitive engineering study capital cost estimate (±10–15%) of the cost to bring the Project to Operational Completion and reasonable details of the
major categories of expenditure, including: 

  

	 	(A)	direct; 

  

	 	(B)	indirect; 

  

	 	(C)	Owner’s; and 

  

	 	(D)	contingent costs; 

  

	 	(iii)	an assessment of the Project (including valuation) based on the Iron Ore Product being produced by that Project being sold as both a stand alone product and a blended
product; 

  

	 	(iv)	preparation of social and environmental impact assessment; 

  

	 	(v)	details of the associated execution strategy required to implement the Project, including Authorisations, third party approvals, commercial, contract and evaluation of
key risks and identification of risk management strategies; and 

  

	 	(vi)	an operational implementation plan, including the identification of the project schedule and key project milestones (the Operational Implementation Plan);
and 

  

	 	(c)	otherwise be of a standard which is sufficient to allow the Manager to proceed immediately to construction and include such information, contain such analysis, and be
in a form that would enable a major international bank to form a reasonable judgment with respect to the provision of project financing for the Project. 

 In addition to providing each Owner with a copy of each Pre-Feasibility Study and Feasibility Study, the Manager must also provide each Owner with a copy of the underlying financial models used in
preparing that Pre-Feasibility Study or Feasibility Study (as applicable), including physical and financial information schedules that include operating and capital assumptions that are consistent with those set out in the Reporting Policy. The key
assumptions adopted by the Manager in the preparation of the Pre-Feasibility Study or Feasibility Study (as applicable) must be clearly identified and included in those schedules. 

  
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 Schedule 6 
 Owner Guarantee—Deed of Indemnity 

  
 Page 125

 Owner Guarantee—Deed of 

Indemnity 

[Insert name of Supporting Entity] 
 [Insert name of Relevant Group Member] 
 Deed of Indemnity in respect of [Description
of Owner 
 Guarantees] 

 Owner Guarantee—Deed of Indemnity 

Table of Contents 
  

									
	1.	  	Definitions and Interpretation	  	 	1	  
				
		  	1.1	  	Joint Venture Agreement definitions to apply	  	 	1	  
				
		  	1.2	  	Defined Terms	  	 	1	  
				
		  	1.3	  	Joint Venture Agreement interpretation provisions to apply	  	 	1	  
			
	2.	  	Provision in Accordance with clause 4.2(j) of the Joint Venture Agreement	  	 	2	  
			
	3.	  	Indemnity	  	 	2	  
				
		  	3.1	  	General indemnity	  	 	2	  
				
		  	3.2	  	Payment	  	 	2	  
				
		  	3.3	  	Requirement to Indemnify Unconditional	  	 	2	  
			
	4.	  	Repayments and Receipts	  	 	2	  
			
	5.	  	Release of Indemnity	  	 	3	  
				
		  	5.1	  	Events of Release	  	 	3	  
				
		  	5.2	  	Notification of Release	  	 	3	  
			
	6.	  	Confidentiality	  	 	3	  
			
	7.	  	Costs and Stamp Duty	  	 	3	  
			
	8.	  	Notices	  	 	3	  
			
	9.	  	GST	  	 	4	  
				
		  	9.1	  	Definitions	  	 	4	  
				
		  	9.2	  	Recovery of GST	  	 	4	  
				
		  	9.3	  	Liability net of GST	  	 	4	  
				
		  	9.4	  	Adjustments	  	 	5	  
				
		  	9.5	  	Revenue exclusive of GST	  	 	5	  
				
		  	9.6	  	Cost exclusive of GST	  	 	5	  
				
		  	9.7	  	GST obligations to survive termination	  	 	5	  
			
	10.	  	Governing Law and Jurisdiction	  	 	5	  
				
		  	10.1	  	Governing Law	  	 	5	  
				
		  	10.2	  	Final judgment conclusive and enforceable	  	 	5	  
				
		  	10.3	  	Dispute Resolution	  	 	5	  
			
	11.	  	Ancillary Provisions	  	 	6	  
		
	 Schedule 1—Owner Guarantees
	  	 	7	  

  
 Page i

 Owner Guarantee—Deed of Indemnity 
  
 Date 

Parties 
  

	 	1.	[Insert Name of Supporting Entity] (the Indemnifier). 

 

	 	2.	[Insert Name of Relevant Group Member] (the Relevant Group Member). 

 Recital 
  

	 	A	On [#], certain members of the Rio Tinto Group and BHP Billiton Group entered into the West Australian Iron Ore Production Joint Venture Agreement for the purposes of
establishing the West Australian Iron Ore Production Joint Venture (the Joint Venture Agreement). 

  

	 	B	Clause 4.2(j) and item 1.1 of Schedule 3 of the Joint Venture Agreement require the provision in connection with certain Owner Guarantees of an indemnity in the
form set out in this Deed by a Supporting Entity. 

  

	 	C	The Relevant Group Member has provided [Description of Owner Guarantee(s)] (the Owner Guarantees). 

 

	 	D	The Indemnifier is entering into this Deed for the purposes of satisfying [the obligation of [Insert name of relevant Owner Parent] (the Owner Parent)/its
obligation] to provide support to the Relevant Group Member for a proportion of each Owner Guarantee commensurate with [Insert name of relevant Owner]’s (the Relevant Owner) Participating Share in accordance with clause 4.2(j) and
item 1.1 of schedule 3 of the Joint Venture Agreement. 

 It is agreed as follows. 

 

	1.	Definitions and Interpretation 

  

	1.1	Joint Venture Agreement definitions to apply 

 Subject to a contrary meaning being specified in clause 1.2, words and expressions defined in the Joint Venture Agreement have the same meaning when used in this Deed. 

 

	1.2	Defined Terms 

Creditor means a person to which the Relevant Group Member owes obligations to pursuant to the Owner Guarantees. 

Joint Venture Agreement has the meaning given in Recital A. 

Owner Guarantees mean the Guarantees described in Schedule 1. 

Owner Parent has the meaning given in Recital D. 
 Relevant Owner has the meaning given in Recital D. 
  

	1.3	Joint Venture Agreement interpretation provisions to apply 

 Clauses 1.2 to 1.5 of the Joint Venture Agreement will apply, mutatis mutandis, in the interpretation of this Deed. 

  
 Page 1

 Owner Guarantee—Deed of Indemnity 
  
  

	2.	Provision in Accordance with clause 4.2(j) of the Joint Venture Agreement 

 The Indemnifier has entered into this Deed in satisfaction of [the Owner Parent’s/its] obligations to provide support to the Relevant Group Member for a proportion of the Owner Guarantees
commensurate with the Participating Share of the Relevant Owner in accordance with clause 4.2(j) and item 1.1 of schedule 3 of the Joint Venture Agreement. 
  

	3.	Indemnity 

  

	3.1	General indemnity 

 The
Indemnifier unconditionally and irrevocably indemnifies the Relevant Group Member against any Loss that may be incurred or sustained by it in relation to the Owner Guarantees or as a direct or indirect consequence of any claim made or purported to
be made under the Owner Guarantees, or anything done by any person who is, or claims to be, entitled to the benefit of the Owner Guarantee, in proportion to the Participating Share of the Relevant Owner. 

 

	3.2	Payment 

  

	 	(a)	Without limiting clause 3.1, within 30 days, or such shorter period as may be reasonably required to ensure payment by the date required under the Owner Guarantee,
of demand by the Relevant Group Member, the Indemnifier must pay to the Relevant Group Member a proportion equal to the aggregate of the Participating Shares of all Owners * * * of all amounts paid or required to be paid by the Relevant Group Member
under any Owner Guarantee. In making a demand, the Relevant Group Member must provide the Indemnifier with such reasonable information and materials explaining how the demanded amount has been determined by the Relevant Group Member.

  

	 	(b)	All payments required under clause 3.1 and this clause 3.2 must be made in the currency in which the amounts are paid or required to be paid by the Relevant Group
Member under each Owner Guarantee. 

  

	3.3	Requirement to Indemnify Unconditional 

 The Indemnifier’s obligations pursuant to clauses 3.1 and 3.2 are absolute and unconditional. They will not be subject to any reduction, termination or other impairment by any set-off, deduction,
abatement, counterclaim, agreement, defence, suspension, deferment or otherwise and the Indemnifier will not be released, relieved or discharged from any obligations under this Deed, nor will such obligations be prejudiced or affected, for any
reason other than termination of this Deed pursuant to clause 5.1. 
  

	4.	Repayments and Receipts 

  

	 	(a)	Subject to paragraph (b), if the Relevant Group Member receives any interest or other return on, or any repayment, reimbursement or other recovery in respect of any
Owner Guarantee, the Relevant Group Member must (after all amounts owing as at the date of Completion in respect of such Owner Guarantee have been repaid to the Relevant Group Member) account to the Indemnifier for the aggregate of the Participating
Shares of all Owners * * * of the net amount received. 

  

	 	(b)	The Relevant Group Member (and any of its Related Corporations) will not be required to reimburse or compensate Indemnifier for any withholding tax or other deduction
required to be made from any amount received by the Relevant Group Member, or from any amount to be paid to the Indemnifier under this clause 4. 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 2

 Owner Guarantee—Deed of Indemnity 
  
  

	5.	Release of Indemnity 

  

	5.1	Events of Release 

 This
Deed will terminate on the earlier of: 
  

	 	(a)	immediately upon: 

  

	 	(i)	all Owner Guarantees being cancelled; or 

  

	 	(ii)	the Relevant Group Member being released from its obligations under the all Owner Guarantees; or 

 

	 	(b)	where the Related Corporations of the Indemnifier cease to hold the largest Participating Share * * *, on the later of: 

 

	 	(i)	30 days after such Related Corporations have ceased to hold such Participating Share; or 

 

	 	(ii)	when the contemporaneous acquirer of its Participating Interest which has the largest Participating Share * * * has provided the required support for the Owner
Guarantees in accordance with clause 4.2(j) of the Joint Venture Agreement in replacement of this Deed. 

  

	5.2	Notification of Release 

The Relevant Group Member will notify the Indemnifier as soon as practicable after: 

 

	 	(a)	an Owner Guarantee is cancelled; 

  

	 	(b)	the Relevant Group Member is released from its obligations under an Owner Guarantee; or 

 

	 	(c)	this Deed has otherwise terminated in accordance with clause 5.1 

  

	6.	Confidentiality 

 The
Indemnifier must at all times observe, comply with and give effect to the provisions of clause 14 of the Joint Venture Agreement with respect to any Confidential Information disclosed in connection with this Deed. 

 

	7.	Costs and Stamp Duty 

  

	 	(a)	Each party to this Deed will bear its own costs arising out of the preparation and execution of this Deed. 

 

	 	(b)	All stamp duty (including fines, penalties and interest) payable on or in connection with this Deed must be borne by the Indemnifier. The Indemnifier must indemnify the
Relevant Group Member on demand against any Liability for that stamp duty. 

  

	8.	Notices 

 Any notice,
demand, consent, certificate, approval, nomination, waiver or other similar communication given or made in connection with this Deed: 
  

	 	(a)	will be in writing and signed by the sender or a person duly authorised by the sender; 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 3

 Owner Guarantee—Deed of Indemnity 
  
  

	 	(b)	will be addressed and delivered to the intended recipient at the address or fax number below or the address or fax number last notified by the intended recipient to the
sender after the date of this Deed: 

  

	 	(i)	to the Relevant Group Member: [#] 

  

	 	(ii)	to the Indemnifier [#] 

  

	 	(c)	will be taken to be duly given or made when delivered, received or left at the above fax number or address. If delivery or receipt occurs on a day that is not a
Business Day in the place to which the notice is sent or is later than 4pm (local time) at that place, it will be taken to have been duly given or made at the commencement of business on the next Business Day in that place. 

 

	9.	GST 

  

	9.1	Definitions 

 For the
purposes of this clause 9: 
  

	 	(a)	Adjustment has the meaning given by the GST Law; 

  

	 	(b)	Consideration has the meaning given by the GST Law; 

  

	 	(c)	Input Tax Credit has the meaning given by the GST Law and a reference to an Input Tax Credit entitlement of a party includes an Input Tax Credit for an
acquisition made by that party but which the representative member of a GST Group or the Joint Venture Operator of a GST Joint Venture is entitled under GST Law; 

 

	 	(d)	GST has the meaning given by the GST Law; 

  

	 	(e)	GST Amount means in relation to a Taxable Supply the amount of GST payable in respect of that Taxable Supply; 

 

	 	(f)	GST Group has the meaning given by the GST Law; 

  

	 	(g)	GST Joint Venture has the meaning given by the GST Law; 

  

	 	(h)	GST Law has the meaning given by the A New Tax System (Goods and Services Tax) Act 1999 (Cth); 

 

	 	(i)	Joint Venture Operator has the meaning given by the GST Law; 

 

	 	(j)	Tax Invoice has the meaning given by the GST Law; and 

  

	 	(k)	Taxable Supply has the meaning given by the GST Law excluding the reference to Section 84–5 of the A New Tax System (Goods and Services Tax)
Act 1999 (Cth). 

  

	9.2	Recovery of GST 

 If GST
is payable on a Taxable Supply made under, by reference to or in connection with this Agreement, the party providing the Consideration for that Taxable Supply must also pay the GST Amount as additional Consideration. Subject to the prior receipt of
a Tax Invoice, the GST Amount is payable at the same time that the other Consideration for the Taxable Supply is provided. This clause 9.2 does not apply to the extent that the Consideration for the Taxable Supply is expressly stated to be GST
inclusive. 
  

	9.3	Liability net of GST 

 Any
reference in the calculation of Consideration or of any indemnity, reimbursement or similar amount to a cost, expense or other liability incurred by a party must exclude the amount of any Input Tax Credit entitlement of that party in relation to the
relevant cost, expense or other liability. A party will be assumed to have an entitlement to a full Input Tax Credit unless it demonstrates otherwise prior to the date on which the Consideration must be provided. 

  
 Page 4

 Owner Guarantee—Deed of Indemnity 
  
  

	9.4	Adjustments 

 If an
Adjustment occurs in relation to a Taxable Supply made under, by reference to or in connection with this Agreement, the GST Amount will be recalculated to reflect that Adjustment and an appropriate payment will be made between the parties.

  

	9.5	Revenue exclusive of GST 

Any reference in this Agreement to price, value, sales, revenue or a similar amount (Revenue), is a reference to that
Revenue exclusive of GST. 
  

	9.6	Cost exclusive of GST 

Any reference in this Agreement (other than in the calculation of Consideration or of any indemnity, reimbursement or similar amount) to
cost, expense or other similar amount (Cost), is a reference to that Cost exclusive of any Input Tax Credit entitlement. 
  

	9.7	GST obligations to survive termination 

 This clause 9 will continue to apply after expiration or termination of this Agreement. 
  

	10.	Governing Law and Jurisdiction 

  

	10.1	Governing Law 

  

	 	(a)	This Deed will be governed by the laws of Western Australia. 

  

	 	(b)	The parties irrevocably and unconditionally: 

  

	 	(i)	submit to the non-exclusive jurisdiction of the courts of Western Australia; and 

 

	 	(ii)	agree that they may not object to any suit, action or proceeding commenced under or in connection with this Deed on the basis that the courts of Western Australia are
not an appropriate forum. 

  

	10.2	Final judgment conclusive and enforceable 

 The parties agree that a final judgment in any suit, action or proceeding commenced under or in connection with this Deed in any court of competent jurisdiction is conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by Law. 
  

	10.3	Dispute Resolution 

  

	 	(a)	The parties will first seek to resolve any dispute under or in connection with this Deed by discussions in good faith. 

 

	 	(b)	Any party may, by notice to the other parties, require any dispute arising under or in connection with this Deed to be referred to the Chief Executives. The Chief
Executives will meet and seek in good faith to resolve the dispute within 30 days. 

  

	 	(c)	If the Chief Executives are unable to resolve the dispute within 30 days of referral to them, any party may refer the dispute to the Owners’ Chairpersons, who
will meet and seek in good faith to resolve the dispute within 30 days. 

  

	 	(d)	If the Owners’ Chairpersons are unable to resolve the dispute within 30 days of referral to them, then any party may commence proceedings in any court of
competent jurisdiction. 

  
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 Owner Guarantee—Deed of Indemnity 
  
  

	 	(e)	Subject to paragraph (f), a party may not commence court proceedings in relation to any dispute arising out of or in connection with this Deed until it has complied
with the dispute resolution process set out in paragraphs (a) to (d). 

  

	 	(f)	Nothing in this clause 10 prevents a party seeking appropriate injunctive or interlocutory relief at any time to preserve property or rights or to avoid losses that are
not compensable in damages. 

  

	 	(g)	Each party agrees that: 

  

	 	(i)	it is responsible for its own costs in connection with the dispute resolution process; and 

 

	 	(ii)	the costs of any suit, action or proceeding commenced under or in connection with this Deed will be borne as between the parties as determined by the court of competent
jurisdiction that hears the suit, action or proceeding. 

  

	11.	Ancillary Provisions 

 The
provisions of clauses 21.2 to 21.6, 21.9 and 21.11 to 21.13 of the Joint Venture Agreement will apply mutatis mutandis, unless the context requires otherwise. 

  
 Page 6

 Owner Guarantee—Deed of Indemnity 
  
 Schedule 1—Owner Guarantees 
 [Description of Owner Guarantee[s]] 

  
 Page 7

 Owner Guarantee—Deed of Indemnity 
  
 Executed as a Deed. 
 [Insert relevant execution clauses.] 

  
 Page 8

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Schedule 7 
 Ore Sales Agreement 

  
 Page 126

 WA Iron Ore Joint Venture—Ore 

Sales Agreement 
 ([#]) 
 [Selling Entities] 

[[#]] 

[Manager (as agent for and on behalf of the Selling Entities)] 

 WA Iron Ore Joint Venture—Ore Sales Agreement 

([#]) 
 Table of
Contents 
  

									
	 1.
	  	Definitions and Interpretation	  	 	1	  
		  	1.1	  	Joint Venture Agreement definitions to apply	  	 	1	  
		  	1.2	  	Definitions	  	 	1	  
		  	1.3	  	Joint Venture Agreement interpretation provisions to apply	  	 	1	  
		  	1.4	  	Relationship of Sellers	  	 	2	  
	 2.
	  	Term and Termination	  	 	2	  
		  	2.1	  	Commencement	  	 	2	  
		  	2.2	  	Termination	  	 	2	  
	 3.
	  	Terms to apply to Clause 6 Sales	  	 	3	  
	 4.
	  	Deliveries of Iron Ore Product	  	 	3	  
		  	4.1	  	Sellers to Deliver Iron Ore Product	  	 	3	  
		  	4.2	  	Title and Risk	  	 	3	  
	 5.
	  	Quantity	  	 	3	  
	 6.
	  	Ore Sales Price	  	 	3	  
	 7.
	  	Weighing, Sampling and Analysis	  	 	3	  
	 8.
	  	Invoicing and Payment	  	 	3	  
		  	8.1	  	Invoices	  	 	3	  
		  	8.2	  	Payment	  	 	4	  
		  	8.3	  	Delay in Payment	  	 	4	  
		  	8.4	  	Disputed Invoices	  	 	4	  
	 9.
	  	Disposals	  	 	4	  
		  	9.1	  	No restriction on Disposals by the Buyer	  	 	4	  
		  	9.2	  	Assignment as Part of Disposal of Participating Interest	  	 	4	  
		  	9.3	  	Nomination of New Buyers	  	 	4	  
	 10.
	  	Notices	  	 	5	  
	 11.
	  	Confidentiality	  	 	5	  
	 12.
	  	Force Majeure	  	 	5	  
		  	12.1	  	Event of Force Majeure	  	 	5	  
		  	12.2	  	No liability during an Event of Force Majeure	  	 	5	  
		  	12.3	  	Suspension of obligations	  	 	6	  
		  	12.4	  	Remedy of Force Majeure	  	 	6	  
		  	12.5	  	Mitigation	  	 	6	  
		  	12.6	  	No requirement to settle labour dispute	  	 	6	  
		  	12.7	  	* * *	  	 	6	  

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 WA Iron Ore Joint Venture—Ore Sales Agreement 

([#]) 
  

									
	 13.
	  	GST	  	 	6	  
		  	13.1	  	Definitions	  	 	6	  
		  	13.2	  	Recovery of GST	  	 	7	  
		  	13.3	  	Liability net of GST	  	 	7	  
		  	13.4	  	Adjustments	  	 	7	  
		  	13.5	  	Revenue exclusive of GST	  	 	7	  
		  	13.6	  	Cost exclusive of GST	  	 	7	  
		  	13.7	  	GST obligations to survive termination	  	 	8	  
	 14.
	  	Governing Law and Jurisdiction	  	 	8	  
		  	14.1	  	Governing Law	  	 	8	  
		  	14.2	  	Final judgment conclusive and enforceable	  	 	8	  
		  	14.3	  	Dispute Resolution	  	 	8	  
		  	14.4	  	Service of Process	  	 	9	  
	 15.
	  	General Provisions	  	 	9	  

  
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 WA Iron Ore Joint Venture—Ore Sales Agreement 

([#]) 
  
 Date 
 Parties 

 

	 	1.	[Insert details of each Selling Entity (as defined in the Joint Venture Agreement)] (collectively the Sellers). 

 

	 	2.	[#] (the Buyer). 

  

	 	3.	[Manager (as agent for and on behalf of the Sellers)] (the Manager). 

 Recitals 
  

	 	A	On [insert date of Joint Venture Agreement], certain members of the Rio Tinto Group and BHP Billiton Group entered into the West Australian Iron Ore Joint
Venture Agreement for the purpose of establishing the WA Iron Ore JV (the Joint Venture Agreement). 

  

	 	B	[Insert name of Substantial Owner/Majority Owner/Ore Purchasing Owner] is a [Substantial Owner/Majority Owner/Ore Purchasing Owner] pursuant
to clause 10 of the Joint Venture Agreement and, in accordance with clause [6.2(c)/6.2(f)], that Owner has nominated the Buyer to enter into this Ore Sales Agreement. 

 

	 	C	Clauses 6.1 to 6.4 of the Joint Venture Agreement provide for the Owners and the Manager to procure that the Sellers sell to the Buyer, and the Buyer purchase from the
Sellers, amounts of Iron Ore Product from time to time on the terms of the Joint Venture Agreement (Clause 6 Sales). 

  

	 	D	In order to specify certain additional terms which apply to Clause 6 Sales, and to provide for related matters, the Manager (as agent of the Sellers) and the Buyer have
agreed to enter into this Agreement. 

  

	 	E	Nothing contained in this Agreement is intended to confer on the Buyer any rights or obligations to purchase Iron Ore Product additional to the rights and obligations
referred to in Recital B. 

 It is agreed as follows. 

 

	1.	Definitions and Interpretation 

  

	1.1	Joint Venture Agreement definitions to apply 

 Subject to a contrary meaning being specified in clause 1.2, words and expressions defined in the Joint Venture Agreement have the same meaning when used in this Agreement. 

 

	1.2	Definitions 

 The
following definitions apply unless the context requires otherwise. 
 Clause 6 Sales has the meaning given in
Recital C. 
 Commencement Date means [#]. 
 Joint Venture Agreement has the meaning given in Recital A. 
  

	1.3	Joint Venture Agreement interpretation provisions to apply 

 Items 1.2 to 1.5 (inclusive) of schedule 1 of the Joint Venture Agreement will apply, mutatis mutandis, in the interpretation of this Agreement. 

  
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 WA Iron Ore Joint Venture—Ore Sales Agreement 

([#]) 
  

 

	1.4	Relationship of Sellers 

  

	 	(a)	This Agreement establishes a separate contract between each Seller on the one part and the Buyer on the other part. Nothing in this Agreement implies that the parties
are: 

  

	 	(i)	forming a partnership, agency (other than in relation to the Sellers and the Manager) or a similar relationship; 

 

	 	(ii)	otherwise carrying on business in common with a view to profit, within the meaning of any partnership or limited partnership legislation in any jurisdiction; or

  

	 	(iii)	otherwise creating any fiduciary relationship between the parties. 

  

	 	(b)	Each Seller is the legal and beneficial owner of the Iron Ore Product to be delivered by it to the Buyer pursuant to this Agreement until such time as title and risk
passes in accordance with clause 4.2. Accordingly, the rights, obligations and liabilities of the Sellers under this Agreement are several and not joint or joint and several. 

 

	 	(c)	As contemplated by clause 6.2(b) of the Joint Venture Agreement, if a JV Entity ceases to be a Non-Selling Entity and becomes a Selling Entity, then:

  

	 	(i)	that JV Entity must execute, or otherwise agree to comply with and give effect to, this Agreement as soon as practicable; and 

 

	 	(ii)	with effect from the date of such execution, each party: 

  

	 	(A)	irrevocably consents to that JV Entity becoming a party to, and assuming its obligations as a Seller under, this Agreement; and 

 

	 	(B)	agrees to that JV Entity being entitled to exercise all of the rights, privileges and benefits of a Seller under this Agreement, 

as if that JV Entity was named as a party to this Agreement. 

 

	2.	Term and Termination 

  

	2.1	Commencement 

 This
Agreement commences on the Commencement Date and continues to apply to any Clause 6 Sales by the Sellers occurring on or after that date until terminated in accordance with clause 2.2. 

 

	2.2	Termination 

 This
Agreement (other than clauses 1, 9, 10, 11, 13 and 14, and this clause 2) will automatically terminate on the earlier of: 
  

	 	(a)	the date on which the WA Iron Ore JV is terminated in accordance with the Joint Venture Agreement; 

 

	 	(b)	the date on which the Buyer (or its Related Corporations) ceases to hold, subject (where applicable as a result of the operation of schedule 10 of the Joint Venture
Agreement) to clause 6.2(f) of the Joint Venture Agreement, a Participating Share which is greater than 17%, unless this Agreement is assigned or novated to a purchaser of a Participating Interest pursuant to clause 10 of the Joint Venture
Agreement; or 

  

	 	(c)	the date on which the Manager, on behalf of the Selling Entities, and the Buyer agree to terminate this Agreement. 

Termination of this Agreement will be without prejudice to any obligation accruing under this Agreement prior to termination. 

  
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 WA Iron Ore Joint Venture—Ore Sales Agreement 

([#]) 
  

 

	3.	Terms to apply to Clause 6 Sales 

 For the purposes of all Clause 6 Sales, the Sellers agree to sell, and the Buyer agrees to purchase, Iron Ore Product on the terms of, and in accordance with the provisions of, this Agreement and the
Joint Venture Agreement. 
  

	4.	Deliveries of Iron Ore Product 

  

	4.1	Sellers to Deliver Iron Ore Product 

 Clause 6 Sales of Iron Ore Product will be delivered to the Buyer by the Sellers at the relevant loading port in Western Australia. The Manager must ensure that all such deliveries are made in accordance
with the Scheduling Protocol. 
  

	4.2	Title and Risk 

 Clause 6
Sales of Iron Ore Product will be on a FOB basis. Title to, and all risk of loss, damage or destruction to, Iron Ore Product will pass to the Buyer at the time that Iron Ore Product passes over the ship’s rail from the loading devices into the
vessel at the relevant loading port in Western Australia, and the sale and purchase of that Iron Ore Product will be deemed to have occurred at that point. 
  

	5.	Quantity 

 The quantity of
Iron Ore Product to be sold and purchased as Clause 6 Sales in each Half Year, by Product Type, will be determined in accordance with clause 6.3 of the Joint Venture Agreement. 

 

	6.	Ore Sales Price 

The Ore Sales Price to be paid by the Buyer for Clause 6 Sales will be determined in accordance with clause 6.4 of the Joint Venture
Agreement. 
  

	7.	Weighing, Sampling and Analysis 

  

	 	(a)	For all Clause 6 Sales, the Manager must comply with the Weighing, Sampling and Analysis Protocol in relation to the weighing of shipments of Iron Ore Product and the
sampling and analysis of shipments of Iron Ore Product at the relevant loading port in Western Australia. 

  

	 	(b)	All costs incurred by the Manager in connection with the weighing, sampling and analysis of Iron Ore Product pursuant to paragraph (a) will be costs of the WA Iron
Ore JV. 

  

	 	(c)	For the avoidance of doubt, the costs of determining the weight of each shipment of Iron Ore Product and the sampling and analysis of each shipment of Iron Ore Product
at the relevant discharge port will, as between the parties, be borne by the Buyer. 

  

	8.	Invoicing and Payment 

  

	8.1	Invoices 

 As soon as
practicable after the end of each Half Year, the Manager, on behalf of the Sellers, must prepare, issue and deliver to the Buyer an invoice for Clause 6 Sales showing: 
  

	 	(a)	the total quantity of Iron Ore Product, broken down by Product Type, delivered to the Buyer in that Half Year (as determined in accordance with clause 6.3 of the Joint
Venture Agreement); and 

  
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 WA Iron Ore Joint Venture—Ore Sales Agreement 

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	 	(b)	the total Ore Sales Price (as determined in accordance with clause 6.4 of the Joint Venture Agreement) for Iron Ore Product delivered in that Half Year, together with a
breakdown of: 

  

	 	(i)	the JV Production Accounting Costs actually incurred for that Half Year in total and as attributed to the other Owner’s JV Entities; and 

 

	 	(ii)	the Buyer’s “First Owner dmtu” and “Total other Owner dmtu” for the purposes of clause 6.4(b) of the Joint Venture Agreement.

  

	8.2	Payment 

 The Buyer must
pay the Ore Sales Price on demand by the Manager in accordance with item 5 of the Funding and Distribution Policy. 
  

	8.3	Delay in Payment 

 If the
Buyer fails to make payment of the Ore Sales Price by the date demanded by the Manager under clause 8.2, it must pay interest on the unpaid amount from that date in accordance with item 1.5 of schedule 1 of the Joint Venture Agreement. Interest must
be paid on the date when payment of the amount due is made. 
  

	8.4	Disputed Invoices 

  

	 	(a)	The dispute resolution procedure set out in clause 6.4(h) of the Joint Venture Agreement will apply to any dispute relating to the amount specified in any invoice
provided under this clause 8. 

  

	 	(b)	A party will not be entitled to withhold payment of any amount payable by reason of any dispute. 

 

	9.	Disposals 

  

	9.1	No restriction on Disposals by the Buyer 

 Subject to clauses 10 and, to the extent applicable, 11 of the Joint Venture Agreement, the Buyer may Dispose of all or any part of its rights, obligations or interest in and under this Agreement.

  

	9.2	Assignment as Part of Disposal of Participating Interest 

 If the Buyer or a Related Corporation of the Buyer Disposes of the whole or a part of its Participating Interest in accordance with clause 10 of the Joint Venture Agreement, then the provisions of clause
10 of the Joint Venture Agreement will apply. 
  

	9.3	Nomination of New Buyers 

As contemplated by clause 6.2(c) of the Joint Venture Agreement, the Buyer may at any time, and from time to time, provide written notice
to the Sellers and the Manager nominating one or more of its Related Corporations to assume all or any part of its rights, obligations and interest in and under this Agreement. Any such notice must specify in reasonable detail the rights and
obligations to be assumed by such Related Corporation(s) and, where applicable, the amount of the Buyer’s entitlement to Iron Ore Product to be assumed (which may be specified by Product Type, as a percentage of the Buyer’s entitlement or
in any other way). 

  
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 WA Iron Ore Joint Venture—Ore Sales Agreement 

([#]) 
  

 

	10.	Notices 

 Any notice,
demand, consent, certificate, approval, nomination, waiver or other similar communication given or made in connection with this Agreement (a notice): 
  

	 	(a)	will be in writing and signed by the sender or a person duly authorised by the sender; 

 

	 	(b)	will be addressed and delivered to the intended recipient at the address or fax number below or the address or fax number last notified by the intended recipient to the
sender after the date of this Agreement: 

  

	 	(i)	to the Buyer:                [#] 

 

	 	(ii)	to the Manager:           [#] 

 

	 	(c)	will be taken to be duly given or made when delivered, received or left at the above fax number or address. If delivery or receipt occurs on a day that is not a
business day in the place to which the notice is sent or is later than 4pm (local time) at that place, it will be taken to have been duly given or made at the commencement of business on the next business day in that place. 

 

	11.	Confidentiality 

 The
Manager and the Buyer must at all times observe, comply with and give effect to the provisions of clause 14 of the Joint Venture Agreement with respect to any Confidential Information disclosed in connection with this Agreement. 

 

	12.	Force Majeure 

  

	12.1	Event of Force Majeure 

For the purposes of this clause 12, an Event of Force Majeure means an event beyond the reasonable control of a party,
including: 
  

	 	(a)	act of God, lightning, storm, flood, cyclone, tidal wave, landslide, fire, earthquake or explosion; 

 

	 	(b)	strike, lockout or stoppage or ban or limitation on work or restraint of labour, whether at a mine or mines, railway, port or otherwise; 

 

	 	(c)	act of public enemy, war (declared or undeclared), terrorism, sabotage, blockade, revolution, riot, insurrection, civil commotion or epidemic; 

 

	 	(d)	any act, inaction, demand, order, restraint, restriction, requirement, prevention, frustration or hindrance by or of any government or other competent authority;

  

	 	(e)	embargo, unavailability of essential equipment, materials or facilities, unavailability of qualified employees or contractors, power or water shortages or lack of
transportation; or 

  

	 	(f)	any other cause, whether specifically referred to above or otherwise which is not within its reasonable control. 

 

	12.2	No liability during an Event of Force Majeure 

 A party will not be liable for any delay in or failure of performance in respect of Clause 6 Sales under this Agreement or the Joint Venture Agreement (other than a delay in or failure to make payment of
any amount payable under those agreements) if: 
  

	 	(a)	that delay or failure arises from an Event of Force Majeure; 

  
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 WA Iron Ore Joint Venture—Ore Sales Agreement 

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	 	(b)	it has taken all proper precautions, due care and reasonable alternative measures with the object and intent of avoiding the delay or failure and of carrying out its
obligations under this Agreement or the Joint Venture Agreement; and 

  

	 	(c)	as soon as practicable after the beginning of the Event of Force Majeure which affects the ability of the party claiming under this clause 12.2 to observe or perform
any of its obligations under this Agreement or the Joint Venture Agreement, the claiming party gives notice to each other party: 

  

	 	(i)	fully describing the Event of Force Majeure and, as far as possible, estimating its duration; 

 

	 	(ii)	identifying the specific obligations affected by that Event of Force Majeure and the possible extent to which the claiming party will be unable to perform those
obligations; and 

  

	 	(iii)	specifying the measures proposed to be adopted to remedy or abate the Event of Force Majeure. 

 

	12.3	Suspension of obligations 

While an Event of Force Majeure continues, the obligations which cannot be performed because of the Event of Force Majeure (other than a
delay in or failure to make payment of any amount payable under this Agreement or the Joint Venture Agreement) will be suspended. 
  

	12.4	Remedy of Force Majeure 

The party that is prevented from carrying out its obligations under this Agreement or the Joint Venture Agreement as a result of an Event
of Force Majeure will remedy the Event of Force Majeure to the extent reasonably practicable, keep the other parties regularly informed on the progress of remedying the Event of Force Majeure and resume the performance of its obligations as soon as
reasonably possible. 
  

	12.5	Mitigation 

 The party
that is prevented from carrying out its obligations under this Agreement or the Joint Venture Agreement as a result of an Event of Force Majeure must take all action reasonably practicable to mitigate any loss suffered by a party or a third party as
a result of its failure to carry out its obligations under this Agreement. 
  

	12.6	No requirement to settle labour dispute 

 A party is not required, under clause 12.4 or 12.5, to settle any labour dispute against its will. 
  

	12.7	* * * 

* * * 
  

	13.	GST 

  

	13.1	Definitions 

 For the
purposes of this clause 13: 
  

	 	(a)	Adjustment has the meaning given by the GST Law; 

  

	 	(b)	Consideration has the meaning given by the GST Law; 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
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 WA Iron Ore Joint Venture—Ore Sales Agreement 

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	 	(c)	Input Tax Credit has the meaning given by the GST Law and a reference to an Input Tax Credit entitlement of a party includes an Input Tax Credit for an
acquisition made by that party but which the representative member of a GST Group or the Joint Venture Operator of a GST Joint Venture is entitled under GST Law; 

 

	 	(d)	GST has the meaning given by the GST Law; 

  

	 	(e)	GST Amount means in relation to a Taxable Supply the amount of GST payable in respect of that Taxable Supply; 

 

	 	(f)	GST Group has the meaning given by the GST Law; 

  

	 	(g)	GST Joint Venture has the meaning given by the GST Law; 

  

	 	(h)	GST Law has the meaning given by the A New Tax System (Goods and Services Tax) Act 1999 (Cth); 

 

	 	(i)	Joint Venture Operator has the meaning given by the GST Law; 

 

	 	(j)	Tax Invoice has the meaning given by the GST Law; and 

  

	 	(k)	Taxable Supply has the meaning given by the GST Law excluding the reference to Section 84–5 of the A New Tax System (Goods and Services Tax)
Act 1999 (Cth). 

  

	13.2	Recovery of GST 

 If GST
is payable on a Taxable Supply made under, by reference to or in connection with this Agreement, the party providing the Consideration for that Taxable Supply must also pay the GST Amount as additional Consideration. Subject to the prior receipt of
a Tax Invoice, the GST Amount is payable at the same time that the other Consideration for the Taxable Supply is provided. This clause 13.2 does not apply to the extent that the Consideration for the Taxable Supply is expressly stated to be GST
inclusive. 
  

	13.3	Liability net of GST 

 Any
reference in the calculation of Consideration or of any indemnity, reimbursement or similar amount to a cost, expense or other liability incurred by a party must exclude the amount of any Input Tax Credit entitlement of that party in relation to the
relevant cost, expense or other liability. A party will be assumed to have an entitlement to a full Input Tax Credit unless it demonstrates otherwise prior to the date on which the Consideration must be provided. 

 

	13.4	Adjustments 

 If an
Adjustment occurs in relation to a Taxable Supply made under, by reference to or in connection with this Agreement, the GST Amount will be recalculated to reflect that Adjustment and an appropriate payment will be made between the parties.

  

	13.5	Revenue exclusive of GST 

Any reference in this Agreement to price, value, sales, revenue or a similar amount (Revenue), is a reference to that
Revenue exclusive of GST. 
  

	13.6	Cost exclusive of GST 

Any reference in this Agreement (other than in the calculation of Consideration or of any indemnity, reimbursement or similar amount) to
cost, expense or other similar amount (Cost), is a reference to that Cost exclusive of any Input Tax Credit entitlement. 

  
 Page 7

 WA Iron Ore Joint Venture—Ore Sales Agreement 

([#]) 
  

 

	13.7	GST obligations to survive termination 

 This clause 13 will continue to apply after expiration or termination of this Agreement. 
  

	14.	Governing Law and Jurisdiction 

  

	14.1	Governing Law 

  

	 	(a)	This Agreement and any Clause 6 Sale will be governed by the laws of Western Australia, Australia. 

 

	 	(b)	The parties irrevocably and unconditionally: 

  

	 	(i)	submit to the non-exclusive jurisdiction of the courts of Western Australia; and 

 

	 	(ii)	agree that they may not object to any suit, action or proceeding commenced under or in connection with this Agreement or any Clause 6 Sale on the basis that the courts
of Western Australia are not an appropriate forum. 

  

	14.2	Final judgment conclusive and enforceable 

 The parties agree that a final judgment in any suit, action or proceeding commenced under or in connection with this Agreement or any Clause 6 Sale in any court of competent jurisdiction is conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. 
  

	14.3	Dispute Resolution 

  

	 	(a)	The parties will first seek to resolve any dispute under or in connection with this Agreement any Clause 6 Sale by discussions in good faith. 

 

	 	(b)	Any party may, by notice to the other parties, require any dispute (other than a dispute to which clause 8.4(a) applies) arising under or in connection with this
Agreement or any Clause 6 Sale to be referred to the Chief Executives. The Chief Executives will meet and seek in good faith to resolve the dispute within 30 days. 

 

	 	(c)	If the Chief Executives are unable to resolve the dispute within 30 days of referral to them, any party may refer the dispute to the Owners’ Chairpersons, who
will meet and seek in good faith to resolve the dispute within 30 days. 

  

	 	(d)	Subject to paragraph (e), a party may not commence court proceedings in relation to any dispute arising out of or in connection with this Agreement or any Clause 6 Sale
until it has complied with the dispute resolution process set out in paragraphs (a) to (c). 

  

	 	(e)	Nothing in this clause 14 prevents a party seeking appropriate injunctive or interlocutory relief at any time to preserve property or rights or to avoid losses that are
not compensable in damages. 

  

	 	(f)	Each party agrees that: 

  

	 	(i)	it is responsible for its own costs in connection with the dispute resolution process; and 

 

	 	(ii)	the costs of any suit, action or proceeding commenced under or in connection with this Agreement or any Clause 6 Sale will be borne as between the parties as determined
by the court of competent jurisdiction that hears the suit, action or proceeding. 

  
 Page 8

 WA Iron Ore Joint Venture—Ore Sales Agreement 

([#]) 
  

 

	14.4	Service of Process 

  

	 	(a)	Each party agrees that service of all writs, process and summonses in any suit, action or proceeding under or in connection with this Agreement or any Clause 6 Sale
brought in Western Australia may be made on its registered or principal office for the time being in Australia. 

  

	 	(b)	Nothing contained or implied in this Agreement will in any way be taken to limit the ability of a party to: 

 

	 	(i)	serve any writs, process or summonses; or 

  

	 	(ii)	obtain jurisdiction over a party in other jurisdictions, 

 in any manner permitted by Law. 
  

	15.	General Provisions 

 The
provisions of clauses 21.2 to 21.7 and 21.9 to 21.13 of the Joint Venture Agreement will apply mutatis mutandis, unless the context requires otherwise. 

  
 Page 9

 WA Iron Ore Joint Venture—Ore Sales Agreement 

([#]) 
  
 Executed by the parties 
 [Insert relevant execution clauses.] 

  
 Page 10

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Schedule 8 
 * * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 127

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Part 1 
 * * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 128

 Schedule 8 
 * * * 
 * * * 

* * * 
 * * * 
 * * * 

* * * 
 * * * 
 * * * 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

 * * *  

 

									
	1.	  	* * *	  	 	1	  
		  	1.1	  	* * *	  	 	1	  
		  	1.2	  	* * *	  	 	1	  
		  	1.3	  	* * *	  	 	1	  
		  	1.4	  	* * *	  	 	1	  
	2.	  	* * *	  	 	1	  
		  	2.1	  	* * *	  	 	1	  
		  	2.2	  	* * *	  	 	2	  
		  	2.3	  	* * *	  	 	2	  
		  	2.4	  	* * *	  	 	2	  
		  	2.5	  	* * *	  	 	2	  
	3.	  	* * *	  	 	2	  
		  	3.1	  	* * *	  	 	2	  
		  	3.2	  	* * *	  	 	3	  
		  	3.3	  	* * *	  	 	3	  
		  	3.4	  	* * *	  	 	3	  
		  	3.5	  	* * *	  	 	3	  
		  	3.6	  	* * *	  	 	3	  
		  	3.7	  	* * *	  	 	3	  
		  	3.8	  	* * *	  	 	3	  
		  	3.9	  	* * *	  	 	3	  
	4.	  	* * *	  	 	4	  
	5.	  	* * *	  	 	4	  
	6.	  	* * *	  	 	4	  
		  	6.1	  	* * *	  	 	4	  
		  	6.2	  	* * *	  	 	4	  
	7.	  	* * *	  	 	4	  
		  	7.1	  	* * *	  	 	4	  
		  	7.2	  	* * *	  	 	4	  
	8.	  	* * *	  	 	5	  
		  	8.1	  	* * *	  	 	5	  
		  	8.2	  	* * *	  	 	5	  
		  	8.3	  	* * *	  	 	5	  
		  	8.4	  	* * *	  	 	5	  
		  	8.5	  	* * *	  	 	5	  
	9.	  	* * *	  	 	5	  
		  	9.1	  	* * *	  	 	5	  
		  	9.2	  	* * *	  	 	6	  

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 i 

											
		  	 	9.3	  	  	* * *	  	 	6	  
		  	 	9.4	  	  	* * *	  	 	6	  
		  	 	9.5	  	  	* * *	  	 	6	  
		  	 	9.6	  	  	* * *	  	 	6	  
		  	 	9.7	  	  	* * *	  	 	6	  
	10.	  	 	* * *	  	 	6	  
		  	 	10.1	  	  	* * *	  	 	6	  
		  	 	10.2	  	  	* * *	  	 	7	  
		  	 	10.3	  	  	* * *	  	 	7	  
		  	 	10.4	  	  	* * *	  	 	8	  
		  	 	10.5	  	  	* * *	  	 	8	  
	11.	  	 	* * *	  	 	8	  
	12.	  	 	* * *	  	 	8	  
		  	 	12.1	  	  	* * *	  	 	8	  
		  	 	12.2	  	  	* * *	  	 	8	  
	13.	  	 	* * *	  	 	9	  
		  	 	13.1	  	  	* * *	  	 	9	  
		  	 	13.2	  	  	* * *	  	 	9	  
		  	 	13.3	  	  	* * *	  	 	9	  
		  	 	13.4	  	  	* * *	  	 	9	  
		  	 	13.5	  	  	* * *	  	 	9	  
		  	 	13.6	  	  	* * *	  	 	9	  
		  	 	13.7	  	  	* * *	  	 	9	  
		  	 	13.8	  	  	* * *	  	 	9	  
		  	 	13.9	  	  	* * *	  	 	9	  
	 * * *
	   
	  		  			
	1	  	 	* * *	  	 	10	 
	2	  	 	* * *	  	 	11	 
	3	  	 	* * *	  			

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 ii 

 * * * 
 * * * 
 * * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 
  

	A.	* * * 

  

	B.	* * * 

 * * *

  

	1.	* * * 

  

	1.1	* * * 

* * * 
  

	1.2	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	1.3	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	1.4	* * * 

* * * 
  

	2.	* * * 

  

	2.1	* * * 

  

	 	(a)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 1 

  

	 	(b)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(iii)	* * *

  

	2.2	* * *

* * *
  

	 	(a)	* * *

  

	 	(b)	* * *

  

	 	(c)	* * *

  

	2.3	* * *

* * *
  

	 	(a)	* * *

  

	 	(b)	* * *

  

	 	(c)	* * *

  

	 	(d)	* * *

  

	 	(e)	* * *

  

	 	(f)	* * *

  

	 	(g)	* * *

  

	 	(h)	* * *

  

	 	(i)	* * *

  

	2.4	* * *

  

	 	*	* *

  

	 	(a)	* * *

  

	 	(b)	* * *

  

	2.5	* * *

* * *
  

	3.	* * *

  

	3.1	* * *

* * *
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 2 

  

	3.2	* * *

* * *
  

	 	(a)	* * *

  

	 	(b)	* * *

  

	 	(c)	* * *

  

	3.3	* * *

* * *
  

	3.4	* * *

* * *
  

	3.5	* * *

* * *
  

	3.6	* * *

* * *
  

	3.7	* * *

* * *
  

	 	(a)	* * *

  

	 	(b)	* * *

  

	 	(c)	* * *

* * *
  

	3.8	* * *

* * *
  

	 	(a)	* * *

  

	 	(b)	* * *

  

	3.9	* * *

* * *
  

	 	(a)	* * *

  

	 	(b)	* * *

* * *
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 3 

  

	4.	* * *

  

	 	(a)	* * *

  

	 	(b)	* * *

  

	5.	* * *

* * *
  

	 	(a)	* * *

  

	 	(b)	* * *

  

	 	(c)	* * *

* * *
  

	6.	* * *

  

	6.1	* * *

* * *
  

	6.2	* * *

* * *
  

	7.	* * *

  

	7.1	* * *

* * *
  

	 	(a)	* * *

  

	 	(b)	* * *

  

	 	(c)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(d)	* * *

  

	 	(i)	* * *

  

	 	(ii)	* * *

  

	 	(iii)	* * * 

  

	7.2	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 4 

  

	8.	* * * 

  

	8.1	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	8.2	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	8.3	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	8.4	* * * 

* * * 
  

	8.5	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	9.	* * * 

  

	9.1	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 5 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(j)	* * * 

  

	 	(k)	* * * 

  

	9.2	* * * 

* * * 
  

	9.3	* * * 

* * * 
  

	9.4	* * * 

* * * 
  

	9.5	* * * 

* * * 
  

	9.6	* * * 

* * * 
  

	9.7	* * * 

* * * 
  

	10.	* * * 

  

	10.1	* * * 

  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	*	* * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(v)	* * * 

  

	 	(vi)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 6 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

 * * *

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	10.2	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(j)	* * * 

  

	 	(k)	* * * 

  

	10.3	* * * 

  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 7 

  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(C)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	10.4	* * * 

* * * 
  

	10.5	* * * 

* * * 
  

	11.	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(c)	* * * 

  

	12.	* * * 

  

	12.1	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	12.2	* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 8 

  

	13.	* * * 

  

	13.1	* * * 

* * * 
  

	13.2	* * * 

* * * 
  

	13.3	* * * 

* * * 
  

	13.4	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	13.5	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	13.6	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	13.7	* * * 

* * * 
  

	13.8	* * * 

* * * 
  

	13.9	* * * 

* * * 

* * * 
 * * *

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 9 

  

	1.	* * * 

  

	2.	* * * 

  

	3.	* * * 

 * * *

 * * * 
  

	1.	* * * 

  

	2.	* * * 

  

	3.	* * * 

 * * *

  

	*	* * 

  

	1.	* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

 * * * 
 * * * 
 * * * 

* * * 

* * * 

* * * 

* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 10 

 * * * 
 * * * 
 * * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

 * * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

 * * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	2.	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 11 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(j)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(k)	* * * 

  

	 	(l)	* * * 

  

	 	(m)	* * * 

  

	 	(n)	* * * 

 * * *

 * * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 12 

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Part 2 
  

	*	* * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 129

 Schedule 8 
 * * * 
 * * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

 * * * 
  

											
	1.	    	 	* * *	  	 	1	  
				
		    	 	1.1	  	    	* * *	  	 	1	  
				
		    	 	1.2	  	    	* * *	  	 	1	  
				
		    	 	1.3	  	    	* * *	  	 	1	  
				
		    	 	1.4	  	    	* * *	  	 	1	  
				
		    	 	1.5	  	    	* * *	  	 	2	  
			
	2.	    	 	* * *	  	 	2	  
				
		    	 	2.1	  	    	* * *	  	 	2	  
				
		    	 	2.2	  	    	* * *	  	 	2	  
				
		    	 	2.3	  	    	* * *	  	 	2	  
				
		    	 	2.4	  	    	* * *	  	 	2	  
				
		    	 	2.5	  	    	* * *	  	 	2	  
			
	3.	    	 	* * *	  	 	3	  
				
		    	 	3.1	  	    	* * *	  	 	3	  
				
		    	 	3.2	  	    	* * *	  	 	3	  
				
		    	 	3.3	  	    	* * *	  	 	3	  
				
		    	 	3.4	  	    	* * *	  	 	3	  
				
		    	 	3.5	  	    	* * *	  	 	3	  
				
		    	 	3.6	  	    	* * *	  	 	3	  
				
		    	 	3.7	  	    	* * *	  	 	3	  
				
		    	 	3.8	  	    	* * *	  	 	3	  
				
		    	 	3.9	  	    	* * *	  	 	3	  
			
	4.	    	 	* * *	  	 	3	  
			
	5.	    	 	* * *	  	 	4	  
			
	6.	    	 	* * *	  	 	4	  
				
		    	 	6.1	  	    	* * *	  	 	4	  
				
		    	 	6.2	  	    	* * *	  	 	4	  
			
	7.	    	 	* * *	  	 	4	  
				
		    	 	7.1	  	    	* * *	  	 	4	  
				
		    	 	7.2	  	    	* * *	  	 	4	  
	8.	    	 	* * *	  	 	4	  
				
		    	 	8.1	  	    	* * *	  	 	4	  
				
		    	 	8.2	  	    	* * *	  	 	5	  
				
		    	 	8.3	  	    	* * *	  	 	5	  
				
		    	 	8.4	  	    	* * *	  	 	5	  

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page i

											
				
		    	 	8.5	  	    	* * *	  	 	5	  
			
	9.	    	 	* * *	  	 	5	  
				
		    	 	9.1	  	    	* * *	  	 	5	  
				
		    	 	9.2	  	    	* * *	  	 	6	  
				
		    	 	9.3	  	    	* * *	  	 	6	  
				
		    	 	9.4	  	    	* * *	  	 	6	  
				
		    	 	9.5	  	    	* * *	  	 	6	  
				
		    	 	9.6	  	    	* * *	  	 	6	  
				
		    	 	9.7	  	    	* * *	  	 	6	  
			
	10.	    	 	* * *	  	 	6	  
				
		    	 	10.1	  	    	* * *	  	 	6	  
				
		    	 	10.2	  	    	* * *	  	 	7	  
				
		    	 	10.3	  	    	* * *	  	 	7	  
				
		    	 	10.4	  	    	* * *	  	 	7	  
				
		    	 	10.5	  	    	* * *	  	 	7	  
			
	11.	    	 	* * *	  	 	8	  
			
	12.	    	 	* * *	  	 	8	  
				
		    	 	12.1	  	    	* * *	  	 	8	  
				
		    	 	12.2	  	    	* * *	  	 	8	  
			
	13.	    	 	* * *	  	 	8	  
				
		    	 	13.1	  	    	* * *	  	 	8	  
				
		    	 	13.2	  	    	* * *	  	 	8	  
				
		    	 	13.3	  	    	* * *	  	 	8	  
				
		    	 	13.4	  	    	* * *	  	 	8	  
				
		    	 	13.5	  	    	* * *	  	 	9	  
				
		    	 	13.6	  	    	* * *	  	 	9	  
		    	 	13.7	  	    	* * *	  	 	9	  
				
		    	 	13.8	  	    	* * *	  	 	9	  
				
		    	 	13.9	  	    	* * *	  	 	9	  

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page ii

									
		
	 * * *
	  			
			
	1	    	* * *	  	 	9	  
			
	2	    	* * *	  	 	11	  
			
	3	    	* * *	  			

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page iii

 * * * 
 * * * 
 * * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 
  

	A.	* * * 

  

	B.	* * * 

 * * *

  

	1.	* * * 

  

	1.1	* * * 

* * * 
  

	1.2	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	1.3	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	1.4	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 1 

  

	1.5	* * * 

* * * 
  

	2.	* * * 

  

	2.1	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	2.2	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	2.3	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	2.4	* * * 

* * * 
  

	2.5	* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 2 

  

	3.	* * * 

  

	3.1	* * * 

* * * 
  

	3.2	* * * 

* * * 
  

	3.3	* * * 

* * * 
  

	3.4	* * * 

* * * 
  

	3.5	* * * 

* * * 
  

	3.6	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

  

	3.7	* * * 

* * * 
  

	3.8	* * * 

* * * 
  

	3.9	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

  

	4.	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 3 

  

	5.	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

 * * *

  

	6.	* * * 

  

	6.1	* * * 

* * * 
  

	6.2	* * * 

* * * 
  

	7.	* * * 

  

	7.1	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(d)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	7.2	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	8.	* * * 

  

	8.1	* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 4 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	8.2	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	8.3	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	8.4	* * * 

* * * 
  

	8.5	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	9.	* * * 

  

	9.1	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(j)	* * * 

  

	 	(k)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 5 

  

	9.2	* * * 

* * * 
  

	9.3	* * * 

* * * 
  

	9.4	* * * 

* * * 
  

	9.5	* * * 

* * * 
  

	9.6	* * * 

* * * 
  

	9.7	* * * 

* * * 
  

	10.	* * * 

  

	10.1	* * * 

  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

 * * *

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(v)	* * * 

  

	 	(vi)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

 * * *

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 6 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	10.2	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(j)	* * * 

  

	 	(k)	* * * 

  

	10.3	* * * 

  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(C)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	10.4	* * * 

* * * 
  

	10.5	* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 7 

  

	11.	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(c)	* * * 

  

	12.	* * * 

  

	12.1	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	12.2	* * * 

* * * 
  

	13.	* * * 

  

	13.1	* * * 

* * * 
  

	13.2	* * * 

* * * 
  

	13.3	* * * 

* * * 
  

	13.4	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 8 

  

	13.5	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	13.6	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	13.7	* * * 

* * * 
  

	13.8	* * * 

* * * 
  

	13.9	* * * 

* * * 

* * * 
 * * *

  

	1.	* * * 

  

	2.	* * * 

  

	3.	* * * 

 * * *

 * * * 
  

	1.	* * * 

  

	2.	* * * 

  

	3.	* * * 

 * * *

 * * * 
  

	1.	* * * 

 * * *

 * * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 9 

 * * * 
 * * * 
 * * * 

* * * 

* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

 * * * 
 * * * 
 * * * 

* * *. 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

 * * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

 * * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 10 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

 * * * 
 * * * 
 * * * 

* * * 
  

	2.	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(j)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(k)	* * * 

  

	 	(l)	* * * 

  

	 	(m)	* * * 

  

	 	(n)	* * * 

 * * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 11 

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Part 3 
 * * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 130

 Schedule 8 
 * * * 
 * * * 

* * * 

* * * 
 * * * 
 * * * 

* * * 

* * * 
 * * * 
 * * * 

* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

 * * * 
  

													
	 	1.	  	  	 	* * *	  	 	1	  
				  	 	1.1	  	  	* * *	  	 	1	  
				  	 	1.2	  	  	* * *	  	 	1	  
				  	 	1.3	  	  	* * *	  	 	1	  
				  	 	1.4	  	  	* * *	  	 	2	  
			
	 	2.	  	  	 	* * *	  	 	2	  
				  	 	2.1	  	  	* * *	  	 	2	  
				  	 	2.2	  	  	* * *	  	 	2	  
				  	 	2.3	  	  	* * *	  	 	2	  
				  	 	2.4	  	  	* * *	  	 	2	  
				  	 	2.5	  	  	* * *	  	 	2	  
				  	 	2.6	  	  	* * *	  	 	2	  
			
	 	3.	  	  	 	* * *	  	 	2	  
				  	 	3.1	  	  	* * *	  	 	2	  
				  	 	3.2	  	  	* * *	  	 	3	  
			
	 	4.	  	  	 	* * *	  	 	3	  
				  	 	4.1	  	  	* * *	  	 	3	  
				  	 	4.2	  	  	* * *	  	 	3	  
				  	 	4.3	  	  	* * *	  	 	3	  
				  	 	4.4	  	  	* * *	  	 	3	  
				  	 	4.5	  	  	* * *	  	 	3	  
			
	 	5.	  	  	 	* * *	  	 	4	  
				  	 	5.1	  	  	* * *	  	 	4	  
				  	 	5.2	  	  	* * *	  	 	4	  
				  	 	5.3	  	  	* * *	  	 	4	  
				  	 	5.4	  	  	* * *	  	 	4	  
				  	 	5.5	  	  	* * *	  	 	4	  
				  	 	5.6	  	  	* * *	  	 	4	  
				  	 	5.7	  	  	* * *	  	 	4	  
			
	 	6.	  	  	 	* * *	  	 	5	  
				  	 	6.1	  	  	* * *	  	 	5	  
				  	 	6.2	  	  	* * *	  	 	5	  
				  	 	6.3	  	  	* * *	  	 	6	  
				  	 	6.4	  	  	* * *	  	 	6	  
				  	 	6.5	  	  	* * *	  	 	6	  
			
	 	7.	  	  	 	* * *	  	 	6	  
			
	 	8.	  	  	 	* * *	  	 	7	  
				  	 	8.1	  	  	* * *	  	 	7	  
				  	 	8.2	  	  	* * *	  	 	7	  

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 i 

									
	9.	  	* * *	  	 	7	  
				
		  	9.1	  	* * *	  	 	7	  
		  	9.2	  	* * *	  	 	7	  
		  	9.3	  	* * *	  	 	7	  
		  	9.4	  	* * *	  	 	7	  
		  	9.5	  	* * *	  	 	7	  
		  	9.6	  	* * *	  	 	7	  
		  	9.7	  	* * *	  	 	8	  
		  	9.8	  	* * *	  	 	8	  
		  	9.9	  	* * *	  	 	8	  
		
	 * * *
	  			
			
	1	  	* * *	  	 	8	  
			
	2	  	* * *	  	 	8	  
			
	3	  	* * *	  	 	8	  

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 ii 

	*	* *  

 * * *

 * * * 
 * * * 
 * * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 
  

	*	* *  

  

	A.	* * * 

  

	B.	* * * 

  

	C.	* * * 

  

	D.	* * *. 

  

	E.	* * * 

  

	F.	* * * 

  

	*	* * 

  

	1.	* * * 

  

	1.1	* * * 

* * * 
  

	1.2	* * * 

* * * 
  

	1.3	* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 1 

  

	1.4	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	2.	* * * 

  

	2.1	* * * 

* * * 
  

	2.2	* * * 

* * * 
  

	2.3	* * * 

* * * 
  

	2.4	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	2.5	* * * 

* * * 
  

	2.6	* * * 

* * * 
  

	3.	* * * 

  

	3.1	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 2 

  

	 	(d)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	3.2	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	4.	* * * 

  

	4.1	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	4.2	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	4.3	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	4.4	* * * 

* * * 
  

	4.5	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 3 

  

	5.	* * * 

  

	5.1	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(j)	* * * 

  

	 	(k)	* * * 

  

	5.2	* * * 

* * * 
  

	5.3	* * * 

* * * 
  

	5.4	* * * 

* * * 
  

	5.5	* * * 

* * * 
  

	5.6	* * * 

* * * 
  

	5.7	* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 4 

  

	6.	* * * 

  

	6.1	* * * 

  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

 * * *

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(v)	* * * 

  

	 	(vi)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

 * * *

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	6.2	* * * 

  

	 	*	* * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(j)	* * * 

  

	 	(k)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 5 

  

	6.3	* * * 

  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(C)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	6.4	* * * 

* * * 
  

	6.5	* * * 

* * * 
  

	7.	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(c)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 6 

  

	8.	* * * 

  

	8.1	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	8.2	* * * 

* * * 
  

	9.	* * * 

  

	9.1	* * * 

* * * 
  

	9.2	* * * 

* * * 
  

	9.3	* * * 

* * * 
  

	9.4	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	9.5	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	9.6	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 7 

  

	9.7	* * * 

* * * 
  

	9.8	* * * 

* * * 
  

	9.9	* * * 

* * * 

* * * 

* * * 
 * * * 
 * * * 

* * * 
  

	1.	* * * 

  

	2.	* * * 

  

	3.	* * * 

* * * 

* * * 
  

	1.	* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

 * * * 
 * * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 8 

 * * * 
 * * * 
 * * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

  

	 	(a)	* * * 

  

	 	(b)	* * * 

 * * *

 * * * 
 * * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	2.	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 9 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(j)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(k)	* * * 

  

	 	(l)	* * * 

  

	 	(m)	* * * 

  

	 	(n)	* * * 

 * * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 10 

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Schedule 9 
 Determination of Fair Market Value and Purchase Options 

 

	1.	Determination of Fair Market Value 

  

	1.1	Application 

 The
provisions of this item 1 will be interpreted in accordance with the relevant provisions of the Agreement and will apply in the following circumstances: 
  

	 	(a)	determination of the fair market value of the Target Iron Ore Assets as contemplated by clause 8.6(c); 

 

	 	(b)	determination of the fair market value of the Participating Interest of the Defaulting Owner and the Iron Ore Assets of the Defaulting Owner and its Related
Corporations as contemplated by clause 9.5(a)(i); 

  

	 	(c)	determination of the fair market value of the entire WA Iron Ore JV as contemplated by clause 9.5(a)(ii); 

 

	 	(d)	determination of the fair market value of the scheduled reserves and resources to be developed by a Sole Funding Party as contemplated by item 1(b) of schedule 4;

  

	 	(e)	determination of the fair market value of the assets comprised by the Sole Risk Opportunity as contemplated by item 2(i)(iii)(A) of schedule 4; and

  

	 	(f)	determination of the fair market value of the Purchasing Owner’s Participating Share of the assets referred to in item 3(c) of schedule 4.

  

	1.2	Determination of Fair Market Value 

 The fair market value in each case will be: 
  

	 	(a)	agreed in writing by the Owners; or 

  

	 	(b)	if the Owners are unable to reach agreement * * * the average of three valuations determined by three independent experts in accordance with the remaining
provisions of this item 1 (each a Valuer). 

  

	1.3	Selection of Valuers 

  

	 	(a)	The Valuers will be selected by agreement between the Owners or, failing agreement * * * such Valuers will be nominated by the President of the Institute of
Chartered Accountants, Australia at the request of either Owner. 

  

	 	(b)	The Valuers will: 

  

	 	(i)	have appropriate qualifications, including experience in valuation of resource and infrastructure assets; and 

 

	 	(ii)	not have any interest which conflicts or may conflict with his or her appointment as an expert in relation to the dispute. 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 131

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	1.4	Conduct of Valuers 

  

	 	(a)	In determining the fair market value, each Valuer will: 

  

	 	(i)	consult with the Manager; 

  

	 	(ii)	accept oral and written submissions from the Owners which may be made to him * * *; and 

 

	 	(iii)	make a written determination of fair market value independently and without consultation of the other Valuers. 

 

	 	(b)	Each Valuer will keep all information received in connection with its appointment under this Agreement confidential. 

 

	 	(c)	The costs and expenses of each Valuer in making its valuation will be borne by the Owners equally. 

 

	1.5	Matters to be considered by Valuers 

 In determining the fair market value, each Valuer will value the transaction as between a willing but not anxious seller and a willing but not anxious buyer at arms length and have regard to all relevant
matters including: 
  

	 	(a)	current and projected demand and supply conditions in the global iron ore market; 

 

	 	(b)	likely trends in iron ore quality specifications and pricing; 

  

	 	(c)	likely timing and scale of development and/or expansion of all relevant iron ore deposits; 

 

	 	(d)	quantum and nature of all relevant iron ore reserves and resources; 

  

	 	(e)	projected capital and operating costs of development and/or expansion over project life; 

 

	 	(f)	the global competitiveness of relevant iron ore product; 

  

	 	(g)	the party that will bear any stamp duty or equivalent duty arising in connection with the transaction concerned and the amount of that duty; and

  

	 	(h)	any specific matters that are expressly stated to be considered in the clauses to which this schedule applies. 

 

	1.6	Manager to provide information 

 The Manager must provide all reasonable information that the Owners or the Valuers (as applicable) requires in order to agree or determine the fair market value in accordance with this item 1. 

 

	1.7	Valuation to be GST exclusive 

 The fair market value agreed by the Owners or determined by the Independent Expert (as applicable) will be determined on a GST exclusive basis and, accordingly, the fair market value will be expressly
stated to be GST exclusive. 
  

	1.8	Time for completion of valuation 

 * * * that Valuer will be required to complete their valuation and to deliver a copy of their valuation to the Manager and to the Owners. 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 132

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	1.9	Extensions of time 

 If a
Valuer fails to complete the valuation within the time fixed under item 1.8, the Owners or the President of the Institute of Chartered Accountants, Australia, as the case may be, may extend the time for completion of the valuations. If no extension
is granted * * * another Valuer will be appointed to make that Valuer’s valuation in accordance with this schedule 9. 
  

	2.	Purchase Options 

  

	2.1	Application 

 The
provisions of this item 2 will be interpreted in accordance with the relevant provisions of the Agreement and will apply to any Purchase Option exercised pursuant to clause 9.6. 

 

	2.2	Conditions Precedent 

 It
will be a condition precedent to completion of the purchase that the Non-Defaulting Owner has obtained all necessary Authorisations. The Non-Defaulting Owner must use all reasonable endeavours to obtain all necessary Authorisations as soon as
practicable. 
  

	2.3	Completion of Purchase 

If any Purchase Option is exercised, then: 
  

	 	(a)	subject to clause 9.5(c) and (e), the Defaulting Owner will, and, where relevant, will procure that its Related Corporations: 

 

	 	(i)	on completion, transfer to the Non-Defaulting Owner all of: 

  

	 	(A)	its Participating Interest, including the Participant Loans and Debentures; and 

 

	 	(B)	the Iron Ore Assets of the Defaulting Owner and its Related Corporations, either directly or by the acquisition of Securities in the JV Entities that are Related
Corporations of the Defaulting Owner at the election of the Non-Defaulting Owner, 

 free from any Security
Interests, pre-emptive rights, and other third party rights (other than a Cross Charge, a Permitted Security Interest or any Existing JV Arrangements), in consideration for payment by the Non-Defaulting Owner of the Purchase Option Price; and

  

	 	(ii)	at or before completion, sign, execute, deliver and do all deeds, documents, transfers, instruments, assurances, acts and other things as may be necessary or
appropriate to effect the transfers referred to in paragraph (a)(i) to the Non-Defaulting Owner; and 

  

	 	(b)	the Non-Defaulting Owner will, and, where relevant, will procure that its Related Corporations: 

 

	 	(i)	* * * provide written notice to the Defaulting Owner of a time during business hours at which, and a place in Australia at which, completion is to occur; and

  

	 	(ii)	on completion, pay the Purchase Option Price in accordance with item 2.4. 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 133

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	2.4	Application of Purchase Option Price 

 Payment of the Purchase Option Price will be made on completion of the purchase by the Non-Defaulting Owner in the following order of priority: 

 

	 	(a)	first, in payment of royalties to the State and any withholding or deduction for or on account of any taxes, duties, assessments or governmental charges which are
referable to the Defaulting Owner (and the Non-Defaulting Owner will not be obliged to reimburse or compensate or make any payment to the Defaulting Owner for or in respect of any such withholding or deduction); 

 

	 	(b)	secondly, by paying to the Manager all Default Amounts owed to it; 

  

	 	(c)	thirdly, by paying to the Non-Defaulting Owner the total of all Unpaid Amounts that have been funded by the Non-Defaulting Owner, along with all associated Default
Interest and Default Costs and any valuation fees and expenses charged to the account of the Defaulting Owner pursuant to item 1; and 

  

	 	(d)	fourthly, the balance (if any) will be paid to the Defaulting Owner, or as it may otherwise direct and will not carry any interest. 

 

	2.5	* * * 

* * * 
  

	2.6	Stamp duty and costs 

 The cost of any stamp duty or equivalent duty arising in connection with the exercise of the Purchase Option will be payable by the Non-Defaulting Owner. 

 

	2.7	Warranty 

 The
Defaulting Owner warrants to the Non-Defaulting Owner that it has good title to the assets to be transferred free from any Security Interest, pre-emptive rights, and other third party rights (other than a Cross Charge, a Permitted Security Interest
and any Existing JV Arrangements). 
 * * * 
 * * * 
 * * * 
 * * * 
  

	(a)	* * * 

  

	(b)	* * * 

  

	(c)	* * * 

 * * * 

* * * 
 * * * 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 134

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	1.	* * * 

  

	1.1	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	1.2	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(j)	* * * 

  

	 	(k)	* * * 

  

	 	(l)	* * * 

  

	 	(m)	* * * 

  

	 	(n)	* * * 

  

	 	(o)	* * * 

  

	 	(p)	* * * 

  

	 	(q)	* * * 

  

	 	(r)	* * * 

  

	 	(s)	* * * 

  

	 	(t)	* * * 

  

	 	(u)	* * * 

  

	 	(v)	* * * 

  

	 	(w)	* * * 

  

	 	(x)	* * * 

  

	 	(y)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 135

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(z)	* * * 

  

	 	(aa)	* * * 

  

	 	(bb)	* * * 

  

	 	(cc)	* * * 

  

	 	(dd)	* * * 

  

	 	(ee)	* * * 

  

	 	(ff)	* * * 

  

	 	(gg)	* * * 

  

	 	(hh)	* * * 

  

	 	(ii)	* * * 

  

	 	(jj)	* * * 

 * * *

  

	 	(kk)	* * * 

  

	 	(ll)	* * * 

 * * *

  

	 	(mm)	* * * 

  

	 	(nn)	* * * 

  

	1.3	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	1.4	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	1.5	* * * 

* * * 
  

	1.6	* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 136

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	1.7	* * * 

* * * 
  

	1.8	* * * 

* * * 
  

	 	(B)	* * * 

  

	1.9	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(iii)	* * * 

  

	1.10	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(m)	* * * 

  

	1.11	* * * 

* * * 
  

	1.12	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

* * * 

* * * 
  

	 	(A)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 137

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(B)	* * * 

  

	 	(C)	* * * 

  

	 	(D)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

* * * 
  

	1.13	* * * 

* * * 
  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(C)	* * * 

  

	 	(ii)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(i)	* * * 

  

	1.14	* * * 

  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(iii)	* * * 

* * * 
  

	 	(b)	* * * 

  

	1.15	* * * 

* * * 
  

	 	(ii)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 138

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	1.16	* * * 

* * * 
  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(C)	* * * 

* * * 
  

	1.17	* * * 

* * * 
  

	1.18	* * * 

  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	1.19	* * * 

* * * 
  

	 	(k)	* * * 

  

	1.20	* * * 

* * * 

* * * 
  

	1.21	* * * 

* * * 
  

	1.22	* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 139

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	1.23	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	1.24	* * * 

* * * 
  

	2.	* * * 

  

	2.1	* * * 

* * * 
  

	2.2	* * * 

* * * 
  

	2.3	* * * 

* * * 
  

	3.	* * * 

  

	3.1	* * * 

* * * 
  

	3.2	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	3.3	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 140

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

 

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	3.4	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

 * * *

  

	3.5	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	3.6	* * * 

* * * 
  

	 	(d)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

* * * 
  

	3.7	* * * 

* * * 
  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 141

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	3.8	* * * 

* * * 
  

	 	(b)	* * * 

  

	4.	* * * 

  

	4.1	* * * 

* * * 
  

	4.2	* * * 

* * * 
  

	4.3	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(m)	* * * 

* * * 
  

	4.4	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(j)	* * * 

  

	 	(k)	* * * 

  

	 	(l)	* * * 

  

	 	(m)	* * * 

  

	 	(n)	* * * 

  

	 	(o)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 142

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(p)	* * * 

  

	 	(q)	* * * 

  

	 	(r)	* * * 

  

	 	(s)	* * * 

  

	 	(t)	* * * 

  

	 	(u)	* * * 

  

	 	(v)	* * * 

 * * *

 * * * 
  

	 	(w)	* * * 

  

	 	(x)	* * * 

  

	4.5	* * * 

* * * 
  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	4.6	* * * 

* * * 
  

	4.7	* * * 

* * * 

* * * 
  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(C)	* * * 

  

	 	(ii)	* * * 

* * * 
  

	4.8	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 143

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	4.9	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(1)	* * * 

  

	 	(2)	* * * 

* * * 
  

	 	(ii)	* * * 

  

	 	(e)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

* * * 
  

	 	(iv)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(v)	* * * 

  

	 	(vi)	* * * 

  

	 	(f)	* * * 

* * *            * * *     
       * * *

                    * * *

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 144

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 * * * 
 * * * 

* * * 

* * * 

* * * 
  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(g)	* * * 

  

	 	(h)	* * * 

  

 

	4.10	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(g)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

* * * 
  

	 	(iii)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 145

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(iv)	* * * 

* * * 
  

	 	(i)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(v)	* * * 

  

	 	(vi)	* * * 

  

	 	(vii)	* * * 

  

 

	4.11	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

 * * *

  

	 	(b)	* * * 

  

	4.12	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	5.	* * * 

  

	5.1	* * * 

* * * 

* * * 
  

	5.2	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 146

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	5.3	* * * 

* * * 
  

	 	(d)	* * * 

* * * 

* * * 

* * * 

* * * 
  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 
  

	5.4	* * * 

* * * 

* * * 
  

	5.5	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	5.6	* * * 

* * * 
  

	6.	* * * 

  

	6.1	* * * 

* * * 
  

	6.2	* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 147

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	6.3	* * * 

  

	 	(a)	* * * 

  

	 	(f)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(c)	* * * 

  

	6.4	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(d)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(A)	* * * 

  

	 	(1)	* * * 

  

	 	(2)	* * * 

  

	 	(B)	* * * 

  

	 	(1)	* * * 

  

	 	(2)	* * * 

  

	 	(e)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(ii)	* * * 

  

	 	(f)	* * * 

  

	 	(i)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 148

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(B)	* * * 

  

	 	(g)	* * * 

  

	 	(l)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	    	* * ** * * 

  

	 	    	* * * 

  

	 	    	* * * 

  

	 	    	* * * 

  

	 	(B)	* * * 

* * * 
  

	 	(h)	* * * 

 * * *

  

	 	(i)	* * * 

  

	 	(j)	* * * 

  

	 	(iii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(C)	* * * 

* * * 
  

	 	(iv)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 149

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(v)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(C)	* * * 

  

	 	(D)	* * * 

  

	 	(E)	* * * 

* * * 
  

	 	(k)	* * * 

  

	6.5	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

 * * *

  

	 	(e)	* * * 

  

	 	(f)	* * * 

  

	 	(i)	* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 
  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

* * * 

* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 150

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 * * * 
 * * * 

 

	 	(iii)	* * * 

  

	 	(g)	* * * 

  

	 	(i)	* * * 

* * * 

* * * 

* * * 

* * * 
  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

* * * 
  

	 	(h)	* * * 

  

	 	(i)	* * * 

  

	 	(j)	* * * 

  

	 	(e)	* * * 

  

	7.	* * * 

  

	7.1	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	7.2	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	7.3	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 151

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(f)	* * * 

  

	7.4	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(c)	* * * 

  

	7.5	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(f)	* * * 

  

	 	(n)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(C)	* * * 

  

	 	(D)	* * * 

  

	 	(E)	* * * 

* * * . 
  

	7.6	* * * 

* * * 
  

	 	(a)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 152

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	7.7	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	7.8	* * * 

* * * 
  

	7.9	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	7.10	* * * 

* * * 
  

	7.11	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(i)	* * * 

* * * 
  

	 	(C)	* * * 

  

	 	(D)	* * * 

  

	 	(E)	* * * 

  

	 	(ii)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 153

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	8.	* * * 

  

	8.1	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	8.2	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(iv)	* * * 

  

	 	(b)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	8.3	* * * 

* * * 
  

	8.4	* * * 

* * * 
  

	 	(a)	* * * 

  

	8.5	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 154

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(d)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	8.6	* * * 

  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

* * * 
  

	 	(ii)	* * * 

 (b)
* * * 
  

	 	(i)	* * * 

  

	 	(ii)	* * * 

* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(iii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(iv)	* * * 

  

	 	(v)	* * * 

  

	 	(c)	* * * 

  

	 	(vi)	* * * 

* * * 

* * * 
  

	 	(vii)	* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 155

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

* * * 
  

	 	(ii)	* * * 

  

	 	(b)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(viii)	* * * 

* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	 	(ix)	* * * 

  

	8.7	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 156

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(b)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(c)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(iii)	* * * 

  

	 	(d)	* * * 

  

	 	(e)	* * * 

  

	 	(e)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	8.8	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(i)	* * * 

  

	 	(ii)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	(i)		(A)	 * * * 

  

	 	(B)	* * * 

  

	 	(ii)	* * * 

  

	 	(A)	* * * 

  

	 	(B)	* * * 

  

	 	(iv)	* * * 

  

	8.9	* * * 

* * * 

* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 157

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	9.	* * * 

  

	9.1	* * * 

* * * 
  

	9.2	* * * 

* * * 
  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(f)	* * * 

  

	 	(c)	* * * 

  

	9.3	* * * 

  

	 	(a)	* * * 

  

	 	(b)	* * * 

  

	 	(c)	* * * 

  

	 	(d)	* * * 

  

	10.	* * * 

* * * 
  

	11.	* * * 

* * * 
  

	12.	* * * 

* * * 
  

	13.	* * * 

* * * 
  

	14.	* * * 

* * * 
  

	15.	* * * 

* * * 
  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 158

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
  

	16.	* * * 

* * * 
  

	17.	* * * 

* * * 
  

	18.	* * * 

* * * 
  

	19.	* * * 

* * * 
  

	20.	* * * 

* * * 
  

	21.	* * * 

* * * 
  

	22.	* * * 

* * * 
 * * *

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 159

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Schedule 11 
 New Owner’s Assumption Deed 

  
 Page 160

 West Australian Iron Ore Joint Venture— 

New Owner’s Deed of Assumption 
 [Insert name of Acquiring Owner] 
 [Insert name of Disposing
Owner] 
 [Insert names of each other party to the Joint Venture  

Agreement] 

 West Australian Iron Ore Joint Venture— 
 New Owner’s Deed of Assumption 
 Table of Contents 

 

									
	1.	  	Definitions and interpretation	  	 	1	  
				
		  	1.1	  	Joint Venture Agreement definitions to apply	  	 	1	  
				
		  	1.2	  	Definitions	  	 	1	  
				
		  	1.3	  	Joint Venture Agreement interpretive provisions to apply	  	 	2	  
			
	2.	  	Acquiring Owner to Assume Liability	  	 	2	  
			
	3.	  	Consent of Other Parties	  	 	2	  
			
	4.	  	Disposing Owner Released	  	 	3	  
			
	5.	  	Liability Pending Effective Date	  	 	3	  
			
	6.	  	Address of Acquiring Owner for Notices	  	 	3	  
			
	7.	  	Costs and stamp duty	  	 	3	  
			
	8.	  	Governing Law and Jurisdiction	  	 	3	  
				
		  	8.1	  	Governing Law	  	 	3	  
				
		  	8.2	  	Final judgment conclusive and enforceable	  	 	3	  
				
		  	8.3	  	Dispute Resolution	  	 	4	  
				
		  	8.4	  	Service of Process	  	 	4	  
			
	9.	  	General Provisions	  	 	4	  

  
 Page i

 West Australian Iron Ore Joint Venture— 
 New Owner’s Deed of Assumption 
  
 Date 
 Parties 

 

	 	1.	[#] [(ACN [#])] (the Acquiring Owner). 

  

	 	2.	[#] [(ACN [#])] (the Disposing Owner). 

  

	 	3.	[Insert name and details of each other party to the Joint Venture Agreement] (collectively the Other Parties). 

Recitals 
  

	 	A	The Disposing Owner and the Other Parties are the current parties to the West Australian Iron Ore Joint Venture Agreement dated [#] (the Joint Venture
Agreement) and certain other Transaction Documents. 

  

	 	B	The Participating Shares of the Owners in the WA Iron Ore JV before the Effective Date are: 

The Disposing Owner [#%] 
 [Insert details for each Other Party that is an Owner] [#%] 
  

	 	C	The Disposing Owner has agreed to Dispose to the Acquiring Owner, and the Acquiring Owner has agreed to acquire, the Disposal Interest (and corresponding Participating
Share) in the WA Iron Ore JV, so that on and from the Effective Date the Participating Shares of the parties will be: 

 [The Disposing Owner (if part of interest is retained) [#%]]  

[Insert details for each Other Party that is an Owner] [#%] 

The Acquiring Owner [#%] 
  

	 	D	Clause 10.8 of the Joint Venture Agreement provides that, unless otherwise agreed in writing by the Owners, no Disposal of a Participating Interest to a third party
that would otherwise be permitted under that clause may be made unless certain conditions are satisfied (including, among others, the execution of this Deed). 

 

	 	E	The Disposing Owner wishes to be released from [all][a portion, referable to the Disposal Interest] of its obligations under the Joint Venture Agreement
and the other Transaction Documents that are referrable to the Disposal Interest as from the Effective Date. 

  

	 	F	In order to give effect to the Disposal of the Disposal Interest, and in satisfaction of the requirement to enter into a New Owner’s Assumption Deed pursuant to
clause 10.8 of the Joint Venture Agreement, the parties have agreed to enter into this Deed. 

 It is agreed
as follows. 
  

	1.	Definitions and interpretation 

  

	1.1	Joint Venture Agreement definitions to apply 

 Subject to a contrary meaning being specified in clause 1.2, words and expressions defined in the Joint Venture Agreement have the same meaning when used in this Deed. 

 

	1.2	Definitions 

 In
this Deed, the following terms have the following meanings unless the context requires otherwise. 

  
 Page 1

 West Australian Iron Ore Joint Venture— 
 New Owner’s Deed of Assumption 
  
 Disposal Interest means the permitted whole or the permitted portion of the Disposing Owner’s Participating Interest as at the Effective Date, being a Participating Share of
[#]% 
 Effective Date means the date on which each of the requirements set out in clause 10.8 of the
Joint Venture Agreement have been satisfied in respect of the acquisition of the Disposal Interest. 
 Joint Venture
Agreement has the meaning given in Recital A. 
  

	1.3	Joint Venture Agreement interpretive provisions to apply 

 Items 1.2 to 1.5 (inclusive) of schedule 1 to the Joint Venture Agreement will apply, mutatis mutandis, in the interpretation of this Deed. 

 

	2.	Acquiring Owner to Assume Liability 

 With effect on and from the Effective Date, the Acquiring Owner, to the extent of the Disposal Interest: 
  

	 	(a)	enjoys all of the rights and benefits of the Disposing Owner under the Joint Venture Agreement and, to the extent applicable, the other Transaction Documents to which
the Disposing Owner is a party, and may hold and deal with the Disposal Interest in accordance with the terms of the Joint Venture Agreement without any interruption or disturbance from the Disposing Owner; 

 

	 	(b)	assumes the covenants, liabilities and obligations of the Disposing Owner arising on or after the Effective Date under the Joint Venture Agreement and undertakes to
discharge those covenants, liabilities and obligations as and when required; 

  

	 	(c)	notwithstanding paragraph (b): 

  

	 	(i)	the Acquiring Owner agrees that any steps taken prior to the Effective Date with respect to the exercise of a Purchase Option or a Dilution Option in accordance with
the Joint Venture Agreement, or in order to reach completion of that Purchase Option or Dilution Option, will be effective as against the Acquiring Owner even if the relevant obligations have arisen prior to the Effective Date; and

  

	 	(ii)	to the extent that the Acquiring Owner becomes a Majority Owner as a result of the acquisition of the Disposal Interest, the Acquiring Owner agrees to assume the
obligations of the Disposing Owner * * * 

  

	3.	Consent of Other Parties 

 With effect on and from the Effective Date, each of the Other Parties: 
  

	 	(a)	irrevocably and unconditionally consent to the Acquiring Owner becoming a holder of the Disposal Interest and assuming the covenants, liabilities and obligations of the
Disposing Owner in relation to the Disposal Interest in accordance with, and to the extent referred to in, clause 2; 

  

	 	(b)	acknowledge and agree that the Acquiring Owner will be entitled to exercise all of the rights and benefits of the Disposing Owner in respect of the Disposal Interest;
and 

  

	 	(c)	agree to be bound by the terms of the Joint Venture Agreement and all other Transaction Documents (to the extent relevant) between the Disposing Owner and any of the
Other Parties as if the Acquiring Owner was named in that agreement or agreements as a party [instead of / in addition to] the Disposing Owner, but only in respect of the Disposal Interest. 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 2

 West Australian Iron Ore Joint Venture— 
 New Owner’s Deed of Assumption 
  
  

	4.	Disposing Owner Released 

 With effect on and from the Effective Date, each of the Other Parties releases and forever discharges the Disposing Owner from the covenants, liabilities and obligations relating to or connected with the
Disposal Interest on or after the Effective Date under the Joint Venture Agreement and the other Transaction Documents (to the extent relevant), subject to any accrued rights. 

 

	5.	Liability Pending Effective Date 

 Until the Effective Date, the Disposing Owner will remain liable for and be responsible for performing and observing all of the covenants, liabilities and obligations which are expressed to apply in
respect of, or attaching to the Disposal Interest under the Joint Venture Agreement and the other Transaction Documents (to the extent relevant). 
  

	6.	Address of Acquiring Owner for Notices 

 For the purposes of the Joint Venture Agreement and the other Transaction Documents (to the extent relevant), the address of the Acquiring Owner to which all notices must be delivered is: 

to [Insert details of Acquiring Owner]: [#] 
 Attention [#] 
 Address: [#] 

Fax No: [#] 
  

	7.	Costs and stamp duty 

  

	 	(a)	Each party will bear the costs arising out of the negotiation, preparation, execution and enforcement of this Deed. 

 

	 	(b)	Subject to the Joint Venture Agreement, all stamp duty (including fines, penalties and interest) which may be payable on or in connection with this Deed and any
instrument executed under this Deed will be borne by the Acquiring Owner. The Acquiring Owner will indemnify the Disposing Owner and the Other Parties on demand against any liability for that stamp duty. 

 

	8.	Governing Law and Jurisdiction 

  

	8.1	Governing Law 

  

	 	(a)	This Deed will be governed by the laws of Western Australia, Australia. 

  

	 	(b)	The parties irrevocably and unconditionally: 

  

	 	(i)	submit to the non-exclusive jurisdiction of the courts of Western Australia; and 

 

	 	(ii)	agree that they may not object to any suit, action or proceeding commenced under or in connection with this Deed on the basis that the courts of Western Australia are
not an appropriate forum. 

  

	8.2	Final judgment conclusive and enforceable 

 The parties agree that a final judgment in any suit, action or proceeding commenced under or in connection with this Deed in any court of competent jurisdiction is conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by Law. 

  
 Page 3

 West Australian Iron Ore Joint Venture— 
 New Owner’s Deed of Assumption 
  
  

	8.3	Dispute Resolution 

Any dispute, controversy, claim or difference of whatever nature arising under, out of, or in connection with this Deed will be resolved
in accordance with clause 20.3 of the Joint Venture Agreement. 
  

	8.4	Service of Process 

  

	 	(a)	Each party agrees that service of all writs, process and summonses in any suit, action or proceeding under or in connection with this Deed brought in Western Australia
may be made on its registered or principal office for the time being in Australia. 

  

	 	(b)	Nothing contained or implied in this Deed will in any way be taken to limit the ability of a party to: 

 

	 	(i)	serve any writs, processes or summonses; or 

  

	 	(ii)	obtain jurisdiction over a party in other jurisdictions, 

 in any manner permitted by Law. 
  

	9.	General Provisions 

The provisions of clauses 19, 21.1 (subject to clause 6 of this Deed) to 21.6, 21.9 and 21.11 to 21.13 of the Joint Venture Agreement will
apply, mutatis mutandis, in this Deed unless the context requires otherwise. 

  
 Page 4

 West Australian Iron Ore Joint Venture— 
 New Owner’s Deed of Assumption 
  
 Executed as a Deed in Western Australia. 
 [Insert relevant execution clauses]

  
 Page 5

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Schedule 12 
 Cross Charges 

  
 Page 161

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Part 1 
 Form of Owner Cross Charge 

  
 Page 162

 West Australian Iron Ore 
 Production Joint Venture Cross Charge 
 ([BHP Billiton JV Entities / 

Rio Tinto JV Entities]) 
 Each company
listed in Schedule 1 
 [Rio Tinto Owner / BHP Billiton Owner / Majority Owner] 

[ACN/ABN] [insert] 
 [Manager]
 
 [ACN/ABN] [insert] 

Note: This is the form of charge that each JV Entity will give as contemplated by clause 11.8 of the Joint Venture Agreement.

 If the Personal Property Securities Act applies to the creation and perfection of security interests at the time a charge in this form
is granted then consequential amendments will be made to make this an effective security for the purposes of that Act. 

 West Australian Iron Ore Production Joint Venture Cross Charge 

([BHP Billiton JV Entities / Rio Tinto JV Entities]) 
  

Contents 
  

									
	1.	  	CREATION OF CHARGE	  	 	1	  
		  	1.1	  	Charging provision	  	 	1	  
		  	1.2	  	Fixed charge	  	 	1	  
		  	1.3	  	Priority	  	 	1	  
		  	1.4	  	Dealings with Charged Property	  	 	1	  
		  	1.5	  	Dealing with Charged Property	  	 	2	  
		  	1.6	  	Crystallisation	  	 	2	  
		  	1.7	  	Floating nature of Charge restored	  	 	2	  
		  	1.8	  	Prohibited Interests to become Charged Property	  	 	2	  
	2.	  	UNDERTAKING TO PAY	  	 	2	  
	3.	  	UNDERTAKING TO PERFORM	  	 	2	  
		  	3.1	  	Undertaking in respect of Secured Obligations	  	 	2	  
		  	3.2	  	Undertaking in respect of Joint Venture Agreement obligations	  	 	3	  
	4.	  	ENFORCEMENT OF CHARGE	  	 	3	  
	5.	  	APPOINTMENT OF RECEIVER	  	 	3	  
		  	5.1	  	Power to appoint and remove	  	 	3	  
		  	5.2	  	After commencement of winding up	  	 	3	  
	6.	  	AGENCY	  	 	4	  
		  	6.1	  	Agent of the Chargor	  	 	4	  
		  	6.2	  	Ceasing to be agent	  	 	4	  
	7.	  	POWERS OF ENFORCING PARTY	  	 	4	  
	8.	  	PROTECTION OF THIRD PARTIES	  	 	5	  
	9.	  	POWERS EXERCISABLE BY CHARGEE	  	 	5	  
		  	9.1	  	Exercise of powers	  	 	5	  
		  	9.2	  	Protection of Chargee	  	 	5	  
	10.	  	REALISATION	  	 	5	  
	11.	  	APPLICATION OF MONEY	  	 	6	  
	12.	  	CONTINUING SECURITY	  	 	6	  
	13.	  	PROSPECTIVE LIABILITY	  	 	6	  
	14.	  	RESTRICTIONS ON DISPOSAL BY ENFORCING PARTY	  	 	6	  
	15.	  	NO MARSHALLING	  	 	7	  
	16.	  	NO PAYMENT AVOIDANCE	  	 	7	  
	17.	  	POWER OF ATTORNEY	  	 	7	  
		  	17.1	  	Appointment of attorney	  	 	7	  
		  	17.2	  	General	  	 	8	  
		  	17.3	  	What an attorney may do in Western Australia	  	 	8	  
	18.	  	RELEASE AND DISCHARGE	  	 	8	  
		  	18.1	  	Partial release	  	 	8	  
		  	18.2	  	Full discharge	  	 	9	  

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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	19.	  	BENEFIT, ASSIGNMENT AND ACCESSION	  	 	9	  
		  	19.1	  	Owner’s Capacity	  	 	9	  
		  	19.2	  	Assignment	  	 	9	  
		  	19.3	  	Accession	  	 	9	  
	20.	  	REGISTRATION AND STAMPING	  	 	9	  
	21.	  	CONFIDENTIALITY	  	 	10	  
		  	21.1	  	Confidential Information not to be disclosed	  	 	10	  
		  	21.2	  	Permitted disclosure	  	 	10	  
		  	21.3	  	Conditions to disclosure	  	 	11	  
		  	21.4	  	Law of confidentiality	  	 	12	  
		  	21.5	  	Former party bound	  	 	12	  
	22.	  	NOTICES	  	 	12	  
	23.	  	GOVERNING LAW	  	 	12	  
		  	23.1	  	Governing law	  	 	12	  
		  	23.2	  	Final judgment conclusive and enforceable	  	 	13	  
	24.	  	ANCILLARY PROVISIONS	  	 	13	  
		  	24.1	  	Severability	  	 	13	  
		  	24.2	  	Variation	  	 	13	  
		  	24.3	  	No Waiver	  	 	13	  
		  	24.4	  	Remedies	  	 	13	  
		  	24.5	  	No Merger	  	 	14	  
		  	24.6	  	Costs and Expenses	  	 	14	  
		  	24.7	  	Further Assurances	  	 	14	  
		  	24.8	  	Enurement	  	 	14	  
		  	24.9	  	Counterparts	  	 	14	  
	 Schedule
	  			
	1	  	INITIAL CHARGORS	  	 	15	  
	2	  	INTERPRETATION	  	 	16	  
	3	  	NOTICE	  	 	22	  
	4	  	ACCESSION DEED	  	 	23	  
	5	  	RELEASE DEED	  	 	24	  
	6	  	PROHIBITED INTERESTS	  	 	25	  

  
 ii 

 West Australian Iron Ore Production Joint Venture Cross Charge 

([BHP Billiton JV Entities / Rio Tinto JV Entities]) 
  

DATE 
 PARTIES 

Each company listed in Schedule 1 
 (each an Initial Chargor) 
 [Rio Tinto Owner / BHP Billiton Owner /
Majority Owner] 
 [ACN/ABN] [insert] (Owner Chargee) 

[Manager] 

[ACN/ABN] [insert] (Manager) 
 RECITALS 
  

	A.	Under the terms of the Transaction Documents, the Obligors must perform certain financial obligations for the benefit of each Chargee and other parties to whom JV
Funding Amounts may be payable, and the Chargors may be obliged to perform certain non-financial obligations for the benefit of the Owner Chargee to enable the Owner Chargee to complete a purchase after exercising a Purchase Option.

  

	B.	Each Chargor is entering into this document in favour of each Chargee to secure the performance of some of those obligations. 

 

	C.	This document is a Cross Charge required under clause 11.8 of the Joint Venture Agreement. 

 OPERATIVE PROVISIONS 
  

	1.	CREATION OF CHARGE 

  

	1.1	Charging provision 

  

	 	(a)	Each Chargor as beneficial owner charges all its Charged Property in favour of the Owner Chargee to secure the punctual payment of all Secured Money and the punctual
performance of all Secured Obligations. 

  

	 	(b)	Each Chargor as beneficial owner charges all its Charged Property in favour of the Manager to secure the punctual payment of all Secured Money.

  

	1.2	Fixed charge 

 The Charge
operates: 
  

	 	(a)	as a fixed charge over all Fixed Charged Property; and 

  

	 	(b)	subject to clause 1.6, as a floating charge over all Floating Charge Property. 

 

	1.3	Priority 

 Subject to the
terms of any Priority Security Interest, the Charge is a first-ranking charge. 
  

	1.4	Dealings with Charged Property 

 Each Chargor covenants for the benefit of each Chargee that it will not: 
  

	 	(a)	(negative pledge) create a Security Interest or permit a Security Interest to subsist over any Charged Property except as permitted by clauses 10 and 11 of the
Joint Venture Agreement; or 

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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	 	(b)	(no Disposal) Dispose of all or any of its Charged Property except in accordance with clause 1.5. 

 

	1.5	Dealing with Charged Property 

 Each Chargee consents to any Chargor Disposing of: 
  

	 	(a)	its Floating Charge Property in the ordinary course of the day-to-day operations of the Chargor; or 

 

	 	(b)	its Charged Property (including Floating Charged Property) as permitted by clause 10 of the Joint Venture Agreement. 

 

	1.6	Crystallisation 

 The
Charge will cease to operate as a floating charge and will operate as a fixed charge, and the licence under clause 1.5(a) will automatically and immediately be withdrawn: 

 

	 	(a)	in relation to all of a Chargor’s Floating Charge Property, if this document is enforced against that Chargor’s Charged Property; or 

 

	 	(b)	in relation to part of a Chargor’s Floating Charge Property, if: 

  

	 	(i)	that Chargor breaches clause 1.4; or 

  

	 	(ii)	any step is taken to levy or enforce any distress or other execution on or against that part of the Floating Charge Property or to enforce any Security Interest
relating to that part of the Floating Charge Property. 

  

	1.7	Floating nature of Charge restored 

 If the Charge has become a fixed charge under clause 1.6 in relation to all or part of a Chargor’s Floating Charge Property, the Chargees may restore the licence under clause 1.5(a) by notice to the
relevant Chargor, so that the Charge will again operate as a floating charge and not as a fixed charge in relation to that Floating Charge Property. 
  

	1.8	Prohibited Interests to become Charged Property 

 If the relevant Chargor gives the Chargees a notice in the form of Schedule 3, each Prohibited Interest described in the notice will automatically and immediately become part of the Charged Property
of that Chargor without the necessity for any further act by the Chargor. 
  

	2.	UNDERTAKING TO PAY 

  

	 	(a)	Subject to paragraph (b), each Chargor undertakes duly and punctually to pay to each Chargee an amount equal to each JV Funding Amount when that JV Funding Amount is
due, whether or not the Chargor is the obligor, or the relevant Chargee is the obligee, of that JV Funding Amount. 

  

	 	(b)	A Chargor’s obligation under paragraph (a) to make a payment in relation to a JV Funding Amount is taken to be satisfied to the extent that the obligor of
that JV Funding Amount makes payment of the JV Funding Amount to the relevant obligee in accordance with the Transaction Documents. 

  

	3.	UNDERTAKING TO PERFORM 

  

	3.1	Undertaking in respect of Secured Obligations 

 Each Chargor undertakes to each Chargee that it will perform the Secured Obligations. 

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

([BHP Billiton JV Entities / Rio Tinto JV Entities]) 
  

 

	3.2	Undertaking in respect of Joint Venture Agreement obligations 

 [Each of Hamersley Iron Pty Limited and Hamersley Iron-Yandi Pty Limited]/[BHP Billiton Minerals Pty Ltd] undertakes to the Owner Chargee to do each thing that an Owner is obliged under the Joint Venture
Agreement to procure it to do. 
  

	4.	ENFORCEMENT OF CHARGE 

  

	 	(a)	The Owner Chargee may take action under this document to enforce the Charge and exercise its powers under this document against a Chargor if an Owner Event of Default
has occurred and is continuing in relation to that Chargor. 

  

	 	(b)	The Manager may take action under this document to enforce the Charge and exercise its powers under this document against a Chargor if a Manager Event of Default has
occurred and is continuing in relation to that Chargor. 

  

	 	(c)	If no Owner Event of Default is continuing, the Owner Chargee must immediately cease any action to enforce the Charge or exercise its powers under this document,
including by removing any Receiver if it has been appointed and giving up possession of any Charged Property. 

  

	 	(d)	If no Manager Event of Default is continuing, the Manager must immediately cease any action to enforce the Charge or exercise its powers under this document, including
by removing any Receiver if it has been appointed and giving up possession of any Charged Property. 

  

	 	(e)	If, at any time, the Owner Chargee and the Manager are both entitled to enforce the Charge, then: 

 

	 	(i)	the exercise by the Owner Chargee of an enforcement power takes precedence over the exercise by the Manager of an enforcement power; and 

 

	 	(ii)	the Manager may not exercise any enforcement power to the extent inconsistent with an enforcement power being exercised by the Owner Chargee while the Owner Chargee
exercises its enforcement powers. 

  

	5.	APPOINTMENT OF RECEIVER 

  

	5.1	Power to appoint and remove 

 A Chargee may at any time after it becomes entitled to enforce the Charge against a Chargor: 
  

	 	(a)	appoint a Receiver of all or part of the Charged Property of that Chargor; and 

 

	 	(b)	remove any Receiver it appointed and (subject to clause 4) appoint another in its place. 

Any appointment or removal under this subclause must be in writing. 

 

	5.2	After commencement of winding up 

 The power to appoint a Receiver under clause 5.1 may be exercised even though: 
  

	 	(a)	an order has been passed to wind up the Chargor when a Chargee becomes entitled to enforce the Charge, or when an appointment is made; or 

 

	 	(b)	a Receiver appointed in the circumstances specified in the preceding paragraph may not, or may not in some respects, act as the Chargor’s agent.

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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	6.	AGENCY 

  

	6.1	Agent of the Chargor 

Subject to clause 6.2 and the next sentence, every Receiver appointed under clause 5 will be taken to be the agent of a Chargor, and that
Chargor will be responsible for the Receiver’s acts, defaults and remuneration. The Chargee who appointed a Receiver may, by notice to the Receiver and the relevant Chargor, require the Receiver to act as its agent. 

 

	6.2	Ceasing to be agent 

 If
for any reason (including operation of law) a Receiver ceases to be the agent of a Chargor because of an order passed to wind up the Chargor, the Receiver immediately becomes the agent of the Chargee who appointed it. 

 

	7.	POWERS OF ENFORCING PARTY 

  

	 	(a)	The Enforcing Party will have full power to do all or any of the following: 

 

	 	(i)	(take possession) take possession of, collect and get in the Charged Property and for that purpose to take any proceedings (in the name of the Chargor or
otherwise); 

  

	 	(ii)	(give receipts) give receipts for all money and other property that may come into the hands of the Receiver in exercise of any power given by this document;

  

	 	(iii)	(obligations under Transaction Documents) cause the Chargor to continue to be associated with the other parties for the purpose of fulfilling its obligations
under the Transaction Documents or concur in the continuance of any of those documents; 

  

	 	(iv)	(exercise rights) exercise all or any powers, rights, discretions and remedies of the Chargor or in connection with the Charged Property (including rights
available under the Corporations Act or any other statute); 

  

	 	(v)	(raise money on Charged Property in priority) for the purposes of clause 7(a)(iv), borrow or raise money on the security of the Charged Property in priority to
this Charge; 

  

	 	(vi)	(sell assets) sell (whether or not a Receiver has taken possession), exchange or otherwise Dispose of (absolutely or conditionally) the Charged Property (or
agree to do so): 

  

	 	(A)	by public auction, private sale or tender for cash or on credit; 

  

	 	(B)	in one lot or in parcels; and 

  

	 	(C)	with or without special conditions and otherwise on terms the Receiver considers desirable; 

 

	 	(vii)	(execute documents) execute any document (in the name of the Chargor or otherwise) for the purpose of carrying into effect any power, right and discretion
conferred on the Enforcing Party; 

  

	 	(viii)	(settle disputes) make any settlements, arrangements or compromise that it thinks fit; and 

 

	 	(ix)	(do everything) do or cause to be done everything with respect to the Charged Property (without being responsible for any resulting loss or damage) that it
thinks necessary and which could have been done or caused to be done by the Enforcing Party if it was the absolute owner of the Charged Property. 

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

([BHP Billiton JV Entities / Rio Tinto JV Entities]) 
  

 

	 	(b)	Subject always to the obligations of the Enforcing Party under the Corporations Act an Enforcing Party may exercise its power under clause 7(a)(vi) by selling the
relevant Charged Property to the Chargee who appointed it. 

  

	 	(c)	An Enforcing Party’s powers, rights and discretions referred to in this clause 7: 

 

	 	(i)	must be interpreted separately and not by reference to one another; and 

  

	 	(ii)	are in addition to all other powers, rights and discretions conferred on it by law, 

but are subject to clause 14. 
  

	 	(d)	Any legislation that adversely affects an obligation of a Chargor, or the exercise by an Enforcing Party of a right or remedy, under or relating to this document is
excluded to the full extent permitted by law. 

  

	8.	PROTECTION OF THIRD PARTIES 

 A purchaser or other party to a disposal or dealing in attempted exercise of a power contained in this document is not: 
  

	 	(a)	bound to enquire whether there has been a default, whether a Receiver has been properly appointed or about the propriety or regularity of a sale, disposal or dealing;
or 

  

	 	(b)	affected by notice that a sale, disposal or dealing is unnecessary or improper. 

 Despite any irregularity or impropriety in a sale, disposal or dealing, it is to be treated, for the protection of the purchaser or other party to the disposal or dealing, as being authorised by this
document and valid. 
  

	9.	POWERS EXERCISABLE BY CHARGEE 

  

	9.1	Exercise of powers 

 After
the Charge has become enforceable against a Chargor, a Chargee may exercise any power as an Enforcing Party in addition to any power it has as Chargee. A Chargee may do so even if a Receiver is appointed. 

 

	9.2	Protection of Chargee 

The exercise of any power by a Chargee does not cause the Chargee to: 

 

	 	(a)	be a mortgagee in possession; 

  

	 	(b)	account as mortgagee in possession; or 

  

	 	(c)	be answerable for any act or omission for which a mortgagee in possession is liable. 

 

	10.	REALISATION 

 After the
Charge has become enforceable against a Chargor, the Chargor must do anything, and ensure that its employees and agents do anything, that the Enforcing Party may reasonably require to assist it to realise the Charged Property and exercise any power,
right, discretion or remedy including: 
  

	 	(a)	execute any transfer (including any transfer in blank) of, or other document in relation to, any Charged Property; 

  
 5 

 West Australian Iron Ore Production Joint Venture Cross Charge 

([BHP Billiton JV Entities / Rio Tinto JV Entities]) 
  

 

	 	(b)	do anything that the Enforcing Party thinks is necessary or desirable under the law in force in any place where any Charged Property is situated; and

  

	 	(c)	give any notice, order, direction and consent that the Enforcing Party thinks is necessary or desirable. 

 

	11.	APPLICATION OF MONEY 

Money that an Enforcing Party receives under or because of this document in relation to a Chargor is to be applied in the following order:

  

	 	(a)	(expenses) first in payment of all expenses of and incidental to: 

  

	 	(i)	the appointment of any Receiver to that Chargor; and 

  

	 	(ii)	the exercise or attempted exercise by the Enforcing Party of any power, right or discretion referred to in clause 7 (including the Enforcing Party’s reasonable
remuneration) against that Chargor; 

  

	 	(b)	(outgoings) then in payment of any other outgoings that the Enforcing Party thinks fit to pay; 

 

	 	(c)	(Priority Security Interest) then in discharging any Priority Security Interest; 

 

	 	(d)	(Secured Money payable to appointor) then in payment to the Chargee who appointed it of the Secured Money and any amount necessary to give effect to any
indemnity contained in this document; 

  

	 	(e)	(Secured Money payable to other Chargee) then in payment to the other Chargee of the Secured Money and any amount necessary to give effect to any indemnity
contained in this document; and 

  

	 	(f)	(surplus) then, subject to proper claims enforceable under other Security Interests, any surplus must be paid to the relevant Chargor. 

 

	12.	CONTINUING SECURITY 

 The
Charge is a continuing security, and remains in full force in relation to each Chargor until a final irrevocable discharge of the Charge is given by each Chargee, despite any transaction or other thing (including a settlement of account or
intervening payment). 
  

	13.	PROSPECTIVE LIABILITY 

The parties acknowledge that for the purpose of fixing priorities between the Charge and any subsequent charge registered or registrable
under the Corporations Act and for no other purposes, the Charge secures each Chargor’s prospective liability (being the liability to pay its Secured Money, its liability to perform the Secured Obligations and its liability to indemnify the
Enforcing Party as provided in this document) up to a maximum of $150 billion. The Charge may also secure prospective liabilities in excess of this specified maximum amount. 

 

	14.	RESTRICTIONS ON DISPOSAL BY ENFORCING PARTY 

 In exercising its rights under this document to Dispose of Charged Property, an Enforcing Party may only Dispose of Charged Property: 

 

	 	(a)	in order to complete a purchase by the Owner Chargee after it exercises a Purchase Option; 

 

	 	(b)	in the ordinary course of the day-to-day operations of the Chargor; 

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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	 	(c)	as permitted by clause 10 of the Joint Venture Agreement; or 

  

	 	(d)	if that Charged Property: 

  

	 	(i)	is not required in the day-to-day operations of the Chargor; 

  

	 	(ii)	is not otherwise required for the carrying on of the WA Iron Ore JV; and 

  

	 	(iii)	is not shares or other securities in another JV Entity. 

  

	15.	NO MARSHALLING 

 A Chargee
is not under any obligation to marshal, appropriate or exercise, apply, perfect or recover any Security Interest that the Chargee holds at any time or any funds or property that the Chargee may be entitled to receive or have a claim on. 

 

	16.	NO PAYMENT AVOIDANCE 

 If
any payment by a Chargor to an Enforcing Party is avoided for any reason (including any legal limitation, disability or incapacity of or affecting a party or any other fact or circumstance), and whether or not: 

 

	 	(a)	the obligation to make the payment was illegal, void or substantially avoided; or 

 

	 	(b)	any fact or circumstance was or ought to have been within the knowledge of the Enforcing Party, 

that Chargor: 
  

	 	(c)	as an additional independent obligation indemnifies the Enforcing Party against that avoided payment; and 

 

	 	(d)	acknowledges that the Chargee’s rights are to be reinstated and will be the same in relation to that amount as if the application, or the payment or transaction
giving rise to it, had not been made. 

 Any discharge or release between a Chargee and a Chargor is subject to
reinstatement of the Chargee’s rights under this clause. 
  

	17.	POWER OF ATTORNEY 

  

	17.1	Appointment of attorney 

Each Chargor irrevocably appoints each Chargee, with effect on and from the time that the Charge becomes enforceable by that Chargee
against it, to be its attorney to: 
  

	 	(a)	(all acts necessary) do anything necessary or desirable in the opinion of the Chargee to: 

 

	 	(i)	give full effect to this document; 

  

	 	(ii)	better secure the payment of the Secured Money or the performance of the Secured Obligations; 

 

	 	(iii)	better secure the Chargor’s Charged Property to the Chargee in a manner consistent with this document; or 

 

	 	(iv)	assist in the execution or exercise of any power, 

 including execute any transfer (including any transfer in blank) or other document; 
  

	 	(b)	(Chargee powers) exercise any power, right, discretion or remedy of the Chargee; and 

  
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	 	(c)	(general) do anything that the Chargor must or may do, or that the Chargee may do, under this document or by law, at the Chargor’s cost.

 A Chargee may appoint and remove substitutes, and may delegate its powers under this clause (including this
power of delegation) and revoke any delegation. 
  

	17.2	General 

  

	 	(a)	An attorney appointed under clause 17.1 may do anything contemplated by that clause even if the attorney is affected by an actual or potential conflict of interest or
duty, or might benefit from doing it. 

  

	 	(b)	An attorney appointed under clause 17.1 may do anything contemplated by that clause in its name, in the name of the relevant Chargor or in the name of both of them.

  

	 	(c)	A Chargor must ratify anything done by an attorney under clause 17.1. 

  

	 	(d)	Each Chargor gives the power of attorney in clause 17.1: 

  

	 	(i)	to secure: 

  

	 	(A)	payment of the Secured Money to the Chargee under this document and, in the case of the Owner Chargee, performance of the Secured Obligations; 

 

	 	(B)	the Charged Property to the relevant Chargee in a manner consistent with this document; and 

 

	 	(C)	any property interest of the relevant Chargee under this document; and 

  

	 	(ii)	for valuable consideration, receipt of which is acknowledged by the Chargor. 

 

	17.3	What an attorney may do in Western Australia 

 Without prejudice to the appointment and powers in clauses 17.1 and 17.2, each Chargor appoints each Chargee to exercise, in connection with any property in Western Australia, all or any of the rights,
powers and remedies exercisable by an attorney appointed by an instrument in the form of the 19th Schedule to the Transfer of Land Act 1893 (WA). 
  

	18.	RELEASE AND DISCHARGE 

  

	18.1	Partial release 

  

	 	(a)	Each Chargee agrees that if Charged Property is Disposed of in accordance with clause 10 of the Joint Venture Agreement, it will release that property from the Charge
by executing a Release Deed. 

  

	 	(b)	Each Chargee must do anything (including execute any document or form), and must ensure that its employees and agents do anything (including execute any document or
form), that the relevant Chargor may reasonably require to give full effect to a release contemplated by clause 18.1(a). 

  

	 	(c)	This clause does not limit the operation of clause 16. 

  
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	18.2	Full discharge 

 Each
party acknowledges and agrees that, except as contemplated by clause 18.1, neither Chargee is under any obligation to grant a discharge of the Charge or any other Security Interest granted under this document unless: 

 

	 	(a)	the party seeking the discharge has no continuing or subsisting obligations under the Transaction Documents; 

 

	 	(b)	no Secured Money or Secured Obligation is owing to it by the party seeking the discharge; 

 

	 	(c)	no Secured Money or Secured Obligation is contingently owing to it by the party seeking the discharge (except where there is no reasonable likelihood of the contingent
event occurring); and 

  

	 	(d)	that Chargee is satisfied that there is no reasonable prospect of Secured Money or a Secured Obligation arising in the future, 

at the time that discharge is sought. 
  

	19.	BENEFIT, ASSIGNMENT AND ACCESSION 

  

	19.1	Owner’s Capacity 

The Owner Chargee holds the benefit of this document for itself and each other member of its Owner Block from time to time. 

 

	19.2	Assignment 

 A party may
only assign, declare a trust over or otherwise deal with its rights under this document: 
  

	 	(a)	in the case of the Owner Chargee, if it ceases to be the Owner with the largest Participating Share in the [BHP Billiton / Rio Tinto] Owner Block, to the Owner with the
largest Participant Share in that Owner Block in accordance with the Joint Venture Agreement; 

  

	 	(b)	in the case of the Manager, to a replacement Manager appointed in accordance with the Joint Venture Agreement; and 

 

	 	(c)	in any other case, with the consent of each other party. 

 This clause does not apply to a dealing which is the creation of a Security Interest. 
  

	19.3	Accession 

 A JV Entity
may accede to this document as a Chargor by executing an Accession Deed and delivering it to each Chargee. On and from the date of the Accession Deed, the relevant entity will be deemed to be a party to this document with the rights and
obligations of a Chargor. 
  

	20.	REGISTRATION AND STAMPING 

Each Chargor must at its own cost: 
  

	 	(a)	(registration under Corporations Act) ensure that this document is registered (and not just provisionally) against it under section 263 of the Corporations Act;

  

	 	(b)	(other registration) ensure that this document is registered in any other way which any other party notifies to it if any other party is reasonably satisfied
that registration is necessary or desirable to perfect the Charge or to protect the rights of any other party under this document; 

  
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	 	(c)	(Authorisations) obtain all necessary Authorisations in relation to this document and lodge them for registration in each jurisdiction required to perfect the
Charge; 

  

	 	(d)	(stamping) ensure that this document is stamped for the proper amount in each state and territory of Australia in which this document is required to be stamped;
and 

  

	 	(e)	(do everything to perfect Charge) do everything necessary in each jurisdiction required to perfect the Charge. 

 

	21.	CONFIDENTIALITY 

  

	21.1	Confidential Information not to be disclosed 

  

	 	(a)	For the purposes of this clause 21, Confidential Information means the terms and conditions of this document and the Transaction Documents.

 It does not include information: 

 

	 	(i)	which is in or comes into the public domain otherwise than by disclosure in breach of this document or a Transaction Document; 

 

	 	(ii)	(other than in respect of the terms and conditions of this document or a Transaction Document) already known to the person at the date of disclosure;

  

	 	(iii)	acquired from a third party who is entitled to disclose it; and 

  

	 	(iv)	which is independently developed by the person receiving that information otherwise than by disclosure in breach of this document or a Transaction Document.

  

	 	(b)	Each party undertakes that it will not, and will procure that its Related Corporations will not: 

 

	 	(i)	disclose Confidential Information, including Confidential Information of any other party (the Protected Party), to any person; or 

 

	 	(ii)	use Confidential Information of the Protected Party, except either: 

  

	 	(iii)	with the prior written approval of the Protected Party; or 

  

	 	(iv)	for the purposes of this document or the Transaction Documents, or as otherwise permitted by this clause 21. 

 

	 	(c)	Each party undertakes that it will: 

  

	 	(i)	promptly do anything reasonably required by another party to prevent or restrain a breach or suspected breach of this clause 21.1 or any infringement or suspected
infringement whether by court proceedings or otherwise; and 

  

	 	(ii)	inform each other party immediately if it becomes aware that Confidential Information has been disclosed to an unauthorised third party. 

 

	21.2	Permitted disclosure 

Subject to clause 21.3, a party may disclose Confidential Information: 

 

	 	(a)	(Related Corporation) to any of its Related Corporations; 

  

	 	(b)	(officers and employees) to its directors, employees, officers and agents or of any of its Related Corporations; 

  
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	 	(c)	(professional advisers) to its professional advisers (including legal advisers) and consultants; 

 

	 	(d)	(lenders) to a bank or other financial institution (and its professional advisers including legal advisers) in connection with any loan or other financial
accommodation or application for a loan or financial accommodation to it or to any of its Related Corporations or the provision of underwriting for any issue of securities; 

 

	 	(e)	(potential disposals) in connection with any potential Disposal, Security Interest or investment; 

 

	 	(f)	(disposals) to a third party to whom a party has made a Disposal of part of its Participating Interest or who has otherwise acquired an economic interest in part
of a party’s property; 

  

	 	(g)	(required Disclosures) to the extent required under any applicable Law or the rules or regulations of any recognised securities exchange which apply to it or to
any of its Related Corporations; 

  

	 	(h)	(legal proceedings) if the disclosure is required for the purposes of any legal, administrative or other proceedings involving it or any of its Related
Corporations; 

  

	 	(i)	(Duties) if and to the extent that it may be reasonably necessary in the discharge of its duties and obligations under this document or a Transaction Document;

  

	 	(j)	(Authority) if and to the extent that it may be reasonably necessary or desirable to disclose the information to any Authority in connection with applications
for any Authorisations; and 

  

	 	(k)	(Customers) to an existing or potential customer of Iron Ore Product in connection with the sale of Iron Ore Product or other arrangements for the supply of Iron
Ore Product to that customer. 

  

	21.3	Conditions to disclosure 

  

	 	(a)	Any disclosure: 

  

	 	(i)	under clause 21.2(d), (e) or (f) may only be made if the person to whom disclosure is to be made first agrees with the party disclosing the information, in a
form enforceable by the Protected Party and which is no less onerous than the requirements of this clause 21, that the information concerned must not be disclosed to any other person for any purpose, and such disclosure may only be made for the
purposes of satisfying the person to whom disclosure is made as to the value and commercial viability of the proposed transaction; and 

  

	 	(ii)	under clause 21.2(a) to (c), (i) and (j) may only be made if the person to whom disclosure is to be made is informed of the confidential nature of the
information and required to, in the case of an Authority, to the extent possible, respect that confidentiality. 

  

	 	(b)	Any Confidential Information that is required to be disclosed in legal, administrative or other proceedings (other than between the parties) pursuant to clause 21.2(h)
may not be disclosed to any person unless: 

  

	 	(i)	prior to that disclosure, the party intending to disclose the Confidential Information (Disclosing Party) notifies each other party giving full details of:

  

	 	(A)	the legal, administrative or other proceedings in relation to which disclosure is required, including to the maximum extent permitted by Law, copies of documents filed
in those legal, administrative or other proceedings; and 

  

	 	(B)	the Confidential Information intended to be disclosed; 

  
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	 	(ii)	to the maximum extent permitted by Law, the Disclosing Party gives each other party a reasonable opportunity in a court of law or other appropriate body or forum to:

  

	 	(A)	challenge whether the proposed disclosure is in accordance with the terms of this clause 21; 

 

	 	(B)	challenge the obligation of the Disclosing Party or any other person to make that disclosure; or 

 

	 	(C)	secure an order or ruling (including, where appropriate, an order or ruling that the disclosure should only be made on a confidential basis) to protect or preserve the
confidentiality of the relevant information; 

  

	 	(iii)	the Disclosing Party takes all reasonable steps to preserve the Confidential Information to be disclosed, including, where appropriate, by doing all things necessary to
obtain an order that the Confidential Information be disclosed in accordance with an appropriate confidentiality regime; and 

  

	 	(iv)	the other requirements of this clause 21 applicable to that disclosure are satisfied. 

 

	21.4	Law of confidentiality 

The confidentiality undertaking contained in this document will be in addition to and will in no way derogate from the obligations of the
parties in respect of secret and confidential information at law, in equity or under any statute or trade or professional custom or use. 
  

	21.5	Former party bound 

 This
clause 21 will continue to bind a party after it ceases to be a party to this document. 
  

	22.	NOTICES 

 Any notice,
demand, consent, certificate, approval, nomination, waiver or other similar communication given or made in connection with this document (a notice): 
  

	 	(a)	will be in writing and signed by the sender or a person duly authorised by the sender; 

 

	 	(b)	will be addressed and delivered to the intended recipient at the address or fax number below or the address or fax number last notified by the intended recipient to the
sender after the date of this document: 

  

	 	(i)	to the Manager: [#] 

  

	 	(ii)	to the Owner Chargee: [#] 

  

	 	(iii)	to a Chargor: [#] 

  

	 	(c)	will be taken to be duly given or made when delivered, received or left at the above fax number or address. If delivery or receipt occurs on a day that is not a
business day in the place to which the notice is sent or is later than 4pm (local time) at that place, it will be taken to have been duly given or made at the commencement of business on the next business day in that place. 

 

	23.	GOVERNING LAW 

  

	23.1	Governing law 

  

	 	(a)	This document is governed by the laws of Western Australia, Australia. 

  
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	 	(b)	The parties irrevocably and unconditionally: 

  

	 	(i)	submit to the non-exclusive jurisdiction of the courts of Western Australia; and 

 

	 	(ii)	agree that they may not object to any suit, action or proceeding commenced under or in connection with this document on the basis that the courts of Western Australia
are not an appropriate forum. 

  

	23.2	Final judgment conclusive and enforceable 

 The parties agree that a final judgment in any suit, action or proceeding commenced under or in connection with this document in any court of competent jurisdiction is conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by Law. 
  

	24.	ANCILLARY PROVISIONS 

  

	24.1	Severability 

 If any of
the provisions of this document is or becomes invalid, illegal or unenforceable, in whole or in part, under the law of any jurisdiction, the validity, legality or enforceability of such provision or part under the law of any other jurisdiction and
the validity, legality and enforceability of the remaining provisions of this document will not in any way be affected or impaired. If any provision of this document, or its application to any person or entity or any circumstance, is invalid or
unenforceable, the parties will make such suitable and equitable provision as is necessary in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision. 

 

	24.2	Variation 

 No variation,
modification or amendment of all or any part of this document, including the schedules to this document, will be effective unless in writing and signed by or on behalf of each party. 

 

	24.3	No Waiver 

 No failure of
any of the parties to exercise, or delay by it in exercising, any right, power or remedy in connection with this document will operate as a waiver thereof, nor will any single or partial exercise of any right, power or remedy preclude any other or
further exercise of such right, power or remedy or the exercise of any other right, power or remedy. 
  

	24.4	Remedies 

  

	 	(a)	Except as otherwise provided for in this document, the rights and remedies of the parties are cumulative and not exclusive of rights and remedies provided by Law.

  

	 	(b)	Without prejudice to any other rights and remedies which any party may have, each party acknowledges and agrees that damages would not be an adequate remedy for any
breach by any party of the provisions of this document and any party will be entitled to seek the remedies of injunction, specific performance and other equitable relief (and the parties will not contest the appropriateness or availability thereof),
for any threatened or actual breach of any provision of this document by any party and no proof of special damages will be necessary for the enforcement by any party of the rights under this document. 

  
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	24.5	No Merger 

 The rights and
obligations of the parties: 
  

	 	(a)	will not merge on the completion of any transaction contemplated by this document; and 

 

	 	(b)	will survive the execution and delivery of any assignment or other document entered into for the purpose of implementing a transaction. 

 

	24.6	Costs and Expenses 

  

	 	(a)	Each party must bear its own costs arising out of the negotiation, preparation and execution of this document. 

 

	 	(b)	All stamp duty (including fines, penalties and interest) payable by a party on or in connection with this document will be borne by that party.

  

	24.7	Further Assurances 

 Each
party agrees to do anything necessary or desirable (including executing agreements, deeds, transfers, instruments and documents) to give full effect to this document and the transactions contemplated by it. 

 

	24.8	Enurement 

 Except as
provided in this document, the provisions of this document will enure for the benefit of, and be binding on, the parties and their respective successors and permitted assigns. 

 

	24.9	Counterparts 

 This
document may be executed in any number of counterparts and by the parties on separate counterparts, each of which will be an original but all of which together will constitute one and the same instrument. This document will not take effect until
each party has executed at least one counterpart. 

  
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Schedule 1 
 INITIAL CHARGORS

 [insert relevant JV entities] 

  
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Schedule 2 
 INTERPRETATION

  

	1.	DEFINITIONS 

 The
following definitions apply in this document. 
 Accession Deed means a document substantially in the form of
Schedule 4. 
 Additional Chargor means any company that accedes to this document in accordance with clause 19.3.

 Authorisations means all permissions, licences, authorisations, approvals, consents, rulings, registrations, filings,
lodgements, permits, franchises, agreements, notarisations, certificates, licences, approvals, directions, declarations, authorities or exemptions from, by or with any Authority. 

Authority means any minister, government or representative of a government or any governmental, quasi-governmental, local
government, statutory, judicial, administrative, fiscal, tax, competition or regulatory authority, entity or other body, department, concession, tribunal, self-regulatory organisation established pursuant to statute or rules of a recognised stock
exchange, instrumentality, agency, statutory corporation or public authority. 
 BHP Billiton Group has the meaning given
in the Joint Venture Agreement. 
 Business Day means a day that is not a Saturday, Sunday or public holiday in Perth,
Western Australia. 
 Called Sum has the meaning given in the Joint Venture Agreement. 

Cash has the meaning given in the Funding and Distribution Policy. 

Charge means each charge created by clause 1. 
 Charged Property means all a Chargor’s interest in all its property anywhere (both present and future), other than the Excluded Property. 

Chargees means the Owner Chargee and the Manager. 
 Chargor Block Member means the Chargors’ Owner and each other member of its Owner Block. 
 Chargors means each Initial Chargor and any Additional Chargor. 

Chargors’ Issuer means the Issuer of which each Chargor is a Subsidiary. 

Chargors’ Owner means the Owner of which each Chargor is a Subsidiary. 

Corporations Act means the Corporations Act 2001 (Cth). 

Cross Charge has the meaning given in the Joint Venture Agreement. 

Default Costs has the meaning given in the Joint Venture Agreement. 

Default Interest has the meaning given in the Joint Venture Agreement. 

Dispose means, in relation to any asset, to sell, transfer, assign, declare oneself a trustee of, or part with the benefit of, or
otherwise dispose of, the asset (or any interest in it, or any part of it) other than (in each case) by the creation of a Security Interest, and Disposal has a corresponding meaning. 

Enforcing Party means: 
  

	 	(a)	a Chargee entitled under clause 4 to take action to enforce the Charge; and 

 

	 	(b)	a Receiver entitled under clause 5 to take action to enforce the Charge. 

  
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Excluded Assets has the meaning given in the Joint Venture Agreement. 

Excluded Property means: 
  

	 	(a)	any Excluded Assets; 

  

	 	(b)	any Sole Risk Development or Sole Risk Opportunity; 

  

	 	(c)	any Prohibited Interest unless and until the relevant Chargor gives a notice in relation to it in accordance with clause 1.8; and 

 

	 	(d)	any other property, to the extent that: 

  

	 	(i)	it is located in New South Wales, for the purposes of the mortgage duty provisions of the Duties Act 1997 (NSW), at the date of first execution of this document;

  

	 	(ii)	it is land located in New South Wales, for the purposes of the mortgage duty provisions of the Duties Act 1997 (NSW), at any time within 12 months after the
date of first execution of this document; or 

  

	 	(iii)	it is located in New South Wales, for the purposes of the mortgage duty provisions of the Duties Act 1997 (NSW), is “relevant property” as defined in
section 208(6) of the Duties Act 1997 (NSW) and is identified in this document or identified under an arrangement in place when this document was first executed, 

unless and until the Duties Act 1997 (NSW) ceases to impose duty on mortgages or charges. 

Fixed Charge Property means all Charged Property that is not Floating Charge Property. 

Floating Charge Property means: 
  

	 	(a)	Iron Ore Product; and 

  

	 	(b)	any other Charged Property that the relevant Chargor deals with in the ordinary course of the day-to-day operations of the Chargor. 

Funding and Distribution Policy has the meaning given in the Joint Venture Agreement. 

Insolvency Administration means, in relation to a person, its winding up, or the appointment of an administrator to that person
pursuant to Part 5.3A of the Corporations Act. 
 Iron Ore Assets has the meaning given in the Joint Venture
Agreement. 
 Iron Ore Product has the meaning given in the Joint Venture Agreement. 

Issuer has the meaning given in the Joint Venture Agreement. 

Joint Venture Agreement means the West Australian Iron Ore Production Joint Venture Agreement dated [insert] between
[the Chargees] and others. 
 JV Entity has the meaning given in the Joint Venture Agreement. 

JV Funding Amount means: 
  

	 	(a)	any Called Sum payable by a Chargor Block Member to the Manager or the Chargors’ Issuer under the Transaction Documents and any Default Interest or Default Costs
arising from a failure by a Chargor Block Member to pay a Called Sum; 

  

	 	(b)	any amount that a Chargor Block Member is required to transfer or procure the transfer of in accordance with clause 3.11(h) of the Joint Venture Agreement;

  
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	 	(c)	the amount that a Chargor Block Member is obliged to pay to purchase any NDO Loan under the Transaction Documents; 

 

	 	(d)	the amount that the Chargors’ Owner is obliged to pay: 

  

	 	(i)	under clause 6.3 of the Funding and Distribution Policy; or 

  

	 	(ii)	under clause 6.4 of the Funding and Distribution Policy; 

  

	 	(e)	the amount of any Cash costs of a Sole Risk Development or a Sole Risk Opportunity that the Chargors’ Owner or a Sole Risk Entity that is a Related Corporation of
the Chargors’ Owner is obliged to pay under items 1(f), 1(j) and 2(c) of schedule 4 of the Joint Venture Agreement or item 11.3 of the Funding and Distribution Policy; and 

 

	 	(f)	the amount of any Participant Loans owing or payable by the Chargors’ Issuer or the Manager to the Owner Chargee, 

each on any account at any time, whether present or future, actual or contingent or incurred alone, jointly, severally or jointly and
severally and without regard to the capacity in which the relevant Obligor is liable. 
 Law includes statutes,
regulations, rules of the common law, principles of equity, regulatory agency policies and guidelines and security exchange rules. 
 Manager has the meaning given in the Joint Venture Agreement. 
 Manager
Event of Default means, in relation to a Chargor, that Chargor entering into Insolvency Administration. 
 NDO Loan
has the meaning given in the Joint Venture Agreement. 
 Obligor means: 

 

	 	(a)	the Chargors’ Owner; 

  

	 	(b)	the Chargors’ Issuer; and 

  

	 	(c)	the Manager. 

 Owner has
the meaning given in the Joint Venture Agreement. 
 Owner Block has the meaning given in the Joint Venture Agreement.

 Owner Event of Default means, in relation to a Chargor, any of the following: 

 

	 	(a)	a failure by any Obligor to pay: 

  

	 	(i)	an amount that it is obliged to pay to purchase any NDO Loan under the Transaction Documents when due; or 

 

	 	(ii)	any other Secured Money (other than any failure to repay a Participant Loan) within 30 days after the due date for payment; or 

 

	 	(b)	a failure by a Chargor to perform its Secured Obligations within 30 days of written notice from the Chargee requesting it to do so. 

Participant Loans has the meaning given in the Joint Venture Agreement. 

Participant Share has the meaning given in the Joint Venture Agreement. 

Participating Interest has the meaning given in the Joint Venture Agreement. 

  
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Priority Security Interest means: 
  

	 	(a)	any Security Interest that the Chargees agree ranks in priority to the Charge; and 

 

	 	(b)	any Security Interest over Charged Property that ranks in priority to the Charge by operation of law. 

Prohibited Interest means an asset or interest described in Schedule 6 unless and until the relevant Chargor gives a notice in
accordance with clause 1.8 in relation to that asset or interest. 
 Purchase Option has the meaning given in the Joint
Venture Agreement, and the Chargee exercises a Purchase Option by giving a written notice in accordance with clause 9.5(b) of the Joint Venture Agreement. 
 Receiver means a receiver or receiver and manager appointed under clause 5. 

Related Corporation has the meaning given to Related Body Corporate in the Corporations Act but as if subsidiary had
the meaning given in this document, and also includes: 
  

	 	(a)	in the case of Rio Tinto, any member of the Rio Tinto Group; and 

  

	 	(b)	in the case of BHP Billiton, any member of the BHP Billiton Group. 

 Release Deed means a document in substantially the form of Schedule 5. 

Rio Tinto Group has the meaning given in the Joint Venture Agreement. 

Secured Money means the money owing by a Chargor to the Chargee under clause 2, whether present or future, on actual or contingent
or incurred alone, jointly, severally or jointly and severally and without regard to the capacity in which the Chargor is liable. 
 Secured Obligation means, if the Owner Chargee’s Purchase Option is exercised, a Chargor’s obligation to transfer to the Owner all of its Iron Ore Assets either directly or through the
acquisition of securities in JV Entities owned by it in accordance with item 2 of schedule 9 of the Joint Venture Agreement. 

Security Interest means any mortgage, pledge, lien or charge or any other security or preferential interest or arrangement of any
kind or any other right of, or arrangement with, 
 any creditor to have its claims satisfied in priority to other creditors
with, or from the proceeds of, any asset. 
 Sole Risk Development has the meaning given in the Joint Venture Agreement.

 Sole Risk Opportunity has the meaning given in the Joint Venture Agreement. 

Subsidiary has the meaning given in the Corporations Act, provided that: 

 

	 	(a)	an entity will also be deemed to be a Subsidiary of a body corporate if it is controlled (within the meaning of that term provided by Pt 1.2, Div 6 of the Act); and

  

	 	(b)	a trust may be a Subsidiary (for the purposes of which a unit or other beneficial interest will be deemed to be a share in the capital of a body corporate) and a body
corporate or a trust may be a Subsidiary of a trust. 

 Transaction Document has the meaning given in the
Joint Venture Agreement. 
 WA Iron Ore JV has the meaning given in the Joint Venture Agreement. 

  
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	2.	RULES FOR INTERPRETING THIS DOCUMENT 

  

	2.1	Interpretation 

 Headings
are for convenience only and do not affect interpretation. The following rules apply unless the context requires otherwise. 
  

	 	(a)	The singular includes the plural, and the converse also applies. 

  

	 	(b)	A gender includes all genders. 

  

	 	(c)	If a word or phrase is defined, its other grammatical forms have a corresponding meaning. 

 

	 	(d)	A reference to a person includes a corporation, trust, partnership, unincorporated body or other entity, whether or not it comprises a separate legal entity.

  

	 	(e)	A reference to a clause or schedule is a reference to a clause of, or schedule to, this document. 

 

	 	(f)	A reference to an agreement or document (including a reference to this document) is to the agreement or document as amended, supplemented, novated or replaced, except
to the extent prohibited by this document or that other agreement or document. 

  

	 	(g)	A reference to a party to this document, the Transaction Documents or another agreement or document includes the party’s successors, permitted substitutes and
permitted assigns (and, where applicable, the party’s legal personal representatives). 

  

	 	(h)	A reference to legislation or to a provision of legislation includes a modification or re-enactment of it, a legislative provision substituted for it and a regulation
or statutory instrument issued under it. 

  

	 	(i)	A reference to sale or sell includes to procure the sale and a reference to purchase includes to procure the purchase. 

 

	 	(j)	A reference to dollars and $ is to Australian currency. 

  

	 	(k)	A reference to time is a reference to: 

  

	 	(i)	time in the place in which the relevant event occurs; or 

  

	 	(ii)	if the relevant event is to occur in more than one place, time in Perth, Western Australia. 

 

	 	(l)	If the day on which any act, matter or thing is to be done is a day other than a Business Day, such act, matter or thing will be done on the immediately succeeding
Business Day. 

  

	 	(m)	The meaning of general words is not limited by specific examples introduced by including, or for example, or similar expressions. 

 

	 	(n)	Nothing in this document is to be interpreted against a party on the ground that the party put forward this document or a relevant part of it. 

 

	2.2	Consents or approval 

 If
the doing of any act, matter or thing under this document is dependent on the consent or approval of a party or is within the discretion of a party, the consent or approval may be given or the discretion may be exercised conditionally or
unconditionally or withheld by the party in its absolute discretion unless expressly provided otherwise. 
  

	2.3	Method of payment 

 All
payments required to be made under this document must be tendered by way of direct transfer of immediately available funds to the bank account nominated in writing by the party to whom the payment is

  
 20 

 West Australian Iron Ore Production Joint Venture Cross Charge 

([BHP Billiton JV Entities / Rio Tinto JV Entities]) 
  

due. Any payment tendered under this document after 4pm in the local time of the bank branch from which payment is made must be taken to have been made on the next succeeding Business Day (the
deemed payment date) after the date on which payment is tendered, and if the deemed payment date is after the relevant due date for payment, interest will accrue under item 1.5 accordingly. 

 

	2.4	Interest on amounts payable 

 Interest accrues on each amount which is due and payable, but not paid, by one party to another under or in accordance with this document: 

 

	 	(a)	on a daily basis from the due date up to the date of actual payment; 

  

	 	(b)	both before and after judgment (as a separate and independent obligation); and 

 

	 	(c)	at the rate which is the sum of the Bank Bill Rate (as defined in the Joint Venture Agreement) plus a margin of 3%, calculated for successive periods of one month, with
the first period commencing on the due date of the amount on which interest is payable. 

 The defaulting party
must pay interest accrued under this item 2.4 on written demand by the non-defaulting party or, if no demand is made, on the last day of each month. The interest is payable in the currency of the unpaid amount on which it accrues. 

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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Schedule 3 
 NOTICE

 TO:
                                        
        [insert names] (Chargees) 
 FROM:
                                       
  [insert namess] (Chargor) 
 West Australian Iron Ore Production Joint Venture Cross Charge
([insert name] JV Entities)  
 In this document, capitalised terms have the meaning given in the West Australian Iron
Ore Production Joint Venture Cross Charge ([insert name]) dated [insert] granted by the Chargor in favour of the Chargee. 
 The Chargor notifies the Chargees that, with effect from the date of this notice, the following assets or interests listed below have ceased to be Prohibited Interests for the purposes of the West
Australian Iron Ore Production Joint Venture Cross Charge: 
 [insert description of the relevant assets or interests that are no longer
Prohibited Interests]. 
 Date [insert date] 
 [insert execution clause] 

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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Schedule 4 
 ACCESSION DEED

 BY:
                                         
       [insert name] (Additional Chargor) 
 IN FAVOUR OF:
                        [insert names] (Chargees) 
 West Australian Iron Ore Production Joint Venture Cross Charge ([insert name] JV Entities)  
 In this document, capitalised terms have the meaning given in the West Australian Iron Ore Production Joint Venture Cross Charge ([insert name]) dated [insert] granted by the
Chargor in favour of the Chargee (Cross Charge). 
 The Additional Chargor: 

 

	(a)	charges its Charged Property in favour of each Chargee on the terms set out in the Cross Charge; and 

 

	(b)	covenants for the benefit of each Chargee to observe, perform and be bound by all of the undertakings, liabilities and obligations of a Chargor under the Cross Charge.

 This document is governed by the laws of Western Australia, Australia. 

EXECUTED AND DELIVERED as a deed poll on [insert date]. 
 [insert execution clause] 

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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Schedule 5 
 RELEASE DEED

 BY:
                                        
[insert name] (Chargee) 
 IN FAVOUR OF:
                 [insert name] (Chargor) 
 West Australian Iron Ore Production Joint Venture Cross Charge ([insert name] JV Entities)  
 In this document, capitalised terms have the meaning given in the West Australian Iron Ore Production Joint Venture Cross Charge ([insert name]) dated [insert] granted by the
Chargor in favour of the Chargee, and Released Property means [insert description of property to be released]. 
 The
Chargee releases the Released Property from the Cross Charge or reconveys, transfers or assigns (as appropriate) the Released Property to the Chargor free of the Cross Charge, but without affecting the rights of the Chargee in respect of all other
Charged Property and without otherwise affecting the rights of the Chargee under each Transaction Document. 
 This document is governed by the
laws of Western Australia, Australia. 
 EXECUTED AND DELIVERED as a deed poll on [insert date]. 

[insert execution clause] 

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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Schedule 6 
 PROHIBITED INTERESTS

 [List, for each relevant Chargor, any asset or interest that cannot be initially subject to the Cross Charge because of Agreed
Impediments] 

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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EXECUTED AND DELIVERED as a deed. 

[Insert execution clauses.] 

  
 26 

 West Australian Iron Ore 

Production Joint Venture 
 Cross Charge 
 ([BHP Billiton Owner / Rio 

Tinto Owner / Incoming 
 Owner]) 
 [[BHP Billiton Owner] / [Rio Tinto Owner] / [Incoming Owner]]

 [ACN/ABN] [insert] 
 [[Rio Tinto Owner] / [BHP Billiton Owner] / [Majority Owner]] 
 [ACN/ABN]
[insert] 
 Note: This document is required when an Owner is required to grant security by way of
Cross Charge.  
 If the Personal Property Securities Act applies to the creation and perfection of security interests at
the time a charge in this form is granted then consequential amendments will be made to make this an effective security for the purposes of that Act. 

 West Australian Iron Ore Production Joint Venture Cross Charge 

([BHP Billiton Owner / Rio Tinto Owner / Incoming Owner]) 
  

Contents 
  

											
	1.	  	 	CREATION OF CHARGE	  	 	1	  
		  	 	1.1	  	  	Charging provision	  	 	1	  
		  	 	1.2	  	  	Fixed charge	  	 	1	  
		  	 	1.3	  	  	Priority	  	 	1	  
		  	 	1.4	  	  	Dealings with Charged Property	  	 	1	  
		  	 	1.5	  	  	Issuer Shares to become Charged Property	  	 	2	  
		  	 	1.6	  	  	Obligations to become Secured Obligations	  	 	2	  
	2.	  	 	UNDERTAKING TO PAY	  	 	2	  
	3.	  	 	UNDERTAKING TO PERFORM	  	 	2	  
	4.	  	 	ENFORCEMENT OF CHARGE	  	 	2	  
	5.	  	 	APPOINTMENT OF RECEIVER	  	 	4	  
		  	 	5.1	  	  	Power to appoint and remove	  	 	4	  
		  	 	5.2	  	  	After commencement of winding up	  	 	4	  
	6.	  	 	AGENCY	  	 	4	  
		  	 	6.1	  	  	Agent of the Chargor	  	 	4	  
		  	 	6.2	  	  	Ceasing to be agent	  	 	4	  
	7.	  	 	POWERS OF ENFORCING PARTY	  	 	4	  
	8.	  	 	PROTECTION OF THIRD PARTIES	  	 	5	  
	9.	  	 	POWERS EXERCISABLE BY CHARGEE	  	 	6	  
		  	 	9.1	  	  	Exercise of powers	  	 	6	  
		  	 	9.2	  	  	Protection of Chargee	  	 	6	  
	10.	  	 	REALISATION	  	 	6	  
	11.	  	 	APPLICATION OF MONEY	  	 	6	  
	12.	  	 	CONTINUING SECURITY	  	 	7	  
	13.	  	 	PROSPECTIVE LIABILITY	  	 	7	  
	14.	  	 	ENFORCEMENT SUBJECT TO JOINT VENTURE AGREEMENT	  	 	7	  
	15.	  	 	NO MARSHALLING	  	 	7	  
	16.	  	 	NO PAYMENT AVOIDANCE	  	 	7	  
	17.	  	 	POWER OF ATTORNEY	  	 	8	  
		  	 	17.1	  	  	Appointment of attorney	  	 	8	  
		  	 	17.2	  	  	General	  	 	8	  
		  	 	17.3	  	  	What an attorney may do in Western Australia	  	 	8	  
	18.	  	 	RELEASE AND DISCHARGE	  	 	9	  
		  	 	18.1	  	  	Partial release	  	 	9	  
		  	 	18.2	  	  	Full discharge	  	 	9	  
	19.	  	 	BENEFIT AND ASSIGNMENT	  	 	9	  
		  	 	19.1	  	  	Chargee’s capacity	  	 	9	  
		  	 	19.2	  	  	Assignment	  	 	9	  
	20.	  	 	REGISTRATION AND STAMPING	  	 	9	  

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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	21.	  	 	CONFIDENTIALITY	  	 	10	  
		  	 	21.1	  	  	Confidential Information not to be disclosed	  	 	10	  
		  	 	21.2	  	  	Permitted disclosure	  	 	10	  
		  	 	21.3	  	  	Conditions to disclosure	  	 	11	  
		  	 	21.4	  	  	Law of confidentiality	  	 	12	  
		  	 	21.5	  	  	Former party bound	  	 	12	  
	22.	  	 	NOTICES	  	 	12	  
	23.	  	 	GOVERNING LAW	  	 	12	  
		  	 	23.1	  	  	Governing law	  	 	12	  
		  	 	23.2	  	  	Final judgment conclusive and enforceable	  	 	13	  
	24.	  	 	ANCILLARY PROVISIONS	  	 	13	  
		  	 	24.1	  	  	Severability	  	 	13	  
		  	 	24.2	  	  	Variation	  	 	13	  
		  	 	24.3	  	  	No Waiver	  	 	13	  
		  	 	24.4	  	  	Remedies	  	 	13	  
		  	 	24.5	  	  	No Merger	  	 	14	  
		  	 	24.6	  	  	Costs and Expenses	  	 	14	  
		  	 	24.7	  	  	Further Assurances	  	 	14	  
		  	 	24.8	  	  	Enurement	  	 	14	  
		  	 	24.9	  	  	Counterparts	  	 	14	  
	 Schedule
	   
	  		  			
	1	  	 	INTERPRETATION	  	 	15	  
	2	  	 	RELEASE DEED	  	 	21	  
	3	  	 	NOTICE—ISSUER SHARES	  	 	22	  
	4	  	 	NOTICE—SECURED OBLIGATIONS	  	 	23	  

  
 Page ii

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Part 2 
 Form of JV Entity Cross Charge 

  
 Page 163

 West Australian Iron Ore Production Joint Venture Cross Charge 

([BHP Billiton Owner / Rio Tinto Owner / Incoming Owner]) 
  

DATE 
 PARTIES 

[[BHP Billiton Owner] / [Rio Tinto Owner] / [Incoming Owner]]  

[ACN/ABN] [insert] (Chargor) 
 [[Rio Tinto Owner] / [BHP Billiton Owner] / [Majority Owner]]  
 [ACN/ABN]
[insert] (Chargee) 
 RECITALS 
  

	A.	Under the terms of the Transaction Documents, the Obligors must perform certain financial obligations for the benefit of the Chargee and other parties to whom JV
Funding Amounts may be payable, and the Chargor must perform certain non-financial obligations for the benefit of the Chargee under the Joint Venture Agreement. 

 

	B.	The Chargor is entering into this document in favour of the Chargee to secure the performance of some of those obligations. 

 

	C.	This document is a Cross Charge that is required [as a Completion Document under clause 6.2 of the Implementation Agreement / to satisfy the requirements set out
in clause 10.8(c) of the Joint Venture Agreement]. 

 OPERATIVE PROVISIONS 

 

	1.	CREATION OF CHARGE 

  

	1.1	Charging provision 

 The
Chargor as beneficial owner charges all its Charged Property in favour of the Chargee to secure the punctual payment of all Secured Money and the punctual performance of all Secured Obligations. 

 

	1.2	Fixed charge 

 The Charge
operates as a fixed charge over all Charged Property. 
  

	1.3	Priority 

 Subject to the
terms of any Priority Security Interest, the Charge is a first-ranking charge. 
  

	1.4	Dealings with Charged Property 

  

	 	(a)	The Chargor covenants for the benefit of the Chargee that it will not: 

  

	 	(i)	(negative pledge) create a Security Interest or permit a Security Interest to subsist over any Charged Property or the Issuer Shares; or

  

	 	(ii)	(no Disposal) Dispose of all or any of its Charged Property or the Issuer Shares, 

except as permitted by clauses 10 and 11 of the Joint Venture Agreement. 

 

	 	(b)	The Chargee consents to the Chargor Disposing of its Charged Property or the Issuer Shares as permitted by clause 10 or 11 of the Joint Venture Agreement.

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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	1.5	Issuer Shares to become Charged Property 

 If the Chargor gives the Chargee a notice in the form of Schedule 3, the Issuer Shares will automatically and immediately become part of the Charged Property without the necessity for any further act
by the Chargor. 
 [This clause 1.5, paragraph (b) of the definition of ‘Excluded Property’ and Schedule 3
can be deleted where the Cross Charge is being granted by an Incoming Owner (unless the Incoming Owner acquires the Participating Interest of an existing Owner in circumstances where the charge over the Issuer Shares is not yet required to be
provided under clause 11.8 of the Joint Venture Agreement). Where this clause, paragraph (b) of the definition of Excluded Property and Schedule 3 are deleted, the Issuer Shares will form part of the Charged Property and accordingly the
references to the Issuer Shares in clause 1.4 will also be deleted.] 
  

	1.6	Obligations to become Secured Obligations 

 If the Chargor gives the Chargee a notice in the form of Schedule 4, the obligations described in that notice will automatically and immediately become Secured Obligations without the necessity for
any further act by the Chargor. 
 [If this Cross Charge is granted by an Incoming Owner in accordance with clause 10.8(c) of
the Joint Venture Agreement, Schedule 4 can be deleted and the definition of Secured Obligations can list the relevant obligations (unless the Incoming Owner acquires the Participating Interest of an existing Owner in circumstances where the
Cross Charge is not yet required to extend to secure those obligations in accordance with arrangements agreed between the Owners).] 
  

	2.	UNDERTAKING TO PAY 

  

	 	(a)	Subject to paragraph (b), the Chargor undertakes duly and punctually to pay to the Chargee an amount equal to each JV Funding Amount when that JV Funding Amount is due,
whether or not the Chargor is the obligor, or the Chargee is the obligee, of that JV Funding Amount. 

  

	 	(b)	The Chargor’s obligation under paragraph (a) to make a payment in relation to a JV Funding Amount is taken to be satisfied to the extent that the obligor of
that JV Funding Amount makes payment of the JV Funding Amount to the relevant obligee in accordance with the Transaction Documents. 

  

	3.	UNDERTAKING TO PERFORM 

The Chargor undertakes to the Chargee that it will perform the Secured Obligations. 

 

	4.	ENFORCEMENT OF CHARGE 

  

	 	(a)	The Chargee may take action under this document to enforce the Charge and exercise its powers under this document if an Event of Default has occurred and is continuing.

  

	 	(b)	The Chargee may take action under this document to enforce the Charge and exercise its powers under this document if an Insolvency Enforcement Trigger has occurred and
is continuing but the Chargee or a Receiver appointed by it may not exercise any power of sale or otherwise Dispose of any Charged Property (unless it is also permitted to enforce the Charge in accordance with paragraph (a)).

  

	 	(c)	If no Event of Default or Insolvency Enforcement Trigger is continuing, the Chargee must immediately cease any action to enforce the Charge or exercise its powers under
this document, including by removing any Receiver if it has been appointed and giving up possession of any Charged Property. 

  
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	 	(d)	For the purposes of paragraph (c), the relevant Insolvency Enforcement Trigger will be deemed to be no longer continuing in the following circumstances:

  

			
	 Form of Insolvency Enforcement
Trigger
	  	 Event causing the Insolvency Enforcement

Trigger to cease to exist

		
	Appointment of an administrator to the Chargor pursuant to Part 5.3A of the Corporations Act.	  	The administration of the Chargor ends.
		
	A liquidator appointed to the Chargor:	  	Either:
		
	 (a)    disclaims the Joint Venture Agreement by “signed writing” under section 568(1) of the
Corporations Act; or
	  	 (a)    the liquidator withdraws or abandons the disclaimer, or the disclaimer is otherwise set aside by the
court under section 568B of the Corporations Act;

		
	 (b)    applies for leave of the court in accordance with section 568(1A) of the Corporations to disclaim the
Joint Venture Agreement.
	  	 (b)    the court refuses to grant leave to disclaim the Joint Venture Agreement in accordance with section
568(1)(f) of the Corporations Act;

		
		  	 (c)    the liquidator discontinues or abandons the application, or the application is otherwise struck out or
permanently stayed by the court;

		
		  	 (d)    the liquidator loses its right to disclaim the Joint Venture Agreement in accordance with s568(8) of
the Corporations Act; or

		
		  	 (e)    the liquidation is permanently stayed or terminated and the directors of the Chargor resume their
management and control.

		
	A liquidator or a deed administrator appointed to the Chargor:	  	Either:
		
	 (a)    enters into an agreement;
	  	 (a)    the liquidator or deed administrator of the Chargor:

		
	 (b)    makes an offer (in writing or, if orally, in a manner capable of acceptance so as to form
a binding contract);
	  	 (i)     terminates the agreement;

	  	 (ii)    retracts the offer;

		
		  	 (iii)  retracts the invitation for offers; or

		
	 (c)    issues an invitation for offers (in writing or, if orally, in a manner capable of
acceptance so as to form a binding contract); or
	  	 (iv)   retracts the written intention,

	  	 and undertakes to the Chargee to comply with clause 1.4; or

		
	 (d)    indicates in writing an intention,
	  	

  
 3 

 West Australian Iron Ore Production Joint Venture Cross Charge 

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	 Form of Insolvency Enforcement
Trigger
	  	 Event causing the Insolvency Enforcement

Trigger to cease to exist

	to deal with Charged Property or the Issuer Shares in breach of clause 1.4.	  	 (b)    either:

		  	 (i)     the liquidation is permanently stayed or terminated; or

		  	 (ii)    the deed of company arrangement ends or is terminated,

		  	 and, in either case, the directors of the Chargor resume their management and control.

 

	5.	APPOINTMENT OF RECEIVER 

  

	5.1	Power to appoint and remove 

 The Chargee may at any time after it becomes entitled to enforce the Charge: 
  

	 	(a)	appoint a Receiver of all or part of the Charged Property; and 

  

	 	(b)	remove any Receiver it appointed and (subject to clause 4) appoint another in its place. 

Any appointment or removal under this subclause must be in writing. 

 

	5.2	After commencement of winding up 

 The power to appoint a Receiver under clause 5.1 may be exercised even though: 
  

	 	(a)	an order has been passed to wind up the Chargor when the Chargee becomes entitled to enforce the Charge, or when an appointment is made; or 

 

	 	(b)	a Receiver appointed in the circumstances specified in the preceding paragraph may not, or may not in some respects, act as the Chargor’s agent.

  

	6.	AGENCY 

  

	6.1	Agent of the Chargor 

Subject to clause 6.2 and the next sentence, every Receiver appointed under clause 5 will be taken to be the agent of the Chargor, and the
Chargor will be responsible for the Receiver’s acts, defaults and remuneration. The Chargee may, by notice to the Receiver and the Chargor, require the Receiver to act as its agent. 

 

	6.2	Ceasing to be agent 

 If
for any reason (including operation of law) a Receiver ceases to be the agent of the Chargor because of an order passed to wind up the Chargor, the Receiver immediately becomes the agent of the Chargee. 

 

	7.	POWERS OF ENFORCING PARTY 

  

	 	(a)	The Enforcing Party will have full power to do all or any of the following: 

 

	 	(i)	(take possession) take possession of, collect and get in the Charged Property and for that purpose to take any proceedings (in the name of the Chargor or
otherwise); 

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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	 	(ii)	(give receipts) give receipts for all money and other property that may come into the hands of the Receiver in exercise of any power given by this document;

  

	 	(iii)	(obligations under Transaction Documents) cause the Chargor to continue to be associated with the other parties for the purpose of fulfilling its obligations
under the Transaction Documents or concur in the continuance of any of those documents; 

  

	 	(iv)	(exercise rights) exercise all or any powers, rights, discretions and remedies of the Chargor or in connection with the Charged Property (including rights
available under the Corporations Act or any other statute); 

  

	 	(v)	(raise money on Charged Property in priority) for the purposes of clause 7(a)(iv), borrow or raise money on the security of the Charged Property in priority to
this Charge; 

  

	 	(vi)	(sell assets) sell (whether or not a Receiver has taken possession), exchange or otherwise Dispose of (absolutely or conditionally) the Charged Property (or
agree to do so): 

  

	 	(A)	by public auction, private sale or tender for cash or on credit; 

  

	 	(B)	in one lot or in parcels; and 

  

	 	(C)	with or without special conditions and otherwise on terms the Receiver considers desirable; 

 

	 	(vii)	(execute documents) execute any document (in the name of the Chargor or otherwise) for the purpose of carrying into effect any power, right and discretion
conferred on the Enforcing Party; 

  

	 	(viii)	(settle disputes) make any settlements, arrangements or compromise that it thinks fit; and 

 

	 	(ix)	(do everything) do or cause to be done everything with respect to the Charged Property (without being responsible for any resulting loss or damage) that it
thinks necessary and which could have been done or caused to be done by the Enforcing Party if it was the absolute owner of the Charged Property. 

  

	 	(b)	Subject always to the obligations of the Enforcing Party under the Corporations Act an Enforcing Party may exercise its power under clause 7(a)(vi) by selling the
relevant Charged Property to the Chargee. 

  

	 	(c)	An Enforcing Party’s powers, rights and discretions referred to in this clause 7: 

 

	 	(i)	must be interpreted separately and not by reference to one another; and 

  

	 	(ii)	are in addition to all other powers, rights and discretions conferred on it by law, 

but are subject to clause 14. 
  

	 	(d)	Any legislation that adversely affects an obligation of the Chargor, or the exercise by an Enforcing Party of a right or remedy, under or relating to this document is
excluded to the full extent permitted by law. 

  

	8.	PROTECTION OF THIRD PARTIES 

 A purchaser or other party to a disposal or dealing in attempted exercise of a power contained in this document is not: 
  

	 	(a)	bound to enquire whether there has been a default, whether a Receiver has been properly appointed or about the propriety or regularity of a sale, disposal or dealing;
or 

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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	 	(b)	affected by notice that a sale, disposal or dealing is unnecessary or improper. 

 Despite any irregularity or impropriety in a sale, disposal or dealing, it is to be treated, for the protection of the purchaser or other party to the disposal or dealing, as being authorised by this
document and valid. 
  

	9.	POWERS EXERCISABLE BY CHARGEE 

  

	9.1	Exercise of powers 

 After
the Charge has become enforceable, the Chargee may exercise any power as an Enforcing Party in addition to any power it has as the Chargee. The Chargee may do so even if a Receiver is appointed. 

 

	9.2	Protection of Chargee 

The exercise of any power by the Chargee does not cause the Chargee to: 

 

	 	(a)	be a mortgagee in possession; 

  

	 	(b)	account as mortgagee in possession; or 

  

	 	(c)	be answerable for any act or omission for which a mortgagee in possession is liable. 

 

	10.	REALISATION 

 After the
Charge has become enforceable, the Chargor must do anything, and ensure that its employees and agents do anything, that the Enforcing Party may reasonably require to assist it to realise the Charged Property and exercise any power, right, discretion
or remedy including: 
  

	 	(a)	execute any transfer (including any transfer in blank) of, or other document in relation to, any Charged Property; 

 

	 	(b)	do anything that the Enforcing Party thinks is necessary or desirable under the law in force in any place where any Charged Property is situated; and

  

	 	(c)	give any notice, order, direction and consent that the Enforcing Party thinks is necessary or desirable. 

 

	11.	APPLICATION OF MONEY 

Money that an Enforcing Party receives under or because of this document is to be applied in the following order: 

 

	 	(a)	(expenses) first in payment of all expenses of and incidental to: 

  

	 	(i)	the appointment of any Receiver; and 

  

	 	(ii)	the exercise or attempted exercise by the Enforcing Party of any power, right or discretion referred to in clause 7 (including the Enforcing Party’s reasonable
remuneration); 

  

	 	(b)	(outgoings) then in payment of any other outgoings that the Enforcing Party thinks fit to pay; 

 

	 	(c)	(Priority Security Interest) then in discharging any Priority Security Interest; 

 

	 	(d)	(Secured Money) then in payment to the Chargee of the Secured Money and any amount necessary to give effect to any indemnity contained in this document; and

  

	 	(e)	(surplus) then, subject to proper claims enforceable under other Security Interests, any surplus must be paid to the Chargor. 

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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	12.	CONTINUING SECURITY 

 The
Charge is a continuing security, and remains in full force until a final irrevocable discharge of the Charge is given by the Chargee, despite any transaction or other thing (including a settlement of account or intervening payment). 

 

	13.	PROSPECTIVE LIABILITY 

The parties acknowledge that for the purpose of fixing priorities between the Charge and any subsequent charge registered or registrable
under the Corporations Act and for no other purposes, the Charge secures the Chargor’s prospective liability (being the liability to pay its Secured Money, its liability to perform the Secured Obligations and its liability to indemnify the
Enforcing Party as provided in this document) up to a maximum of $150 billion. The Charge may also secure prospective liabilities in excess of this specified maximum amount. 

 

	14.	ENFORCEMENT SUBJECT TO JOINT VENTURE AGREEMENT 

 In exercising its rights under this document to Dispose of Charged Property: 
  

	 	(a)	an Enforcing Party may only Dispose of Charged Property if it Disposes of the whole or a proportionate part of the Chargor’s Participating Interest; and

  

	 	(b)	an Enforcing Party must comply with clause 10 of the Joint Venture Agreement unless it is exercising a Dilution Option or Purchase Option, in which case it must do so
in accordance with the Joint Venture Agreement. 

  

	15.	NO MARSHALLING 

 The
Chargee is not under any obligation to marshal, appropriate or exercise, apply, perfect or recover any Security Interest that the Chargee holds at any time or any funds or property that the Chargee may be entitled to receive or have a claim on.

  

	16.	NO PAYMENT AVOIDANCE 

 If
any payment by the Chargor to an Enforcing Party is avoided for any reason (including any legal limitation, disability or incapacity of or affecting a party or any other fact or circumstance), and whether or not: 

 

	 	(a)	the obligation to make the payment was illegal, void or substantially avoided; or 

 

	 	(b)	any fact or circumstance was or ought to have been within the knowledge of the Enforcing Party, 

the Chargor: 
  

	 	(c)	as an additional independent obligation indemnifies the Enforcing Party against that avoided payment; and 

 

	 	(d)	acknowledges that the Chargee’s rights are to be reinstated and will be the same in relation to that amount as if the application, or the payment or transaction
giving rise to it, had not been made. 

 Any discharge or release between the Chargee and the Chargor is subject to
reinstatement of the Chargee’s rights under this clause. 

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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	17.	POWER OF ATTORNEY 

  

	17.1	Appointment of attorney 

The Chargor irrevocably appoints the Chargee, with effect on and from the time that the Charge becomes enforceable, to be its attorney to:

  

	 	(a)	(all acts necessary) do anything necessary or desirable in the opinion of the Chargee to: 

 

	 	(i)	give full effect to this document; 

  

	 	(ii)	better secure the payment of the Secured Money or the performance of the Secured Obligations; 

 

	 	(iii)	better secure the Charged Property to the Chargee in a manner consistent with this document; or 

 

	 	(iv)	assist in the execution or exercise of any power, 

 including execute any transfer (including any transfer in blank) or other document; 
  

	 	(b)	(Chargee powers) exercise any power, right, discretion or remedy of the Chargee; and 

 

	 	(c)	(general) do anything that the Chargor must or may do, or that the Chargee may do, under this document or by law, 

at the Chargor’s cost. 
 The Chargee may appoint and remove substitutes, and may delegate its powers under this clause (including this power of delegation) and revoke any delegation. 

 

	17.2	General 

  

	 	(a)	An attorney appointed under clause 17.1 may do anything contemplated by that clause even if the attorney is affected by an actual or potential conflict of interest or
duty, or might benefit from doing it. 

  

	 	(b)	An attorney appointed under clause 17.1 may do anything contemplated by that clause in its name, in the name of the Chargor or in the name of both of them.

  

	 	(c)	The Chargor must ratify anything done by an attorney under clause 17.1. 

  

	 	(d)	The Chargor gives the power of attorney in clause 17.1: 

  

	 	(i)	to secure: 

  

	 	(A)	payment of the Secured Money to the Chargee under this document and performance of the Secured Obligations; 

 

	 	(B)	the Charged Property to the Chargee in a manner consistent with this document; and 

 

	 	(C)	any property interest of the Chargee under this document; and 

  

	 	(ii)	for valuable consideration, receipt of which is acknowledged by the Chargor. 

 

	17.3	What an attorney may do in Western Australia 

 Without prejudice to the appointment and powers in clauses 17.1 and 17.2, the Chargor appoints the Chargee to exercise, in connection with any property in Western Australia, all or any of the rights,
powers and remedies exercisable by an attorney appointed by an instrument in the form of the 19th Schedule to the Transfer of Land Act 1893 (WA). 

  
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	18.	RELEASE AND DISCHARGE 

  

	18.1	Partial release 

  

	 	(a)	The Chargee agrees that if Charged Property is Disposed of in accordance with clause 10 of the Joint Venture Agreement, it will release that property from the Charge by
executing a Release Deed. 

  

	 	(b)	The Chargee must do anything (including execute any document or form), and must ensure that its employees and agents do anything (including execute any document or
form), that the Chargor may reasonably require to give full effect to a release contemplated by clause 18.1(a). 

  

	 	(c)	This clause does not limit the operation of clause 16. 

  

	18.2	Full discharge 

 Each
party acknowledges and agrees that, except as contemplated by clause 18.1, the Chargee is not under any obligation to grant a discharge of this Charge or any other Security Interest granted under this document unless: 

 

	 	(a)	the party seeking the discharge has no continuing or subsisting obligations under the Transaction Documents; 

 

	 	(b)	no Secured Money or Secured Obligation is owing by the party seeking the discharge; 

 

	 	(c)	no Secured Money or Secured Obligation is contingently owing by the party seeking the discharge (except where there is no reasonable likelihood of the contingent event
occurring); and 

  

	 	(d)	the Chargee is satisfied that there is no reasonable prospect of Secured Money or a Secured Obligation arising in the future, 

at the time that discharge is sought. 
  

	19.	BENEFIT AND ASSIGNMENT 

  

	19.1	Chargee’s capacity 

The Chargee holds the benefit of this document for itself and each other member of its Owner Block from time to time. 

 

	19.2	Assignment 

 A party may
only assign, declare a trust over or otherwise deal with its rights under this document: 
  

	 	(a)	as permitted by the Joint Venture Agreement; or 

  

	 	(b)	with the consent of each other party. 

 This clause does not apply to a dealing which is the creation of a Security Interest. 
  

	20.	REGISTRATION AND STAMPING 

The Chargor must at its own cost: 
  

	 	(a)	(registration under Corporations Act) ensure that this document is registered (and not just provisionally) against it under section 263 of the Corporations Act;

  
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	 	(b)	(other registration) ensure that this document is registered in any other way which any other party notifies to it if any other party is reasonably satisfied
that registration is necessary or desirable to perfect the Charge or to protect the rights of any other party under this document; 

  

	 	(c)	(Authorisations) obtain all necessary Authorisations in relation to this document and lodge them for registration in each jurisdiction required to perfect the
Charge; 

  

	 	(d)	(stamping) ensure that this document is stamped for the proper amount in each state and territory of Australia in which this document is required to be stamped;
and 

  

	 	(e)	(do everything to perfect Charge) do everything necessary in each jurisdiction required to perfect the Charge. 

 

	21.	CONFIDENTIALITY 

  

	21.1	Confidential Information not to be disclosed 

  

	 	(a)	For the purposes of this clause 21, Confidential Information means the terms and conditions of this document and the Transaction Documents.

 It does not include information: 

 

	 	(i)	which is in or comes into the public domain otherwise than by disclosure in breach of this document or a Transaction Document; 

 

	 	(ii)	(other than in respect of the terms and conditions of this document or a Transaction Document) already known to the person at the date of disclosure;

  

	 	(iii)	acquired from a third party who is entitled to disclose it; and 

  

	 	(iv)	which is independently developed by the person receiving that information otherwise than by disclosure in breach of this document or a Transaction Document.

  

	 	(b)	Each party undertakes that it will not, and will procure that its Related Corporations will not: 

 

	 	(i)	disclose Confidential Information, including Confidential Information of any other party (the Protected Party), to any person; or 

 

	 	(ii)	use Confidential Information of the Protected Party, 

 except either: 
  

	 	(iii)	with the prior written approval of the Protected Party; or 

  

	 	(iv)	for the purposes of this document or the Transaction Documents, or as otherwise permitted by this clause 21. 

 

	 	(c)	Each party undertakes that it will: 

  

	 	(i)	promptly do anything reasonably required by another party to prevent or restrain a breach or suspected breach of this clause 21.1 or any infringement or suspected
infringement whether by court proceedings or otherwise; and 

  

	 	(ii)	inform each other party immediately if it becomes aware that Confidential Information has been disclosed to an unauthorised third party. 

 

	21.2	Permitted disclosure 

Subject to clause 21.3, a party may disclose Confidential Information: 

 

	 	(a)	(Related Corporation) to any of its Related Corporations; 

  
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	 	(b)	(officers and employees) to its directors, employees, officers and agents or of any of its Related Corporations; 

 

	 	(c)	(professional advisers) to its professional advisers (including legal advisers) and consultants; 

 

	 	(d)	(lenders) to a bank or other financial institution (and its professional advisers including legal advisers) in connection with any loan or other financial
accommodation or application for a loan or financial accommodation to it or to any of its Related Corporations or the provision of underwriting for any issue of securities; 

 

	 	(e)	(potential disposals) in connection with any potential Disposal, Security Interest or investment; 

 

	 	(f)	(disposals) to a third party to whom a party has made a Disposal of part of its Participating Interest or who has otherwise acquired an economic interest in part
of a party’s property; 

  

	 	(g)	(required Disclosures) to the extent required under any applicable Law or the rules or regulations of any recognised securities exchange which apply to it or to
any of its Related Corporations; 

  

	 	(h)	(legal proceedings) if the disclosure is required for the purposes of any legal, administrative or other proceedings involving it or any of its Related
Corporations; 

  

	 	(i)	(Duties) if and to the extent that it may be reasonably necessary in the discharge of its duties and obligations under this document or a Transaction Document;

  

	 	(j)	(Authority) if and to the extent that it may be reasonably necessary or desirable to disclose the information to any Authority in connection with applications
for any Authorisations; and 

  

	 	(k)	(Customers) to an existing or potential customer of Iron Ore Product (as defined in the Joint Venture Agreement) in connection with the sale of Iron Ore Product
or other arrangements for the supply of Iron Ore Product to that customer. 

  

	21.3	Conditions to disclosure 

  

	 	(a)	Any disclosure: 

  

	 	(i)	under clause 21.2(d), (e) or (f) may only be made if the person to whom disclosure is to be made first agrees with the party disclosing the information, in a
form enforceable by the Protected Party and which is no less onerous than the requirements of this clause 21, that the information concerned must not be disclosed to any other person for any purpose, and such disclosure may only be made for the
purposes of satisfying the person to whom disclosure is made as to the value and commercial viability of the proposed transaction; and 

  

	 	(ii)	under clause 21.2(a) to (c), (i) and (j) may only be made if the person to whom disclosure is to be made is informed of the confidential nature of the
information and required to, in the case of an Authority, to the extent possible, respect that confidentiality. 

  

	 	(b)	Any Confidential Information that is required to be disclosed in legal, administrative or other proceedings (other than between the parties) pursuant to clause 21.2(h)
may not be disclosed to any person unless: 

  

	 	(i)	prior to that disclosure, the party intending to disclose the Confidential Information (Disclosing Party) notifies each other party giving full details of:

  

	 	(A)	the legal, administrative or other proceedings in relation to which disclosure is required, including to the maximum extent permitted by Law, copies of documents filed
in those legal, administrative or other proceedings; and 

  
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	 	(B)	the Confidential Information intended to be disclosed; 

  

	 	(ii)	to the maximum extent permitted by Law, the Disclosing Party gives each other party a reasonable opportunity in a court of law or other appropriate body or forum to:

  

	 	(A)	challenge whether the proposed disclosure is in accordance with the terms of this clause 21; 

 

	 	(B)	challenge the obligation of the Disclosing Party or any other person to make that disclosure; or 

 

	 	(C)	secure an order or ruling (including, where appropriate, an order or ruling that the disclosure should only be made on a confidential basis) to protect or preserve the
confidentiality of the relevant information; 

  

	 	(iii)	the Disclosing Party takes all reasonable steps to preserve the Confidential Information to be disclosed, including, where appropriate, by doing all things necessary to
obtain an order that the Confidential Information be disclosed in accordance with an appropriate confidentiality regime; and 

  

	 	(iv)	the other requirements of this clause 21 applicable to that disclosure are satisfied. 

 

	21.4	Law of confidentiality 

The confidentiality undertaking contained in this document will be in addition to and will in no way derogate from the obligations of the
parties in respect of secret and confidential information at law, in equity or under any statute or trade or professional custom or use. 
  

	21.5	Former party bound 

 This
clause 21 will continue to bind a party after it ceases to be a party to this document. 
  

	22.	NOTICES 

 Any notice,
demand, consent, certificate, approval, nomination, waiver or other similar communication given or made in connection with this document (a notice): 
  

	 	(a)	will be in writing and signed by the sender or a person duly authorised by the sender; 

 

	 	(b)	will be addressed and delivered to the intended recipient at the address or fax number below or the address or fax number last notified by the intended recipient to the
sender after the date of this document: 

  

	 	(i)	to the Chargee: [#] 

  

	 	(ii)	to the Chargor: [#] 

  

	 	(c)	will be taken to be duly given or made when delivered, received or left at the above fax number or address. If delivery or receipt occurs on a day that is not a
business day in the place to which the notice is sent or is later than 4pm (local time) at that place, it will be taken to have been duly given or made at the commencement of business on the next business day in that place. 

 

	23.	GOVERNING LAW 

  

	23.1	Governing law 

  

	 	(a)	This document is governed by the laws of Western Australia, Australia. 

  
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	 	(b)	The parties irrevocably and unconditionally: 

  

	 	(i)	submit to the non-exclusive jurisdiction of the courts of Western Australia; and 

 

	 	(ii)	agree that they may not object to any suit, action or proceeding commenced under or in connection with this document on the basis that the courts of Western Australia
are not an appropriate forum. 

  

	23.2	Final judgment conclusive and enforceable 

 The parties agree that a final judgment in any suit, action or proceeding commenced under or in connection with this document in any court of competent jurisdiction is conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by Law. 
  

	24.	ANCILLARY PROVISIONS 

  

	24.1	Severability 

 If any of
the provisions of this document is or becomes invalid, illegal or unenforceable, in whole or in part, under the law of any jurisdiction, the validity, legality or enforceability of such provision or part under the law of any other jurisdiction and
the validity, legality and enforceability of the remaining provisions of this document will not in any way be affected or impaired. If any provision of this document, or its application to any person or entity or any circumstance, is invalid or
unenforceable, the parties will make such suitable and equitable provision as is necessary in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision. 

 

	24.2	Variation 

 No variation,
modification or amendment of all or any part of this document, including the schedules to this document, will be effective unless in writing and signed by or on behalf of each party. 

 

	24.3	No Waiver 

 No failure of
any of the parties to exercise, or delay by it in exercising, any right, power or remedy in connection with this document will operate as a waiver thereof, nor will any single or partial exercise of any right, power or remedy preclude any other or
further exercise of such right, power or remedy or the exercise of any other right, power or remedy. 
  

	24.4	Remedies 

  

	 	(a)	Except as otherwise provided for in this document, the rights and remedies of the parties are cumulative and not exclusive of rights and remedies provided by Law.

  

	 	(b)	Without prejudice to any other rights and remedies which any party may have, each party acknowledges and agrees that damages would not be an adequate remedy for any
breach by any party of the provisions of this document and any party will be entitled to seek the remedies of injunction, specific performance and other equitable relief (and the parties will not contest the appropriateness or availability thereof),
for any threatened or actual breach of any provision of this document by any party and no proof of special damages will be necessary for the enforcement by any party of the rights under this document. 

  
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	24.5	No Merger 

 The rights and
obligations of the parties: 
  

	 	(a)	will not merge on the completion of any transaction contemplated by this document; and 

 

	 	(b)	will survive the execution and delivery of any assignment or other document entered into for the purpose of implementing a transaction. 

 

	24.6	Costs and Expenses 

  

	 	(a)	Each party must bear its own costs arising out of the negotiation, preparation and execution of this document. 

 

	 	(b)	All stamp duty (including fines, penalties and interest) payable by a party on or in connection with this document will be borne by that party.

  

	24.7	Further Assurances 

 Each
party agrees to do anything necessary or desirable (including executing agreements, deeds, transfers, instruments and documents) to give full effect to this document and the transactions contemplated by it. 

 

	24.8	Enurement 

 Except as
provided in this document, the provisions of this document will enure for the benefit of, and be binding on, the parties and their respective successors and permitted assigns. 

 

	24.9	Counterparts 

 This
document may be executed in any number of counterparts and by the parties on separate counterparts, each of which will be an original but all of which together will constitute one and the same instrument. This document will not take effect until
each party has executed at least one counterpart. 

  
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 West Australian Iron Ore Production Joint Venture Cross Charge 

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Schedule 1 
 INTERPRETATION

  

	1.	DEFINITIONS 

 The
following definitions apply in this document. 
 Authorisations means all permissions, licences, authorisations,
approvals, consents, rulings, registrations, filings, lodgements, permits, franchises, agreements, notarisations, certificates, licences, approvals, directions, declarations, authorities or exemptions from, by or with any Authority. 

Authority means any minister, government or representative of a government or any governmental, quasi-governmental, local
government, statutory, judicial, administrative, fiscal, tax, competition or regulatory authority, entity or other body, department, concession, tribunal, self-regulatory organisation established pursuant to statute or rules of a recognised stock
exchange, instrumentality, agency, statutory corporation or public authority. 
 BHP Billiton Group has the meaning given
in the Joint Venture Agreement. 
 Business Day means a day that is not a Saturday, Sunday or public holiday in Perth,
Western Australia. 
 Called Sum has the meaning given in the Joint Venture Agreement. 

Cash has the meaning given in the Funding and Distribution Policy. 

Charge means the charge created by clause 1. 
 Charged Property means all the Chargor’s interest in all its property anywhere (both present and future) including the Chargor’s Participating Interest, other than the Excluded Property.

 Chargor Block Member means the Chargor and each other member of the Chargor’s Owner Block. 

Corporations Act means the Corporations Act 2001 (Cth). 

Default Costs has the meaning given in the Joint Venture Agreement. 

Default Interest has the meaning given in the Joint Venture Agreement. 

Dilution Option has the meaning given in the Joint Venture Agreement. 

Dispose means, in relation to any asset, to sell, transfer, assign, declare oneself a trustee of, or part with the benefit of, or
otherwise dispose of, the asset (or any interest in it, or any part of it) other than (in each case) by the creation of a Security Interest, and Disposal has a corresponding meaning. 

Enforcing Party means: 
  

	 	(a)	the Chargee entitled under clause 4 to take action to enforce the Charge; and 

 

	 	(b)	a Receiver entitled under clause 5 to take action to enforce the Charge. 

 Event of Default means any of the following: 
  

	 	(a)	a failure by any Obligor to pay: 

  

	 	(i)	an amount that it is obliged to pay to purchase any NDO Loan under the Transaction Documents when due; or 

 

	 	(ii)	any other Secured Money (other than any failure to repay a Participant Loan) within 30 days after the due date for payment; or 

  
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	 	(b)	a failure by the Chargor to perform its Secured Obligations within 30 days of written notice from the Chargee requesting it to do so. 

Excluded Assets has the meaning given in the Joint Venture Agreement. 

Excluded Property means: 
  

	 	(a)	any Excluded Assets; 

  

	 	(b)	the Issuer Shares unless and until the Chargor gives a notice in accordance with clause 1.5; and 

 

	 	(c)	any other property, to the extent that: 

  

	 	(i)	it is located in New South Wales, for the purposes of the mortgage duty provisions of the Duties Act 1997 (NSW), at the date of first execution of this document;

  

	 	(ii)	it is land located in New South Wales, for the purposes of the mortgage duty provisions of the Duties Act 1997 (NSW), at any time within 12 months after the
date of first execution of this document; or 

  

	 	(iii)	it is located in New South Wales, for the purposes of the mortgage duty provisions of the Duties Act 1997 (NSW), is “relevant property” as defined in
section 208(6) of the Duties Act 1997 (NSW) and is identified in this document or identified under an arrangement in place when this document was first executed, 

unless and until the Duties Act 1997 (NSW) ceases to impose duty on mortgages or charges. 

Funding and Distribution Policy has the meaning given in the Joint Venture Agreement. 

Implementation Agreement has the meaning given in the Joint Venture Agreement. 

Insolvency Enforcement Trigger means: 
  

	 	(a)	the appointment of an administrator to the Chargor pursuant to Part 5.3A of the Corporations Act; 

 

	 	(b)	a liquidator appointed to the Chargor: 

  

	 	(i)	disclaims the Joint Venture Agreement by “signed writing” under section 568(1) of the Corporations Act; or 

 

	 	(ii)	applies for leave of the court in accordance with section 568(1A) of the Corporations to disclaim the Joint Venture Agreement; or 

 

	 	(c)	a liquidator or a deed administrator appointed to the Chargor: 

  

	 	(i)	enters into an agreement; 

  

	 	(ii)	makes an offer (in writing or, if orally, in a manner capable of acceptance so as to form a binding contract); 

 

	 	(iii)	issues an invitation for offers (in writing or, if orally, in a manner capable of acceptance so as to form a binding contract); or 

 

	 	(iv)	indicates in writing an intention, 

 to deal with Charged Property or the Issuer Shares in breach of clause 1.4. 

Iron Ore Assets has the meaning given in the Joint Venture Agreement. 

Issuer Shares means the shares held by the Chargor in the [BHP Billiton Issuer / Rio Tinto Issuer]. 

Joint Venture Agreement means the West Australian Iron Ore Production Joint Venture Agreement dated [insert] between
[the Chargor, the Chargee] and others. 

  
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JV Entity has the meaning given in the Joint Venture Agreement. 

JV Funding Amount means: 
  

	 	(a)	any Called Sum payable by a Chargor Block Member to the Manager or the [BHP Billiton Issuer / Rio Tinto Issuer] under the Transaction Documents and any Default Interest
or Default Costs arising from a failure by a Chargor Block Member to pay a Called Sum; 

  

	 	(b)	any amount that a Chargor Block Member is required to transfer or procure the transfer of in accordance with clause 3.11(h) of the Joint Venture Agreement;

  

	 	(c)	the amount that a Chargor Block Member is obliged to pay to purchase any NDO Loan under the Transaction Documents; 

 

	 	(d)	the amount that the Chargor is obliged to pay: 

  

	 	(i)	under clause 6.3 of the Funding and Distribution Policy; or 

  

	 	(ii)	under clause 6.4 of the Funding and Distribution Policy; 

  

	 	(e)	the amount of any Cash costs of a Sole Risk Development or a Sole Risk Opportunity that the Chargor or a Sole Risk Entity that is a Related Corporation of the Chargor
is obliged to pay under items 1(f), 1(j) and 2(c) of schedule 4 of the Joint Venture Agreement or item 11.3 of the Funding and Distribution Policy; and 

  

	 	(f)	the amount of any Participant Loans owing or payable by the [BHP Billiton Issuer / Rio Tinto Issuer] or the Manager to the Chargee, 

each on any account at any time, whether present or future, actual or contingent or incurred alone, jointly, severally or jointly and
severally and without regard to the capacity in which the relevant Obligor is liable. 
 Law includes statutes,
regulations, rules of the common law, principles of equity, regulatory agency policies and guidelines and security exchange rules. 
 Manager has the meaning given in the Joint Venture Agreement. 
 NDO Loan
has the meaning given in the Joint Venture Agreement. 
 Non-Defaulting Owner has the meaning given in the Joint
Venture Agreement. 
 Obligor means: 
  

	 	(a)	the Owner; 

  

	 	(b)	the [BHP Billiton / Rio Tinto] Issuer; and 

  

	 	(c)	the Manager. 

 Owner Block
has the meaning given in the Joint Venture Agreement. 
 Participant Loans has the meaning given in the Joint Venture
Agreement. 
 Participating Interest has the meaning given in the Joint Venture Agreement. 

Priority Security Interest means: 
  

	 	(a)	any Security Interest that the Chargee agrees ranks in priority to the Charge; and 

 

	 	(b)	any Security Interest over Charged Property that ranks in priority to the Charge by operation of law. 

Purchase Option has the meaning given in the Joint Venture Agreement and the Chargee exercises a Purchase Option by giving a
written notice in accordance with clause 9.5(b) of the Joint Venture Agreement. 

  
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Receiver means a receiver or receiver and manager appointed under clause 5. 

Related Corporation has the meaning given to Related Body Corporate in the Corporations Act but as if subsidiary had
the meaning given in this document, and also includes: 
  

	 	(a)	in the case of Rio Tinto, any member of the Rio Tinto Group; and 

  

	 	(b)	in the case of BHP Billiton, any member of the BHP Billiton Group. 

 Release Deed means a document in substantially the form of Schedule 2. 

Rio Tinto Group has the meaning given in the Joint Venture Agreement. 

Secured Money means the money owing by the Chargor to the Chargee under clause 2, whether present or future, on actual or
contingent or incurred alone, jointly, severally or jointly and severally and without regard to the capacity in which the Chargor is liable. 
 Secured Obligation means each of the following obligations: 
  

	 	(a)	unless and until a notice is given in the form of Schedule 4, none; or 

 

	 	(b)	if a notice is given in the form of Schedule 4, each obligation listed in the notice. 

Security Interest means any mortgage, pledge, lien or charge or any other security or preferential interest or arrangement of any
kind or any other right of, or arrangement with, any creditor to have its claims satisfied in priority to other creditors with, or from the proceeds of, any asset. 
 Sole Risk Development has the meaning given in the Joint Venture Agreement. 

Sole Risk Opportunity has the meaning given in the Joint Venture Agreement. 

Subsidiary has the meaning given in the Corporations Act, provided that: 

 

	 	(a)	an entity will also be deemed to be a Subsidiary of a body corporate if it is controlled (within the meaning of that term provided by Pt 1.2, Div 6 of the Act); and

  

	 	(b)	a trust may be a Subsidiary (for the purposes of which a unit or other beneficial interest will be deemed to be a share in the capital of a body corporate) and a body
corporate or a trust may be a Subsidiary of a trust. 

 Transaction Document has the meaning given in the
Joint Venture Agreement. 

  
 18 

 West Australian Iron Ore Production Joint Venture Cross Charge 

([BHP Billiton Owner / Rio Tinto Owner / Incoming Owner]) 
  

 

	2.	RULES FOR INTERPRETING THIS DOCUMENT 

  

	2.1	Interpretation 

 Headings
are for convenience only and do not affect interpretation. The following rules apply unless the context requires otherwise. 
  

	 	(a)	The singular includes the plural, and the converse also applies. 

  

	 	(b)	A gender includes all genders. 

  

	 	(c)	If a word or phrase is defined, its other grammatical forms have a corresponding meaning. 

 

	 	(d)	A reference to a person includes a corporation, trust, partnership, unincorporated body or other entity, whether or not it comprises a separate legal entity.

  

	 	(e)	A reference to a clause or schedule is a reference to a clause of, or schedule to, this document. 

 

	 	(f)	A reference to an agreement or document (including a reference to this document) is to the agreement or document as amended, supplemented, novated or replaced, except
to the extent prohibited by this document or that other agreement or document. 

  

	 	(g)	A reference to a party to this document, the Transaction Documents or another agreement or document includes the party’s successors, permitted substitutes and
permitted assigns (and, where applicable, the party’s legal personal representatives). 

  

	 	(h)	A reference to legislation or to a provision of legislation includes a modification or re-enactment of it, a legislative provision substituted for it and a regulation
or statutory instrument issued under it. 

  

	 	(i)	A reference to sale or sell includes to procure the sale and a reference to purchase includes to procure the purchase. 

 

	 	(j)	A reference to dollars and $ is to Australian currency. 

  

	 	(k)	A reference to time is a reference to: 

  

	 	(i)	time in the place in which the relevant event occurs; or 

  

	 	(ii)	if the relevant event is to occur in more than one place, time in Perth, Western Australia. 

 

	 	(l)	If the day on which any act, matter or thing is to be done is a day other than a Business Day, such act, matter or thing will be done on the immediately succeeding
Business Day. 

  

	 	(m)	The meaning of general words is not limited by specific examples introduced by including, or for example, or similar expressions. 

 

	 	(n)	Nothing in this document is to be interpreted against a party on the ground that the party put forward this document or a relevant part of it. 

 

	2.2	Consents or approval 

 If
the doing of any act, matter or thing under this document is dependent on the consent or approval of a party or is within the discretion of a party, the consent or approval may be given or the discretion may be exercised conditionally or
unconditionally or withheld by the party in its absolute discretion unless expressly provided otherwise. 
  

	2.3	Method of payment 

 All
payments required to be made under this document must be tendered by way of direct transfer of immediately available funds to the bank account nominated in writing by the party to whom the payment is

  
 19 

 West Australian Iron Ore Production Joint Venture Cross Charge 

([BHP Billiton Owner / Rio Tinto Owner / Incoming Owner]) 
  

due. Any payment tendered under this document after 4pm in the local time of the bank branch from which payment is made must be taken to have been made on the next succeeding Business Day (the
deemed payment date) after the date on which payment is tendered, and if the deemed payment date is after the relevant due date for payment, interest will accrue under item 2.4 accordingly. 

 

	2.4	Interest on amounts payable 

 Interest accrues on each amount which is due and payable, but not paid, by one party to another under or in accordance with this document: 

 

	 	(a)	on a daily basis from the due date up to the date of actual payment; 

  

	 	(b)	both before and after judgment (as a separate and independent obligation); and 

 

	 	(c)	at the rate which is the sum of the Bank Bill Rate (as defined in the Joint Venture Agreement) plus a margin of 3%, calculated for successive periods of one month, with
the first period commencing on the due date of the amount on which interest is payable. 

 The defaulting party
must pay interest accrued under this item 2.4 on written demand by the non-defaulting party or, if no demand is made, on the last day of each month. The interest is payable in the currency of the unpaid amount on which it accrues. 

  
 20 

 West Australian Iron Ore Production Joint Venture Cross Charge 

([BHP Billiton Owner / Rio Tinto Owner / Incoming Owner]) 
  

Schedule 2 
 RELEASE DEED

 BY:
                                        
[insert name] (Chargee) 
 IN FAVOUR OF:
                 [insert name] (Chargor) 
 West Australian Iron Ore Production Joint Venture Cross Charge ([insert name]) 
 In this document, capitalised terms have the meaning given in the West Australian Iron Ore Production Joint Venture Cross Charge ([insert name]) dated [insert] granted by the
Chargor in favour of the Chargee, and Released Property means [insert description of property to be released]. 
 The
Chargee releases the Released Property from the Cross Charge or reconveys, transfers or assigns (as appropriate) the Released Property to the Chargor free of the Cross Charge, but without affecting the rights of the Chargee in respect of all other
Charged Property and without otherwise affecting the rights of the Chargee under each Transaction Document. 
 This document is governed by the
laws of Western Australia, Australia. 
 EXECUTED AND DELIVERED as a deed poll on [insert date]. 

[insert execution clause] 

  
 21 

 West Australian Iron Ore Production Joint Venture Cross Charge 

([BHP Billiton Owner / Rio Tinto Owner / Incoming Owner]) 
  

Schedule 3 
 NOTICE—ISSUER
SHARES 
 TO:
                        [insert name] (Chargee) 
 FROM:                  [insert name] (Chargor) 

West Australian Iron Ore Production Joint Venture Cross Charge ([insert name])  

In this document, capitalised terms have the meaning given in the West Australian Iron Ore Production Joint Venture Cross Charge ([insert
name]) dated [insert] granted by the Chargor in favour of the Chargee. 
 The Chargor notifies the Chargee that, with
effect from the date of this notice, the Issuer Shares have ceased to be Excluded Property. 
 Date [insert date] 

[insert execution clause] 

  
 22 

 West Australian Iron Ore Production Joint Venture Cross Charge 

([BHP Billiton Owner / Rio Tinto Owner / Incoming Owner]) 
  

Schedule 4 
 NOTICE—SECURED
OBLIGATIONS 
 TO:
                        [insert name] (Chargee) 
 FROM:                  [insert name] (Chargor) 

West Australian Iron Ore Production Joint Venture Cross Charge ([insert name])  

In this document, capitalised terms have the meaning given in the West Australian Iron Ore Production Joint Venture Cross Charge ([insert
name]) dated [insert] granted by the Chargor in favour of the Chargee. 
 The Chargor notifies the Chargee that, with
effect from the date of this notice, the following obligations are Secured Obligations for the purposes of the West Australian Iron Ore Production Joint Venture Cross Charge: 

 

	(1)	if the Purchase Option is exercised by the Chargee, to transfer to the Chargee all of its Iron Ore Assets, either directly or through the acquisition of securities in
JV Entities owned by it in accordance with item 2 of schedule 9 of the Joint Venture Agreement; and 

  

	(2)	if the Dilution Option is exercised by the Chargee, to assign to the Non-Defaulting Owner a proportion of its Participating Interest of any Iron Ore Assets and
Participant Loans (to the extent that the Dilution Option is effected by way of assignment) in accordance with clause 9.8 of the Joint Venture Agreement. 

 Date [insert date] 
 [insert execution clause] 

EXECUTED AND DELIVERED as a deed. 

[Insert execution clauses] 

  
 23 

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Schedule 13 
 Creditor Deed Poll 

  
 Page 164

 West Australian Iron Ore 

Production Joint Venture 
 Creditor Deed Poll 
 ([BHP Billiton/Rio Tinto]) 

Each company listed in Schedule 1 
 Note: This is the form of Creditor Deed Poll 
 contemplated
by item 1.14 of the Funding and 
 Distribution Policy. 

 West Australian Iron Ore Production Joint Venture 

Creditor Deed Poll ([BHP Billiton/Rio Tinto]) 
  

Contents 
  

									
	1.	  	UNDERTAKING TO COMPLY	  	 	1	  
				
		  	1.1	  	Iron Ore Liabilities	  	 	1	  
		  	1.2	  	Excluded Liabilities	  	 	1	  
		  	1.3	  	Sole Risk Liabilities	  	 	2	  
			
	2.	  	[HOLDING MONEYS ON TRUST]	  	 	2	  
			
	3.	  	AMENDMENT	  	 	2	  
			
	4.	  	NOTICES	  	 	2	  
			
	5.	  	GOVERNING LAW	  	 	3	  
				
		  	5.1	  	Governing law	  	 	3	  
		  	5.2	  	Final judgment conclusive and enforceable	  	 	3	  
			
	6.	  	ANCILLARY PROVISIONS	  	 	3	  
		
	 Schedule
	  			
			
	1	  	CREDITORS	  	 	4	  
			
	2	  	INTERPRETATION	  	 	5	  

  
 i 

 West Australian Iron Ore Production Joint Venture 

Creditor Deed Poll ([BHP Billiton/Rio Tinto]) 
  

DATE 
 BY 

Each company listed in Schedule 1 
 (each a Creditor) 
 IN FAVOUR OF 

Each Shareholder and each Debenture Holder (as defined in the Funding and Distribution Policy) in relation to [BHP Billiton Issuer /
Rio Tinto Issuer] (each a Beneficiary) 
 RECITALS 

 

	A.	Each Creditor provides or may provide Iron Ore Loans, Excluded Loans or Sole Risk Loans to one or more [BHP Billiton / Rio Tinto] JV Entities. 

 

	B.	Each Creditor is entering into this document in favour of the Beneficiaries to set out the terms on which Iron Ore Loans, Excluded Loans and Sole Risk Loans may be
repaid. 

  

	C.	This document is a Creditor Deed Poll required [as a Completion Document under the Implementation Agreement / under item 1.14 of the Funding and Distribution
Policy]. 

 OPERATIVE PROVISIONS 
  

	1.	UNDERTAKING TO COMPLY 

[If a Creditor signing a deed in this form after Completion has made one kind of loan only, then only the relevant subclause needs to
be inserted, and the irrelevant subclauses may be deleted. Consequential changes will be made to Recitals A and B.] 
  

	1.1	Iron Ore Liabilities 

Each Creditor: 
  

	 	(a)	acknowledges that Cash or other assets forming part of: 

  

	 	(i)	Excluded Assets; or 

  

	 	(ii)	Sole Risk Assets, 

 must not be
used to discharge any liability of a [BHP Billiton / Rio Tinto] JV Entity to the Creditor that is an Iron Ore Loan; and 
  

	 	(b)	undertakes to the Beneficiaries that it will not require repayment of any Iron Ore Loan owing or payable to it in any way that would result in a breach of the Funding
and Distribution Policy. 

  

	1.2	Excluded Liabilities 

Each Creditor: 
  

	 	(a)	acknowledges that Cash or other assets forming part of: 

  

	 	(i)	Iron Ore Assets; or 

  
 1 

 West Australian Iron Ore Production Joint Venture 

Creditor Deed Poll ([BHP Billiton/Rio Tinto]) 
  

 

	 	(ii)	Sole Risk Assets (unless a Related Corporation of the Creditor is the Sole Funding Party or Sole Risk Entity), 

must not be used to discharge any liability of a [BHP Billiton / Rio Tinto] JV Entity to the Creditor that is an Excluded Loan; and

  

	 	(b)	undertakes to the Beneficiaries that it will not require repayment of any Excluded Loan owing or payable to it in any way that would result in a breach of the Funding
and Distribution Policy. 

  

	1.3	Sole Risk Liabilities 

Each Creditor: 
  

	 	(a)	acknowledges that Cash or other assets forming part of: 

  

	 	(i)	Iron Ore Assets; or 

  

	 	(ii)	Excluded Assets (unless a Related Corporation of the Creditor is the Sole Funding Party or Sole Risk Entity), 

must not be used to discharge any liability of a [BHP Billiton / Rio Tinto] JV Entity to the Creditor that is a Sole Risk Loan; and

  

	 	(b)	undertakes to the Beneficiaries that it will not require repayment of any Sole Risk Loan owing or payable to it in any way that would result in a breach of the Funding
and Distribution Policy. 

  

	2.	[HOLDING MONEYS ON TRUST] 

[Each Creditor undertakes to the Beneficiaries that if (despite clause 1.2) it receives Cash or other assets forming part of Iron Ore
Assets as a payment in respect of Excluded Loans then, unless and until the requirements of item 6.3(a) of the Funding and Distribution Policy have been complied with, it will hold the payment on trust for the Beneficiaries in proportion to their
Participating Shares, and will account to them accordingly.] 
 [The text above can be deleted if the Creditor or Creditors
providing the Creditor Deed Poll are not providing (and will not provide) any Excluded Loans.] 
 [Each Creditor undertakes
to the Beneficiaries that if (despite clause 1.3) it receives Cash or other assets forming part of Iron Ore Assets as a payment in respect of Sole Risk Loans then, unless and until the requirements of item 11.9(e) of the Funding and Distribution
Policy (to the extent applicable) have been complied with, it will hold the payment on trust for the Beneficiaries in proportion to their Participating Shares, and will account to them accordingly.] 

[The text above can be deleted if the Creditor or Creditors providing the Creditor Deed Poll are not providing (and will not provide)
any Sole Risk Loans.] 
  

	3.	AMENDMENT 

 This document
may only be amended or replaced in respect of loans owing or payable to any Creditor by a deed signed by that Creditor and each person that is a Beneficiary at that time. 

 

	4.	NOTICES 

 Clause 21.1
(Notices) of the Joint Venture Agreement applies to all notices, consents or other communications under this document, on the basis that each Creditor notifies the Beneficiaries that its 

  
 2 

 West Australian Iron Ore Production Joint Venture 

Creditor Deed Poll ([BHP Billiton/Rio Tinto]) 
  

address is the address set out opposite its name in Schedule 1, and each Beneficiary’s address is the address as specified in clause 21.1 of the Joint Venture Agreement, or the address
or fax number last notified by the intended recipient to the sender after the date of this document. 
  

	5.	GOVERNING LAW 

  

	5.1	Governing law 

  

	 	(a)	This document is governed by the laws of Western Australia, Australia. 

  

	 	(b)	The parties irrevocably and unconditionally: 

  

	 	(i)	submit to the non-exclusive jurisdiction of the courts of Western Australia; and 

 

	 	(ii)	agree that they may not object to any suit, action or proceeding commenced under or in connection with this document on the basis that the courts of Western Australia
are not an appropriate forum. 

  

	5.2	Final judgment conclusive and enforceable 

 The parties agree that a final judgment in any suit, action or proceeding commenced under or in connection with this document in any court of competent jurisdiction is conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by Law. 
  

	6.	ANCILLARY PROVISIONS 

Clauses 21.2 (Severability), 21.4 (No Waiver), 21.5 (Remedies), 21.6 (No Merger), 21.7 (Costs and Expenses), 21.9 (Further Assurances),
21.11 (Enurement) and 21.13 (Counterparts) of the Joint Venture Agreement apply to this document as if set out in full in this document (with any necessary changes). 

  
 3 

 West Australian Iron Ore Production Joint Venture 

Creditor Deed Poll ([BHP Billiton/Rio Tinto]) 
  

Schedule 1 
 CREDITORS

 [insert relevant creditors] 

  
 4 

 West Australian Iron Ore Production Joint Venture 

Creditor Deed Poll ([BHP Billiton/Rio Tinto]) 
  

Schedule 2 
 INTERPRETATION

  

	1.	DEFINITIONS 

 In this
document Joint Venture Agreement means the West Australian Iron Ore Production Joint Venture Agreement, including the Funding and Distribution Policy, dated [insert] between the Owner, the [Rio Tinto / BHP Billiton] Owner and
others. 
  

	2.	JOINT VENTURE AGREEMENT DEFINITIONS 

 Any term used in this document that is not defined in this document but is defined in the Joint Venture Agreement has the meaning given to it in schedule 1 of the Joint Venture Agreement. 

 

	3.	RULES FOR INTERPRETING THIS DOCUMENT 

  

	 	(a)	All rules for interpreting the Joint Venture Agreement apply in interpreting this document, except where the context makes it clear that a rule is not intended to
apply. 

  

	 	(b)	All references to clauses are references to clauses (including subclauses and paragraphs) in this document unless specifically stated otherwise in this document.

  
 5 

 West Australian Iron Ore Production Joint Venture 

Creditor Deed Poll ([BHP Billiton/Rio Tinto]) 
  

EXECUTED AND DELIVERED as a deed poll. 

[Insert execution clauses once agreed.] 

  
 6 

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Schedule 14 
 Existing Cross Charges 

Part 1—BHP Billiton Existing JV Cross Charges 
  

					
	 	  	 Cross Charge
	  	 Parties

	 1.
	  	 Mt Newman Joint Venture Deed of Cross Charge 
  

ASIC Charge No. 215643 dated 4 May 1988
	  	 —BHP Billiton Minerals Pty Limited (Chargor)

 
 —Pilbara Iron Limited (in liquidation with its residual assets or rights, title
or other interests in the Joint Venture assigned to BHP Billiton Minerals Pty Limited under Deed of Assignment dated 16 September 1997)
  

—Mitsui-C. Itoh Iron Pty Ltd
  

—CI Minerals Australia Pty Ltd
  

(Participants)
  
 —Mt Newman Mining Co. Pty. Limited (Manager)

			
	 2.
	  	 Wheelarra Joint Venture Deed of Cross Charge
  

ASIC Charge No. 1101594 dated 28 September 2004
	  	 —BHP Iron Ore (Jimblebar) Pty Ltd (Chargor)

 
 —ITOCHU Minerals & Energy of Australia Pty Ltd

 
 —Mitsui Iron Ore Corporation Pty Ltd

 
 —Maanshan Iron and Steel (Australia) Pty Ltd

 
 —Shagang (Australia) Pty Ltd

 
 —Tangshan Iron and Steel (Australia) Pty Ltd

 
 —Wugang (Australia) Pty Ltd

 
 (Other Participants)

 
 —BHP Billiton Iron Ore Pty Ltd (Manager)

			
	 3.
	  	 JW4 Joint Venture Deed of Cross Charge 
  

ASIC Charge No. 1309289 dated 21 July 2005
	  	 —BHP Billiton Minerals Pty Ltd (Chargor)

 
 —ITOCHU Minerals & Energy of Australia Pty Ltd

 
 —Mitsui Iron Ore Corporation Pty Ltd

 
 —JFE Steel Australia (YD) Pty Ltd

 
 (Other Participants)

 
 —BHP Billiton Iron Ore Pty Ltd (Manager)

			
	 4.
	  	POSMAC Joint Venture Deed of Cross Charge	  	 —BHP Billiton Minerals Pty Ltd (Chargor)

 
 —POS-Ore Pty Ltd

			
		  	ASIC Charge No. 862711 dated 3 April 2002	  	 —CI Minerals Australia Pty Ltd
  

—Mitsui Iron Ore Corporation Pty Ltd
  

(Other Participants)
  

—BHP Billiton Iron Ore Pty Ltd (Manager)

  
 Page 165

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  

					
	 	  	 Cross Charge
	  	 Parties

	 5.
	  	 Dampier—Cliffs Deed of Cross Charge 
  

ASIC Charge No. 338079/338082 dated 31 May 1984
	  	 —BHP Billiton Minerals Pty Limited
  

—Cliffs Western Australian Mining Co Pty Ltd
  

—Peko-Wallsend Operations Ltd
  

—Mitsui Iron Ore Development Pty Ltd
  

—Nippon Steel Australia Pty Ltd
  

—Sumitomo Metal Australia Pty Ltd

		
	 6.
	  	 Goldsworthy Joint Venture
 Any Security Interest required under clause 7.9 of the Restated Mount Goldsworthy Mining Associates Joint Venture agreement dated 7 September 1990

		
	 7.
	  	 Yandi Joint Venture
 Any Security Interest required under clause 7.9 of the Yandi Joint Venture Agreement dated 10 June 1991

		
	 8.
	  	Any other Security Interest required under the terms of any other Existing JV Cross Charge

 Part 2—Rio Tinto Existing JV Cross Charges 
  

					
	 	  	 Cross Charge
	  	 Parties

	 1.
	  	 Robe Joint Venture Deeds of Cross Charge 
  

The cross charges created in connection with the Robe Joint Venture, including:

 
 Deed of Cross Charge (JVA) dated 31 May 1984

 
 —ASIC Charge No. 199665 (Robe River Mining Co. Pty Ltd); and

 
 —ASIC Charge Nos. 236208, 382998 and 387842 (Robe River Limited),

 
 as subsequently amended by Amending Deeds in 1986, 1987, 2001, 2004 and 2007,
including the following ASIC registered charges:
  
 —Amending
Deed—Deed of Cross Charge (JVA) dated 24 January 1986
  

—ASIC Charge No. 199512 (Robe River Mining Co. Pty Ltd); and
  

—ASIC Charge Nos. 15284 (North Mining Ltd); and
  

—Amending Deed—Deed of Cross Charge (JVA) dated 5 April 2007

 
 —ASIC Charge No. 1455193 (Robe River Mining Co. Pty Ltd); and

 
 —ASIC Charge No. 1455203 (North Mining Ltd)
	  	 —Robe River Mining Co. Pty Ltd
  

—North Mining Limited
  
 —Robe River Limited
  
 (in
their capacity as Chargors and Chargees)
  

—Mitsui Iron Ore Development Pty Ltd
  

—Cape Lambert Iron Associates, a partnership carried on under that name by Nippon Steel Australia Pty Ltd, Sumitomo Metal Australia Pty Ltd and
Mitsui Iron Ore Development Pty Ltd
  
 —Pannawonica Iron Associates, a
partnership carried on under that name by Nippon Steel Australia Pty Ltd and Sumitomo Metal Australia Pty Ltd
  
 (Chargees)
  

Note: BHP Billiton Minerals Pty Limited is also listed in ASIC records as a chargee in relation to the Deed of Cross Charge (Port and
Rail)

  
 Page 166

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  

					
	 	  	 Cross Charge
	  	 Parties

		  	Deed of Cross Charge (Port and Rail) dated 31 May 1984, ASIC Charge No. 199925 (Robe River Mining Co. Pty Ltd), as subsequently amended by the Amendment to Deed of
Cross Charge (Port and Rail) dated 24 January 1986, ASIC Charge No 15464 (North Mining Limited)	  	
			
	 2.
	  	 Hope Downs Joint Venture Deed of Cross Charge 
  

ASIC Charge No. 1280563 dated 16 March 2006
	  	 —Hamersley WA Pty Ltd (Chargor)
  

—Hope Downs Iron Ore Pty Ltd (Other Party)
  

—Hamersley HMS Pty Ltd (Manager)

			
	 3.
	  	 Channar Joint Venture Deed of Cross Charge

 
 Deed of Cross Charge dated 16 November 1987

 
 —ASIC Charge No. 148921 (Channar Mining Pty Ltd)

 
 —ASIC Charge No. 198871 (Channar Management Services Pty
Limited)
	  	 —Channar Mining Pty Ltd
  

—Sinosteel Channar Pty Ltd
  

—Channar Management Services Pty Limited (in their capacity as Chargors and Chargees)

			
	 4.
	  	 Bao-HI Joint Venture Deed of Cross Charge
  

ASIC Charge No. 880262 dated 22 June 2002
	  	 —Ranges Mining Pty Ltd (Chargor)
  

—Baosteel Australia Mining Company Pty Ltd (Other Participant)

 
 —Ranges Management Company Pty Ltd (Manager)

			
	 5.
	  	Beasley Joint Venture Deed of Cross Charge ASIC Charge No. 1098312 dated 28 October 2004	  	 —Beasley River Mining Pty Limited (Chargor)

 
 —Beasley River Iron Associates, a partnership carried on under that name by
Nippon Steel Australia Pty Ltd, Sumitomo Metal Australia Pty Ltd and Mitsui Iron Ore Development Pty Ltd (Other Party)
  

—Beasley River Management Pty Limited (Manager)

		
	 6.
	  	 Rhodes Ridge Joint Venture Deed of Cross Charge

 
 Any Security Interest required under the Rhodes Ridge Joint Venture Agreement dated
11 October 1972

		
	 7.
	  	Any other Security Interest required under the terms of any other Existing JV Cross Charge

  
 Page 167

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Schedule 15 
 Product Types 

For the purposes of this Schedule: 
  

	(a)	Fines Product Types means Iron Ore Products with a size * * *; and 

 

	(b)	Lump Product Types means Iron Ore Products with a size * * *. 

 

																									
	 (dry basis)
	  	Fe
(%)	 	  	SiO2 (%)	 	  	Al2O3 (%)	 	  	P (%)	 	  	Moisture
Content1
(%)
	 	  	LOI3 (%)	 
							
	 1.Fines Product Types
	  				  				  				  				  				  			
							
	 Rio Tinto Fines Product Types
	  				  				  				  				  				  			
	 (a) Pilbara Blend fines;
	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  
	 (b) Robe Valley fines;
	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  
	 (c) Rio Tinto Yandicoogina fines;
	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  
							
	 BHP Billiton Fines Product Types
	  				  				  				  				  				  			
	 (d) Newman High Grade fines;
	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  
	 (e) MACTM fines;
	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  
	 (f) Yandi fines;
	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  
							
	 2.Lump Products
	  				  				  				  				  				  			
							
	 Rio Tinto Lump Product Types
	  				  				  				  				  				  			
	 (a) Pilbara Blend lump;
	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  
	 (b) Robe Valley lump
	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  
							
	 BHP Billiton Lump Product Types
	  				  				  				  				  				  			
	 (c) Newman High Grade lump;
	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  
	 (d) MACTM lump;
	  	 	***62.6	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  
	 (e) Yandi lump.
	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  	  	 	* * *	  

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 168

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Schedule 16 
 Parent Company Guarantee 

  
 Page 169

 Deed of Guarantee 

[Rio Tinto Limited 
 Rio Tinto plc] / 
 [BHP Billiton Limited 

BHP Billiton plc] / 
 [New Owner Parent] 
 Parent Company Guarantee in relation to the 

West Australian Iron Ore Production Joint Venture 

 Deed of Guarantee 
 Table of Contents 
  

									
	1.	  	Definitions and Interpretation	  	 	1	  
				
		  	1.1	  	Joint Venture Agreement definitions to apply	  	 	1	  
				
		  	1.2	  	Definitions	  	 	1	  
				
		  	1.3	  	Joint Venture Agreement interpretation provisions to apply	  	 	2	  
				
		  	1.4	  	[Joint and several obligations	  	 	2	  
			
	2.	  	Guarantee	  	 	2	  
				
		  	2.1	  	Funding and Distribution Policy Guarantee	  	 	2	  
				
		  	2.2	  	[Called Sum Guarantee	  	 	2	  
				
		  	2.3	  	Liability unaffected by other events	  	 	3	  
				
		  	2.4	  	Continuing guarantee	  	 	3	  
				
		  	2.5	  	Exclusion of moratorium	  	 	4	  
			
	3.	  	Enforcement of this Deed	  	 	4	  
			
	4.	  	Conflict	  	 	4	  
			
	5.	  	Costs and Stamp Duty	  	 	4	  
			
	6.	  	Notices	  	 	5	  
			
	7.	  	Governing Law and Jurisdiction	  	 	5	  
				
		  	7.1	  	Governing Law	  	 	5	  
				
		  	7.2	  	Final judgment conclusive and enforceable	  	 	5	  
				
		  	7.3	  	Dispute resolution	  	 	5	  
			
	8.	  	Service of Process	  	 	5	  
			
	9.	  	Severance	  	 	6	  
			
	10.	  	Counterparts	  	 	6	  

  
 Page i

 Deed of Guarantee 

 
 Date 
 Parties 
 This Deed of Guarantee is granted by: 

 

	 	[1.	Rio Tinto Limited (ACN 004 458 404), a company incorporated in Australia, of Level 33, 120 Collins Street, Melbourne, Victoria, Australia (RTL);
and 

  

	 	2.	Rio Tinto plc (registration number 00719885), a company incorporated in England and Wales, of 2 Eastbourne Terrace, London, United Kingdom (RTP
and, together with RTL, the Guarantor),] 

  

	 	[1.	BHP Billiton Limited (ACN 004 028 077), a company incorporated in Australia, of 180 Lonsdale Street, Melbourne, Victoria, Australia (BHPBL); and

  

	 	2.	BHP Billiton plc (registration number 3196209), a company incorporated in England and Wales, of Neathouse Place, London, United Kingdom (BHPBP and,
together with BHPBL, the Guarantor),] 

  

	 	    	[[New Owner Parent] (the Guarantor),] 

  

	 	    	in favour of each Beneficiary (as defined in this Deed). 

 Recitals 
  

	 	A	The Guarantor has agreed to provide a guarantee for the performance of the obligations of the Obligor under clauses 6.3(a)(iii)(B) and (C), 6.4(a)(iii)(B) and (C),
11.9(d)(ii) and 11.9(e)(ii) of the Funding and Distribution Policy. 

  

	 	B	[The Guarantor has also agreed to provide a guarantee for the performance of the obligations of the Obligor under clause 3.11 of the Joint Venture Agreement to pay
Called Sums.]1 

It is agreed as follows. 
  

	1.	Definitions and Interpretation 

  

	1.1	Joint Venture Agreement definitions to apply 

 Subject to clause 1.2, words and expressions which are defined in the Joint Venture Agreement have the same meaning in this Deed unless the context requires otherwise. 

 

	1.2	Definitions 

 In this
Deed, the following terms will have the following meanings unless the subject matter or context otherwise requires. 

Beneficiary means each the [Rio Tinto / BHP Billiton] Owner * * * 

* * * 

[Called Sum Obligation means any obligation of the Obligor: 

 

	 	(a)	to pay Called Sums under clause 3.11 of the Joint Venture Agreement; 

  

	 	(b)	to transfer or procure the transfer of an amount in accordance with clause 3.11(h) of the Joint Venture Agreement; or 

 

	1	 Only required where clause 11.8(c) of the Joint Venture Agreement applies. 

  

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 1

 Deed of Guarantee 

 
  

	 	(c)	to pay to purchase any NDO Loan under the clause 9.3 of the Joint Venture Agreement.]2 

 FDP Obligation means any obligation of the Obligor under clauses 6.3(a)(iii)(B) and (C), 6.4(a)(iii)(B) and (C), 11.9(d)(ii) and 11.9(e)(ii) of the Funding and Distribution Policy.

 Joint Venture Agreement means the West Australian Iron Ore Production Joint Venture Agreement dated [*] between
Rio Tinto Limited, Rio Tinto plc, BHP Billiton Limited, BHP Billiton plc and certain other companies, as amended from time to time. 
 Obligor means [name of guaranteed Rio Tinto Owner / name of guaranteed BHP Billiton Owner / name of New Owner]. 
 Power means any right, power, authority, discretion or remedy conferred on a Beneficiary by this Deed. 
  

	1.3	Joint Venture Agreement interpretation provisions to apply 

 Clause 1.2 of the Joint Venture Agreement applies, mutatis mutandis, in the interpretation of this Deed. 
  

	1.4	[Joint and several obligations 

 The obligations of [RTL and RTP / BHPBL and BHPBP] under this Deed are joint and several.]3 
  

	2.	Guarantee 

  

	2.1	Funding and Distribution Policy Guarantee 

  

	 	(a)	The Guarantor unconditionally and irrevocably guarantees to each Beneficiary the due and punctual performance and observance by the Obligor of all its FDP Obligations.

  

	 	(b)	If and whenever the Obligor defaults for any reason whatsoever in the performance of any of its FDP Obligations, the Guarantor will immediately upon demand
unconditionally perform (or procure performance of) and satisfy (or procure the satisfaction of) the FDP Obligations in regard to which such default has been made in the manner prescribed by this Deed so that the same benefits will be conferred on
each Beneficiary as it would have received if the FDP Obligations had been duly performed and satisfied by the Obligor. 

  

	 	(c)	As a separate and independent obligation, the Guarantor agrees that any of the FDP Obligations (including, without limitation, any moneys payable) which may not be
enforceable against or recoverable from the Obligor by reason of any legal limitation, disability or incapacity on or of the Obligor or any other fact or circumstances will nevertheless be enforceable against and recoverable from the Guarantor as
though the same had been incurred by the Guarantor and the Guarantor were the sole or principal obligor in respect thereof and must be performed or paid by the Guarantor on demand. 

 

	 	(d)	This Deed is in addition to and without prejudice to and not in substitution for any rights or security which any Beneficiary may now or in the future have or hold for
the performance and observance of the FDP Obligations. 

  

	2.2	[Called Sum Guarantee 

  

	 	(a)	The Guarantor unconditionally and irrevocably guarantees the due and punctual performance and observance by the Obligor of all its Called Sum Obligations.

  
  

	2	Only required where clause 11.8(c) of the Joint Venture Agreement applies. 

	3	Only required where there are multiple guarantors. 

  
 Page 2

 Deed of Guarantee 

 

	 	(b)	If and whenever the Obligor defaults for any reason whatsoever in the performance of any of its Called Sum Obligations, the Guarantor will immediately upon demand
unconditionally perform (or procure performance of) and satisfy (or procure the satisfaction of) the Called Sum Obligations in regard to which such default has been made in the manner prescribed by this Deed so that the same benefits will be
conferred on each Beneficiary as it would have received if the Called Sum Obligations had been duly performed and satisfied by the Obligor. 

  

	 	(c)	As a separate and independent obligation, the Guarantor agrees that any of the Called Sum Obligations (including, without limitation, any moneys payable) which may not
be enforceable against or recoverable from the Obligor by reason of any legal limitation, disability or incapacity on or of the Obligor or any other fact or circumstances will nevertheless be enforceable against and recoverable from the Guarantor as
though the same had been incurred by the Guarantor and the Guarantor were the sole or principal obligor in respect thereof and must be performed or paid by the Guarantor on demand. 

 

	 	(d)	 This Deed is in addition to and without prejudice to and not in substitution for any rights or security which any Beneficiary may now or in the future
have or hold for the performance and observance of the Called Sum Obligations.]4 

  

	2.3	Liability unaffected by other events 

 The liability of the Guarantor under clause 2.1 [and clause
2.2]5: 

 

	 	(a)	will not be released or diminished by any variation of the FDP Obligations [or Called Sum Obligations]6 or any forbearance, neglect or delay in seeking performance of the FDP Obligations [or Called Sum Obligations]7 or any granting of time for such performance; and

  

	 	(b)	will not be affected or impaired by reason of any other fact or event which in the absence of this provision would or might constitute or afford a legal or equitable
discharge or release or a defence to a guarantor. 

  

	2.4	Continuing guarantee 

  

	 	(a)	Clause 2.1: 

  

	 	(i)	extends to cover the FDP Obligations as amended, varied or replaced, whether with or without the consent of the Guarantor in its capacity as guarantor including, for
the avoidance of doubt, where such amendment, variation or replacement increases the obligations guaranteed by the Guarantor under this Deed; and 

  

	 	(ii)	is a continuing guarantee and remains in full force and effect until the earlier of: 

 

	 	(A)	the Obligor ceasing to be an Owner in accordance with the Joint Venture Agreement; and 

 

	 	(B)	the Guarantor being entitled to be released from its obligations under this Deed in accordance with clause 10.10(e) of the Joint Venture Agreement,

  

	 	    	at which point the Guarantor will automatically be released from its obligations under clause 2.1 but without prejudice to any accrued liabilities of the Guarantor
under this Deed. 

  

	4	Only required where clause 11.8(c) of the Joint Venture Agreement applies. 

	5	Only required where clause 11.8(c) of the Joint Venture Agreement applies. 

	6	Only required where clause 11.8(c) of the Joint Venture Agreement applies. 

	7	 Only required where clause 11.8(c) of the Joint Venture Agreement applies. 

  
 Page 3

 Deed of Guarantee 

 
  

	 	(b)	[Clause 2.2: 

  

	 	(i)	extends to cover the Called Sum Obligations as amended, varied or replaced, whether with or without the consent of the Guarantor in its capacity as guarantor including,
for the avoidance of doubt, where such amendment, variation or replacement increases the obligations guaranteed by the Guarantor under this Deed; and 

  

	 	(ii)	is a continuing guarantee and remains in full force and effect until the earliest of: 

 

	 	(A)	the Obligor ceasing to be an Owner in accordance with the Joint Venture Agreement; 

 

	 	(B)	the Guarantor being entitled to be released from its obligations in relation to Called Sums in accordance with clause 11.8(d) of the Joint Venture Agreement; and

  

	 	(C)	the Guarantor being entitled to be released from its obligations under this Deed in accordance with clause 10.10(e) of the Joint Venture Agreement,

  

	 	    	at which point the Guarantor will automatically be released from its obligations under clause 2.2 but without prejudice to any accrued liabilities of the Guarantor
under this Deed.]8 

 

	2.5	Exclusion of moratorium 

To the extent permitted by law, a provision of any legislation which at any time directly or indirectly: 

 

	 	(a)	lessens or otherwise varies or affects in favour of the Guarantor any of its obligations under or any provision of this Deed; or 

 

	 	(b)	stays, postpones or otherwise prevents or prejudicially affects the exercise by a Beneficiary of any Power, 

is negated and excluded from this Deed and all relief and protection conferred on the Guarantor by or under that legislation is also
negated and excluded. 
  

	3.	Enforcement of this Deed 

At any time when there is more than one Beneficiary: 
  

	 	(a)	* * *; and 

  

	 	(b)	it may do so on behalf of each other Beneficiary. 

  

	4.	Conflict 

 Where any Power
under this Deed is inconsistent with the powers conferred by an applicable law then, to the extent not prohibited by that law, the powers conferred by applicable law are regarded as negatived or varied to the extent of the inconsistency. 

 

	5.	Costs and Stamp Duty 

  

	 	(a)	The Guarantor shall bear its own costs arising out of the preparation and execution of this Deed. 

 

	8	Only required where clause 11.8(c) of the Joint Venture Agreement applies. 

 

	* * *	Pursuant to a request for confidential treatment filed with the Securities and Exchange Commission, confidential portions of this exhibit have been omitted and filed
separately with the Securities and Exchange Commission 

  
 Page 4

 Deed of Guarantee 

 
  

	 	(b)	All stamp duty (including fines, penalties and interest) payable on or in connection with this Deed must be borne by the Guarantor. The Guarantor must indemnify each
Beneficiary on demand against any liability for those costs and that stamp duty. 

  

	6.	Notices 

 Any notice,
demand, consent, certificate, approval, nomination, waiver or other similar communication given or made in connection with this Deed (a notice): 
  

	 	(a)	will be in writing and signed by the sender or a person duly authorised by the sender; 

 

	 	(b)	will be addressed and delivered to the intended recipient at the address or fax number below or the address or fax number last notified by the intended recipient to the
sender after the date of this Deed: 

  

			
	Guarantor	  	
		
	Address:	  	[#]
		
	Fax:	  	[#]
		
	Attention	  	[#]

  

	 	(c)	will be taken to be duly given or made when delivered, received or left at the above fax number or address. If delivery or receipt occurs on a day that is not a
business day in the place to which the notice is sent or is later than 4pm (local time) at that place, it will be taken to have been duly given or made at the commencement of business on the next business day in that place. 

 

	7.	Governing Law and Jurisdiction 

  

	7.1	Governing Law 

  

	 	(a)	This Deed is governed by the laws of Western Australia, Australia. 

  

	 	(b)	The Guarantor irrevocably and unconditionally: 

  

	 	(i)	submits to the non-exclusive jurisdiction of the courts of Western Australia; and 

 

	 	(ii)	agrees that it may not object to any suit, action or proceeding commenced under or in connection with this Deed on the basis that the courts of Western Australia are
not an appropriate forum. 

  

	7.2	Final judgment conclusive and enforceable 

 The Guarantor agrees that a final judgment in any suit, action or proceeding commenced under or in connection with this Deed in any court of competent jurisdiction is conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by Law. 
  

	7.3	Dispute resolution 

 Any
dispute, controversy, claim or difference of whatever nature arising under, out of, or in connection with this Deed will be resolved in accordance with clause 19.3 of the Joint Venture Agreement. 

 

	8.	Service of Process 

  

	 	(a)	The Guarantor agrees that service of all writs, process and summonses in any suit, action or proceeding under or in connection with this Deed brought in Western
Australia may be made on its registered or principal office for the time being in Australia. 

  
 Page 5

 Deed of Guarantee 

 
  

	 	(b)	Nothing contained or implied in this Deed will in any way be taken to limit the ability of a party to: 

 

	 	(i)	serve any writs, process or summonses; or 

  

	 	(ii)	obtain jurisdiction over a party in other jurisdictions, 

 in any manner permitted by Law. 
  

	9.	Severance 

 If any of the
provisions of this Deed is or becomes invalid, illegal or unenforceable, in whole or in part, under the law of any jurisdiction, the validity, legality or enforceability of such provision or part under the law of any other jurisdiction and the
validity, legality and enforceability of the remaining provisions of this Deed will not in any way be affected or impaired. If any provision of this Deed, or its application to any person or entity or any circumstance, is invalid or unenforceable,
the Guarantor will make such suitable and equitable provision as is necessary in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision. 

 

	10.	Counterparts 

 This Deed
may be executed in any number of counterparts and by the parties on separate counterparts, each of which will be an original but all of which together will constitute one and the same instrument. This Deed will not take effect until each party has
executed at least one counterpart. 

  
 Page 6

 Deed of Guarantee 

 
 Executed and delivered as a deed poll in [*]. 

[Where any party wishes to execute this Deed by attorney] Each attorney executing this Deed states that he or she has no notice of the revocation
or suspension of his or her power of attorney. 
 [Note: Insert appropriate execution clauses for each party.] 

  
 Page 7

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Schedule 17 
 Parent Assumption Deed 

  
 Page 170

 West Australian Iron Ore Joint 

Venture—Parent Assumption 
 Deed 
 [Insert name of relevant Owner Ultimate Holding Company]

 [Insert names of other parties to the Joint Venture Agreement] 

 West Australian Iron Ore Joint Venture— 
 Parent Assumption Deed 
  
 Table of Contents 
  

							
	 1.
	 	Definitions and interpretation	  	 	1	  
		 	 1.1     Joint Venture Agreement definitions to apply
	  	 	1	  
		 	 1.2     Definitions
	  	 	1	  
		 	 1.3     Joint Venture Agreement interpretive provisions to apply
	  	 	1	  
	 2.
	 	 Ultimate Holding Company to assume liability
	  	 	1	  
	 3.
	 	 Consent of the Other Owners
	  	 	2	  
	 4.
	 	 Address of Ultimate Holding Company for Notices
	  	 	2	  
	 5.
	 	 Costs and stamp duty
	  	 	2	  
	 6.
	 	 Governing Law and Jurisdiction
	  	 	2	  
		 	 6.1     Governing Law
	  	        	2       	        
		 	 6.2     Final judgment conclusive and enforceable
	  	        	2       	        
		 	 6.3     Dispute Resolution
	  	        	3       	        
		 	 6.4     Service of Process
	  	        	3       	        
	 7.
	 	 General Provisions
	  	 	3	  

  
 Page i

 West Australian Iron Ore Joint Venture— 
 Parent Assumption Deed 
  
 Date 
 Parties 

 

	 	1.	[Insert name and details of Ultimate Holding Company of Relevant Owner] (the Ultimate Holding Company). 

 

	 	2.	[Insert name and details of each other party to the Joint Venture Agreement (including the Relevant Owner)] (collectively the Other
Parties). 

 Recitals 
  

	 	A	Clause 10.10(b) of the Joint Venture Agreement provides that any Owner of which an Issuer is a Subsidiary must, in certain circumstances, procure that its Ultimate
Holding Company assumes the Parent Undertakings by executing a Parent Assumption Deed in the form set out in schedule 17 of the Joint Venture Agreement. 

  

	 	B	By virtue of [insert details of relevant event triggering the requirements of clause 10.10(b)], [Insert name of relevant Owner] (the
Relevant Owner) is an Owner to which clause 10.10(b) applies. 

  

	 	C	[Insert name of Ultimate Holding Company of the relevant Owner] is the Ultimate Holding Company (as defined in the Joint Venture Agreement) of the
Relevant Owner. 

  

	 	D	In order to give effect to clause 10.10(b) of the Joint Venture Agreement, and in satisfaction of the requirement to enter into a Parent Assumption Deed, the Ultimate
Holding Company and the Other Parties have agreed to enter into this Deed. 

 It is agreed as follows. 

 

	1.	Definitions and interpretation 

  

	1.1	Joint Venture Agreement definitions to apply 

 Subject to a contrary meaning being specified in clause 1.2, words and expressions defined in the Joint Venture Agreement have the same meaning when used in this Deed. 

 

	1.2	Definitions 

 In this
Deed, the following terms have the following meanings unless the context requires otherwise. 
 Effective Date
means the date on which the last party executes this Deed. 
 Joint Venture Agreement means the West
Australian Joint Venture Agreement dated [#]. 
 Relevant Owner has the meaning given in Recital B. 

 

	1.3	Joint Venture Agreement interpretive provisions to apply 

 Items 1.2 to 1.5 (inclusive) of schedule 1 to the Joint Venture Agreement will apply, mutatis mutandis, in the interpretation of this Deed. 

 

	2.	Ultimate Holding Company to assume liability 

  

	 	(a)	The Ultimate Holding Company covenants and agrees with each of the Other Parties as from the Effective Date to observe, perform and be bound by all of the undertakings,
liabilities and obligations in respect of, or attaching to, the Parent Undertakings in respect of the Relevant Owner under the Joint Venture Agreement to the extent that those undertakings, liabilities and obligations are capable of applying to the
Ultimate Holding Company. 

  
 Page 1

 West Australian Iron Ore Joint Venture— 
 Parent Assumption Deed 
  
  

	 	(b)	On and from the Effective Date, the Ultimate Holding Company will be deemed to be a party to the Joint Venture Agreement for the sole purpose of providing the Parent
Undertakings on behalf of the Relevant Owner. 

  

	3.	Consent of the Other Parties 

 On and from the Effective Date, each Other Party: 
  

	 	(a)	unconditionally and irrevocably consents to the Ultimate Holding Company becoming a party to the Joint Venture Agreement for the purposes of the Parent Undertakings in
respect of the Relevant Owner; and 

  

	 	(b)	agrees that the Ultimate Holding Company will be entitled to exercise all of the rights, privileges and benefits of the Owner Parent in respect of the Relevant Owner
under the Joint Venture Agreement as if that Ultimate Holding Company was named as a party to the Joint Venture Agreement. 

  

	4.	Address of Ultimate Holding Company for Notices 

 For the purposes of the Joint Venture Agreement, the address of the Ultimate Holding Company to which all notices must be delivered is: 

 

			
	 to [Insert details of Ultimate
	  	[#]
	 Holding Company]:
	  	Attention [#]
		  	Address: [#]
		  	Fax No: [#]

  

	5.	Costs and stamp duty 

  

	 	(a)	Each party will bear the costs arising out of the negotiation, preparation, execution and enforcement of this Deed. 

 

	 	(b)	Subject to the Joint Venture Agreement, all stamp duty (including fines, penalties and interest) which may be payable on or in connection with this Deed and any
instrument executed under this Deed will be borne by the Ultimate Holding Company. The Ultimate Holding Company will indemnify the Other Parties on demand against any liability for that stamp duty. 

 

	6.	Governing Law and Jurisdiction 

  

	6.1	Governing Law 

  

	 	(a)	This Deed will be governed by the laws of Western Australia, Australia. 

  

	 	(b)	The parties irrevocably and unconditionally: 

  

	 	(i)	submit to the non-exclusive jurisdiction of the courts of Western Australia; and 

 

	 	(ii)	agree that they may not object to any suit, action or proceeding commenced under or in connection with this Deed on the basis that the courts of Western Australia are
not an appropriate forum. 

  

	6.2	Final judgment conclusive and enforceable 

 The parties agree that a final judgment in any suit, action or proceeding commenced under or in connection with this Deed in any court of competent jurisdiction is conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by Law. 

  
 Page 2

 West Australian Iron Ore Joint Venture— 
 Parent Assumption Deed 
  
  

	6.3	Dispute Resolution 

 Any
dispute, controversy, claim or difference of whatever nature arising under, out of, or in connection with this Deed will be resolved in accordance with clause 20.3 of the Joint Venture Agreement. 

 

	6.4	Service of Process 

  

	 	(a)	Each party agrees that service of all writs, process and summonses in any suit, action or proceeding under or in connection with this Deed brought in Western Australia
may be made on its registered or principal office for the time being in Australia. 

  

	 	(b)	Nothing contained or implied in this Deed will in any way be taken to limit the ability of a party to: 

 

	 	(i)	serve any writs, processes or summonses; or 

  

	 	(ii)	obtain jurisdiction over a party in other jurisdictions, 

 in any manner permitted by Law. 
  

	7.	General Provisions 

 The
provisions of clauses 19, 21.1 (subject to clause 4 of this Deed) to 21.7, 21.9 and 21.11 to 21.13 of the Joint Venture Agreement will apply, mutatis mutandis, in this Deed unless the context requires otherwise. 

  
 Page 3

 West Australian Iron Ore Joint Venture— 
 Parent Assumption Deed 
  
 Executed as a Deed 
 [Insert relevant execution clauses.] 

  
 Page 4

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Schedule 18 
 Deed of Accession (Sole Risk Entity) 

  
 Page 171

 West Australian Iron Ore Joint 

Venture—Deed of Accession 
 (Sole Risk Entity) 
 [Insert name of Manager] 

[Insert name of Sole Risk Entity] 

 West Australian Iron Ore Joint Venture— 
 Deed of Accession 
  
 Table of Contents 
  

							
	 1.
	 	Definitions and interpretation	  	 	2	  
			
		 	 1.1     Joint Venture Agreement definitions to apply
	  	 	2	  
		 	 1.2     Definitions
	  	 	2	  
		 	 1.3     Joint Venture Agreement interpretive provisions to apply
	  	 	2	  
			
	 2.
	 	Sole Risk Entity to assume liability	  	 	2	  
			
	 3.
	 	Address of Sole Risk Entity for Notices	  	 	2	  
			
	 4.
	 	Costs and stamp duty	  	 	3	  
			
	 5.
	 	Governing Law and Jurisdiction	  	 	3	  
			
		 	 5.1     Governing Law
	  	 	3	  
		 	 5.2     Final judgment conclusive and enforceable
	  	 	3	  
		 	 5.3     Dispute Resolution
	  	 	3	  
		 	 5.4     Service of Process
	  	 	3	  
			
	 6.
	 	General Provisions	  	 	3	  
			
	 7.
	 	Amendments	  	 	4	  

  
 Page i

 West Australian Iron Ore Joint Venture— 
 Deed of Accession 
  
 Date 
 Parties 

 

	 	1.	[#] [(ACN [#])] (on its own behalf and on behalf of each of the Existing Parties) (the Manager). 

 

	 	2.	[#] [(ACN [#])] (the Sole Risk Entity). 

 Recitals 
 [Drafting Note: Recitals A to D (Option 1) to be used where
a Sole Funding Party elects to nominate a Sole Risk Entity to undertake a Sole Risk Development or Sole Risk Opportunity pursuant to item 4(a) of schedule 4. Recitals A to C (Option 2) to be used where a Sole Risk Entity disposes of the whole of its
Participating Interest pursuant to item 4(f) of schedule 4.] 
 (Option 1) 

 

	 	A	[Items 4(a) and (b) of schedule 4 of the Joint Venture Agreement provide that a Sole Funding Party that becomes entitled to proceed with a Sole Risk Development or
Sole Risk Opportunity may nominate a Sole Risk Entity to undertake that Sole Risk Development or Sole Risk Opportunity (as applicable) on its behalf, provided that the Sole Risk Entity first enters into a Deed of Accession in the form set out in
schedule 18 of the Joint Venture Agreement. 

  

	 	B	[Insert Name of relevant Sole Funding Party] (the Sole Funding Party) has elected to proceed with a [Sole Risk Development / Sole Risk
Opportunity] pursuant to clause [8.3(b) / 8.4(g)] of the Joint Venture Agreement in respect of [Insert description of Sole Risk Development or Sole Risk Opportunity] (the [Sole Risk Development
/Sole Risk Opportunity]). 

  

	 	C	In accordance with item 4(a) of schedule 4, the Sole Funding Party has exercised its right to nominate [Insert name of Sole Risk Entity] to undertake the
[Sole Risk Development / Sole Risk Opportunity] on its behalf. 

  

	 	D	In order to give effect to the arrangements referred to in Recital C, and in satisfaction of the requirement to enter into a Deed of Accession under item 4(b) of
schedule 4 of the Joint Venture Agreement, the Manager (on behalf of each Existing Party) and the Sole Risk Entity have agreed to enter into this Deed.] 

 (Option 2) 
  

	 	A	[Item 4(f) of schedule 4 of the Joint Venture Agreement provides that a Sole Risk Entity is entitled to Dispose of the whole, but not part, of its rights under the
Joint Venture Agreement, 

 provided that the transferee Sole Risk Entity first enters into a Deed of Accession in
the form set out in schedule 18 of the Joint Venture Agreement. 
  

	 	B	[Insert Name of existing Sole Risk Entity] (the Existing Sole Risk Entity) has elected to Dispose of its rights under the Joint Venture
Agreement in respect of [Insert description of Sole Risk Development or Sole Risk Opportunity] (the [Sole Risk Development / Sole Risk Opportunity]). 

 

	 	C	In order to give effect to the arrangements referred to in Recital B, and in satisfaction of the requirement to enter into a Deed of Accession under item 4(f) of
schedule 4 of the Joint Venture Agreement, the Manager (on behalf of each Existing Party) and the transferee Sole Risk Entity have agreed to enter into this Deed.] 

  
 Page 1

 West Australian Iron Ore Joint Venture— 
 Deed of Accession 
  
 It is agreed as follows. 
  

	1.	Definitions and interpretation 

  

	1.1	Joint Venture Agreement definitions to apply 

 Subject to a contrary meaning being specified in clause 1.2, words and expressions defined in the Joint Venture Agreement have the same meaning when used in this Deed. 

 

	1.2	Definitions 

 In this
Deed, the following terms have the following meanings unless the context requires otherwise. 
 Effective Date
means the later of: 
  

	 	(a)	the date on which the last party executes this Deed; and 

  

	 	(b)	the date on which the Sole Funding Party obtains the last of the Authorisations and third party approvals required by item 4.(g) of schedule 4 of the Joint Venture
Agreement. 

 Existing Parties means each party to the Joint Venture Agreement. 

[Existing Sole Risk Entity has the meaning given in Recital B. (Option 2)] 

Joint Venture Agreement means the West Australian Joint Venture Agreement dated [#]. 

[Sole Funding Party has the meaning given in Recital B. (Option 1)] 

[Sole Risk Development has the meaning given in Recital B. / Sole Risk Opportunity has the meaning given in
Recital B.] 
  

	1.3	Joint Venture Agreement interpretive provisions to apply 

 Items 1.2 to 1.5 (inclusive) of schedule 1 to the Joint Venture Agreement will apply, mutatis mutandis, in the interpretation of this Deed. 

 

	2.	Sole Risk Entity to assume liability 

  

	 	(a)	The Sole Risk Entity covenants and agrees with each of the Existing Parties as from the Effective Date to observe, perform and be bound by all of the undertakings,
liabilities and 

  

	 	    	obligations of the [Sole Funding Party (Option 1) / Existing Sole Risk Entity (Option 2)] in respect of, or attaching to, the [Sole Risk Development / Sole Risk
Opportunity] under the Joint Venture Agreement (including undertakings, liabilities and obligations that arise before the Effective Date) to the extent that those undertakings, liabilities and obligations are capable of applying to the Sole
Risk Entity with respect to the [Sole Risk Development / Sole Risk Opportunity]. 

  

	 	(b)	On and from the Effective Date, the Sole Risk Entity will be deemed to be a party to the Joint Venture Agreement with the rights set out in the Joint Venture Agreement
in respect of the [Sole Risk Development / Sole Risk Opportunity]. 

  

	3.	Address of Sole Risk Entity for Notices 

 For the purposes of the Joint Venture Agreement, the address of the Sole Risk Entity to which all notices must be delivered is: 

 

			
	 to [Insert details of Sole Risk Entity]:
	  	[#]
		
		  	Attention [#]
		
		  	Address: [#]
		
		  	Fax No: [#]

  
 Page 2

 West Australian Iron Ore Joint Venture— 
 Deed of Accession 
  
  

	4.	Costs and stamp duty 

  

	 	(a)	Each party will bear the costs arising out of the negotiation, preparation, execution and enforcement of this Deed. 

 

	 	(b)	All stamp duty (including fines, penalties and interest) which may be payable on or in connection with this Deed and any instrument executed under this Deed will be
borne by the Sole Risk Entity. The Sole Risk Entity will indemnify the Existing Parties on demand against any liability for that stamp duty. 

  

	5.	Governing Law and Jurisdiction 

  

	5.1	Governing Law 

  

	 	(a)	This Deed will be governed by the laws of Western Australia, Australia. 

  

	 	(b)	The parties irrevocably and unconditionally: 

  

	 	(i)	submit to the non-exclusive jurisdiction of the courts of Western Australia; and 

 

	 	(ii)	agree that they may not object to any suit, action or proceeding commenced under or in connection with this Deed on the basis that the courts of Western Australia are
not an appropriate forum. 

  

	5.2	Final judgment conclusive and enforceable 

 The parties agree that a final judgment in any suit, action or proceeding commenced under or in connection with this Deed in any court of competent jurisdiction is conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by Law. 
  

	5.3	Dispute Resolution 

 Any
dispute, controversy, claim or difference of whatever nature arising under, out of, or in connection with this Deed will be resolved in accordance with clause 20.3 of the Joint Venture Agreement. 

 

	5.4	Service of Process 

  

	 	(a)	Each party agrees that service of all writs, process and summonses in any suit, action or proceeding under or in connection with this Deed brought in Western Australia
may be made on its registered or principal office for the time being in Australia. 

  

	 	(b)	Nothing contained or implied in this Deed will in any way be taken to limit the ability of a party to: 

 

	 	(i)	serve any writs, processes or summonses; or 

  

	 	(ii)	obtain jurisdiction over a party in other jurisdictions, 

 in any manner permitted by Law. 
  

	6.	General Provisions 

 The
provisions of clauses 19, 21.1 (subject to clause 3 of this Deed), 21.2, 21.4 to 21.6, 21.9 and 21.11 to 21.13 of the Joint Venture Agreement will apply, mutatis mutandis, in this Deed unless the context requires otherwise. 

  
 Page 3

 West Australian Iron Ore Joint Venture— 
 Deed of Accession 
  
  

	7.	Amendments 

Notwithstanding clause 21.3 of the Joint Venture Agreement, the Sole Risk Entity acknowledges that: 

 

	 	(a)	any change to the parties to the Joint Venture Agreement as expressly provided for in the Joint Venture Agreement; or 

 

	 	(b)	any amendment or variation to the Joint Venture Agreement that affects the rights and obligations of the Existing Parties, but does not affect the rights and
obligations of the Sole Risk Entity, 

 will not require the Sole Risk Entity’s consent. Any amendment or
variation to which this clause 7 applies will take effect despite the Sole Risk Entity not having executed that amendment or variation. 

  
 Page 4

 West Australian Iron Ore Joint Venture— 
 Deed of Accession 
  
 Executed as a Deed 
 [Insert relevant execution clauses.] 

  
 Page 5

 West Australian Iron Ore 
 Production Joint Venture Agreement 
  
 Executed by the parties 
 [Insert relevant execution clauses.] 

  
 Page 172

 Implementation Agreement 
 Executed by the parties 
 Each attorney executing this Agreement states that he or she has
no notice of revocation or suspension of his or her power of attorney. 
  

					
	EXECUTED by RIO TINTO LIMITED by its duly	  		  	
	constituted attorney pursuant to a Power of Attorney	  		  	
	dated 1 December 2009	  		  	
			
	 /s/ Guy Elliott
	  		  	 /s/ Sam Walsh

	Signature of Attorney	  		  	Signature of Witness
			
	 Guy Elliott
	  		  	 Sam Walsh

	Name of Attorney	  		  	Name of Witness
			
	 EXECUTED by RIO TINTO PLC by its duly
 constituted attorney pursuant to a Power of
	  		  	
	Attorney dated 1 December 2009	  		  	
			
	 /s/ Guy Elliott
	  		  	 /s/ Sam Walsh

	Signature of Attorney	  		  	Signature of Witness
			
	 Guy Elliott
	  		  	 Sam Walsh

	Name of Attorney	  		  	Name of Witness
			
	 EXECUTED by BHP BILLITON LIMITED
 by its authorised signatory:
	  		  	
			
	 /s/ Alberto Calderon
	  		  	 /s/ Peter James Stirling

	Authorised signatory	  		  	Witness
			
	 Alberto Calderon
	  		  	 Peter James Stirling

	Print Name	  		  	Print Name

  
 Page 106

 Implementation Agreement 

 

					
	EXECUTED by BHP BILLITON PLC	 		  	
	by its authorised signatory:	 		  	
			
	 /s/ Alberto Calderon
	 		  	 /s/ Peter James Stirling

	Authorised signatory	 		  	Witness
			
	 Alberto Calderon
	 		  	 Peter James Stirling

	Print Name	 		  	Print Name

  
 Page 107API Commercial Supply Agreement (Denufosol), dated as of December 14, 2010

 Exhibit 10.1 
 Note: Certain portions of this document have been marked “[c.i.]” to indicate that confidential treatment has been requested for this confidential information. The confidential portions
have been omitted and filed separately with the Securities and Exchange Commission. 
  

 
  

API COMMERCIAL SUPPLY AGREEMENT (DENUFOSOL) 
 by and between 
 INSPIRE PHARMACEUTICALS, INC. 

and 

FINORGA S.A.S. 
 Dated as of December 14, 2010 
  

 
  

 TABLE OF CONTENTS 

 

									
	 	  	Page No.	 
	Article I — Definitions	  	 	1	  
		
	Article II — Sale and Purchase of API	  	 	8	  
		  	2.1	  	 General
	  	 	8	  
		  	2.2	  	 Quarterly Forecasts
	  	 	8	  
		  	2.3	  	 Purchase Orders; Minimum Percentage Requirement
	  	 	8	  
		  	2.4	  	 Accommodations
	  	 	10	  
		  	2.5	  	 Capacity
	  	 	10	  
		  	2.6	  	 Meetings
	  	 	10	  
		
	Article III — Prices for API; Shipment; Payments	  	 	10	  
		  	3.1	  	 Price
	  	 	10	  
		  	3.2	  	 Invoices
	  	 	13	  
		  	3.3	  	 Payment
	  	 	14	  
		  	3.4	  	 Payment Denominations
	  	 	14	  
		  	3.5	  	 Shipment; Title; Transport
	  	 	14	  
		  	3.6	  	 Taxes
	  	 	15	  
		
	Article IV — Manufacture of API	  	 	15	  
		  	4.1	  	 General
	  	 	15	  
		  	4.2	  	 API Specification Changes
	  	 	16	  
		  	4.3	  	 Change Control Operating Procedures
	  	 	16	  
		  	4.4	  	 Storage, Handling and Disposal Obligations
	  	 	17	  
		  	4.5	  	 Validations and Stability Studies
	  	 	17	  
		  	4.6	  	 Inspire Materials
	  	 	18	  
		  	4.7	  	 Third Party Materials
	  	 	21	  
		  	4.8	  	 Existing Equipment
	  	 	21	  
		  	4.9	  	 Quality Agreement
	  	 	21	  
		  	4.10	  	 Compliance Standards
	  	 	22	  
		  	4.11	  	 Technology Transfer
	  	 	22	  
		  	4.12	  	 Sale of API
	  	 	22	  
		
	Article V — Testing and Quality Assurance	  	 	23	  
		  	5.1	  	 Quality Assurance; Quality Control
	  	 	23	  
		  	5.2	  	 Testing of API
	  	 	23	  
		  	5.3	  	 Inspire Holds and Rejections
	  	 	24	  
		  	5.4	  	 Nonconformity
	  	 	25	  
		  	5.5	  	 Quantitative Deficiencies
	  	 	26	  
		  	5.6	  	 Product Complaints
	  	 	26	  
		  	5.7	  	 Adverse Events
	  	 	26	  
		  	5.8	  	 Investigations; Novasep’s Obligations
	  	 	27	  
		  	5.9	  	 Certain Product Events
	  	 	28	  
		  	5.10	  	 Disposition of Certain API
	  	 	28	  

  
 i 

									
		  	5.11	  	Credits	  	 	29	  
		
	Article VI — Regulatory Matters	  	 	29	  
		  	6.1	  	Consents	  	 	29	  
		  	6.2	  	Compliance	  	 	30	  
		  	6.3	  	Drug Application Documentation	  	 	30	  
		  	6.4	  	Regulatory Changes	  	 	30	  
		  	6.5	  	Regulatory Inspections	  	 	30	  
		  	6.6	  	Other Regulatory Matters	  	 	31	  
		
	Article VII — Intellectual Property	  	 	31	  
		  	7.1	  	Ownership	  	 	31	  
		  	7.2	  	New Developments	  	 	32	  
		  	7.3	  	Grant of Licenses	  	 	33	  
		  	7.4	  	Infringement	  	 	33	  
		  	7.5	  	Data	  	 	33	  
		
	Article VIII — Information; Access; Audit Rights	  	 	34	  
		  	8.1	  	Provision of Information	  	 	34	  
		  	8.2	  	Audit and Inspection Rights	  	 	34	  
		  	8.3	  	Records Retention	  	 	34	  
		  	8.4	  	Inspire Representatives	  	 	35	  
		
	Article IX — Representations and Warranties	  	 	35	  
		  	9.1	  	Representations and Warranties of Novasep	  	 	35	  
		  	9.2	  	Representations and Warranties of Inspire	  	 	37	  
		  	9.3	  	No Other Warranties	  	 	38	  
		
	Article X — Liability and Indemnification	  	 	38	  
		  	10.1	  	Indemnity by Novasep	  	 	38	  
		  	10.2	  	Indemnity by Inspire	  	 	38	  
		  	10.3	  	Procedures	  	 	38	  
		  	10.4	  	Liability Exclusion of Novasep and Inspire	  	 	39	  
		  	10.5	  	Liability Limitation of Novasep	  	 	39	  
		
	Article XI — Insurance	  	 	40	  
		  	11.1	  	Coverage Requirements	  	 	40	  
		
	Article XII — Confidentiality	  	 	40	  
		  	12.1	  	Definition of “Inspire Confidential Information”	  	 	40	  
		  	12.2	  	Definition of “Novasep Confidential Information”	  	 	40	  
		  	12.3	  	Treatment of Confidential Information	  	 	41	  
		  	12.4	  	Excluded Information	  	 	42	  
		  	12.5	  	Return of Confidential Information	  	 	42	  
		
	Article XIII — Force Majeure Event	  	 	42	  
		  	13.1	  	Force Majeure	  	 	42	  
		
	Article XIV — Term; Termination; Remedies	  	 	43	  
		  	14.1	  	Term	  	 	43	  

  
 ii 

									
		  	14.2	  	 Termination for Breach
	  	 	43	  
		  	14.3	  	 Insolvency; Bankruptcy
	  	 	44	  
		  	14.4	  	 Change in Control of Novasep
	  	 	44	  
		  	14.5	  	 Discontinuance or Suspension of Product Program
	  	 	44	  
		  	14.6	  	 Termination by Inspire
	  	 	45	  
		  	14.7	  	 Good Faith Discussions in Connection with New Process Validation or Adverse Currency Fluctuation
	  	 	45	  
		  	14.8	  	 No Suspension of Obligations
	  	 	46	  
		  	14.9	  	 Effect of Termination by Inspire
	  	 	46	  
		
	Article XV — Miscellaneous	  	 	46	  
		  	15.1	  	 Notices
	  	 	46	  
		  	15.2	  	 Independent Contractors
	  	 	47	  
		  	15.3	  	 Entire Understanding
	  	 	47	  
		  	15.4	  	 Assignment
	  	 	48	  
		  	15.5	  	 Dispute Resolution
	  	 	48	  
		  	15.6	  	 Use of Affiliates
	  	 	49	  
		  	15.7	  	 Subcontractors
	  	 	49	  
		  	15.8	  	 Amendment
	  	 	49	  
		  	15.9	  	 Severability
	  	 	49	  
		  	15.10	  	 Waiver
	  	 	49	  
		  	15.11	  	 Survival
	  	 	49	  
		  	15.12	  	 Drafting Ambiguities
	  	 	49	  
		  	15.13	  	 Headings; Schedules; Counterparts
	  	 	50	  
		  	15.14	  	 Governing Law
	  	 	50	  
		  	15.15	  	 Remedies
	  	 	50	  
		  	15.16	  	 Injunctive Relief
	  	 	50	  
		  	15.17	  	 Standard Forms
	  	 	50	  
		  	15.18	  	 Further Assurances
	  	 	50	  
		  	15.19	  	 English Language
	  	 	51	  

  
 iii

 SCHEDULES TO AGREEMENT 

 

			
	3.1(b)(ii)	  	Baseline Third Party Materials Price
		
	3.1(b)(iii)	  	Improvement Amounts
		
	4.1	  	API Specifications
		
	4.9	  	Quality Agreement
		
	5.2	  	Form of Certificate of Analysis

  
 iv 

 API COMMERCIAL SUPPLY AGREEMENT (DENUFOSOL) 

THIS API COMMERCIAL SUPPLY AGREEMENT (DENUFOSOL) (this “Agreement”) is entered into and dated as of the 14th day of December,
2010 (the “Effective Date”) by and between Inspire Pharmaceuticals, Inc., a Delaware corporation having its principal office at 4222 Emperor Boulevard, Suite 200, Durham, North Carolina 27703-8466, U.S.A. (“Inspire”) and Finorga
S.A.S., a corporation organized and existing under the laws of France, having a place of business at Route de Givors, 38670 Chasse sur Rhône, France (“Novasep”). Inspire and Novasep are sometimes referred to herein individually as a
“Party” and collectively as “Parties.” 
 RECITALS 

WHEREAS, Inspire is engaged in the research, development and commercialization of proprietary pharmaceutical products; 

WHEREAS, Novasep is a company that has developed substantial expertise in manufacturing active pharmaceutical ingredients for use in
pharmaceutical products; 
 WHEREAS, Novasep and Inspire have entered into a Technical Transfer & Development Services
Agreement dated March 26, 2010, which provided for, among other things, the transfer by Inspire of technologies required by Novasep to begin production of a certain active pharmaceutical ingredient for Inspire; 

WHEREAS, Novasep is a wholly-owned subsidiary of Groupe Novasep S.A.S., and contemporaneously with this Agreement, Groupe Novasep S.A.S.
is entering into and delivering to Inspire that certain Parent Guarantee between such parties of even date herewith; and 

WHEREAS, the Parties desire to enter into a supply agreement pursuant to which Novasep will manufacture a certain active pharmaceutical
ingredient for Inspire. 
 NOW, THEREFORE, in consideration of the foregoing recitals, mutual covenants, agreements,
representations and warranties contained herein, the Parties hereby agree as follows: 
 Article I  

Definitions 
 “Adverse Currency Fluctuation” has the meaning provided in Section 14.6(i) of this Agreement. 
 “Adverse Event” has the meaning provided in Section 5.7 of this Agreement. 
 “Affiliate” means a corporation or non-corporate business entity that, directly or indirectly, controls, is controlled by, or is under common control with the Person specified, for so long as
such control continues. An entity will be regarded as in control of another entity if: (a) it owns, directly or indirectly, at least 50% of the voting securities or capital stock of such entity, or has other comparable ownership interest with
respect to any entity other than a corporation; or (b) it possesses, directly or indirectly, the power to direct or cause the direction of the management and 

 
policies of the corporation or non-corporate business entity, as applicable, whether through the ownership or control of voting securities, by contract or otherwise. 

“API” means denufosol tetrasodium (P1-deoxycytidine, P4-uridine-5’, 5’-tetraphosphate, tetrasodium salt). 

“API Price” has the meaning provided in Section 3.1(a) of this Agreement. 

“API/Product Developments” has the meaning provided in Section 7.2(a) of this Agreement. 

“API Specifications” mean all specifications and standards for materials, approved suppliers, formula, manufacturing,
analytical and testing procedures, release, packaging, labeling and other process relating to the manufacture of the API, all as set forth on Schedule 4.1 to this Agreement, including all master formulas, process flow diagrams and all
packaging specifications, as the same may be updated by the Parties or revised from time to time in accordance with this Agreement. 
 “API Technology Transfer Developments” means all API Developments (as defined in the Technology Transfer Agreement) made, conceived, reduced to practice, authored or otherwise invented,
discovered, generated or developed in connection with the Technology Transfer Agreement, and all rights to Intellectual Property arising therefrom. 
 “Audit Representatives” has the meaning provided in Section 8.2 of this Agreement. 
 “Average Initial Materials Price” has the meaning provided in Section 4.6(b)(i) of this Agreement. 
 “Average Third Party Materials Price” has the meaning provided in Section 3.1(b)(ii) of this Agreement. 
 “Baseline Third Party Materials Price” means [c.i.], which is the initial price at which Novasep is procuring the Third Party Materials necessary to manufacture one (1) kg of API in
accordance with this Agreement, as set forth in greater detail in Schedule 3.1(b)(ii). 
 “Business Day” means any
day, except Saturday and Sunday, on which commercial banking institutions are open for business in the United States. Any other reference in this Agreement to “day” whether or not capitalized shall refer to a calendar day, not a Business
Day. 
 “Calendar Quarter” means each three (3) month period beginning each
January 1, April 1, July 1 and October 1 during the Term. The initial Calendar Quarter shall begin on the Effective Date and end on the first to occur of March 31, June 30, September 30 or
December 31. 
 “Certificate of Analysis” means a document identified as such and provided by Novasep to Inspire
in the form set forth in Schedule 5.2 that (i) sets forth the analytical test results for a specified lot of API shipped to Inspire or its designee hereunder and includes a certified quality control protocol, (ii) states that such API is
in conformance with the Drug Application and API 

  
 2 

 
Specifications, and (iii) states that such API is manufactured in accordance with the API Specifications, Legal Requirements, cGMPs, all other regulatory documents, and such other methods as
agreed in writing between the Parties from time to time. 
 “Certificates” has the meaning provided in
Section 5.2 of this Agreement. 
 “Change Control Operating Procedures” has the meaning provided in
Section 4.3 of this Agreement. 
 “Change in Control” has the meaning provided in Section 14.4 of this
Agreement. 
 “Confidential Information” has the meaning provided in Section 12.3 of this Agreement. 

“Consent” means any consent, authorization, permit, certificate, license or approval of, exemption by, or filing or
registration with, any Governmental Body or other Person. 
 “Consumption Amount” has the meaning provided in
Section 4.6(b)(i) of this Agreement. 
 “Consumption Coefficient” has the meaning provided in
Section 4.6(b)(ii) of this Agreement. 
 “Current Good Manufacturing Practices” or “cGMPs” means all
applicable standards relating to manufacturing practices for intermediates, active pharmaceutical ingredients or finished pharmaceutical products, including without limitation (i) the principles detailed in the U.S. Current Good Manufacturing
Practices, 21 C.F.R. Parts 210 and 211, The Rules Governing Medicinal Products in the European Community, Volume IV Good Manufacturing Practice for Medicinal Products, and Q7A Good Manufacturing Practice Guidance For Active Pharmaceutical
Ingredients (ICH Q7A), (ii) the principles promulgated by any applicable Governmental Body having jurisdiction over the manufacture of the API, in the form of laws, rules, or regulations, and (iii) the principles promulgated by any
applicable Governmental Body having jurisdiction over the manufacture of the API, in the form of guidance documents (including but not limited to advisory opinions, compliance policy guides and guidelines); in each case as in effect at the Effective
Date and as amended, promulgated or accepted by any applicable Governmental Body from time to time during the Term. 

“Data” has the meaning provided in Section 7.5 of this Agreement. 

“Days” (whether or not the word is capitalized) means, except where specified otherwise, calendar days. 

“Delivery Date” means the date specified by Inspire that Novasep shall deliver the API in accordance with this Agreement.

 “Drug Application” means, with respect to the Product, the New Drug Application filed with the FDA, any product
license or any equivalent drug application or similar pharmaceutical product approval administered by any foreign Governmental Body, or extension or renewal of any of the foregoing. 

  
 3 

 “Excess Initial Materials Cost” has the meaning provided in
Section 4.6(b)(ii) of this Agreement. 
 “Existing Equipment” means the Equipment (as defined in the Technology
Transfer Agreement). 
 “Facility” means Novasep’s manufacturing facilities located at Route de Givors, 38670
Chasse-sur-Rhône, France (Finorga), or such other facility as agreed in advance in writing by the Parties. 

“FDA” means the United States Food and Drug Administration, or any successor agency thereof. 

“Firm Zone” has the meaning provided in Section 2.2(b) of this Agreement. 

“Force Majeure Event” has the meaning provided in Section 13.1 of this Agreement. 

“Generic Equivalent” means any Third Party version of a Product marketed by Inspire, which Third Party version has
(i) been designated as a therapeutic equivalent product with an “A” code (as described in the Approved Drug Products with Therapeutic Equivalence Evaluations published by the FDA Center for Drug Evaluation and
Research or any successor publication) with respect to such Product and (ii) received all Consents required by FDA for marketing in the United States. 
 “Governmental Body” means any nation or government, any state, province, or other political subdivision thereof, any entity with legal authority to exercise executive, legislative, judicial,
regulatory or administrative functions, or any division of the FDA (as applicable) and any other applicable counterpart agency or foreign equivalent that administers the Legal Requirements. 

“Improvement Amount” has the meaning set forth in Section 3.1(b)(iii) of this Agreement. 

“Indemnified Party” has the meaning provided in Section 10.3 of this Agreement. 

“Indemnifying Party” has the meaning provided in Section 10.3 of this Agreement. 

“Initial Materials” means dCMP (2’-deoxycytidine 5’-monophosphate). 

“Initial Materials Savings” has the meaning provided in Section 4.6(b)(ii) of this Agreement. 

“Initial Term” has the meaning provided in Section 14.1 of this Agreement. 

“I.N.S.E.E. Index” has the meaning provided in Section 3.1(b)(i) of this Agreement. 

“Inspire Confidential Information” has the meaning provided in Section 12.1 of this Agreement. 

“Inspire Intellectual Property” means any and all Intellectual Property relating to the API, Product or the development or
manufacture thereof that was (i) owned, licensed or controlled by 

  
 4 

 
Inspire or Inspire Affiliates at the Effective Date (other than any Licensed Novasep Rights), or (ii) developed or acquired by Inspire or Inspire Affiliates after the Effective Date,
excluding in each case any API Technology Transfer Developments and API/Product Developments. 
 “Inspire License” has
the meaning provided in Section 7.3 of this Agreement. 
 “Inspire Materials” has the meaning provided in
Section 4.6(a)(ii) of this Agreement. 
 “Inspire Rights” has the meaning provided in Section 7.3 of this
Agreement. 
 “Intellectual Property” means (i) patents, patent rights, provisional patent applications, patent
applications, designs, registered designs, registered design applications, industrial designs, industrial design applications and industrial design registrations, including any and all divisions, continuations, continuations-in-part, extensions,
restorations, substitutions, renewals, registrations, revalidations, reexaminations, reissues or additions, including supplementary certificates of protection, of or to any of the foregoing items; (ii) copyrights, copyright registrations,
copyright applications, original works of authorship fixed in any tangible medium of expression, including literary works (including all forms and types of computer software, including all source code, object code, firmware, development tools,
files, records and data, and all documentation related to any of the foregoing), musical, dramatic, pictorial, graphic and sculptured works; (iii) trade secrets, technology, developments, discoveries and improvements, know-how, proprietary
rights, formulae, confidential and proprietary information, technical information, techniques, inventions, designs, drawings, procedures, processes, models, formulations, manuals and systems, whether or not patentable or copyrightable, including all
biological, chemical, biochemical, toxicological, pharmacological and metabolic material and information and data relating thereto and formulation, clinical, analytical and stability information and data which have actual or potential commercial
value and are not available in the public domain; (iv) trademarks, trademark registrations, trademark applications, service marks, service mark registrations, service mark applications, business marks, brand names, trade names, trade dress,
names, logos and slogans, internet domain names, and all goodwill associated therewith; and (v) all other intellectual property or proprietary rights worldwide, in each case whether or not subject to statutory registration or protection.

 “Legal Requirements” means any and all local, municipal, state, provincial, federal and international laws,
statutes, ordinances, rules, or regulations now or hereafter enacted or promulgated by any Governmental Body applicable to the development, approval, manufacture, sale, shipment or licensing of any pharmaceutical products, ingredients for inclusion
therein, or any aspect thereof, and the obligations of Novasep or Inspire, as the context requires, under this Agreement, including, without limitation, applicable laws, statutes, ordinances, rules and regulations of France, as well as the United
States Federal Food, Drug and Cosmetic Act, as amended, and the rules and regulations promulgated thereunder. 
 “Licensed
Novasep Rights” means any Novasep Intellectual Property licensed by Novasep to Inspire pursuant to Section 6.1(b) of the Technology Transfer Agreement or pursuant to Section 7.1(b) of this Agreement. 

“Losses” means, collectively, any and all claims, liabilities, damages, losses, costs, expenses, including reasonable fees and
disbursements of counsel and any consultants or experts 

  
 5 

 
and expenses of investigation, obligations, liens, assessments, judgments, fines and penalties imposed upon or incurred by an Indemnified Party. 

“Material Event” has the meaning provided in Section 8.2 of this Agreement. 

“Minimum Percentage Requirement” has the meaning set forth in Section 2.3(b) of this Agreement. 

“Monthly Cap” has the meaning set forth in Section 2.2(b) of this Agreement. 

“New Process Validation” has the meaning provided in Section 14.6(h) of this Agreement. 

“Nonconformity” has the meaning provided in Section 5.4(a) of this Agreement. 

“Nonconforming API” means API that is subject to a Nonconformity. 

“Novasep Confidential Information” has the meaning provided in Section 12.2 of this Agreement. 

“Novasep Intellectual Property” means (i) all Intellectual Property owned, licensed or controlled by Novasep at the
Effective Date (excluding any Intellectual Property licensed by Inspire to Novasep under Section 6.3 of the Technology Transfer Agreement), and (ii) all Intellectual Property developed or acquired by Novasep after the Effective Date that
does not relate to the API or Product or the development or manufacture of the API or Product, and does not utilize and is not based on any Inspire Rights or Inspire Confidential Information. For clarity, Novasep Intellectual Property includes any
Licensed Novasep Rights but does not include any API Technology Transfer Developments, API/Product Developments or Data. 

“Novasep’s Minimum Capacity” has the meaning provided in Section 2.5 of this Agreement. 

“Party” and “Parties” have the meanings given such terms, respectively, in the first paragraph of this Agreement.

 “Person” means any individual, corporation, company, partnership, trust, incorporated or unincorporated
association, joint venture or other entity of any kind. 
 “Potential Contaminants” has the meaning set forth in
Section 9.1(l) of this Agreement. 
 “Product” means finished pharmaceutical product that incorporates the API.

 “Production Amount” has the meaning provided in Section 4.6(b)(i) of this Agreement. 

“Purchase Orders” has the meaning provided in Section 2.3(a) of this Agreement. 

“Quality Agreement” means the agreement identified in Section 4.9 of this Agreement. 

“Secondary Supplier” has the meaning set forth in Section 2.3(a) of this Agreement. 

  
 6 

 “Short Batch” means a batch of API produced by Novasep that has a yield that is
lower than the minimum expected batch size, where such expected batch size is determined by dividing the amount of Initial Materials that were consumed in the manufacture of such batch by the then-applicable upper bound of the Target Consumption
Range (e.g., [c.i.] Initial Materials per kg API as of the Effective Date), due to any error or other noncompliance relating to the manufacture thereof by Novasep. 
 “Subcontractor” means any Third Party that performs any of Novasep’s obligations under this Agreement on Novasep’s behalf. 

“Target Consumption Range” means the range of amounts of Initial Materials (100% dCMP (2’-deoxycytidine
5’-monophosphate)) expected by the Parties to be consumed in Novasep’s manufacture of one (1) kg of API in compliance with this Agreement. The initial Target Consumption Range shall be from [c.i.]. The Target Consumption Range shall
be updated in accordance with Section 4.6(b)(iii). 
 “Technology Transfer Agreement” means the Technical
Transfer & Development Services Agreement between the Parties dated March 26, 2010. 
 “Technology Transfer
Data” means all Data (as defined in the Technology Transfer Agreement) provided, made available or generated in connection with the Technology Transfer Agreement, and all Intellectual Property rights that may subsist in such Data. 

“Term” has the meaning provided in Section 14.1 of this Agreement. 

“Third Party” means any Person other than the Parties or their respective Affiliates. 

“Third Party Materials” means (i) all raw materials, components, work-in-process and other ingredients required to
manufacture the API, and (ii) all packaging materials used in the manufacture, storage and shipment of the API, in each case, other than Inspire Materials. Third Party Materials also shall include all Third Party Technology Transfer Materials.

 “Third Party Supplier” means any Third Party that provides to Novasep any Third Party Materials for any API
produced under this Agreement. 
 “Third Party Technology Transfer Materials” means all Third Party Materials (as
defined in the Technology Transfer Agreement) procured by Inspire in connection with the Technology Transfer Agreement. 

  
 7 

 Article II 
 Sale and Purchase of API 
 2.1 General. Subject to the terms and
conditions of this Agreement, Novasep agrees to manufacture API at the Facility for sale to Inspire. Novasep may manufacture API at locations other than the Facility only with the prior written consent of Inspire. For clarity, the Parties agree that
this Agreement does not obligate Inspire to purchase all of its requirements of the API from Novasep, nor does it obligate Inspire to purchase any particular volumes of API from Novasep except as expressly set forth herein. Inspire retains the right
to engage or appoint additional suppliers and contract manufacturers from time to time in its sole discretion. 
 2.2
Quarterly Forecasts. 
 (a) General. Beginning on the Effective Date and thereafter during the
Term of this Agreement, no later than [c.i.] Days prior to the first (1st) Day of each Calendar Quarter, Inspire shall provide to Novasep a good faith forecast for the twelve (12) month period (or such shorter period remaining under the
Term of this Agreement) beginning on the first Day of such Calendar Quarter, setting forth on a month-by-month basis the anticipated volumes of API to be ordered by Inspire pursuant to this Agreement. In addition, Inspire may from time to time
notify Novasep of information regarding the forecasted requirements for API of Inspire’s licensees that would be supplied under this Agreement. In the event that Novasep anticipates not being able to supply API as forecasted or otherwise
informed by Inspire, Novasep shall notify Inspire within fifteen (15) Days of receipt of such forecast or notice; provided, however, that such notification shall not relieve Novasep of any liability for failure to deliver API as required under
this Agreement. In addition, in the event that Novasep does not have sufficient capacity to supply API as forecasted or otherwise informed by Inspire during any particular calendar year, Inspire will be relieved of the Minimum Percentage Requirement
during such calendar year. 
 (b) Firm Zone. The quantity of API forecasted for [c.i.] of each forecast
shall be binding on both of the Parties (each such [c.i.] shall be referred to herein as the “Firm Zone”), and Inspire shall be required to order such forecasted quantity during such Calendar Quarters, and Novasep shall be required to
supply such ordered quantity in accordance with this Agreement; provided, however, that (i) except to the extent set forth otherwise in Section 2.4, no forecasted quantity in excess of [c.i.] of API in any month shall be binding on Novasep
(the “Monthly Cap”); and (ii) Inspire shall not be required to order any quantity of API forecasted for any period that precedes the date on which Novasep completes the validation of the API manufacturing process pursuant to the
Technology Transfer Agreement. The API volumes specified for the portion of the forecast that does not constitute a Firm Zone shall be non-binding on both of the parties and only estimates of future anticipated volume of API requirements.

 2.3 Purchase Orders; Minimum Percentage Requirement. 

  
 8 

 (a) Subject to Section 2.2(b), Inspire shall deliver to Novasep one or
more purchase orders (“Purchase Orders”) for the aggregate API volumes in each Firm Zone. Each Purchase Order shall specify the volumes of API ordered, the Delivery Date and the destination for delivery to the carrier designated by Inspire
and for shipment of the API. To the extent consistent with the quantity of API forecasted for the applicable Firm Zone, each Purchase Order will have a minimum size of at least [c.i.]. The Purchase Orders may be delivered electronically or by other
means to such location as Novasep shall designate. Novasep shall deliver such API on the Delivery Date specified by Inspire. In the event that Novasep shall not be able to deliver API by the Delivery Date specified in a Purchase Order, Novasep shall
(x) notify Inspire promptly in writing upon discovery of its inability to comply with the terms of this Section 2.3(a) and (y) use best efforts to deliver such API as soon as possible after the Delivery Date; provided, however, that
such notification and delivery shall not relieve Novasep of any liability for failure to deliver on such Delivery Date. In addition, Novasep will take such actions as may be reasonably requested by Inspire to minimize the damage to Inspire caused by
Novasep’s inability to fulfill the terms of a Purchase Order. To the extent that (i) Novasep is or will be unable to supply Inspire with the full quantity of API ordered in a Purchase Order on or before the applicable Delivery Date, and
(ii) Inspire engages a Third Party (a “Secondary Supplier”) to supply such API, Novasep shall, in addition to any other remedies available to Inspire, reimburse Inspire for the difference between the price paid to the Secondary
Supplier for such API and the API Price, up to a maximum amount of [c.i.] of the applicable API Price. 
 (b)
Inspire will order at least twenty-five percent (25%) of its API requirements for each full calendar year from Novasep, as measured on an annual basis at the end of such year (the “Minimum Percentage Requirement”). At the end of each
such year, Inspire will provide to Novasep a report of the total amount of API that Inspire ordered in such year from any and all sources. If, on the basis of such report, the Parties determine that the amount of API that has been ordered by Inspire
from Novasep is less than twenty-five percent (25%) of the total amount of API that Inspire ordered in such year from any and all sources, then as Novasep’s sole remedy Inspire shall place one or more Purchase Orders for the difference
during the following calendar year. In the event that Novasep reasonably and in good faith disputes the total amount of API that Inspire ordered in such year from any and all sources, Novasep may, at its expense, conduct an audit through a third
party reasonably acceptable to Inspire in order to confirm the accuracy of the total amount of API that Inspire ordered in such year from any and all sources. The outcome of this audit shall be final and binding on the Parties, absent manifest
error. Notwithstanding the foregoing, Inspire will be relieved of the Minimum Percentage Requirement during any calendar year in which (i) Novasep fails to supply any ordered amount of API in compliance with this Agreement, (ii) Novasep is
prohibited from manufacturing API at the Facility by a Governmental Body for any period of time, or (iii) Inspire otherwise has the right to terminate this Agreement pursuant to Sections 13.1, 14.2, 14.3, 14.4 or 14.6. In addition, Inspire will
be relieved of the Minimum Percentage Requirement during any calendar year after 2013 in which Inspire is able to obtain API from any Third Party at an aggregate cost, including without limitation costs for obtaining Initial Materials, yield
variance and currency exchange rate, that is more than seven and one-half percent (7.5%) lower than the aggregate cost to Inspire of obtaining API from Novasep under this Agreement. For clarity, the Minimum Percentage Requirement shall not
apply during the period between the 

  
 9 

 
Effective Date and December 31, 2010 or any partial year during the Term resulting from the expiration or termination of the Agreement during a calendar year. 

2.4 Accommodations. From time to time, Inspire may deliver to Novasep a Purchase Order for API volumes in excess of those
specified in any Firm Zone. Novasep shall use commercially reasonable efforts to supply all such ordered API volume. 
 2.5
Capacity. Novasep shall maintain, at Novasep’s cost and expense, at all times during the Term the capacity to supply no less than 1000 kg of API to Inspire each calendar year (“Novasep’s Minimum Capacity”). Notwithstanding
the foregoing, if Novasep requests use of the Equipment pursuant to Section 3.1(c) of the Technology Transfer Agreement and provides Inspire with written notification of the amount of API by which such use would reduce Novasep’s Minimum
Capacity for the applicable calendar year, and Inspire subsequently approves such use in writing, then Novasep’s Minimum Capacity shall be reduced by such amount of API for such calendar year; provided, however, that nothing in this
Section 2.5 will relieve Novasep of any of its obligations with respect to manufacturing and delivering any quantities of API forecasted for a Firm Zone. If Inspire’s forecasts provided pursuant to Section 2.2(a) indicate that
Inspire’s requirements for API will be in excess of Novasep’s Minimum Capacity, the Parties will meet and discuss in good faith possible expansions of Novasep’s Minimum Capacity in order to meet Inspire’s requirements. Without
limiting the foregoing, Novasep shall, within a period of six to eight (6 to 8) months of request by Inspire, increase Novasep’s Minimum Capacity to an amount ranging from 1500 kg up to 2000 kg of API per calendar year. In the event of an
increase to Novasep’s Minimum Capacity, the Monthly Cap shall be increased in direct proportion to such increase. In the event that investments are required for such capacities extension, the Parties will negotiate in good faith the sharing of
the additional costs arising from such capacity extension. In addition, the Parties will discuss any adjustments to the schedule of manufacture of API that may be required in order for Novasep to complete such capacity extension. 

2.6 Meetings. Unless otherwise mutually agreed in writing, the Parties shall meet or otherwise communicate no less than quarterly
to discuss the forecasts delivered by Inspire pursuant to this Agreement and other matters relevant to the supply of API hereunder. Novasep shall accommodate technical meetings and make its personnel available for technical consultation and other
matters as requested by Inspire. 
 Article III 
 Prices for API; Shipment; Payments 
 3.1 Price. 

(a) Initial API Price. The initial price for API shall be [c.i.] (the “API Price”). Novasep shall be
responsible for yield variances (except as otherwise set forth in Section 4.6(b)), rejects, losses, working capital, scrap, inventory obsolescence and any and all other costs associated with manufacturing, including all Third Party Materials
costs. For clarity, all costs incurred by Novasep in relation to non-binding forecasts provided by Inspire to Novasep shall be Novasep’s responsibility. 

  
 10 

 (b) API Price Adjustments. 

(i) I.N.S.E.E. Index. Each January 1 during the Term, beginning on January 1, 2013, the API Price shall
be adjusted as follows. The Parties will determine the Average Third Party Materials Price for the immediately preceding year using the most recent report of Third Party Materials prices provided by Novasep to Inspire pursuant to
Section 3.1(b)(ii) below and will subtract such Average Third Party Materials Price from the then-current API Price (after any adjustments to the API Price made for the then-current year pursuant to Sections 3.1(b)(ii) and 3.1(b)(iii));
provided that if the difference so obtained is a negative number, such difference shall be deemed to be zero. Such difference shall be multiplied by the average percentage change in the I.N.S.E.E. -Salaires du secteur privé et
semi—public—Indice trimestriel brut de base de l’ensemble des salaries (base 100 – June 2010), France (the “I.N.S.E.E. Index”) for the twelve (12) month period ending on the immediately preceding September 30,
where the average percentage change shall be expressed as a decimal (e.g., a two percent average percentage change would be expressed as 0.02). The product so obtained (which may be a negative number if the I.N.S.E.E. Index has decreased on
average during such period) shall be added to the API Price to determine the new API Price. Notwithstanding the foregoing, in no event will the API Price increase or decrease by [c.i.] per year due to any adjustment pursuant to this
Section 3.1(b)(i). 
 (ii) Third Party Materials Price. Each January 31 during the Term,
beginning on January 31, 2013, Novasep shall provide a report to Inspire detailing the price at which Novasep procured all Third Party Materials utilized in manufacturing the API that was delivered to Inspire during the immediately preceding
year (and, in the case of the report provided on January 31, 2013, during the period between the Effective Date and January 1, 2012). If the average price for the Third Party Materials necessary to manufacture such API on a per-kg basis
(the “Average Third Party Materials Price”) for the year immediately preceding the report has increased by in excess of [c.i.] over the Average Third Party Materials Price for the second preceding year (or, in the case of the report
provided on January 31, 2013, over the Baseline Third Party Materials Price), then the API Price for Purchase Orders placed by Inspire during the then-current year shall be increased by an amount equal to such excess amount. If, however, the
Average Third Party Materials Price for the year immediately preceding the report has decreased by in excess of [c.i.] below the Average Third Party Materials Price for the second preceding year (or, in the case of the report provided on
January 31, 2013, below the Baseline Third Party Materials Price), then the API Price for Purchase Orders placed by Inspire during the then-current year shall be reduced by an amount equal to the absolute value of such excess amount.

 (iii) Manufacturing Process Improvements. 

(A) Each January 31 during the Term, beginning on January 31, 2012, Novasep shall provide to Inspire a detailed
report, in a form 

  
 11 

 
reasonably satisfactory to Inspire, of all improvements made to the API manufacturing process during the immediately preceding year (or, in the case of the report provided on January 31,
2012, during the period between the Effective Date and January 1, 2012). Novasep shall include in each such report information necessary to support the calculation set forth in Schedule 3.1(b)(iii) or, for improvements described in
Section 3.1(b)(iii)(C), an explanation of how such improvements reduce Novasep’s cost of manufacturing the API and a statement of the average amount by which such cost is reduced by such improvements on a per kilogram basis. The Parties
shall discuss such reports in good faith. 
 (B) With respect to the manufacturing steps identified in
Schedule 3.1(b)(iii) as “St 3 Brut,” “St 3 [c.i.]” and “St 3 [c.i.],” the amount by which Novasep’s cost of manufacturing the API has been reduced by such improvements on a per-kilogram basis (the
“Improvement Amount”) for any improvements that reduce the respective duration of any such manufacturing step to a duration that is not lower than the duration identified as the “Original Proposal” for such manufacturing step in
Schedule 3.1(b)(iii) shall be calculated using the applicable formula set forth in Schedule 3.1(b)(iii). For clarity, in the event that the duration of any other manufacturing step identified in Schedule 3.1(b)(iii) is reduced
to an amount that is not lower than the duration identified as the “Original Proposal” for such manufacturing step in Schedule 3.1(b)(iii), such reduction in duration will not be considered for purposes of any reduction to the API
Price pursuant to this Section 3.1(b)(iii). 
 (C) In the event that any improvement reduces the duration
of any of the manufacturing steps identified in Schedule 3.1(b)(iii) below the duration identified as the “Original Proposal” for such manufacturing step in Schedule 3.1(b)(iii), the Parties shall determine the Improvement
Amount for such improvement in good faith based on the report and discussions contemplated by Section 3.1(b)(iii)(A) above and an evaluation of the impact of such improvement when considered in the aggregate in light of the then-current
duration of all of the manufacturing steps, using the table of durations set forth in Schedule 3.1(b)(iii). 
 [c.i.] 

  
 12 

 [c.i.] 

(iv) Without limiting Section 8.2, Inspire shall have the right, in Inspire’s discretion and upon reasonable
notice, to conduct such inspections and audits as it deems appropriate with respect to any manufacturing documentation (all documents and records related to the manufacture, generation, procurement, storage, testing, treatment, holding,
transportation, distribution and other handling or receiving of the API, Inspire Materials and Third Party Materials) and related information concerning any adjustment to the API Price; provided, however, that Inspire shall not be entitled to
inspect or audit Novasep’s financial data and records other than costs related to procurement of Third Party Materials and improvements to the manufacturing process. 

(c) Reduction to API Price due to Third Party Materials Procured by Inspire. Notwithstanding anything to the
contrary in this Agreement, if Novasep utilizes any Third Party Materials procured by Inspire or procured at Inspire’s expense, including without limitation any Third Party Technology Transfer Materials, in connection with the manufacture of
API under this Agreement, the API Price for such API shall be reduced by the cost savings gained by Novasep as a result of Novasep not procuring such Third Party Materials at its own expense. Such cost savings shall be determined by the price at
which Novasep is then procuring the applicable Third Party Materials from approved Third Party Suppliers or, if Novasep is not then procuring such materials, the price then quoted to Novasep by such Third Party Suppliers for such materials. For
clarity, nothing in this Section 3.1(c) will relieve Novasep of any of its obligations with respect to Third Party Materials under Section 4.7. 
 3.2 Invoices. Novasep may invoice Inspire for API on API shipment (as per FCA terms). All invoices shall include the following: (i) ‘Invoice’ written on the top of the document,
(ii) the date of the invoice, (iii) the number of the Purchase Order, (iv) an invoice number, (v) the quantity of API, (vi) the total amount being invoiced, and (vii) a reference to this Agreement, and shall be
submitted to: 
  

					
		  	 Inspire Pharmaceuticals, Inc.

4222 Emperor Boulevard, Suite 200
 Durham, North
Carolina 27703-8466
 Attention: Accounts Payable
 Email: isphap@inspirepharm.com
	  	

  
 13 

 3.3 Payment. Payments for API invoiced consistent with Section 3.2 above shall
be due [c.i.] days from the receipt of the invoice, subject in each case to Inspire’s right to dispute invoice amounts and/or delay the payment of disputed invoices under this Agreement, including, without limitation, the rights set forth in
Article V. Payments of invoices incorrectly addressed or from which any of the information required by Section 3.2 above has been omitted may take longer than [c.i.] days. 

3.4 Payment Denominations. The API Price, all invoiced amounts and all payments to be made under this Agreement shall be in Euros.

 3.5 Shipment; Title; Transport. 

(a) General. All API shall be shipped FCA (as defined in INCOTERMS, 2000 edition, published by the International
Chamber of Commerce, ICC Publication 560) the place (French port) named by Inspire for pickup by the carrier designated by Inspire, except with regard to title and risk of loss, which are described below in Section 3.5(b), the payment of taxes
which is described below in Section 3.6 and the cost of freight and insurance. Cost of freight and insurance is included in the API Price and Novasep shall be responsible for the cost thereof. Novasep shall insure each shipment in a manner
reasonably acceptable to Inspire. Novasep shall package the API for shipment (including but not limited to containers, packaging, container closure systems and labeling) in accordance with the API Specifications, Inspire’s instructions and its
customary practices therefor. In the event of any conflict between Inspire’s packaging instructions and Novasep’s customary practices, the Parties shall endeavor in good faith to resolve such conflict as quickly as practicable. Novasep
shall include the following with each shipment of the API: (i) the Purchase Order number; (ii) the lot and batch numbers; (iii) the quantity of the API; (iv) a copy of the applicable batch report; (v) the Certificates, as
applicable; (vi) a copy of the Material Safety Data Sheet for the API; and (vii) such customs and other documentation as is necessary or appropriate. In the event that Inspire specifies a destination for shipment other than Inspire’s
facilities, Novasep shall provide a copy of all such documents to Inspire contemporaneously with delivery of the API to the specified destination. 
 (b) Title/Risk of Loss. Title to and risk of loss for any API shall pass from Novasep to Inspire when such API is placed, cleared for export, into the custody of the carrier designated by Inspire
at the location specified for delivery pursuant to Section 3.5(a), as evidenced by the carrier’s signature of appropriate and customary documentation for such purpose; provided, however, that nothing in this Article III shall in any manner
limit Inspire’s rights under Article V. If any quantity of API is rejected by Inspire after receipt at the shipment destination under this Agreement, and such API is to be returned to Novasep, then title to and risk of loss for such rejected
API shall pass from Inspire to Novasep when such API is placed in the possession of the carrier for return to Novasep or for shipment on behalf of Novasep to a destination designated by Novasep. 

  
 14 

 (c) Single Order. To the extent possible, API which is purchased
pursuant to a single Purchase Order shall be delivered by Novasep in a single shipment, unless Inspire directs that such API should be delivered to more than one location. The Parties will discuss in good faith any associated requirements for
packaging that differ from those set forth in the API Specifications, including without limitation any additional expenses of Novasep that would be incurred in connection with such packaging requirements. 

(d) Shelf Life. Novasep shall deliver the API within [c.i.] after the manufacture date. The API shall have a shelf
life equal to the shelf life approved for the API by FDA. For clarity, Novasep shall remain liable for the failure to meet the requirements of this Section 3.5(d) if any inventory hold or rejection by Inspire results in a finding of
Nonconforming API and such hold or rejection causes the API not to meet such requirements. 
 3.6 Taxes. 

(a) If the API is shipped to the U.S.A, Novasep shall pay and otherwise be responsible for all applicable sales, goods,
services, transfer, value added and similar taxes in connection with any payment made by Inspire to Novasep pursuant to this Agreement. If the API is shipped to any other country at Inspire’s request, Inspire shall pay and otherwise be
responsible for all applicable sales, goods, services, transfer, value added and similar taxes in connection with any payment made by Inspire to Novasep pursuant to this Agreement. 

(b) Any income or other tax that one Party is required to withhold and pay on behalf of the other Party with respect to
amounts payable under this Agreement shall be deducted from said amounts prior to payment to the other Party; provided, however, that in regard to any tax so deducted, the Party making the withholding shall give or cause to be given to the other
Party such assistance as may reasonably be necessary to enable that other Party to claim exemption therefrom or credit therefor, and in each case shall furnish the Party on whose behalf amounts were withheld, proper evidence of the taxes paid on its
behalf. Each Party shall comply with reasonable requests of the other Party to take any proper actions that may minimize any withholding obligation. 
 Article IV 
 Manufacture of API 

4.1 General. Novasep shall manufacture, test, package, store, handle, label, release and deliver all API in accordance with the
applicable Drug Applications, API Specifications, cGMPs, Legal Requirements, other specifications and quality control standards as the Parties may agree upon from time to time, and this Agreement and the Quality Agreement. 

  
 15 

 4.2 API Specification Changes. 

(a) Inspire Requested Changes. Inspire shall be entitled to change the API Specifications from time to time upon
prior consent of Novasep, which shall not be unreasonably withheld or delayed. If such consent is given by Novasep, Novasep shall make all revisions to the API Specifications requested by Inspire, in accordance with the Change Control Operating
Procedures. Inspire retains the right and responsibility for final approval of the API Specifications. Except to the extent Inspire-requested changes are generally applicable to the Facility or Novasep’s manufacture of other products or as
otherwise provided in Section 4.2(c) below, Inspire shall pay Novasep the documented reasonable amounts incurred in implementing a change to the API Specifications requested by Inspire under this Section 4.2(a). For all changes to the API
Specifications requested by Inspire pursuant to this Section 4.2, Inspire shall, in its discretion, either (i) perform, or arrange for the performance of, all development work in connection therewith or (ii) have Novasep perform such
development work at the Facility. Novasep agrees to use commercially reasonable efforts to minimize its costs associated with any API Specification change. At the request of Inspire, Novasep shall evaluate and specify the estimated costs and timing
of potential revisions to the API Specifications. 
 (b) Novasep Changes. Novasep shall not make any
revisions to the API Specifications without prior written consent of Inspire. All requests for revisions by Novasep and Inspire-approved revisions shall be made in accordance with the Change Control Operating Procedures. If the Parties implement a
change in the API Specifications under this Section 4.2, they shall negotiate any changes in any affected Purchase Order to provide reasonable accommodation for changed circumstances. The costs of revisions requested by Novasep under this
Section 4.2(b) and changes requested by Inspire that are generally applicable to the Facility or Novasep’s manufacture of other products shall be borne by Novasep without any increase in the API Price if subsequently sold to Inspire.
Novasep shall be responsible for documenting all revisions to the API Specifications in accordance with the Change Control Operating Procedures, as applicable. 
 (c) Changes Mandated by Legal Requirements. Notwithstanding anything in subsections (a) and (b) of this Section 4.2 to the contrary, (i) Novasep may request or Inspire may
require an API Specification change intended to maintain compliance with Legal Requirements, to bring the API Specifications into compliance with Legal Requirements or to accommodate the demands or requests of any Governmental Body; and
(ii) the Parties shall bear equally the expense of any of such changes. 
 4.3 Change Control Operating Procedures.
The Quality Agreement sets forth the procedures to be followed in the event either Inspire or Novasep desires to change any aspect of the process by which the API is manufactured, including but not limited to any change in the API Specifications
(the “Change Control Operating Procedures”), and such written procedures shall be deemed a part of this Agreement and incorporated herein by reference, as if fully set forth herein. Any modification of the Change Control Operating
Procedures shall be mutually agreed in writing 

  
 16 

 
by the Parties in accordance with the provisions of Section 15.8 below. Novasep shall not make any revisions to the API Specifications, and shall not implement any change in the
manufacturing process for the API unless it has complied with the Change Control Operating Procedures. Without limiting the foregoing, Novasep shall not make any such revisions or implement any such changes without first obtaining the prior written
consent of Inspire. 
 4.4 Storage, Handling and Disposal Obligations. When storing, handling and disposing of API, Third
Party Materials, Inspire Materials, Nonconforming API, or API-derived wastes, Novasep shall comply with, and shall maintain all storage facilities in compliance with, the API Specifications, cGMPs, and Legal Requirements and the terms and conditions
of this Agreement. 
 4.5 Validations and Stability Studies. 

(a) Process Validation for Improved Manufacturing Processes. Novasep acknowledges that Inspire may from time to
time pursue strategies for improving the manufacturing processes for the API. Inspire may elect upon written notice to Novasep to implement a manufacturing process improvement that Inspire reasonably determines in good faith results in a significant
cost savings in the manufacture of the API. Novasep will use commercially reasonable efforts to establish and validate as soon as practical such manufacturing process improvement on substantially the same terms and conditions as were set forth in
the Technology Transfer Agreement, notwithstanding anything to the contrary in Section 4.2. 
 (b)
General. Without limiting the foregoing, Novasep shall perform at no additional cost to Inspire on an on-going basis all validations required by the applicable Drug Applications, the API Specifications, cGMPs or Legal Requirements in
connection with the regular course of manufacturing the API for commercial supply. 
 (c) Duties. In
performing its duties under this Section 4.5, Novasep shall perform the following tasks: 
 (i) prepare and
provide to Inspire, in the format designated by Inspire, the data package for required regulatory submissions; 

(ii) pull, store and analyze data and maintain, for periods of time acceptable to Inspire, a database containing
applicable information; 
 (iii) notify Inspire promptly if any batch of API fails any stability tests, but in
any event within not more than one (1) Business Day following Novasep’s confirmation of such failure in accordance with its customary practices; and 
 (iv) report to Inspire promptly, but within not more than five (5) Business Days, any significant atypical results, deviations or adverse trends exhibited during testing. 

(d) Product Review. At Inspire’s request, (i) Novasep promptly shall meet with Inspire for the purpose of
review of such matters related to manufacturing of the API as may be specified by Inspire, including discussing strategies for improving the product 

  
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manufacturing processes, and (ii) Novasep shall prepare and provide to Inspire written product reviews documenting such matters at least annually. 

4.6 Inspire Materials. 
 (a) General. 
 (i) Inspire or its designee shall supply
Initial Materials to Novasep on a reasonably prompt basis for use in the manufacture of the API in quantities reasonably sufficient to meet the Firm Zone commitments set forth in Purchase Orders. Commencing in 2012, Inspire will use commercially
reasonable efforts to provide Initial Materials at least [c.i.] days in advance of the applicable Delivery Date for the API for which such Initial Materials will be utilized. Prior to the delivery of any of such Initial Materials to Novasep, Inspire
or its designee shall provide to Novasep a copy of the Material Safety Data Sheet for the Initial Materials, as currently in effect, and thereafter shall promptly provide any subsequent revisions thereto. Novasep acknowledges that the Material
Safety Data Sheet has been generated by the Third Party supplier of the Initial Materials and that the accuracy thereof has not been independently confirmed by Inspire. Novasep accordingly agrees to exercise due care and judgment in storing,
handling and using the Initial Materials. Without limiting the foregoing, Novasep shall be responsible for inspecting, testing and releasing Initial Materials as necessary to perform its manufacturing and related obligations in compliance with this
Agreement. Novasep shall complete all necessary inspecting, testing and releasing of Initial Materials and notify Inspire of any materials not meeting applicable specifications within thirty (30) days of receipt thereof. Novasep shall not be
responsible for a delay in delivery of API to the extent that such delay is caused by a failure of the Initial Materials to meet the applicable specifications. 
 (ii) All materials, including but not limited to, Initial Materials, samples and specimens, supplied by or on behalf of Inspire or its designees to Novasep, including derivatives thereof (collectively
“Inspire Materials”), are and shall at all times remain the sole property of Inspire, whether such Inspire Materials remain unused or are contained in any work-in-process or finished product. Novasep shall handle, store, use and dispose of
Inspire Materials in accordance with the Specifications, cGMPs, all applicable Legal Requirements and the terms and conditions of this Agreement. Novasep shall have responsibility for and bear the risk of loss of any Inspire Materials after receipt
thereof by Novasep. Inspire Materials may only be used by Novasep for the manufacture of the API for Inspire as set forth herein and may not be provided to any Third Party other than a Subcontractor approved by Inspire pursuant to Section 15.7
solely for purposes of testing and releasing Inspire Materials as necessary to perform Novasep’s manufacturing and related obligations in compliance with this Agreement. Unless otherwise agreed in writing by Inspire, Novasep shall manufacture
API using a target input of [c.i.] of Initial Materials (100% dCMP (2’-deoxycytidine 5’-monophosphate)) per batch of API. 

  
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 (iii) Any and all Inspire Materials shall be returned to Inspire or its
designees upon the earlier of (i) Inspire’s request or (ii) the termination or expiration of this Agreement. In the alternative, if Inspire requests that remaining Inspire Materials be destroyed, Novasep shall destroy such Inspire
Materials at Inspire’s cost and certify in writing that such Inspire Materials have been destroyed in accordance with all Legal Requirements. In the event that Novasep loses, destroys or damages any Inspire Materials such that they cannot be
used in connection with any API, or uses any Inspire Materials in the manufacture of Nonconforming API, Novasep shall reimburse Inspire, at Inspire’s option, for Inspire’s expenses that (a) were incurred in connection with procuring
and shipping such Inspire Materials to Novasep or (b) are incurred in connection with procuring and shipping to Novasep Inspire Materials to replace such lost, destroyed or damaged Inspire Materials. In addition, in the event that Novasep
loses, destroys or damages any API, Novasep shall reimburse Inspire in accordance with the immediately preceding sentence for the Inspire Materials consumed in the production of such API. Further, in the event of any Short Batch, Novasep shall
reimburse Inspire in accordance with the second preceding sentence for the Inspire Materials that were consumed in the manufacture of such Short Batch but which did not result in production of API that is not Nonconforming API. The Parties will
determine such amount of Initial Materials by (i) multiplying the then-applicable upper bound of the Target Consumption Range (e.g., [c.i.] Initial Materials per kg API as of the Effective Date) by the amount of API actually produced in
such Short Batch and (ii) subtracting the product so obtained from the amount of Initial Materials that were actually consumed in the manufacture of such Short Batch. Novasep shall provide to Inspire quarterly reports of all Initial Materials
in its possession. 
 (b) Initial Materials Consumption True-Up. 

(i) On the first day of the third Calendar Quarter of each year during the Term, (A) Novasep shall provide a report
to Inspire detailing for the immediately preceding calendar year: (1) a summary of the past year’s production history under this Agreement, including without limitation all batches of API produced (including Nonconforming API and Short
Batches); (2) the total amount of Initial Materials (100% dCMP (2’-deoxycytidine 5’-monophosphate)) consumed in the manufacture under this Agreement of API delivered by Novasep to Inspire that is not Nonconforming API, excluding any
Initial Materials consumed in the manufacture of any Short Batches (the “Consumption Amount”); and (3) the total amount of API delivered under this Agreement by Novasep to Inspire that is not Nonconforming API, excluding any Short
Batches (the “Production Amount”), and (B) Inspire shall provide a report to Novasep detailing for the immediately preceding calendar year the average price at which Inspire procured the Initial Materials provided to Novasep for such
manufacture on a per-kg basis (the “Average Initial Materials Price”). Without limiting Section 8.2, Inspire shall have the right, in Inspire’s discretion and upon reasonable notice, to conduct such inspections and audits as it
deems appropriate with respect to any documentation and related information 

  
 19 

 
concerning any amounts of Initial Materials or API stated in the report provided by Novasep. If Novasep has good faith concerns regarding the report provided by Inspire, then upon reasonable
notice, Novasep shall be permitted to have a representative audit Inspire’s records reflecting the price at which Inspire procured the applicable Initial Materials. 

(ii) The Parties shall determine the consumption coefficient of Novasep’s use of Initial Materials in the manufacture
of API for the calendar year immediately preceding the reports delivered pursuant to Section 4.6(b)(i) by dividing the Consumption Amount by the Production Amount (such quotient, the “Consumption Coefficient”), and the following shall
apply: 
 (A) If the Consumption Coefficient is within the Target Consumption Range, then no further action will
be taken pursuant to this Section 4.6(b)(ii) with respect to such calendar year; 
 (B) If the Consumption
Coefficient is higher than the Target Consumption Range (i.e., is greater than the upper bound of the Target Consumption Range), then the Parties shall multiply the upper bound of the Target Consumption Range by the Production Amount to
determine the highest amount of Initial Materials that were expected to have been consumed in the production of the Production Amount. The Parties shall subtract the amount so obtained from the Consumption Amount (in order to determine the amount of
excess Initial Materials that were consumed in manufacturing above the Target Consumption Range) and then multiply the difference so obtained by the Average Initial Materials Price (the “Excess Initial Materials Cost”). Inspire shall be
entitled to an immediate credit in an amount equal to [c.i.] of the Excess Initial Materials Cost; or 
 (C) If
the Consumption Coefficient is lower than the Target Consumption Range (i.e., is less than the lower bound of the Target Consumption Range), then the Parties shall multiply the lower bound of the Target Consumption Range by the Production
Amount to determine the lowest amount of Initial Materials that were expected to have been consumed in the production of the Production Amount. The Parties shall subtract the Consumption Amount from such amount (in order to determine the amount of
Initial Materials that were saved in manufacturing below the Target Consumption Range) and then multiply the difference so obtained by the Average Initial Materials Price (the “Initial Materials Savings”). Novasep shall be entitled to a
payment in an amount equal to [c.i.] of the Initial Materials Savings; provided that Inspire may offset against such payment obligation any credits or reimbursement amounts to which it is entitled under this Agreement. 

(iii) Based on the reports delivered pursuant to Section 4.6(b)(i), the Parties shall discuss and determine in good
faith whether an adjustment to the Target Consumption Range is appropriate. Novasep shall not reject unreasonably 

  
 20 

 
any adjustment to the Target Consumption Range proposed in good faith by Inspire based on actual data and results concerning the past two (2) years’ production history. Any such
adjustment shall be set forth in a writing signed by each of the Parties. 
 4.7 Third Party Materials. 

(a) General. Novasep shall be responsible for procuring, inspecting and releasing adequate Third Party Materials as
necessary to meet the Firm Zone commitments set forth in Purchase Orders. Novasep will obtain Third Party Materials for API produced under this Agreement only from Third Party Suppliers named in the API Specifications, where applicable, and
otherwise meeting the Specifications and approved in advance by Inspire. Novasep shall perform all testing of Third Party Materials required by the applicable API Specifications, cGMP, Legal Requirements, this Agreement and the Quality Agreement.
All Third Party Technology Transfer Materials not utilized under the Technology Transfer Agreement shall be utilized on behalf of Inspire in accordance with the provisions of this Agreement concerning Third Party Materials. 

(b) Audits/Assessments. Novasep shall be responsible for qualifying all Third Party Suppliers and periodically
(i) performing assessments of each Third Party Supplier that provides UMP-2Na (uridine 5’-monophosphate), PPi-4Na (sodium pyrophosphate) or DPC (diphenyl phosphorochloridate), or any other key Third Party Materials specified as such in
writing by Inspire after the Effective Date, including if necessary site audits, such assessments and audits being performed in accordance with Novasep’s existing procedures, and (ii) performing assessments (e.g., by written
questionnaire or interview) of each Third Party Supplier that provides any other Third Party Materials, in each case to be used in the manufacture of the API, and Novasep shall provide a summary of deficiencies that may impact the quality of the
Third Party Materials identified in connection with any such audit or assessment within thirty (30) days of the audit’s or assessment’s completion. 

(c) Materials Certifications. Novasep shall prepare or cause to be prepared by its Third Party Suppliers all
certifications as to any Third Party Materials required by cGMPs or Legal Requirements. 
 4.8 Existing Equipment. The
Parties acknowledge that the Technology Transfer Agreement contained certain terms regarding the Existing Equipment that survive any termination or expiration of that Agreement. The Parties agree to comply with all such terms during the Term.

 4.9 Quality Agreement. The “Quality Agreement” for the API is set forth as Schedule 4.9 to this
Agreement. In the event of a conflict between any of the provisions of this Agreement and the Quality Agreement, the provisions of this Agreement shall govern. References in any other provisions of this Agreement to the “Agreement” shall
be deemed to include the Quality Agreement. Novasep and Inspire shall comply with the Quality Agreement in performing their activities under this Agreement. 

  
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 4.10 Compliance Standards. 

(a) Compliance with Specifications, cGMPs, and Legal Requirements. Novasep shall be responsible for identifying and
implementing, in accordance with its obligations under Section 4.1, any actions required to bring Novasep into compliance with API Specifications, cGMPs, or Legal Requirements. Novasep shall implement any such changes as promptly as practicable
(even if, in the case of cGMPs and Legal Requirements, a later effective date is specified), unless the effective date falls after a termination of this Agreement for which notice has been previously given. 

(b) Compliance with Health, Safety and Environmental Guidelines. Inspire shall have the right to perform an
environmental, health and safety (EHS) audit of Novasep’s Facility during business hours and upon at least [c.i.] Business Days’ notice to Novasep. Inspire may recommend corrective actions on the basis of such audit, and Novasep shall
implement such corrective actions. The Parties will negotiate in good faith a reasonable timeline for implementation of such corrective actions, and Novasep shall not reject unreasonably any timeline proposed by Inspire. Notwithstanding the
foregoing, Novasep is solely responsible for the safety and health of its employees, consultants and visitors and compliance with all Legal Requirements related to health, safety and the environment, including, without limitation, providing its
employees, consultants and visitors with all required information and training concerning any potential hazards involved in the manufacture, packaging, storage and supply of the API and taking any precautionary measures to protect its employees from
any such hazards. Novasep shall ensure that all health, safety and environmental issues are handled by qualified professionals. In addition, Novasep shall comply with all applicable environmental rules, regulations, and statutes in connection with
the disposal of waste generated by Novasep in connection with the manufacture of the API. 
 4.11 Technology Transfer. At
any time during the Term or within one (1) year thereafter, upon Inspire’s request, Novasep shall assist Inspire to transfer promptly the API manufacturing process to any other facility or facilities selected by Inspire. For clarity, in
the event that the facility or facilities selected by Inspire are owned or operated by a competitor of Novasep, Novasep shall not be required to communicate directly with such competitor in connection with Novasep’s performance of such
technology transfer activities. Inspire shall reimburse Novasep for all documented direct costs and expenses properly and reasonably incurred by Novasep in connection with all such technology transfer activities requested by Inspire. 

4.12 Sale of API. Beginning on the Effective Date and continuing until the date on which all of the following shall have occurred:
(i) the termination or expiration of this Agreement; (ii) the receipt by any Third Party of all Consents required by FDA for marketing a Generic Equivalent in the United States for all indications for which a Product marketed by Inspire
has received Consents required by FDA for marketing in the United States; and (iii) the first commercial sale to the general public of such Generic Equivalent in the United States, Novasep (whether on its own behalf or with or on behalf of any
Person) shall not, and shall not permit any of its Affiliates to: 

  
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 (a) carry on or be engaged, concerned, interested or in any way assist in
the development or manufacture of, or sell, market, distribute or seek customers for or advertise, any API or Product or any generic versions of the API or Product; 

(b) license, consent to or authorize or purport to license, consent to or authorize the doing or carrying out by any
Person of any of the acts or matters referred to in subparagraph (a) above; or 
 (c) pursue any policy of
doing or carrying out or of facilitating or bringing about the doing or carrying out by any Person of any of the acts or matters referred to in either of the subparagraphs (a) or (b) above, for example, by providing technological
assistance, expertise, manufacturing or supplies to any Person. 
 After the occurrence of the event set forth in item (ii) above, the
Parties agree to discuss in good faith the manufacture by Novasep, following the occurrence of the event set forth in item (iii), of API for any generic version of a Product. 
 Article V 
 Testing and Quality Assurance 

5.1 Quality Assurance; Quality Control. Novasep shall implement and perform operating procedures and controls for sampling,
stability and other testing of Third Party Materials, Inspire Materials and API, and for validation, documentation and release of the API and such other quality assurance and quality control procedures as required by the API Specifications, cGMPs,
Legal Requirements, and this Agreement and the Quality Agreement. Without limiting the foregoing, Novasep shall maintain for a period of one (1) year after the expiration date of such API, or such longer period required by Legal Requirements,
such quantities of the API from each batch of the API as are sufficient to conduct two full testings of the API in accordance with this Agreement. 
 5.2 Testing of API. Prior to release of the API, Novasep shall test the API in accordance with the testing procedures described in the (i) applicable Drug Applications, (ii) API
Specifications, (iii) cGMPs, (iv) Legal Requirements, (v) those procedures and in-plant quality control checks applicable to any products manufactured or packaged by Novasep, and (vi) such other methods and procedures as agreed
upon by the Parties from time to time. Novasep shall provide Inspire with a copy of the records pertaining to such testing, including the applicable master batch record and a copy of the applicable deviation or other investigatory report, if any,
and any other information as requested by Inspire. Additionally, Novasep shall provide Inspire with a Certificate of Analysis and/or any other certificate required by any applicable Governmental Body for release of API (collectively, the
“Certificates”) for each batch of API. Inspire shall be under no obligation to accept any shipment of API without the accompanying Certificates. 

  
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 5.3 Inspire Holds and Rejections. 

(a) General. Inspire may test or cause to be tested the API in accordance with Inspire’s customary procedures.
At Inspire’s request, Novasep shall provide appropriate analytical reference standards for such testing to Inspire or its designee. Inspire shall notify Novasep of Inspire’s placing any quantity, batch or shipment (or part thereof) of API
on hold for further investigation of a Nonconformity (as described below in Section 5.4) or reasonably suspected Nonconformity, or of Inspire’s rejection of any quantity, batch or shipment (or part thereof) of any API within sixty
(60) days after receipt of such API by Inspire or Inspire’s designee; provided, however, that such period shall be extended for an additional [c.i.] day period in case of delays in testing caused by any Third Party that tests the API on
Inspire’s behalf. Inspire’s notice shall state the basis for the hold or rejection. Failure to give notice within such sixty (60) day period (as such period may be extended pursuant to the preceding sentence) shall constitute
acceptance of any such API; provided, however, that acceptance by Inspire shall not limit any right of Inspire or any obligation of Novasep with respect to any Nonconformity of the API, except to the extent of a Nonconformity of the API in existence
at the time of Inspire’s acceptance that consists of a deviation from the acceptable limits set forth in the table entitled “INS37217 Manufacturing Specifications” in the API Specification that was not revealed to Inspire due to
Inspire’s failure to perform or have a Third Party perform the testing set forth in such table. Notwithstanding the foregoing, if Inspire performs or has a Third Party perform such testing for a sample of the applicable API prior to acceptance
and such testing does not reveal such deviation, then Novasep shall be fully responsible for any Nonconformity of such API unless it is shown that such deviation was not revealed due to improper performance of such testing by Inspire or such Third
Party. 
 (b) Independent Testing. If the Parties disagree as to whether API is subject to a
Nonconformity, Novasep’s and Inspire’s respective designees shall confer to review samples and/or batch records, as appropriate. If the disagreement is not resolved within thirty (30) days, then samples, batch records and other data
relating to the quantity, batch or shipment (or part thereof) of API in dispute shall promptly be submitted for testing and evaluation to an independent Third Party (including a testing laboratory qualified to perform such testing using validated
methods) approved in writing by the Parties. The findings of such independent Third Party shall be binding on the Parties, absent manifest error. In the event that Inspire and any licensee to which Inspire provided API disagree as to whether such
API is subject to a Nonconformity and Inspire and such licensee submit such samples, batch records and other data for testing and evaluation to an independent Third Party, the findings of such independent Third Party shall be binding on the Parties,
absent manifest error; provided that Novasep has approved such independent Third Party for performing such testing and evaluation. The Parties shall not unreasonably withhold or delay their approval of any such independent Third Party, and the
Parties shall facilitate such testing and evaluation by promptly providing appropriate samples, batch records and other data for such purpose. The expenses incurred by the Parties for the testing and evaluation by the Third Party shall be borne
(i) by Novasep if the finding of the independent Third Party is that the API is Nonconforming API, and (ii) by Inspire if the finding of the independent Third Party is that the API is not Nonconforming API. 

  
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 (c) Interim Replacement. During the pendency of any dispute
concerning whether API is subject to a Nonconformity, Novasep shall replace the quantity, batch or shipment (or part thereof) of API under dispute, at the request of Inspire. Such replacement API shall be ordered in accordance with Section 2.3.
Novasep shall use best efforts to deliver such replacement API as soon as possible. 
 5.4 Nonconformity. 

(a) Nonconformity. If either Party becomes aware or has a reasonable basis to believe that any quantity, batch or
shipment (or part thereof) of API may have a Nonconformity, at any time regardless of the Delivery Date, the status of Novasep’s testing and quality assurance activities or of Inspire’s acceptance under Section 5.3 above, such Party
promptly shall notify the other Party of such Nonconformity, but in any event within not more than one (1) Business Day of confirming such Nonconformity, or reasonable basis to believe that any quantity, batch or shipment (or part thereof) of
API may have a Nonconformity, in accordance with such Party’s customary practices. “Nonconformity” means a product characteristic that (i) results from Novasep’s failure to manufacture, test, package, store, label, release
or deliver API in accordance with the API Specifications, cGMPs, Legal Requirements, this Agreement or the Quality Agreement, (ii) causes any quantity, batch or shipment (or part thereof) of API to fail to conform to the API Specifications or
Legal Requirements, or (iii) constitutes an adulteration within the meaning of applicable Legal Requirements (e.g., 21 U.S.C. § 351, as amended, including any rules and regulations promulgated thereunder, and any foreign equivalents
of any of the foregoing). In the event of a Nonconformity or reasonably expected Nonconformity, the Parties shall immediately conduct an investigation in accordance with Section 5.8 below and, until resolution of the investigation, handle the
API as provided in Section 5.4(b) below. 
 (b) API that May Be Subject to a Nonconformity. Any
quantity, batch or shipment (or part thereof) of API that reasonably may be expected to be subject to a Nonconformity shall be handled as follows: 
 (i) Such API held in inventory at Novasep shall be placed on “hold” and shall not be shipped to Inspire or its designee, unless directed otherwise by Inspire; 

(ii) Any such API shipped to Inspire or its designee and held in stock by Inspire or its designee shall maintain a
“hold” or “unpassed” status, and shall not be released into passed inventory of Inspire or its designee until the Parties have completed any investigations pursuant to Section 5.8 and Inspire has approved the disposition of
the API in writing; and 
 (iii) Payment for such API whether shipped or unshipped shall not be due from Inspire
until the Parties have completed any investigations pursuant to Section 5.8 and Inspire has approved the disposition of the API in writing. For clarity, Inspire shall not be required to pay for any quantity, batch or shipment (or part thereof)
of API that is Nonconforming API. If a portion of a batch or shipment of API has or is subject to a Nonconformity, but it cannot reasonably be determined 

  
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which portion of such batch or shipment has the Nonconformity, then the entire batch or shipment shall be deemed to constitute Nonconforming API. 

Upon learning of a Nonconformity or reasonably expected Nonconformity, Inspire may request that Novasep suspend production of the affected
API at the Facility until the Parties mutually agree in writing that the cause of such Nonconformity or reasonably expected Nonconformity has been remedied or addressed. During the period from such request until such mutual agreement that such cause
has been remedied or addressed, Inspire shall be relieved of all financial obligations associated with such affected API. If, despite Inspire’s request to suspend production of the affected API, Novasep elects to continue production thereof,
then, notwithstanding anything to the contrary in this Agreement, Novasep also promptly shall reimburse Inspire for all costs and expenses of Inspire in connection with such continued production, including without limitation Inspire’s costs for
providing any Inspire Materials utilized by Novasep. 
 5.5 Quantitative Deficiencies. In the event Inspire determines
there is a quantitative deficiency in any shipment, with respect to the API volumes indicated on the applicable Purchase Order(s), Inspire may: (i) pay only for actual quantities delivered; and (ii) require Novasep to rectify any such
deficiency by shipping the appropriate quantities of API to or as directed by Inspire, in which case Inspire shall be obligated to pay for any such additional quantities pursuant to the terms and conditions of this Agreement. Novasep shall use best
efforts to rectify any such deficiency on a priority basis, and shall deliver such additional quantities of API as soon as possible. 
 5.6 Product Complaints. Any and all complaints of which Novasep becomes aware relating to the Product shall promptly be forwarded to Inspire’s Drug Safety Department, or any successor
department specified by Inspire. Without limiting the foregoing, Novasep shall forward any such complaint that might be associated with an Adverse Event (as defined below in Section 5.7) no later than forty eight (48) hours following its
receipt. Inspire shall promptly inform Novasep of any and all complaints that Inspire receives which implicate Novasep’s manufacturing or other processes at the Facility. Notification shall be given by telephone, with a facsimile confirmation
immediately following. 
 5.7 Adverse Events. For the purposes of this Agreement, “Adverse Event” shall mean
any adverse event associated with the use of the Product in humans, whether or not considered drug-related, including but not limited to “adverse event” as defined in International Conference on Harmonisation of Technical Requirements for
Registration of Pharmaceuticals for Human Use (ICH) guidelines. Adverse Events shall include an adverse event occurring in the course of the use of a Product in professional practice, in studies, in investigations or in tests. Adverse Events also
shall include an adverse event occurring from Product overdose (whether accidental or intentional), from Product abuse, or from Product withdrawal, as well as any toxicity, sensitivity, failure of expected pharmacological action, or laboratory
abnormality which is or is thought by the reporter to be serious or associated with relevant clinical signs or symptoms, or any known instances of use of Product during pregnancy. With respect to Product, Novasep shall notify Inspire’s Drug
Safety Department, or any successor department specified by Inspire, as soon as possible, but no later than forty eight (48) hours following its receipt, of information concerning a possible Adverse Event. Notification shall be given by
telephone, with a facsimile confirmation immediately following. 

  
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Novasep shall provide to Inspire all the information Novasep has available concerning the Adverse Event and shall cooperate fully with any investigation conducted or directed by Inspire as set
forth in Section 5.8 below. To the extent an Adverse Event of which Inspire becomes aware implicates Novasep’s manufacturing or other processes at the Facility, Inspire shall inform Novasep of such Adverse Event and shall disclose to
Novasep any information Inspire has regarding that Adverse Event which implicates Novasep’s manufacturing or other processes at the Facility. Notification shall be given by telephone, with a facsimile confirmation immediately following.

 5.8 Investigations; Novasep’s Obligations. 

(a) General. The Parties shall investigate all reports of Nonconformity, Product complaints and any Adverse Events.
The Parties shall act promptly and shall cooperate fully in such investigations. 
 (b) Direction. Inspire
shall have the sole right, in its discretion to control and direct any or all aspects of an investigation conducted under this Section 5.8. Inspire shall advise Novasep from time to time throughout such investigation of Inspire’s
intentions regarding control and direction of the investigation. 
 (c) Novasep’s Assistance. Upon
written request by Inspire, Novasep shall provide all reasonably requested testing, assistance and information to Inspire in connection with an investigation of any Nonconformity, Product complaint or Adverse Event, including chemical/microbial
analysis of complaint samples (if available), analysis of retained samples and review of batch documentation. Novasep shall have the right to conduct at its own expense any further tests it deems appropriate regarding such investigation provided
that it shall share the results with Inspire. 
 (d) Reporting. Novasep shall provide to Inspire
(i) a preliminary written report of its determinations and conclusions from any such investigation, testing or other requested assistance related to such investigation as soon as reasonably practicable, but in no event later than seven
(7) days after the completion of such investigation, and (ii) preliminary samples (if available) of the affected API. Any final report regarding a Nonconformity shall be submitted by Novasep within thirty (30) days of the notification
regarding that Nonconformity given under Section 5.4 above. Inspire shall provide to Novasep a written report of Inspire’s determinations and conclusions from any investigation, report, testing, or portions thereof, to the extent
Inspire’s determination and conclusions implicate Novasep or Novasep’s manufacturing or other processes at the Facility. Each Party shall hold all communications related to such investigation, testing or other requested assistance in
confidence, and those communications shall be subject to the terms of Article XII hereof. 
 (e) Costs of
Investigations. Novasep shall reimburse Inspire for all reasonable costs and expenses incurred by Inspire in connection with an investigation of a Product complaint or Adverse Event caused by Nonconforming API in accordance with
Section 5.11. 

  
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 5.9 Certain Product Events. 

(a) Notification and Cooperation. In the event Inspire shall be required (or shall voluntarily decide) to initiate
a recall, withdrawal or field correction of, or field alert report or comparable report with respect to, Product, Inspire shall notify Novasep’s authorized quality assurance officer, and Novasep shall fully cooperate with Inspire to implement
the same. 
 (b) Coordination of Efforts. In the event Novasep becomes aware of information that may
warrant Inspire taking any action with respect to any Product, Novasep shall immediately provide Inspire with such information. The Parties shall cooperate with each other in determining the necessity and nature of such action; provided, however,
that Novasep shall take no action to effect the same without the written concurrence of Inspire. 
 (c)
Contacts and Statements. With respect to any recall, withdrawal, field correction, field alert report or comparable report with respect to Product, Inspire or its designee shall make all contacts with the applicable Governmental Body and
shall be responsible for coordinating all of the necessary activities in connection with any such recall, withdrawal, field correction, field alert report or comparable report. Inspire or its designee shall make all statements to the media,
including press releases and interviews for publication or broadcast. Novasep agrees to make no statement to the media, unless otherwise required by law and in any such event, Novasep shall collaborate with Inspire on the content of any such
statement. 
 (d) Remedies. If any recall, withdrawal, field correction, field alert report or comparable
report with respect to any Product is initiated because of Nonconforming API, or due to any negligence, recklessness or wrongful intentional acts or omissions by, or strict liability of, or breach of representation or warranty by, Novasep, then
Inspire shall, in addition to any other remedies available to it, be entitled to handle the affected Product and charges relating thereto as provided in Sections 5.10 and 5.11 below. 

(e) Other Notice. Notwithstanding anything herein, Novasep agrees to notify Inspire as promptly as possible of any
incident pertaining to the Product or API that would require notification to any Governmental Body, including but not limited to, fire, explosion, environmental event, serious injury or physical damage. 

5.10 Disposition of Certain API. In the event that (i) any quantity of API is found to be Nonconforming API at any time or
(ii) any recall, withdrawal, field correction, field alert report or comparable report or Third Party return of any Product is initiated because of Nonconforming API or due to any negligence, recklessness or wrongful intentional acts or
omissions by, or strict liability of, or breach of representation or warranty by, Novasep, then Inspire may, at Inspire’s discretion: (a) return the affected API to Novasep for rework, reprocessing, or destruction by Novasep at
Novasep’s expense, if applicable; (b) require replacement of affected API by Novasep at Novasep’s expense; (c) in lieu of reworking, reprocessing and replacement by Novasep under subparts (a) and (b), require reimbursement
or credit for the API Price paid for Nonconforming API in accordance with Section 5.11; (d) have the affected API and Product disposed of by a Third 

  
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Party designated by Inspire at Novasep’s expense; and/or (e) in lieu of reworking, reprocessing and replacement by Novasep under subparts (a) and (b), engage a Secondary Supplier
to replace the affected API and the affected Product, in which case Novasep shall, in accordance with Section 5.11, reimburse Inspire for (1) the difference between the price paid to the Secondary Supplier for such API and the API Price,
up to a maximum amount of [c.i.] of the applicable API Price and (2) subject to the limitation of liability set forth in Section 10.5, the price paid to the Secondary Supplier for such replacement Product. In connection with the
destruction of API, Novasep, in the case of (a), and Inspire, in the case of (d), shall be solely responsible for compliance with all Legal Requirements in connection with the destruction and shall be liable for any Losses resulting from such
destruction. Novasep shall use best efforts to perform any rework, reprocessing and replacement of affected API on a priority basis, and shall deliver such reworked, reprocessed or replacement API as soon as possible. 

5.11 Credits. In the event that Novasep is obligated to Inspire pursuant to Section 5.10, Novasep shall, at Inspire’s
discretion, reimburse or credit Inspire for documented administrative and other related costs incurred by Inspire or its licensees for such recall, withdrawal, field correction, field alert report or comparable report or Third Party return and
disposition and replacement of Nonconforming API and Product, including but not limited to the API Price already paid by Inspire, the cost incurred by Inspire in providing any Inspire Materials included in such API to Novasep, the price paid by
Inspire or its licensees for the manufacture of Product or any refund of the selling price of the Product (subject to the limitation of liability set forth in Section 10.5), any transportation, insurance charges and duties or taxes in
connection with shipping the affected API or, subject to the limitation of liability set forth in Section 10.5, the affected Product to and from Novasep or Inspire, as applicable, any storage costs incurred by Inspire or its licensees in
connection with the affected API or, subject to the limitation of liability set forth in Section 10.5, the affected Product, and costs and expenses incurred by Inspire or its licensees in connection with any investigations. Inspire shall
provide Novasep with such documentation as Novasep may reasonably request to confirm any of the foregoing charges, costs or expenses. If there is outstanding credit to Inspire on the termination of this Agreement, Novasep shall reimburse Inspire for
the amount of such credit within sixty (60) days after this Agreement is terminated. 
 Article VI 

Regulatory Matters 
 6.1 Consents. 
 (a) Novasep shall prepare, and provide to
Inspire for review and comment, all necessary documentation for any registrations of Novasep under applicable Legal Requirements as a manufacturer of active pharmaceutical ingredients, or as a site manufacturing the API, for incorporation in
finished pharmaceutical products for commercial sale worldwide. Inspire may, in its discretion, handle or cause any agent or representative to handle the filing of such registrations relating to the API. 

(b) Novasep shall obtain and hold all Consents required for the performance of its obligations under this Agreement. At
all times, Novasep shall maintain and comply with all the Consents which may from time to time be required by any Governmental Body 

  
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having jurisdiction with respect to Novasep’s manufacturing operations and facilities and otherwise to be obtained by Novasep to permit the performance of its then current obligations under
this Agreement. Novasep shall bear all expenses incurred in connection with its obligations under this Section 6.1. In the event any Consent held by Novasep relating to the Facility or its ability to manufacture the API in accordance with this
Agreement is hereafter suspended or revoked, or Novasep has material restrictions imposed upon it by any Governmental Body affecting the API or the Facility, Novasep shall immediately provide written notification to Inspire identifying such material
restrictions, a schedule of compliance and such other information related thereto as is reasonably requested by Inspire. Without limiting the foregoing, Novasep will use best efforts to cooperate with Inspire in a reasonable and timely manner in
preparation for pre-approval inspection of API manufacture at the Facility by any Governmental Body. 
 6.2 Compliance.
In carrying out their respective obligations under this Agreement, the Parties shall comply in all respects with cGMPs, Legal Requirements, and the highest industry standards, as applicable to such Party, in effect from time to time. 

6.3 Drug Application Documentation. Upon reasonable request from Novasep, Inspire shall provide Novasep with
information regarding Drug Applications, or discrete sections thereof, to the extent available and necessary for Novasep to perform its obligations under this Agreement; provided, however, that information provided hereunder shall not be provided or
disclosed to any other party without Inspire’s prior consent. In the event that any Governmental Body makes an inquiry of or provides any information to Novasep that is or may be related to a Drug Application, Novasep shall promptly forward
such inquiry or information to Inspire.  
 6.4 Regulatory Changes. The Parties will promptly notify each
other of any material revisions, amendment of or additions to cGMPs and will confer with each other with respect to the best means to comply with such requirements. 
 6.5 Regulatory Inspections. 
 (a) Procedures. If
Novasep is notified that API or the portion of the Facility relating to the supply of API will be subject to an inspection by any Governmental Body, Novasep shall: 

(i) within three (3) Business Days of receiving such notice, advise Inspire by telephone and facsimile and provide
all relevant information known to Novasep regarding such investigation; 
 (ii) Fully cooperate with and allow
any such inspection to the extent required by Legal Requirements; 
 (iii) All inquiries related to API, Product,
any Drug Application or Inspire’s Confidential Information covered by Article XII of this Agreement shall be directed to Inspire, and Inspire and its licensees shall have the right to be present at any inspection involving the API; and

  
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 (iv) Promptly send Inspire a copy of any inspection report observations
issued by any Governmental Body directly or indirectly related to the manufacture, generation, processing, storage, transportation, distribution, treatment, disposal or other management of API, Inspire Materials or Third Party Materials as well as
responses to any inspection reports prepared in accordance with this Section 6.5. 
 Notwithstanding the foregoing
provisions of this Section 6.5(a), nothing shall require Novasep to disclose information to Inspire specifically relating to any other customer of Novasep or those customer’s products to which the inspection relates. 

(b) Notification. If any Governmental Body shall take any action which shall require a response or action by
Novasep with respect to API, Product, API Specifications, Inspire Materials, Third Party Materials, the Facility, or any operating procedure affecting the API, Novasep agrees immediately to notify Inspire of the required response or action and, in
the case of API, Product and/or API Specifications, shall proceed with such response or action, but only with the prior advice and written consent of Inspire, which shall not be unreasonably withheld. Notwithstanding anything contained in this
Agreement to the contrary, Novasep shall not initiate or participate in any communications with any Governmental Body concerning the API, Product or the API Specification unless required to do so by Legal Requirements or requested to do so by
Inspire and only after consultation with Inspire. 
 6.6 Other Regulatory Matters. Novasep shall provide to each
Governmental Body and, at Inspire’s request, shall provide to Inspire, all documents and information requested by each such Governmental Body in support of Novasep’s and Inspire’s regulatory filings. Novasep hereby grants Inspire and
its licensees the right to cross-reference all filings held in Novasep’s name with any applicable Governmental Body that are reasonably necessary in connection with Inspire’s or its licensees’ obtaining and maintaining marketing
approval for the API or the Product. Copies of all documents to be provided to any Governmental Body shall be provided to Inspire at least five (5) Business Days in advance of delivery to such Governmental Body, if possible, or otherwise as
soon as practicable thereafter. 
 Article VII 
 Intellectual Property 
 7.1 Ownership. 

(a) Inspire Ownership. Novasep acknowledges and agrees that, as between Inspire and Novasep, Inspire owns all
rights in and to the Inspire Intellectual Property and the API Technology Transfer Developments, including all Intellectual Property rights in and to the API, Product, the Drug Applications, the Technology Transfer Data and documentation,
specifications and processes associated with the API and Product. In particular, Novasep acknowledges and agrees that (i) all of the API Specifications contain valuable trade secrets and Inspire Confidential Information and are and shall remain
the copyrighted works of Inspire; and (ii) all of the patents, trademarks and software files owned by Inspire which apply to the manufacture, use or sale of API and Product are and shall remain Inspire Intellectual Property or API Technology
Transfer Developments owned 

  
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by Inspire, as applicable. Except as expressly provided in Section 7.3 below, nothing in this Agreement shall be deemed to transfer or convey, expressly or by implication, any Inspire Rights
to Novasep. 
 (b) Novasep Ownership. Inspire acknowledges and agrees that Novasep owns all rights in and
to the Novasep Intellectual Property. Notwithstanding the foregoing, and for clarity, nothing in this Agreement shall be construed as limiting any rights granted to Inspire under the Licensed Novasep Rights pursuant to the Technology Transfer
Agreement. Novasep may not implement or use any Novasep Intellectual Property in a manner that would require a change to the API Specifications, or in a manner in which the compliance of the API with cGMPs or Legal Requirements would become
dependent upon such Novasep Intellectual Property, without the prior written consent of Inspire with respect to such implementation or use. In the event that Novasep implements or uses any Novasep Intellectual Property in such a manner without the
prior written approval of Inspire, Novasep hereby grants to Inspire and Inspire Affiliates a non-exclusive, irrevocable, royalty-free, worldwide, fully sublicensable, perpetual license to use such Novasep Intellectual Property in connection with the
API and Product and their manufacture. 
 7.2 New Developments. 

(a) API/Product Developments. All Intellectual Property relating to API or Product or the development or
manufacture of API or Product, or that utilizes or is based on any Inspire Rights or Inspire Confidential Information, that is conceived, reduced to practice, authored, or otherwise invented, discovered, generated or developed in whole or in part in
the course of activities under this Agreement, whether patentable or not, and any authorship of works relating to the API or Product, including but not limited to any trademarks, trade dress, trade secrets or copyrights, shall be “API/Product
Developments.” 
 (b) Ownership of API/Product Developments. Without payment to Novasep and subject
only to the rights and licenses granted in Section 7.3 below, Inspire shall own all right, title and interest in and to all API/Product Developments, whether made, conceived, reduced to practice, authored or otherwise invented, discovered,
generated or developed solely by or on behalf of Novasep or Inspire, or jointly by or on behalf of Novasep and Inspire, and all rights to Intellectual Property arising therefrom. Novasep will, and hereby does, assign to Inspire all of its rights,
title and interest in and to API/Product Developments and rights to Intellectual Property arising therefrom. Novasep will provide reasonable assistance to Inspire (and shall cause its employees, Affiliates and Subcontractors to do so as well), at
Inspire’s expense, in obtaining, enforcing, and defending Inspire’s ownership of the API/Product Developments and appurtenant rights to Intellectual Property. Novasep shall ensure that each of Novasep’s employees, Affiliates and
Subcontractors under this Agreement shall have in place a binding agreement that assigns to the fullest extent possible all Intellectual Property rights arising from their activities to Novasep (for further allocation as specified in this
Agreement). Novasep promptly shall inform Inspire in writing of all API/Product Developments and provide Inspire with all written materials related to such API/Product Developments and, at the request of Inspire, will meet with Inspire to discuss
activities conducted under this Agreement in order to identify any API/Product 

  
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Developments. Novasep may not disclose, implement or use any API/Product Development without the prior written consent of Inspire. 

(c) Patents. Notwithstanding any obligation of confidentiality between Novasep and Inspire under Section 12.3
hereto or any other agreement, Inspire, at its own expense, may elect to file and prosecute appropriate patent applications and maintain patents issuing therefrom covering such API/Product Development. Upon Inspire’s reasonable request and at
its expense, Novasep shall take such reasonable actions as Inspire deems necessary or appropriate to assist Inspire in obtaining patent or other proprietary protection in Inspire’s name with respect to all API/Product Developments. 

7.3 Grant of Licenses. Subject to the terms and conditions of this Agreement, Inspire hereby grants Novasep a non-exclusive,
non-transferable, non-sublicensable license to use the Inspire Intellectual Property, the API Technology Transfer Developments and the API/Product Developments (collectively, the “Inspire Rights”) solely to the extent necessary to perform
Novasep’s obligations under this Agreement. The license granted in this Section 7.3 shall be referred to as the “Inspire License.” Novasep shall have no right or license to make, manufacture, supply, distribute or sell API or
Product or use the Inspire License for any other purpose other than as necessary to perform its obligations under this Agreement. The Inspire License shall immediately terminate at the expiration or termination of this Agreement. Novasep agrees to
comply with all restrictions or other terms and conditions contained in any agreements or licenses with Third Parties related to the Inspire License of which Novasep has been given written notice. No license rights shall be created hereunder by
implication, estoppel, or otherwise. 
 7.4 Infringement. Novasep shall promptly notify Inspire of any suspected or
threatened infringement, misappropriation or other unauthorized use of Intellectual Property licensed by Inspire to Novasep under this Agreement that comes to Novasep’s attention. The notice shall set forth the facts of such suspected or
threatened infringement in reasonable detail. Inspire shall have the sole right, but not the obligation, to institute, prosecute and control, at its expense, any action or proceeding against the Third Party infringer of such Intellectual Property.
If Inspire institutes an action against such infringer, Novasep shall give Inspire reasonable assistance and authority to control, file and prosecute the suit as necessary at Inspire’s expense. Inspire shall retain any damages or other monetary
awards that it recovers in pursuing any action under this Section 7.4. 
 7.5 Data. As between Novasep and Inspire,
Inspire shall be and remain the sole and exclusive owner of any and all data and information, in any form, relating to: (i) the business of Inspire; (ii) licensees, customers and suppliers of Inspire, as it relates to the API and Product;
(iii) the API and the Product, and the development and manufacture thereof, including any API/Product Developments; and (iv) any Inspire Rights (collectively, the “Data”). For clarity, the Data include all Technology Transfer
Data. Further, the Data shall include current, historical, archived and outcomes information regarding the API, whether or not present at the Facility or in electronic or hard-copy form. Inspire shall own all Intellectual Property rights that may
subsist in the Data, and Novasep will assign, and hereby assigns, any such rights to Inspire. Novasep agrees to access, use and disclose the Data only as and to the extent necessary and appropriate for the performance of its obligations under this
Agreement. 

  
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 Article VIII 
 Information; Access; Audit Rights 
 8.1 Provision of Information.
Novasep shall provide to Inspire copies (in electronic or hard-copy form, as requested by Inspire) of or access to all Data and any other information or data generated, obtained or otherwise required to be maintained during the Term of this
Agreement as may be reasonably requested from time to time by Inspire, including copies of all original French documents from which English documents were prepared. Novasep shall provide final reports for batch failures, including recommendation for
API disposition for all investigations involving (i) foreign matter or particulate contamination; or (ii) any test results indicating non-compliance with the applicable Drug Applications, cGMP, compendial requirements or the API
Specifications. Annually, Novasep shall prepare and submit to Inspire a report on (i) packaging changes; (ii) process changes; (iii) changes in testing methods performed pursuant to Article V hereof; (iv) changes in API
Specifications; (v) batches of API reworked; (vi) batches of API rejected; and (vii) any other discrepancies that require reporting pursuant to cGMP or Legal Requirements. 

8.2 Audit and Inspection Rights. During the Term of this Agreement and thereafter during any applicable records retention
period(s) under Section 8.3, Inspire representatives and representatives of Inspire’s assignees and licensees related to the API or the Product (collectively, “Audit Representatives”) shall have the right, in Inspire’s and
its assignees’ and licensees’ discretion, to audit and inspect those portions of the Facility (or the facility of a Third Party Supplier, Affiliate or Subcontractor, as the case may be) used in, and all documents and records related to,
the manufacture, generation, procurement, storage, testing, treatment, holding, transportation, distribution or other handling or receiving of the API, Inspire Materials and Third Party Materials. Audit Representatives shall have the right to audit
and inspect all inventory of API, works-in-process, Inspire Materials and Third Party Materials contained at the Facility (or the facility of a Third Party Supplier, Affiliate or Subcontractor, as the case may be). Novasep agrees to cooperate and
assist Inspire, its assignees and licensees (and to require any Third Party Supplier, Affiliate or Subcontractor to cooperate and assist Inspire, its assignees and licensees) in connection with any audits or inspections pursuant to this
Section 8.2. Audits or inspections under this Section 8.2 shall occur during business hours and shall be scheduled by Audit Representatives at least fifteen (15) Business Days in advance; provided, however, that in the event of an
Adverse Event or any proposed or actual inspection by the FDA or other Governmental Body (whether of Novasep or a Third Party Supplier, Affiliate or Subcontractor) or other similar event or emergency involving any API, Inspire Materials or Third
Party Materials (each, a “Material Event”), Audit Representatives shall have the right at any time, upon written notice to Novasep (or any Third Party Supplier, Affiliate or Subcontractor) of two (2) Business Days, to conduct an audit
or inspection of those affected portions of the Facility (or the facility of such Third Party Supplier, Affiliate or Subcontractor, as the case may be) used in the manufacture, generation, procurement, storage, testing, treatment, holding,
transportation, distribution or other handling or receiving of API, Inspire Materials and Third Party Materials. Novasep shall ensure that the Audit Representatives have access to each Third Party Supplier’s, Affiliate’s and
Subcontractor’s facilities in the manner set forth in this Section 8.2. 
 8.3 Records Retention. Novasep
shall, and shall require Third Party Suppliers, Affiliates and Subcontractors to, maintain, in accordance with and for the period required under the applicable Drug Application, cGMPs, and Legal Requirements, or any longer period specified in

  
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the Quality Agreement, complete and systematic records pertaining to all activities in connection with, and facilities used for, the manufacture, generation, procurement, storage, processing,
testing, treatment, packaging, labeling, holding, transportation, distribution, or other handling or receiving of the API, Third Party Materials and Inspire Materials. Novasep shall keep accurate books and accounts of record in connection with the
manufacture, use and/or sale by it of API and the procurement of Third Party Materials hereunder in sufficient detail to permit accurate determination of all figures necessary for verification of payment obligations set forth in this Agreement. Such
records related to verification of payment obligations shall be maintained for a period of five (5) years from the end of each year to which it relates. 
 8.4 Inspire Representatives. Inspire shall be allowed to have, at its cost, representatives of Inspire at the Facility during the Term, escorted by Novasep personnel, with reasonable access to the
Facility for the purpose of observing, reporting on, and consulting as to such services, including review of Novasep’s safety and quality procedures, plans and implementation, provided that the Parties shall use reasonable efforts to ensure
that such visits shall not unreasonably disturb Novasep’s activities. Novasep will reasonably cooperate in enabling (e.g., providing necessary training to allow for compliance with Novasep procedures) such representatives of Inspire to carry
out their responsibilities, including by making adequate temporary desk space, knowledgeable personnel and other reasonable resources available to such representatives during the periods they are working at the Facility. Inspire and Novasep shall
discuss the results of any review by Inspire and agree upon any modifications required to produce API in accordance with the API Specifications, cGMPs, Legal Requirements, the Quality Agreement and this Agreement. Inspire acknowledges that certain
portions of the Facility will not be accessible at times due to the confidential requirements of Novasep’s other customers. 

Article IX 

Representations and Warranties 
 9.1 Representations and Warranties of Novasep. Novasep represents and warrants to Inspire that: 
 (a) Compliance. The manufacture, generation, processing, distribution, transport, treatment, storage, disposal and other handling of any Third Party Materials, Inspire Materials and API by Novasep
shall be in accordance with and conform to the API Specifications, cGMPs, all Legal Requirements and the Quality Agreement, and Novasep’s activities related to the API shall be in compliance with Section 4.1. The API shall comply with the
applicable Drug Applications, cGMPs, API Specifications and Legal Requirements; shall be free from defects in materials and workmanship; and shall not be adulterated or misbranded within the meaning of applicable Legal Requirements (e.g., 21 U.S.C.
§§ 351 and 352, as amended, including any rules and regulations promulgated thereunder, and any foreign equivalents of any of the foregoing). 
 (b) Status; Enforceability. Novasep is a validly existing corporation in good standing under the laws of the jurisdiction of its incorporation; the execution, delivery and performance of this
Agreement by Novasep has been duly authorized by all requisite corporate action; this Agreement constitutes a legal, valid and binding obligation of Novasep, enforceable against Novasep in accordance with the terms hereof; and the

  
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execution, delivery and performance of this Agreement by Novasep will not violate or conflict with any other agreement or instrument to which Novasep is a party. 

(c) Ability to Perform under the Agreement. Novasep has allocated and will allocate equipment, production lines,
staffing, physical space and other resources sufficient to manufacture the quantities of API required by Inspire pursuant to this Agreement. Novasep shall ensure that the API and the services under this Agreement are performed in a competent,
professional, workmanlike and timely manner by qualified personnel in conformance with cGMP, Legal Requirements, the standard of care usually and reasonably expected in the performance of such services, the Quality Agreement, this Agreement and the
applicable Purchase Order. 
 (d) Certain Persons. Novasep has not used, and will not use, in any
capacity associated with or related to the manufacture of the API, the services of any Persons who have been, or are in the process of being, (i) debarred under 21 U.S.C. § 335a(a) or (b) or any comparable Legal Requirements, or
(ii) excluded from participation in the Medicare program, any state Medicaid program or any other health care program. Furthermore, neither Novasep nor any of its officers, employees, or consultants has been convicted of an offense under
(x) either a federal or state law that is cited in 21 U.S.C. § 335a as a ground for debarment, denial of approval or suspension, (y) any other law cited in any comparable Legal Requirements as a ground for debarment, denial of
approval or suspension. Novasep shall notify Inspire immediately upon learning of any circumstance that would cause this certification under this Section 9.1(d) to become false or inaccurate. 

(e) Regulatory Consents. Novasep has, and will maintain and comply with, all Consents necessary in performance of
its obligations hereunder and the manufacture of the API for incorporation in finished pharmaceutical products for commercial sale worldwide. 
 (f) Maintenance of Facility. During the Term of this Agreement, Novasep shall maintain the Facility, the equipment used to manufacture the API, Intellectual Property rights, and any applicable
contracts necessary to manufacture the API in accordance with the API Specifications, Legal Requirements, cGMPs, the Quality Agreement and Novasep’s standard operating procedures. 

(g) Negative Pledge. Novasep shall not pledge or otherwise transfer, without Inspire’s prior written consent,
any work-in-process or finished goods inventory of API, Third Party Materials or Inspire Materials, other than to Inspire as expressly provided in this Agreement. The transfer of the API by Novasep to Inspire is and shall be rightful and free and
clear of any liens or encumbrances. 
 (h) Security Measures. Novasep shall maintain reasonable security
policies at the Facility and shall use commercially reasonable efforts to have security measures in place to protect the integrity of the API, Inspire Materials, Third Party Materials, Data and works-in-process at the Facility. 

  
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 (i) No Litigation. There is no claim, suit, proceeding, or other
investigation pending, or to the knowledge of Novasep, threatened, which is likely to prevent or materially affect Novasep’s ability to perform its obligations hereunder. 

(j) Non-infringement. To Novasep’s best knowledge, Novasep’s performance of its obligations under this
Agreement will not infringe upon, nor cause Inspire’s or its licensees’ use of the API to infringe upon, the Intellectual Property rights of any Third Party. 

(k) Equipment. The equipment used in the production of the API, including the Existing Equipment, will be adequate
to timely produce (in accordance with cGMPs, Legal Requirements and other agreed Inspire requirements) API, in the amounts required pursuant to Section 9.1(m) below, that consistently meets or exceeds the final API Specifications and otherwise
complies with this Agreement. All such equipment will be in good operating condition and will be maintained in good operating condition for the Term. 
 (l) Potential Contaminants. Novasep will not manufacture, store or process any Inspire Materials, Third Party Materials or API in the same building in which, or using the same equipment on which,
Novasep manufactures, stores or processes, or has at any time manufactured, stored or processed, known cytotoxic or genotoxic compounds, pesticides, or beta lactams (collectively, “Potential Contaminants”). Without limiting the foregoing,
Novasep will promptly notify Inspire if any Potential Contaminants are manufactured, processed or stored in any portion of the Facility which may result in the introduction of Potential Contaminants into the areas of the Facility where Novasep
manufactures, processes or stores Inspire Materials, Third Party Materials or API. 
 (m) Novasep’s
Minimum Capacity. Except as set forth otherwise in Section 2.5, Novasep shall maintain at all times during the Term the capacity to supply no less than 1000 kg of API to Inspire each calendar year. 

9.2 Representations and Warranties of Inspire. Inspire represents and warrants to Novasep that: 

(a) Status; Enforceability. Inspire is a validly existing corporation in good standing under the laws of Delaware;
the execution, delivery and performance of this Agreement by Inspire has been duly authorized by all requisite corporate action; this Agreement constitutes the legal, valid and binding obligation of Inspire, enforceable against Inspire in accordance
with the terms hereof; and the execution, delivery and performance of this Agreement by Inspire will not violate or conflict with any other agreement or instrument to which Inspire is a party. 

(b) Intellectual Property. To Inspire’s knowledge as of the Effective Date, Inspire has the authority to
provide the Inspire Intellectual Property and the Inspire Materials to Novasep under this Agreement and to authorize Novasep to utilize the Inspire Intellectual Property and the Inspire Materials in accordance with this Agreement. 

  
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 (c) No Litigation. As of the Effective Date, there is no claim, suit,
proceeding, or other investigation pending, or to the knowledge of Inspire, threatened in writing, which is likely to prevent or materially affect Inspire’s ability to perform its obligations hereunder. 

9.3 No Other Warranties. Other than as specifically set forth in Sections 9.1 and 9.2, each Party hereby expressly excludes and
disclaims all other warranties (whether implied or express), including, without limitation: (i) any warranty of merchantability of the API or the Product; or (ii) any warranty of fitness of the API supplied under this Agreement for the
particular purpose for which Inspire intends to use it. For clarity, nothing in this Article IX, including without limitation this Section 9.3, shall restrict or limit in any manner any covenant or obligation of either Party set forth in any
other provision of this Agreement. 
 Article X 
 Liability and Indemnification 
 10.1 Indemnity by Novasep. Novasep
shall defend, indemnify, and hold harmless Inspire and Inspire’s Affiliates and licensees and distributors and its and their respective directors, officers, employees and agents from and against all Losses to the extent arising out of or
resulting from (a) any breach, nonperformance or failure to comply with any of Novasep’s covenants, agreements, obligations, representations or warranties under this Agreement or the terms of this Agreement; (b) negligence,
recklessness, gross negligence or wrongful intentional acts or omissions by, or strict liability of, Novasep or Novasep Affiliates, their respective directors, officers, employees, agents or Subcontractors; or (c) Novasep Intellectual Property
infringing upon the intellectual property or proprietary rights of any Third Party; provided that the foregoing indemnification obligation shall not apply to the extent that a Loss is a result of any matter for which Inspire is obligated to
indemnify Novasep pursuant to Section 10.2. 
 10.2 Indemnity by Inspire. Inspire shall defend, indemnify, and hold
harmless Novasep and Novasep’s Affiliates and its and their respective directors, officers, employees and agents from and against all Losses to the extent arising out of or resulting from (a) any breach, nonperformance or failure to comply
with any of Inspire’s covenants, agreements, obligations, representations or warranties under this Agreement or the terms of this Agreement; (b) recklessness or gross negligence or wrongful intentional acts or omissions by Inspire or
Inspire Affiliates, their respective directors, officers, employees or agents; or (c) Inspire Intellectual Property (excluding any Data provided, made available or generated by Novasep) infringing upon the intellectual property or proprietary
rights of any Third Party; provided that the foregoing indemnification obligation shall not apply to the extent that a Loss is a result of any matter for which Novasep is obligated to indemnify Inspire pursuant to Section 10.1. 

10.3 Procedures. Any person that may be entitled to indemnification under this Agreement (an “Indemnified Party”) shall
give written notice to the Person obligated to indemnify it (an “Indemnifying Party”) with reasonable promptness upon becoming aware of any claim or other facts upon which a claim for indemnification will be based. The notice shall set
forth such information with respect thereto as is then reasonably available to the Indemnified Party. The Indemnifying Party shall have the right to undertake the defense of any such claim with counsel reasonably satisfactory to the Indemnified
Party and the Indemnified Party shall cooperate in such defense and make available all records, materials and witnesses reasonably requested by the 

  
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Indemnifying Party at the Indemnifying Party’s expense. If the Indemnifying Party shall have assumed the defense of the claim with counsel reasonably satisfactory to the Indemnified Party,
the Indemnifying Party shall not be liable to the Indemnified Party for any legal expenses subsequently incurred by the Indemnified Party in connection with the defense thereof. The Indemnifying Party shall not be liable for any claim settled
without its consent, which consent shall not be unreasonably withheld. The Indemnifying Party shall obtain the written consent of the Indemnified Party, which shall not be unreasonably withheld, prior to ceasing to defend, settling or otherwise
disposing of any claim if as a result thereof the Indemnified Party would become subject to injunctive or other equitable relief or if the Indemnified Party may reasonably object to such disposition of such claim based on a continuing adverse effect
on the Indemnified Party. 
 10.4 Liability Exclusion of Novasep and Inspire. NOTWITHSTANDING ANYTHING TO THE CONTRARY
HEREIN, NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OR LOSS OF PROFITS ARISING OUT OF ANY TERMS OR CONDITIONS IN THIS AGREEMENT OR WITH RESPECT TO THE PERFORMANCE THERETO.
NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, THE LIMITATION OF LIABILITY IN THIS SECTION 10.4 SHALL NOT BE CONSTRUED TO LIMIT (I) EITHER PARTY’S LIABILITY FOR THE RECKLESSNESS, GROSS NEGLIGENCE OR WRONGFUL INTENTIONAL ACTS
OR OMISSIONS OF IT OR ITS AFFILIATES OR THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR SUBCONTRACTORS, (II) EITHER PARTY’S INDEMNIFICATION OBLIGATIONS WITH RESPECT TO THIRD PARTY CLAIMS UNDER SECTION 10.1 OR 10.2, (III)
NOVASEP’S LIABILITY FOR BREACH OF SECTION 4.12 OR ARTICLE XII, (IV) ANY CLAIM BY INSPIRE FOR ANY EXPENSES, PENALTIES OR FINES INCURRED BY INSPIRE RELATED TO ANY INVESTIGATION OR INQUIRY BY ANY GOVERNMENTAL BODY, OR FOR ANY EXPENSES OR PENALTIES
INCURRED BY INSPIRE UNDER ANY AGREEMENT WITH A THIRD PARTY, IN EACH CASE ARISING OUT OF OR RESULTING FROM ANY NONCONFORMING API OR NEGLIGENCE OR STRICT LIABILITY OF, OR ANY BREACH OF THIS AGREEMENT BY, NOVASEP OR ITS AFFILIATES OR THEIR RESPECTIVE
DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR SUBCONTRACTORS; OR (V) ANY RIGHT OR REMEDY EXPRESSLY PROVIDED FOR INSPIRE UNDER SECTIONS 2.3(a), 4.6, 5.4(b), 5.8(e), 5.9(d), 5.10, 5.11 OR 14.9. 

10.5 Liability Limitation of Novasep. The global maximum liability of Novasep under this Agreement with respect to any calendar
year shall be in any case limited to [c.i.]. Notwithstanding anything to the contrary in this Agreement, the limitation of liability set forth in this Section 10.5 shall not apply: (i) to Novasep’s liability for claims under
Section 10.1(a) or 10.1(b) related to bodily harm or bodily injury to any person caused by any API or Product, (ii) to Novasep’s liability for claims under Section 10.1(c), (iii) to Novasep’s liability for claims under
Section 5.11 (except as expressly stated otherwise in such Section), (iv) to Novasep’s liability for breach of Section 4.12 or Article XII, or (v) in the event of Novasep’s recklessness, gross negligence or wrongful
intentional acts or omissions. 

  
 39 

 Article XI 
 Insurance 
 11.1 Coverage Requirements. Novasep shall maintain in
full force and effect during the Term of this Agreement and for a period of three (3) years after expiration or termination of this Agreement, worker’s compensation, property, general liability, and product liability insurance coverage in
such amounts and with such scope of coverages as are adequate to cover Novasep’s obligations under this Agreement and as are customary in the industry for companies of like size and activities and taking into account the nature of the API and
Product to be manufactured under this Agreement. Without limiting any of the foregoing, such insurance shall include coverage for all works-in-process, Inspire Materials and API in Novasep’s possession; such policy(ies) shall include the
replacement cost of Novasep’s inventories and the value added to the API by Novasep. Novasep shall name Inspire as an additional insured upon any of its insurance policies required by this Section 11.1 within three (3) months after
the Effective Date. Novasep shall provide evidence of such insurance to Inspire upon Inspire’s request and ensure that Inspire will receive no less than thirty (30) days notice of any cancellation or non-renewal in the policy(ies) or
change in the policy(ies) causing them not to comply with this Section 11.1. 
 Article XII 

Confidentiality 
 12.1 Definition of “Inspire Confidential Information”. As used herein, the term “Inspire Confidential Information” shall mean all confidential business and technical
communications, documents and other information, whether in written, oral or other form, which Inspire or an Inspire Affiliate furnishes or discloses to Novasep or which Novasep otherwise learns in connection with the negotiation or performance of
this Agreement (whether relating to Inspire, an Inspire Affiliate or any Third Party for which Inspire has an obligation of confidentiality), including the terms of this Agreement and any information furnished, disclosed or learned prior to the
Effective Date (including any such information that was subject to the Technology Transfer Agreement). Novasep represents and warrants that prior to the Effective Date, it has not used or disclosed to any Third Party any Inspire Confidential
Information, except as would be permitted hereunder. 
 12.2 Definition of “Novasep Confidential Information”.
As used herein, the term “Novasep Confidential Information” shall mean all confidential business and technical communications, documents or other information, in each case not constituting Inspire Rights or Data, whether in written, oral
or other form, of Novasep or a Novasep Affiliate that are disclosed to Inspire by Novasep or a Novasep Affiliate or Inspire otherwise learns in connection with the negotiation or performance of this Agreement; provided, however, that all information
relating solely to the API shall be Inspire Confidential Information. Inspire agrees that the provisions of this Agreement shall apply to all Novasep Confidential Information disclosed by Novasep or any

  
 40 

 
Novasep Affiliate or learned by Inspire prior to the Effective Date (including any such information that was subject to the Technology Transfer Agreement). 

12.3 Treatment of Confidential Information. Both during the Term of this Agreement and thereafter, Inspire Confidential
Information and Novasep Confidential Information (collectively for this Section 12.3 “Confidential Information”) shall be treated in accordance with the requirements of this Article XII. 

(a) Nondisclosure and Non-Use. A Party receiving Confidential Information of the other Party shall
(i) maintain in confidence such Confidential Information to the same extent such Party maintains its own proprietary information of similar kind and value (but at a minimum each Party shall use commercially reasonable efforts to maintain
Confidential Information in confidence); (ii) not disclose such Confidential Information to any Third Party without prior written consent of the disclosing Party, except, in the case of Inspire, for disclosures to Inspire’s actual and
potential licensees and commercial partners for the Product who agree to be bound by obligations of non-disclosure and non-use at least as stringent as those contained in this Article XII; and (iii) not use such Confidential Information for any
purpose except those purposes permitted by this Agreement. 
 (b) Exceptions. Notwithstanding any other
provision of this Agreement, the receiving Party may disclose Confidential Information of the disclosing Party to a Third Party: (i) to the extent and to the Persons as required by an applicable law, rule, regulation, legal process or court
order, or an applicable disclosure requirement of any Governmental Body, the U.S. Securities and Exchange Commission, the Nasdaq market or any other securities exchange or market; or (ii) to the extent necessary to exercise the rights granted
to the receiving Party under this Agreement in filing or prosecuting patent applications, prosecuting or defending litigation or otherwise establishing rights or enforcing obligations under this Agreement, or conducting clinical trials or seeking
regulatory approval of the Product; provided, however, that the receiving Party shall first have given prompt notice to the disclosing Party to enable the disclosing Party to seek any available exemptions from or limitations on any applicable
disclosure requirement and shall reasonably cooperate in such efforts by the disclosing Party. 
 (c) Terms of
Agreement. The Parties agree that the existence of and the material terms of this Agreement shall be considered Confidential Information of both Parties, subject to the special authorized disclosure provisions set forth below in this
Section 12.3(c) (in lieu of the authorized disclosure provisions set forth in Section 12.3(b), to the extent of any conflict) and without limiting the generality of the definition of Confidential Information set forth in Sections 12.1 and
12.2. If either Party desires to make a public announcement concerning this Agreement or the terms hereof, such Party shall give reasonable prior advance notice of the proposed text of such announcement to the other Party for its prior review and
approval. A Party shall not be required to seek the permission of the other Party to repeat any information as to the existence and terms of this Agreement that has already been publicly disclosed by such Party in accordance with the foregoing or by
the other Party. Either Party may disclose the terms of this Agreement to such Party’s existing investors, directors and professional advisors and to potential investors, acquirors or merger partners and their professional advisors who are
bound by written or professional 

  
 41 

 
obligations of non-disclosure and non-use that are at least as stringent as those contained in this Article XII or are customary for such purpose. Novasep acknowledges that Inspire may be
obligated to file a copy of this Agreement with the SEC with its next quarterly report on Form 10-Q, annual report on Form 10-K or current report on Form 8-K or with any registration statement filed with the SEC pursuant to the Securities Act of
1933, as amended, and Inspire shall be entitled to make such filings. 
 12.4 Excluded Information. Notwithstanding any
provision herein to the contrary, the requirements of this Article XII shall not apply to any information of either Party which: 
 (a) at the time of disclosure hereunder is generally available to the public; 
 (b) after disclosure hereunder becomes generally available to the public, except through breach of this Article XII by the receiving Party or its Affiliates; 

(c) was not acquired directly or indirectly from the disclosing Party or its Affiliates and which the receiving Party
lawfully had in its possession prior to disclosure by the disclosing Party; 
 (d) is independently developed by
employees or agents of the receiving Party without the use of the Confidential Information of the disclosing Party; or 
 (e) becomes available to the receiving Party from a Third Party that is not legally prohibited from disclosing such Confidential Information, provided such information was not acquired by such Third Party
directly or indirectly from the disclosing Party or its Affiliates. 
 12.5 Return of Confidential Information. At any
time upon the request of the other Party, to the extent such Confidential Information is not reasonably necessary to enable a Party to perform its obligations under this Agreement, or upon expiration or termination of this Agreement, the Party
receiving Confidential Information will cease its use and, upon request, within thirty (30) days either return or destroy (and certify as to such destruction) all Confidential Information of the other Party, including any copies or other
embodiments thereof, except that the receiving Party may retain a copy for archive purposes. The return and/or destruction of such Confidential Information as provided above shall not relieve the receiving Party of its other obligations under this
Article XII. 
 Article XIII 
 Force Majeure Event 
 13.1 Force Majeure. Neither Party shall be
liable to the other on account of any failure to perform or on account of any delay in performance of any of its obligations under this Agreement, if and to the extent that such failure or delay shall be due to a Force Majeure Event, and without the
fault or negligence of the Party so failing or delaying. For purposes of this Agreement, a “Force Majeure Event” is defined as: acts of God; war; civil commotion; destruction of production facilities or materials by fire, flood,
earthquake, explosion or storm; labor disturbances (including strike or lock-out); epidemic; failure or strike of public utilities or common carriers; or order, 

  
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injunction or any other action by a Governmental Body that is unrelated to any act or omission of the Party claiming the benefit of this Section 13.1 or any act or omission of its
Affiliates, Subcontractors (as applicable) or agents. For clarity, Novasep’s failure to timely perform any of its obligations hereunder due to any order, injunction or any other action by a Governmental Body related to any act or omission of
Novasep, its Affiliates, Subcontractors or agents shall not constitute a Force Majeure Event. The Party experiencing a Force Majeure Event shall promptly notify the other Party of such event, the specific causes thereof, the probable duration of
delay in performance, and use commercially reasonable efforts to perform its obligations as soon as practicable. This Agreement, in so far as it relates to such obligations, shall be deemed suspended so long as and to the extent that such Force
Majeure Event prevents, hinders or delays the performance of any obligation under this Agreement, provided that Inspire shall have the right to terminate this Agreement immediately upon written notice if a Force Majeure Event affecting Novasep
continues for more than seventy five (75) days. 
 Article XIV 

Term; Termination; Remedies 
 14.1 Term. This Agreement shall commence on the Effective Date and, unless earlier terminated by either Party in accordance with this Article XIV, will continue until the fifth (5th) anniversary of the Effective Date (the “Initial
Term”) and shall renew automatically for successive three (3) year renewal terms unless Inspire notifies Novasep of its intent to not renew by providing written notice to Novasep no less than six (6) months prior to the expiration of
the Initial Term or applicable renewal term. The Initial Term together with any renewal term(s) is the “Term.” 
 14.2
Termination for Breach. This Agreement may be terminated by either Party in the event of the material breach by the other Party of the terms and conditions hereof; provided, however, the other Party shall first give to the breaching Party
written notice of the proposed termination or cancellation of this Agreement, specifying the grounds therefor. Upon receipt of such notice, the breaching Party shall have [c.i.] days to respond by curing such breach. If the breaching Party does not
cure such breach within such cure period, then (a) if Inspire is the breaching Party, Novasep shall have the right to terminate this Agreement, and, at Novasep’s option (i) require Inspire to purchase any quantity of API that is the
subject of a Purchase Order submitted by Inspire prior to such termination (but not other quantities forecasted for a Firm Zone, and the Minimum Percentage Requirement shall not apply) and reimburse Novasep for all documented direct costs and
expenses properly and reasonably incurred by Novasep pursuant to this Agreement for procurement of Third Party Materials up to the effective date of such termination in connection with Inspire’s then-outstanding obligation to purchase
quantities of API forecasted with respect to an applicable Firm Zone but which are not the subject of a Purchase Order submitted prior to such termination; provided, however, that Novasep shall use commercially reasonable efforts to mitigate such
costs and expenses by cancelling any cancelable orders for Third Party Materials, returning returnable Third Party Materials, and/or using non-returnable Third Party Materials for its own or its other customer’s behalf, or (ii) to cancel,
in whole or in part, any Purchase Order issued under this Agreement, in which case, Inspire would have no payment obligations with respect to the quantities set forth in such Purchase Orders or quantities forecasted for any Firm Zone, and the
Minimum Percentage Requirement shall not apply; or (b) if Novasep is 

  
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the breaching Party, Inspire (i) shall have the right to terminate this Agreement, in whole or in part, and (ii) shall have the remedies set forth in Section 14.9. 

14.3 Insolvency; Bankruptcy. To the extent permitted by Legal Requirements, each Party will have the right to terminate this
Agreement immediately upon notice to the other Party, if any of the following occurs: (i) such other Party is declared bankrupt or insolvent, (ii) such other Party generally fails to pay its debts as they become due, (iii) there is an
assignment for the benefit of such other Party’s creditors, (iv) a receiver is appointed or there is a voluntary or involuntary petition filed or an action or proceeding commenced for bankruptcy, reorganization, dissolution or winding up
of such other Party that is not dismissed within [c.i.] days, or (v) there is a foreclosure or sale of a material part of such other Party’s assets by or for the benefit of any creditor or governmental agency. 

14.4 Change in Control of Novasep. If at any time during the Term there is or will be a Change in Control of Novasep, Novasep
shall immediately notify Inspire in writing, and upon receiving notice or otherwise becoming aware of such a Change in Control, Inspire may terminate this Agreement immediately by written notice if it has reasonable grounds to believe that such
Change in Control may be prejudicial to Inspire’s interests. For the purpose of this Section 14.4, “Change in Control” shall mean any proposed transaction or series of transactions which shall result in (i) any party other
than Novasep, or an entity that is an Affiliate of Novasep as of the date of this Agreement, owning the Facility, (ii) direct or indirect ownership of more than fifty percent (50%) of the voting stock or assets of Novasep or an Affiliate
that controls Novasep by Persons who are not shareholders of Novasep or the Affiliate that controls Novasep as of the date of this Agreement, or (iii) the merger of Novasep with or into a Third Party in a transaction in which Novasep is not the
surviving or acquiring party. 
 14.5 Discontinuance or Suspension of Product Program. Inspire may terminate this
Agreement upon [c.i.] days written notice to Novasep if Inspire, in its sole and absolute discretion, discontinues or indefinitely suspends the development and/or commercialization of the Product. Upon the termination of this Agreement pursuant to
this Section 14.5, Inspire’s sole obligation shall be for it to reimburse Novasep for all documented direct costs and expenses properly and reasonably incurred by Novasep pursuant to this Agreement for procurement of Third Party Materials
up to the effective date of such termination in connection with Inspire’s then-outstanding obligation to purchase quantities of API forecasted with respect to an applicable Firm Zone; provided, however, that Novasep shall use commercially
reasonable efforts to mitigate such costs and expenses by cancelling any cancelable orders for Third Party Materials, returning returnable Third Party Materials, and/or using non-returnable Third Party Materials for its own or its other
customer’s behalf. For clarity, if Inspire terminates this Agreement pursuant to this Section 14.5, Inspire shall have no payment obligations with respect to the quantities set forth in any Purchase Orders or quantities forecasted for any
Firm Zone, and the Minimum Percentage Requirement shall not apply. 

  
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 14.6 Termination by Inspire. Without limiting any other Section of this Article XIV,
Inspire may terminate this Agreement upon [c.i.] days written notice to Novasep upon the occurrence of any of the following: 
 (a) Failure to Achieve Acceptance of Pre-Approval Inspection. Novasep (i) receives at any time correspondence from FDA indicating that the Facility is not approved for the manufacture of API,
or (ii) fails to obtain official correspondence from FDA stating that the Facility has been approved for the manufacture of API on or before December 31, 2011. 

(b) Failure to Supply Unrelated to Force Majeure. There is a continued failure of Novasep to deliver API to
Inspire. “Continued” for purposes of determining a continued failure to supply shall be a failure to deliver at least [c.i.] of the API required to be delivered over any [c.i.] consecutive-month period. 

(c) Supply of Nonconforming API. Novasep delivers [c.i.] or more Purchase Orders containing Nonconforming API in
any [c.i.] consecutive-month period. 
 (d) Interruption of Supply. Novasep is prohibited from
manufacturing API at the Facility by a Governmental Body for a period of [c.i.] total months during any [c.i.] consecutive-month period. 
 (e) Late Delivery. Novasep delivers [c.i.] or more Purchase Orders of API more than 15 days after the Delivery Date during any [c.i.] consecutive-month period. 

(f) Failure to Obtain or Maintain Consents. Novasep fails to obtain, maintain and comply with all Consents required
for the performance of its obligations under this Agreement. 
 (g) Failure of Compliance. Novasep fails
to comply with Novasep’s obligations in Section 4.1 or Section 6.5(b) for a period of [c.i.] days following written notification from Inspire specifying such failure. 

(h) Validation of New Manufacturing Process. Process validation is completed by or on behalf of Inspire with
respect to any new manufacturing process for API (a “New Process Validation”). 
 (i) Adverse
Currency Fluctuation. The applicable currency exchange rate between U.S. Dollars and Euros, as published at www.oanda.com (or such other reliable resource for currency exchange data as may be agreed in writing by the Parties), equals or exceeds
[c.i.] (an “Adverse Currency Fluctuation”). 
 14.7 Good Faith Discussions in Connection with New Process
Validation or Adverse Currency Fluctuation. In the event that a New Process Validation or an Adverse Currency Fluctuation occurs, the Parties promptly will meet to discuss in good faith whether any changes or

  
 45 

 
modifications could be made to this Agreement such that Inspire would be willing, in its sole discretion, to continue under this Agreement despite the occurrence of such event. For clarity,
nothing in this Section 14.7 shall limit any termination right of Inspire set forth in Section 14.6(h) or 14.6(i). 

14.8 No Suspension of Obligations. If any dispute arises between the Parties, in no event shall Novasep interrupt, slow down, or
reduce in any way the performance of its obligations under this Agreement, unless Inspire consents or as specifically authorized by a court of competent jurisdiction. 
 14.9 Effect of Termination by Inspire. In the event Inspire terminates or has the right to terminate this Agreement pursuant to Sections 13.1, 14.2, 14.3, 14.4 or 14.6, (i) Inspire shall have
the right to terminate, in whole or in part, any Purchase Order issued under this Agreement; (ii) Inspire shall be relieved of its payment obligations with respect to quantities of API associated with a Firm Zone and the Minimum Percentage
Requirement shall not apply; and (iii) upon Inspire’s request, Novasep shall, at Novasep’s sole cost and expense (notwithstanding anything to the contrary in Section 4.11), assist Inspire to transfer promptly the API
manufacturing process to any other facility or facilities selected by Inspire. For clarity, in the event that the facility or facilities selected by Inspire are owned or operated by a competitor of Novasep, Novasep shall not be required to
communicate directly with such competitor in connection with Novasep’s performance of such technology transfer activities. 

Article XV 

Miscellaneous 
 15.1 Notices. In addition to the other specific procedures for notification provided herein, all notices, demands, requests and other communications made hereunder shall be in writing and shall be
given either by personal delivery, or by internationally recognized overnight courier (with charges prepaid) and shall be deemed to have been given or made: (i) if personally delivered, on the day of such delivery; or (ii) if sent by
overnight courier, on the Business Day following the date deposited with such overnight courier service, in each case pending the designation of another address, addressed as follows: 

If to Inspire: 
 Inspire Pharmaceuticals, Inc. 
 4222 Emperor Boulevard, Suite 200 

Durham, North Carolina 27703-8466 USA 
 Attention: General Counsel 
 Facsimile: +1-919-941-9797 

  
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 With a copy (which shall not constitute notice) to: 

Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan LLP 

2500 Wachovia Capitol Center 
 Raleigh, North Carolina 27601 USA 

Attention:        Christopher B. Capel, Esq. 

Facsimile:        +1-919-821-6800 

If to Novasep: 
 Finorga SAS 
 Attn : Mr Erwin HERREN, C.E.O. 

Route de Givors 

38670 Chasse / Rhône (France) 
 Telephone: +334 72 49 19 60 
 Facsimile: +334 78 07 49 30 

With a copy (which shall not constitute notice) to: 
 Groupe NOVASEP SAS 
 Attn : Mr. Frédéric BEAUPRE 

Site Eiffel - 82, Boulevard de la Moselle 
 54340 POMPEY – France 
 Tel: + (33)3 83 49 70 50 

Fax: + (33)3 83 49 71 40 
 15.2 Independent Contractors. Each Party shall be treated as an independent contractor of the other. Neither Party shall be deemed to be a co-venturer, partner, employee or a legal representative
of the other Party for any purpose. Neither Party shall have the authority to enter into any contracts in the name of or on behalf of the other Party or incur any charges or expenses for or in the name of the other Party. 

15.3 Entire Understanding. The Parties agree, on their own and their respective Affiliates’ behalf, that this Agreement,
including Schedules hereto, and any other document identified herein, constitutes the entire agreement between the Parties and their Affiliates relating to the subject matter hereof, and all prior agreements or arrangements, written or oral, between
the Parties and their Affiliates relating to the subject matter hereof are hereby superseded by this Agreement. For the avoidance of doubt, the Technology Transfer Agreement is not superseded by this Agreement and shall continue in full force and
effect in accordance with its terms. 

  
 47 

 15.4 Assignment. This Agreement will be binding upon and inure to the benefit of the
Parties, their successors and permitted assigns. Novasep shall not delegate, transfer, convey, assign or pledge this Agreement, in whole or in part, or any of its rights or obligations under this Agreement, without the prior written consent of
Inspire in each instance, and any such action without consent shall be void and have no effect. Notwithstanding the foregoing, Novasep shall be permitted to assign this Agreement to its Affiliate, provided that such Affiliate agrees with Inspire in
advance in writing to be bound by all of the terms and conditions of this Agreement and such assignment shall not relieve Novasep of any of its obligations under this Agreement. For clarity, Inspire may delegate, transfer, convey, assign or pledge
this Agreement to any Third Party without consent of Novasep, provided that such Third Party agrees to be bound by all of the terms and conditions of this Agreement. 
 15.5 Dispute Resolution. If the Parties fail to resolve any claim, dispute, or controversy of whatever nature arising out of or relating to this Agreement (other than one relating to the validity,
enforceability, infringement or misappropriation of Intellectual Property rights, which shall not be subject to this Section 15.5), the Parties shall refer the dispute to their respective officers designated below or such other officers as the
Parties may designate in writing from time to time, for attempted resolution by good faith negotiations within thirty (30) days after so submitting the dispute. The designated officers are as follows: 

 

			
	 For Inspire:
	  	Inspire Pharmaceuticals, Inc.
		  	4222 Emperor Boulevard, Suite 200
		  	Durham, North Carolina 27703-8466 USA
		  	Attn: General Counsel
		
	 For Novasep:
	  	Groupe NOVASEP SAS
		  	Attn : Mr. Frédéric BEAUPRE
		  	Site Eiffel - 82, Boulevard de la Moselle
		  	54340 POMPEY – France
		  	Tel: + (33)3 83 49 70 50
		  	Fax: + (33)3 83 49 71 40
		  	frederic.beaupre@novasep.com

 If such dispute is not
resolved by the end of the thirty (30) day period, the Parties shall be free to pursue any legal or equitable remedy available to them. If any legal action or other legal proceeding is brought by a Party for the enforcement of this Agreement,
or to recover damages or other applicable remedy based on the alleged dispute, breach or default in connection with the provisions of this Agreement, the successful or prevailing Party as to any specific and separable issue in such action or
proceeding (in a final decision by the applicable court action or other legal proceeding, or by settlement or otherwise) shall be entitled to recover reasonable attorneys’ fees and other reasonable costs and expenses incurred in enforcing the
specific obligation of the other Party under this Agreement that was the basis for such specific issue in such action or proceeding, in addition to any other relief to which it may be entitled. For clarity, the foregoing shall not prohibit or delay
a Party from seeking appropriate injunctive or other equitable relief. 

  
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 15.6 Use of Affiliates. The Parties acknowledge and agree that Novasep may use the
services of Novasep’s Affiliates to fulfill Novasep’s obligations under this Agreement; provided that nothing in this Section 15.6 shall relieve Novasep from any obligation under this Agreement. Novasep shall remain responsible and be
directly and primarily liable for its Affiliates’ performance hereunder, and its Affiliates shall be subject to all of the terms and conditions of this Agreement in performing hereunder. Any failure of any Novasep Affiliate performing services
hereunder to comply with any of the terms and conditions of this Agreement shall constitute a breach by Novasep for all purposes. 
 15.7 Subcontractors. Novasep may utilize Subcontractors with appropriate expertise and experience in the performance of its obligations under this Agreement; provided that Inspire has first given
its written approval in each instance prior to the use of Subcontractors by Novasep, and Inspire may, as a condition of such approval, require Subcontractors to agree to conditions consistent with those contained herein. Nothing in this
Section 15.7 shall relieve Novasep from any obligation under this Agreement. 
 15.8 Amendment. This Agreement,
including any Schedule hereto, may not be amended or modified in any manner except by an instrument in writing signed by a duly authorized representative of each Party. 
 15.9 Severability. If and to the extent that any court of competent jurisdiction holds any provision (or any part thereof) of this Agreement to be invalid or unenforceable, such holding shall in no
way affect the validity or enforceability of the remainder of this Agreement, and the invalid or unenforceable provision shall be fully severed from this Agreement and there shall automatically be added in lieu thereof a provision as similar in
terms and intent to such severed provision as may be legal, valid and enforceable. 
 15.10 Waiver. Any failure of a
Party to comply with any obligation, covenant, agreement or condition herein contained may be expressly waived, in writing only, by the other Party hereto and such waiver shall be effective only in the specific instance and for the specific purpose
for which made or given. 
 15.11 Survival. Articles I (to the extent required to enforce other surviving rights
or obligations), V, VII (excluding Section 7.3), VIII (excluding Section 8.4), IX, X, XI, XII, XV and Sections 3.6, 4.4, 4.6, 4.11, 4.12, 6.3 (last sentence only), 6.5, 6.6, 14.2, 14.5, 14.9, and any other provision which by its terms
specifically shall so state, together with any obligations accrued hereunder at the time of termination or expiration, shall survive the termination or expiration of this Agreement.  

15.12 Drafting Ambiguities. Each Party to this Agreement and its counsel have reviewed and revised this Agreement. The rule of
construction to the effect that any ambiguities are to be resolved against the drafting Party shall not be employed in the interpretation of this Agreement or any amendment or Schedules hereto. 

  
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 15.13 Headings; Schedules; Counterparts. 

(a) Headings. The headings of the Sections of this Agreement are for reference purposes only, are not part of this
Agreement and shall not in any way affect the meaning or interpretation of this Agreement. 
 (b)
Schedules. All Schedules delivered pursuant to this Agreement shall be deemed part of this Agreement and incorporated herein by reference, as if fully set forth herein. In the event that any Schedule conflicts with any of the terms or
provisions of this Agreement, the terms and provisions of this Agreement shall prevail. 
 (c)
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. Facsimile signatures shall be treated as
original signatures. 
 15.14 Governing Law. This Agreement and all matters arising out of or relating to this Agreement
shall be governed, construed and enforced in accordance with the laws of the State of New York, USA, without regard to principles of conflicts of law, and the Parties hereby irrevocably consent to the exclusive jurisdiction of the state and federal
courts of the State of New York, USA. Each of the Parties hereby waives and agrees not to assert in any such dispute, to the fullest extent permitted by Legal Requirements, any claim that (i) such Party is not personally subject to the
jurisdiction of such courts, (ii) such Party and such Party’s property is immune from any legal process issued by such courts or (iii) any litigation or other proceeding commenced in such courts is brought in an inconvenient forum.
The Parties agree that the provisions of the United Nations Convention on Contracts for the International Sale of Goods shall not apply. 
 15.15 Remedies. None of the remedies set forth in this Agreement are intended to be exclusive, and each Party shall have available to it all remedies available under law or in equity or in any
other agreement between the Parties. 
 15.16 Injunctive Relief. In the event that either Novasep or Inspire breaches or
threatens to breach any provision of Article VII or Article XII of this Agreement, the Parties agree that irreparable harm to the other Party should be presumed and the damages to such Party would probably be very difficult to ascertain and
would be inadequate. Accordingly, in the event of such circumstances, each of Novasep and Inspire agree that, in addition to any other right and remedies available at law or in equity, the other Party shall have the right to obtain injunctive relief
from any court of competent jurisdiction. 
 15.17 Standard Forms. In all communications, Inspire and Novasep may employ
their standard forms, but nothing in those forms shall be construed to be in addition to or modify or amend the terms and conditions of this Agreement, and in the case of any conflict herewith, the terms and conditions of this Agreement shall
control. 
 15.18 Further Assurances. Each Party agrees to execute, acknowledge and deliver such further instruments, and
to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 

  
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 15.19 English Language. The English language version of this Agreement will be
controlling on the Parties. All information, documents, reports, notices, writings and communications to be provided by one Party to the other Party hereunder will be provided in the English language (except the executed batch record, which will be
provided in French). 
 [Remainder of page intentionally left blank.] 

  
 51 

 IN WITNESS WHEREOF, each of the Parties hereto has caused this Agreement to be duly executed
as of the date first written above. 
  

			
	 INSPIRE PHARMACEUTICALS, INC.

		
	By:	 	/s/ Adrian Adams
	Name:	 	Adrian Adams
	Title:	 	President and Chief Executive Officer
	
	 FINORGA S.A.S.

		
	By:	 	/s/ Kevin Daley
	Name:	 	Kevin Daley
	Title:	 	Sales Director, Finorga S.A.S.
		
	By:	 	/s/ Patrick Glaser
	Name:	 	Patrick Glaser
	Title:	 	President and Chief Executive Officer, Novasep Synthesis

  
 52 

 SCHEDULE 3.1(b)(ii) 

BASELINE THIRD PARTY MATERIALS PRICE 
 [c.i.] 

  
 53 

 SCHEDULE 3.1(b)(iii) 

IMPROVEMENT AMOUNTS 
 The following table shall be used for purposes of determining the Improvement Amount for any improvement to the process of manufacturing the API in accordance with Section 3.1(b)(iii) and this
Schedule: 
  

					
	 	  	 Average durations (hrs) per
batch

	 Steps
	  	 Original Proposal
	  	 Contract Baseline

	St 1	  	[c.i.]	  	[c.i.]
	St 1 ter	  		  	
	St 1 bis	  		  	
	St 2 bis	  		  	
	St 3 brut	  		  	
	St 3 [c.i.]	  		  	
	St 3 [c.i.]	  		  	
	St 3 [c.i.]	  		  	
	St 3 [c.i.]	  		  	
	
	 *  based on expected improvement assumptions

For improvements to the three manufacturing steps listed below that do not reduce the duration of such step below the duration identified as the
“Original Proposal” for such step in the table set forth above, the Improvement Amount shall be determined based on the amount by which the duration of each such step is reduced relative to the baseline duration set forth below.

  

					
	St 3 Brut:	 	Contract Baseline	 	[c.i.]
	St 3 [c.i.]:	 	Contract Baseline	 	[c.i.]
	St 3 [c.i.]:	 	Contract Baseline	 	[c.i.]

  

					
	St 3 Brut:	 	Improvement reduction:	  	[c.i.] per hour saved per batch
	St 3 [c.i.]:	 	Improvement reduction:	  	[c.i.] per hour saved per batch
	St 3 [c.i.]:	 	Improvement reduction:	  	[c.i.] per hour saved per batch

 For example, if the
duration of St 3 [c.i.] step were reduced from [c.i.] hours, then the Improvement Amount for such improvement would be [c.i.]. If the duration of the St 3 [c.i.] step were subsequently further reduced from [c.i.], then the Improvement Amount for
such subsequent improvement would be [c.i.]. 
 For other improvements to manufacturing steps, the Parties shall determine the Improvement
Amount in good faith pursuant to Section 3.1(b)(iii). 

  
 54 

 SCHEDULE 4.1 
 API SPECIFICATIONS 

  
 55 

 [c.i.] 

  
 56 

 SCHEDULE 4.9 
 QUALITY AGREEMENT 

  
 65 

 CONTRACT MANUFACTURING COMMERCIAL QUALITY AGREEMENT 

Overview/Scope/Purpose: 

This Commercial Quality Agreement defines the duties of Novasep Synthesis / Finorga SAS (“Finorga”) and Inspire Pharmaceuticals, Inc.
(“Inspire”) for the contract pharmaceutical manufacture of intermediates and active pharmaceutical ingredients at Finorga. In particular this Quality Agreement clearly states who is responsible for specified cGMP aspects of
manufacturing denufosol tetrasodium. Any communications, or other matters, governed by this Quality Agreement should be sent to the designees as indicated in Table 1. 
 In order to provide assurance of quality, Finorga will perform the activities defined herein in accordance with Standard Operating Procedures to the extent that a Standard Operating Procedure is
applicable to such activity. In the event a Standard Operating Procedure conflicts with the Quality Agreement, Finorga shall notify the designee at Inspire at the address noted below. 
 This Agreement is subject to the terms of a supply, manufacturing or other similar type of agreement between Finorga and Inspire (“Supply Agreement”). In the event of a conflict between
this Quality Agreement and the Supply Agreement, the Supply Agreement shall control, except with respect to quality matters. In matters pertaining to Governmental Inspections and Requests, Finorga shall notify the designee at Inspire at the
address as detailed in the contact list shown in Table 1 at the end of this document. Terms not defined in this Quality Agreement shall have the meanings ascribed to them in the Supply Agreement. Nothing in this Quality Agreement shall affect in any
way a party’s obligation to comply with cGMPs, ICH guidelines and all applicable laws. 
 The Quality Agreement is reviewed annually for
accuracy and may be modified from time to time with the express written agreement of both parties, without formal amendment of any related contract for goods or services. All changes to this Quality Agreement and/or any related attachments must be
documented as an Addendum to the original Quality Agreement and must be reviewed and approved by Quality representatives from Inspire and Finorga. The Quality Agreement may be terminated pursuant to the termination provisions listed in the Supply
Agreement, and shall otherwise terminate one year after the expiration of the last batch produced Finorga hereunder. 
  

	1.0	Preamble 

 This Quality
Agreement outlines the responsibilities of INSPIRE and FINORGA for quality assurance of Product(s) referenced in the Supply Agreement (“Product” or “INSPIRE Product”). These responsibilities are associated with pharmaceutical
production, disposition, and shipping of Product and are presented as a detailed checklist in Section 3. 

  
 66 

  

	 	1.1	FINORGA is the provider of manufacturing, packaging, or testing services (the “Services”) for the INSPIRE Product. FINORGA has regulatory authorization to
provide these Services and is subject to monitoring by said Regulatory Authorities. 

  

	 	1.2	FINORGA shall ensure that all Services comply with all applicable federal, state and local laws, regulations and guidances, including but not limited to CGMPs as
defined by the US Food and Drug Administration (FDA) as set forth in 21 CFR Parts 11, 210, 211, and 820, and the EU Guidance on Good Manufacturing Practice – Annex 18. 

 

	 	1.3	FINORGA understands that Services that are the subject of this Quality Agreement are subject to inspection by competent authorities, including but not limited to the US
FDA. 

  

	 	1.4	Persons who should be contacted on all pharmaceutical and technical questions shall be appointed by both parties and are designated in Table 1.

  

			
	Registered Office:	 	Registered Office:
	Inspire Pharmaceuticals, Inc.	 	Novasep Synthesis / Finorga SAS
	4222 Emperor Boulevard, Suite 200	 	497 route de Givors
		
	Durham NC, 27703	 	38670 Chasse-sur-Rhône, France
		
	Attention: Stephen Celestini	 	Attention: Jean-Pierre Pilleux
	e-mail: scelestini@inspirepharm.com	 	e-mail: jean-pierre.pilleux@novasep.com
		
	Company: Inspire Pharmaceuticals	 	Company: Novasep Synthesis / Finorga SAS
		
	Position: Sr. Vice President-Chief Compliance Officer	 	Position: Quality Assurance Director
		
	Name: Stephen Celestini	 	Name: Jean-Pierre Pilleux
		
	Signature:                            
                                 	 	Signature:                           
                                  
		
	Date:                             
                                        
	 	Date:                            
                                         

  
 67 

 Definitions and Abbreviations 
 For purposes of this Quality Agreement, the following definitions shall apply: 
 “API”
shall mean the active pharmaceutical ingredient. 
 “Applicable Laws” means all laws, ordinances,
rules and regulations within the Territory applicable to the Processing of API and the obligations of Finorga or Inspire, as the context requires, including, without limitation, (i) all applicable federal, state and local laws and
regulations of each Territory; (ii) the U.S. Federal Food, Drug and Cosmetic Act, and (iii) the “cGMPs.” Applicable Laws shall also include all laws, ordinances, rules and regulations applicable in Territories added to this
Quality Agreement after the Effective Date of this Agreement, solely to the extent Inspire or its designee has provided written copies of such laws to Finorga prior to Finorga’s Processing API under this Quality Agreement. Copies
of all laws shall be in the English language. 
 “Applications” shall mean an application for
marketing authorization which has not yet been approved by the FDA or other Regulatory Authority, including without limitation, FDA Investigational New Drug Application and other similar applications promulgated by Regulatory Authorities.

 “FDA” shall mean the United States Food and Drug Administration, and any successor entity thereto.

 “cGMPs” mean the current Good Manufacturing Practices for Active Pharmaceutical Ingredients and
Finished Pharmaceuticals promulgated by the FDA, as amended from time to time cGMPs shall also include good manufacturing practice regulations promulgated by a Regulatory Authority in a Territory added to this Agreement after the Effective Date of
this Quality Agreement, solely to the extent Inspire or its designee has provided written copies of such regulations to Finorga prior to Finorga’s Processing API under this Quality Agreement. Copies of all laws shall be in the
English language. 
 “Marketing Application” shall mean an application for marketing authorization
which has not yet been approved by the FDA or other Regulatory Authority, including without limitation, FDA New Drug Application, FDA Abbreviated New Drug Application, and other similar marketing applications promulgated by Regulatory Authorities.

 “Marketing Authorizations” shall mean any approved application for marketing authorization,
including without limitation, FDA New Drug Application, FDA Abbreviated New Drug Application, and other similar marketing authorizations promulgated by Regulatory Authorities. 

“Process” or “Processing” means the manufacture, packaging, holding and shipping of the API, other
Inspire Materials and Raw Materials, and any testing, labeling, storage, release, shipment and/or disposal of any of the foregoing, in each case in accordance with the 

  
 68 

 
Specifications and the terms and conditions set forth in the Supply Agreement and this Quality Agreement. 

“Product” shall mean the associated program at Inspire using the manufactured API. 

“Regulatory Agency” shall mean the FDA and any other regulatory authority within a Territory involved in
regulating any aspect of the manufacture, market approval, sale, distribution, packaging or use of the Product manufactured from the API. 
 “Specifications” A list of tests, references to analytical procedures, and appropriate acceptance criteria that are numerical limits, ranges or other criteria for the test(s) described. It
establishes the set of criteria to which a material should conform to be considered acceptable for its intended use. “Conformance to Specification” means that the material, when tested according to the listed analytical procedures, will
meet the listed acceptance criteria as outlined in the IND/NDA. 
 Manufacture: All steps in the manufacture of
Product or Drug Substance, including but not limited to filling, testing, labeling, packaging, and storage by the designated manufacturer. 
 “Standard Operating Procedures” shall mean the standard operating procedures in effect at Finorga which have been approved by Finorga Quality Assurance department and which are
applicable to the matters described herein. 
 “Monograph” is the document format that Novasep uses
to document the analytical methods and specifications for a material. 
 “Territories” shall mean the
United States of America and any other country which the parties agree in writing to add to this Quality Agreement from time to time. 
 Contractor: Any manufacturer, packager, or other product support supplier who performs manufacturing or packaging of a product or any intermediate step of manufacture, or other product support
service on behalf of the Marketing Authorization (MA) holder. 
 Batch Record: All documentation,
including, but not limited to, the master manufacturing formula and processing steps; appropriate packaging bill and instructions; exception documentation, such as non-conforming material reports (NCMRs), deviations, and variance reports; analytical
test results; and any additional documentation which may have been processed as part of the Product batch production record. 
 Deviation: Excursion from operating, manufacturing, testing instructions, target/informational test results, or procedures 

Investigation: Written report detailing an investigation resulting from a deviation. The investigation includes a
description of the incident, conclusions, and corrective and preventive action (CAPA) or action plan, as applicable. 

  
 69 

 Materials: All actives, excipients (i.e. inactive materials),
containers, closures, printed or unprinted items, and any other components used during the manufacturing or finishing process of a product. 
 Out of Specification (OOS): Test result that does not meet pre-set criterion or specification. 
 Product Quality Review: 
 Provide the following PQR information over the
same reporting period as the NDA Annual Report; 
 List, summarize, and evaluate impact to product, as appropriate for -

  

	 	•	 	 Pending items from previous review period 

  

	 	•	 	 Batches manufactured and dispositioned – including trending for key initial test results 

 

	 	•	 	 Trended stability data (if applicable) 

  

	 	•	 	 Change Control proposals, rationale, and status 

  

	 	•	 	 Planned deviations 

  

	 	•	 	 Investigations of unplanned deviations, discrepancies, and OOS, including review of corrective and preventative actions 

 

	 	•	 	 Retain sample inventory and status 

  

	 	•	 	 FINORGA regulatory inspections 

  

	 	•	 	 Product complaints, quality-related returns, and investigations 

 

	 	•	 	 Qualification and status of critical equipment and facilities 

 

	 	•	 	 Review of Technical Quality Agreements 

  

	 	•	 	 Action items for upcoming review period 

 Reprocessing: Duplicating a step or steps in the established manufacturing process to bring the product into conformance with specifications. Reprocessing does not alter the identity, potency,
purity, or safety of the drug product beyond the established requirements. 
 Note: Continuing a process
step after an in-process control (IPC) test has shown that the step is incomplete is considered to be part of the normal process and not reprocessing. 
 Retain Samples: Samples of active and inactive materials, packaging components, or product that are retained by FINORGA: 

 

	 	•	 	 To satisfy FDA requirement for reserve samples as stated in 21 CFR Part 211, Section 170, Paragraph (b) 

Note: FDA retain samples must be greater than or equal to two (2) times the number or amount required for
release testing. 
  

	 	•	 	 At INSPIRE’s request (i.e. INSPIRE’s retain samples) 

 

	 	•	 	 Beyond those requested by INSPIRE; i.e. FINORGA’s retain samples 

Rework: Any additional steps taken to process a batch (other than re-inspection) to bring the product into
conformance with the specifications. Rework does not alter the identity, potency, purity, or safety of the drug product beyond the established requirements. All rework must be documented in the regulatory application and approved by the appropriate
Regulatory Authorities prior to product release and distribution. 

  
 70 

  

	3.0	Delegation of Responsibilities 

 Responsibilities for providing and acquiring firms are detailed below for: 

Denufosol API 

FINORGA is the provider of manufacturing, packaging, or testing services (the “Services”) for Denufosol API. FINORGA also
performs release testing and full stability testing (if applicable) for active pharmaceutical ingredient (API). 
 Responsibility
for each activity is assigned to either INSPIRE or FINORGA as indicated in the appropriate box in the Delegation of Responsibilities Checklist below. 
 On the right side of the table are two boxes; one for Inspire and one for the Finorga. Responsibilities are assigned if an “X:” is placed in this box. If an X is marked in both columns,
then this is a shared responsibility between the Finorga SAS and Inspire. 
  

							
	 	  	 RESPONSIBILITIES
	  	 Inspire
	  	 Finorga

				
	   1.0
	  	cGMP Compliance & Regulatory Authorizations	  		  	
				
	   1.1
	  	 Maintain all licenses, registrations and other authorizations as are required to operate a cGMP pharmaceutical manufacturing facility under the
Applicable Laws.
	  		  	X
				
	   1.2
	  	 Maintain and operate the Facility in compliance with the cGMPs, ICH and all other Applicable Laws.
	  		  	X
				
	   1.3
	  	 All Inspire Products and Services will be at all times processed and controlled in compliance with the guidelines in ICH Q7 “Good
Manufacturing Practice Guidance for Active Pharmaceutical Ingredients,” in accordance with the cGMPs and all other Applicable Laws.
	  		  	X
				
	   1.4
	  	 Activities undertaken by Finorga SAS may not be subcontracted to any third party, or carried out at another site owned by the Finorga SAS
without Inspire’s prior written consent.
	  		  	X
				
	   1.5
	  	 Certify that such company is not debarred under the U.S. Generic Drug Enforcement Act of 1992 and does not employ or use the services of any
individual who is debarred or who has engaged in activities that could lead to being debarred.
	  	X	  	X

  
 71 

							
	 	  	 RESPONSIBILITIES
	  	 Inspire
	  	 Finorga

				
	   1.6
	  	If there is a conflict between this quality agreement and the Finorga SAS ‘s internal SOPs, Finorga is required to notify Inspire and the resolution of the conflict should
be provided in writing. This resolution must be approved by both Inspire and the Finorga.	  	X	  	X
				
	   1.7
	  	Prepare Product Quality Review (PQR) over the same reporting period as the NDA Annual Report and provide relevant information. The PQR will be finalized within 30 days after the
approval anniversary date.	  		  	X
				
	   1.8
	  	Provide relevant PQR sections to Inspire Management, Finorga, and Partner Firms,	  	X	  	X
				
	   2.0
	  	Regulatory Actions & Inspections	  		  	
				
	   2.1
	  	Notify Inspire of any FDA or other Regulatory Authority notice of inspection (general inspection) or inspection of the Facilities relating to any Inspire API within 3 business
days.	  		  	X
				
	   2.2
	  	Inspire reserves the right to be onsite during any inspection that specifically targets Inspire products. Inspire representatives shall adhere to Finorga procedures and shall not
interfere, unless requested by Finorga, with the inspection process. If a representative from Inspire cannot be present, then Finorga will provide daily updates to Inspire summarizing the inspector’s comments.	  	X	  	X
				
	   2.3
	  	Provide copies of any FDA Form 483 inspectional observations, Warning Letters or the like from applicable Regulatory Authorities within 48 hours of receipt and provide subsequent
response(s) relating to any Inspire API.	  		  	X
				
	   2.4
	  	Notify the other party of any Regulatory Authority request for API samples or API batch records.	  	X	  	X
				
	   2.5
	  	Notify the other party of any requests for information, notices of violations or other communication from a Regulatory Authority relating to environmental, occupational health
and safety compliance, relating directly to the API.	  	X	  	X
				
	   2.6
	  	Prior to making any commitment to a regulatory agency regarding an Inspire product made at Finorga, each party must obtain the other party’s agreement.	  	X	  	X

  
 72 

							
	 	  	 RESPONSIBILITIES
	  	 Inspire
	  	 Finorga

				
	   3.0
	  	Component (Raw Materials), Intermediates, and Finished API	  		  	
				
	   3.1
	  	Procure, store, sample, test and release raw materials and intermediates, as appropriate.	  		  	X
				
	   3.2
	  	Maintain Specifications for API , raw materials and intermediates, as appropriate	  	X	  	X
				
	   3.3
	  	Audit or otherwise qualify raw material suppliers providing raw materials used in the Inspire API manufacturing process in accordance with applicable SOPs to ensure full
compliance with cGMPs, when appropriate, and Applicable Laws.	  		  	X
				
	   3.4
	  	Store raw materials in accordance with the Specifications while at the Facilities.	  		  	X
				
	   3.5
	  	Retain reference samples of starting materials, including samples for periodic re-tests, for 2 years.	  		  	X
				
	   3.6
	  	Submit any proposed changes to the Specifications to the other party for review and approval, prior to the implementation of such changes and the submission of any such changes
to a Regulatory Agency.	  	X	  	X
				
	   3.7
	  	Perform API sampling in accordance with cGMPs and Applicable Laws and as otherwise agreed to by the parties in the master batch record for the API.	  		  	X
				
	   3.8
	  	Retain final API samples in accordance with Applicable Laws for a period of 1 year beyond the API expiry date	  		  	X
				
	   3.9
	  	Retain stability samples in accordance with Applicable Laws if stability testing is required by the Supply Agreement	  		  	X
				
	   3.10
	  	Store the API at the facilities in accordance with the API Specifications until release and or shipment to site designated by Inspire.	  		  	X
				
	   4.0
	  	Inspire Presence\Oversight\Audits	  		  	
				
	   4.1
	  	Conducts quality audits of Finorga 	  	X	  	
				
	   4.2
	  	Conduct internal audits of quality control and testing processes, in accordance with the cGMPs and applicable Standard Operating Procedures.	  		  	X
				
	   5.0
	  	Equipment & Process Qualification\Validation	  		  	

  
 73 

							
	 	  	 RESPONSIBILITIES
	  	 Inspire
	  	 Finorga

				
	   5.1
	  	Maintain, qualify and validate the Facility, equipment, and processes related to Inspire API. Provide copies of related process validation reports.	  		  	X
				
	   5.2
	  	Review and approve Process Validation protocols, reports and other associated documentation related to the API.	  	X	  	X
				
	   5.3
	  	Manufacture and test the API at the Facilities in accordance with the API master batch record, the Standard Operating Procedures referenced therein, and the
Specifications.	  		  	X
				
	   5.4
	  	Package and label the API in accordance with the Specifications for storage at Finorga 	  		  	X
				
	   5.5
	  	Package the API in accordance with the Specifications for shipments.	  		  	X
				
	   5.6
	  	Perform finished API testing and supply a Certificate of Analysis to the other party as defined in the Supply Agreement.	  		  	X
				
	   5.7
	  	Release API in accordance with the API Specification.	  	X	  	X
				
	   5.8
	  	Investigate, resolve and document all exceptions and deviations from the master batch record and Specifications. Provide written reports of investigations as required by
Inspire.	  		  	X
				
	   6.0
	  	Change Control	  		  	
				
	   6.1
	  	Provide any proposed changes to the manufacturing process, packaging, holding or shipping procedures for the Inspire API for approval by Inspire prior to
implementation.	  	X	  	X
				
	   6.2
	  	Notify Inspire of any proposed changes to the Facilities or the Processing that may impact Inspire API for approval before changes are made.	  	X	  	X
				
	   6.3
	  	Finorga should provide a summary in English of any changes to the Master Batch Record and Inspire is required to approve these changes. If necessary the particular section
of the batch record being changed should be provided to Inspire (in English) for review.	  	X	  	X
				
	   6.4
	  	Notify Inspire of any proposed changes to sources of key raw materials for Inspire products and obtain Inspire’s written prior approval.	  	X	  	X
				
	   6.5
	  	Notify Inspire of any changes to the monographs for the product or materials used in the production of the product.	  		  	X

  
 74 

							
	 	  	 RESPONSIBILITIES
	  	 Inspire
	  	 Finorga

				
	   7.0
	  	Deviations & Investigations	  		  	
				
	  7.1	  	Investigate and document Out-of-Specification (“OOS”) test results at Finorga. Provide documentation relating to such investigations along with the corresponding
batch record pertaining to the OOS investigation.	  	X	  	X
				
	  7.2	  	Finorga should notify Inspire, within 48 hours or 2 business days of discovery, regarding any deviations that occur that impact the quality of the finished product. It is
required that Inspire should approve (by Technical and Quality representatives) any deviations.	  	X	  	X
				
	  7.3	  	Finorga should notify Inspire of any Finorga SOP deviations which may have an impact on an Inspire batch. This notification should occur within 5 business days or before the
release of a finished product, whichever comes first.	  		  	X
				
	  8.0	  	Laboratory Control Systems	  		  	
				
	  8.1	  	Perform release and stability testing according to Supply Agreement, Specifications and applicable Finorga protocols.	  	X	  	X
				
	  8.2	  	Maintain necessary analytical systems and equipment utilized in testing in a validated state using validated testing methods.	  		  	X
				
	  9.0	  	Records (Batch/Testing/Quality)	  		  	
				
	  9.1	  	 Provide Inspire with the following information to be included in Regulatory Agency Submissions on an as needed basis or for internal
Inspire evaluation only, as appropriate:
  
 •  Description of API manufacturing process, including reagents and raw materials, isolated intermediates and their specifications.

 
 •  Cleaning information when
it is applicable or available.
  

•  Change control information for all changes implemented.

 
 •  Stability data for the
API, Starting Materials and Raw Materials and isolated intermediates, where applicable.
  

•  Process development history/reports

 
 •  Product Quality Review
Report
	  		  	X

  
 75 

							
	 	  	 RESPONSIBILITIES
	  	 Inspire
	  	 Finorga

				
	  9.2	  	 Provide a copy of the released batch record documentation for each lot of API, which shall include the following in
English:
  
 •  A
certificate of compliance stating that the lot was manufactured, packaged and tested in accordance with cGMPs .
  

•  A certificate of analysis listing (i) lot number; (ii) manufacture date(s); (iii) batch size;
(iv) date(s) of QC testing. The certificate of analysis shall be signed by Finorga Quality Assurance.
	  		  	X
				
	  9.3	  	Store the master and control record, batch records and all other documentation related to the API for the minimum period required by all Applicable Laws. This period should not
be less than 2 years after the expiration date of the API.	  		  	X
				
	  9.4	  	Provide copies of all documentation necessary for the other party to respond to inquiries by Regulatory Authorities. This includes but is not limited to copies of API related
validation reports, supplier qualification reports related to API testing reports and equipment qualification reports related to API Processing.	  	X	  	X
				
	  9.5	  	Supply documentation and actions relating to Field Alerts and Recalls	  	X	  	
				
	  9.6	  	Supply all information as required for drug listing filing requirements for all API and packaging configurations processed at the Facilities. This may include review of
appropriate sections of any regulatory filings.	  		  	X
				
	  9.7	  	Finorga shall provide the following documents in English: master batch record, Process Validation Protocol, and Process Validation Report. A complete master batch record
in English incorporating any changes after process validation will be provided, after which Finorga will provide English summaries of any changes to the master batch record.	  		  	X
				
	  9.8	  	The release of the finished product API will be completed after a review by Novasep technical and quality personnel, as well as, Inspire technical and quality personnel. Inspire
requires that Finorga SAS provides the following records for Inspire’s review: copies of the production records (French is ok if we have a master in English), including summary of deviations (in English) and incident investigation reports (as
well as API release test results) and CAPAs in English.	  	X	  	X
				
	  9.9	  	Provide copies of any revisions to monographs within 2 days of the effective date. Monographs may be in French, but a summary of changes should be provided in
English.	  		  	X

  
 76 

							
	 	  	 RESPONSIBILITIES
	  	 Inspire
	  	 Finorga

				
	10.0	  	Training	  		  	
				
	10.1	  	Maintain cGMP training for staff on a regular basis and ensure that all staff are adequately trained for tasks assigned.	  		  	X
				
	10.2	  	Represents that the staff engaged in the manufacture and testing and of Drug Substance has the education, training and experience, or any combination thereof, to enable those
persons to perform their assigned functions. [Note: Training extends to the particular operations that the employee performs and to cGMPs as they relate to the employee’s functions].	  		  	X
				
	10.3	  	Maintains all training records in such a way that they are readily available for the personnel working on the Drug Substance.	  		  	X
				
	10.4	  	Ensures that all training relative to a specific task will be completed prior to the initiation of the task, and that training will be conducted with sufficient frequency to
assure familiarity with cGMP requirements applicable to the position and function.	  		  	X
				
	11.0	  	Safety/Restricted Compounds	  		  	
				
	11.1	  	Maintain safety/hazard and handling data on the API.	  	X	  	X
				
	11.2	  	Maintain safety/hazard and handling data on the raw materials, reagents and isolated intermediates.	  		  	X
				
	11.3	  	Dispose of waste and any special waste related to the Processing of the API as required by all Applicable Laws.	  		  	X
				
	12.	  	Subcontracting	  		  	
				
	12.1	  	Finorga may not delegate or subcontract to a third party(ies) any part of the services to be performed by it under this agreement unless Inspire, or a Inspire affiliate,
has expressly agreed, in writing, to such delegation or subcontracting.	  	X	  	X
				
	12.2	  	No delegation or subcontracting on the part of Finorga shall act to relieve Finorga from its obligations, duties or liability to Inspire, or a Inspire affiliate,
hereunder.	  		  	X
				
	12.3	  	Shall be liable to Inspire for the performance of any delegate or subcontractor of its duties and obligations.	  		  	X

  
 77 

							
	 	  	 RESPONSIBILITIES
	  	 Inspire
	  	 Finorga

				
	12.4	  	In the event that Finorga subcontracts or delegates to a third party any obligations or responsibilities for the performance of services under this agreement, Finorga shall enter
into a written contract with such third party. Such contract shall require the third party to comply with the terms and conditions of this agreement in the same manner as Finorga.	  		  	X
				
	12.5	  	Shall be responsible for any audits necessary to monitor and assure such compliance related to Section 12.4.	  		  	X

 References: 

 

	 	1.	ICH Q7A 

	 	2.	21 CFR Part 11 

	 	3.	21 CFR Part 210 and 211 

 [c.i.] 

  
 78 

 SCHEDULE 5.2 
 FORM OF CERTIFICATE OF ANALYSIS 

  
 80 

 [c.i.] 

  
 81

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