SANTOS LIMITED — Major Shareholding Notification 2015

Nov 22, 2015

Form 604 Corporations Act 2001
Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Santos Limited
ACN/ARSN 007 550 932
1. Details of substantial holder (1)
Name Santos Limited
ACN/ARSN (if applicable) 007 550 932
There was a change in the interests of the
substantial holder on	20/11/2015
The previous notice was given to the company on	13/11/2015
The previous notice was dated	12/11/2015

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

	Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
	Ordinary shares	75,808,979	$ 6.82\%$ (based on $1,111,308,180$ ordinary shares on issue)	140.593.737	9.95% (based on 1,412,973,850 ordinary shares on issue)

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	lPerson whose relevant interest Ichanged	Nature of change (6)	Consideration loiven in relation to change (7)	Class and number of Person's votes lsecurities affected	laffected
20/11/2015	ISantos L imited	Increase in the number of shares with restrictions on disposal under voluntary escrow arrangements under the subscription agreement dated 9 November 2015 between Santos Limited and United Faith Ventures following the acquisition of ordinary shares by United Faith Ventures Limited through participation in the institutional component lof Santos' accelerated fully underwritten renounceable entitlement offer.	A\$199,371,318.30 (being A\$3.80 per shares )	51,784,758 ordinary 51,784,758 Ishares
20/11/2015	Santos Limited	Increase in the number of shares with restrictions on disposal under voluntary escrow arrangements under the subscription agreement dated 9 November 2015 between Santos Limited land United Faith Ventures following the acquisition of ordinary shares by United Faith Ventures Limited through participation in Santos' institutional shortfall bookbuild following the institutional component of Santos' accelerated fully underwritten irenounceable entitlement offer.	AS59.800.000 being A\$4.60 per share)	13,000,000 ordinary 13,000,000 Ishares

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

i Holder of Irelevant interest lof securities	Registered holder	Person entitled as holder (8)	to be registered Nature of relevant interest (6)	Class and number Person's votes lof securities
Santos Limited	United Faith Ventures Limited	lUnited Faith Ventures lLimited	Restriction on disposal of shares under voluntary escrow arrangements under the subscription agreement dated 9 November 2015 between Santos Limited and United Faith Ventures Limited gives Santos Limited 138,314,170 la technical relevant interest in its own shares under section 608(1)(c) of the iCorporations Act 2001 (Cth). However, Santos Limited has no right to acquire these shares or to control the voting rights lattaching to these shares.	ordinary shares	138,314.170
lSantos Limited	SESAP Pty Ltd	SESAP Pty Ltd	ISESAP Pty Ltd, which is a subsidiary of Santos Limited acts as trustee of the Santos! employee share schemes, which gives Santos Limited a technical relevant interest lin its own shares under section 608(3) of the Corporations Act 2001 (Cth).	2.279,567 ordinary shares	2,279,567

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if	Nature of association
applicable)	$\cdots$
N/A	IN/A --- --

6. Addresses

The addresses of persons named in this form are as follows:

. Name	Address
Santos Limited ----	Ground Floor, 60 Flinders Street, Adelaide, SA 5000

Signature

print name David Lim	capacity	Company Secretary
sign here	date	23/11/2015