SANTOS LIMITED — Major Shareholding Notification 2020

Nov 29, 2020

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/SchemeACN/ARSN	Santos Limited007 550 923
1. Details of substantial holder (1)
Name	Vanguard Group (The Vanguard Group, Inc. and its controlled entities including those
ACN/ARSN (if applicable)	listed in Annexure A)N/A
The holder ceased to be asubstantial holder on	25 November 2020
The previous notice was given to the company on	12 August 2020
The previous notice was dated	12 August 2020

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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 ofchange	Person whoserelevant interestchanged	Nature ofchange (4)	Considerationgiven in relationto change (5)	Class (6) andnumber ofsecurities affected	Person's votesaffected
See Annexure A					Vanguard Groupnow holds 4.869% ofvoting power

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
N/A	N/A

4. Addresses

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

Name	Address
Vanguard Group	P.O. Box 2600, V26 Valley Forge, PA 19482 USA

Signature

print name	Shawn Acker	capacity	Compliance Manager
sign here		date	27 November 2020

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.
• (2) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• (3) See the definition of "associate" in section 9 of the Corporations Act 2001.
• (4) Include details of:
  • (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
  • (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (5) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• (6) The voting shares of a company constitute one class unless divided into separate classes.
• (7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

To Company	Santos Limited
ACN/ARSN	007 550 923

Substantial Holder Name Vanguard Group ACN/ARSN N/A

			Consideration
		Nature of	given in relation		Number of securities	Person's votes
Date of changeok	Person whose relevant interest changedThe Vanguard Group, Inc.	Change(6)BUY	to change(7)	Class5.83 Ordinary	affected19,428	affected19,428
	12-Aug-2020 The Vanguard Group, Inc.	BUY		5.78 Ordinary	13,406	13,406
	12-Aug-2020 The Vanguard Group, Inc.	BUY		5.78 Ordinary	937	937
	13-Aug-2020 The Vanguard Group, Inc.	SELL		5.79 Ordinary	(6,976)	(6,976)
	13-Aug-2020 The Vanguard Group, Inc.	SELL		5.79 Ordinary	(7,220)	(7,220)
	13-Aug-2020 The Vanguard Group, Inc.	BUY		5.83 Ordinary	10,231	10,231
	13-Aug-2020 The Vanguard Group, Inc.	BUY		5.83 Ordinary	1,008	1,008
	13-Aug-2020 The Vanguard Group, Inc.	BUY		5.83 Ordinary	1,868	1,868
	17-Aug-2020 The Vanguard Group, Inc.	BUY		5.79 Ordinary	19,143	19,143
	17-Aug-2020 The Vanguard Group, Inc.17-Aug-2020 The Vanguard Group, Inc.	BUYBUY		5.79 Ordinary5.76 Ordinary	25,5242,336	25,5242,336
	17-Aug-2020 The Vanguard Group, Inc.	BUY		5.79 Ordinary	13,060	13,060
	18-Aug-2020 The Vanguard Group, Inc.	BUY		5.79 Ordinary	19,673	19,673
	18-Aug-2020 The Vanguard Group, Inc.	SELL		5.80 Ordinary	(70,735)	(70,735)
	18-Aug-2020 The Vanguard Group, Inc.	BUY		5.80 Ordinary	7,836	7,836
	18-Aug-2020 The Vanguard Group, Inc.	BUY		5.80 Ordinary	70,735	70,735
	20-Aug-2020 The Vanguard Group, Inc.	BUY		5.62 Ordinary	3,684	3,684
	20-Aug-2020 The Vanguard Group, Inc.	BUY		5.62 Ordinary	4,571	4,571
	21-Aug-2020 The Vanguard Group, Inc.	SELL		5.77 Ordinary	(5,063)	(5,063)
	21-Aug-2020 The Vanguard Group, Inc.26-Aug-2020 The Vanguard Group, Inc.	BUYSELL		5.77 Ordinary5.63 Ordinary	1,008(3,900)	1,008(3,900)
	27-Aug-2020 The Vanguard Group, Inc.	BUY		5.64 Ordinary	10,635	10,635
	27-Aug-2020 The Vanguard Group, Inc.	BUY		5.64 Ordinary	13,713	13,713
	28-Aug-2020 The Vanguard Group, Inc.	BUY		5.47 Ordinary	1,017	1,017
	31-Aug-2020 The Vanguard Group, Inc.	BUY		5.67 Ordinary	19,334	19,334
	1-Sep-2020 The Vanguard Group, Inc.	SELL		5.47 Ordinary	(707,383)	(707,383)
	1-Sep-2020 The Vanguard Group, Inc.	BUY		5.47 Ordinary	707,383	707,383
	2-Sep-2020 The Vanguard Group, Inc.	BUY		5.52 Ordinary	16,374	16,374
	2-Sep-2020 The Vanguard Group, Inc.	BUY		5.50 Ordinary	6,530	6,530
	2-Sep-2020 The Vanguard Group, Inc.3-Sep-2020 The Vanguard Group, Inc.	SELLBUY		5.52 Ordinary5.46 Ordinary	(1,908)1,061	(1,908)1,061
	3-Sep-2020 The Vanguard Group, Inc.	BUY		5.46 Ordinary	3,984	3,984
	3-Sep-2020 The Vanguard Group, Inc.	BUY		5.31 Ordinary	6,530	6,530
	4-Sep-2020 The Vanguard Group, Inc.	SELL		5.31 Ordinary	(13,836)	(13,836)
	4-Sep-2020 The Vanguard Group, Inc.	BUY		5.30 Ordinary	6,530	6,530
	4-Sep-2020 The Vanguard Group, Inc.	BUY		5.37 Ordinary	29,587	29,587
	8-Sep-2020 The Vanguard Group, Inc.	BUY		5.35 Ordinary	629	629
	9-Sep-2020 The Vanguard Group, Inc.	BUY		5.06 Ordinary	966	966
	10-Sep-2020 The Vanguard Group, Inc.10-Sep-2020 The Vanguard Group, Inc.	SELLBUY		5.13 Ordinary5.12 Ordinary	(19,270)2,762	(19,270)2,762
	11-Sep-2020 The Vanguard Group, Inc.	BUY		5.07 Ordinary	9,795	9,795
	14-Sep-2020 The Vanguard Group, Inc.	SELL		5.24 Ordinary	(26,391)	(26,391)
	15-Sep-2020 The Vanguard Group, Inc.	SELL		5.09 Ordinary	(16,213)	(16,213)
	17-Sep-2020 The Vanguard Group, Inc.	SELL		5.24 Ordinary	(36,235)	(36,235)
	17-Sep-2020 The Vanguard Group, Inc.	BUY		5.24 Ordinary	1,061	1,061
	17-Sep-2020 The Vanguard Group, Inc.	BUY		5.24 Ordinary	629	629
	18-Sep-2020 The Vanguard Group, Inc.	SELL		5.22 Ordinary	(6,775)	(6,775)
	18-Sep-2020 The Vanguard Group, Inc.	SELL		5.21 Ordinary	(103,854)	(103,854)
	21-Sep-2020 The Vanguard Group, Inc.	BUY		5.17 Ordinary	2,573	2,573
	23-Sep-2020 The Vanguard Group, Inc.24-Sep-2020 The Vanguard Group, Inc.	BUYSELL		5.13 Ordinary5.03 Ordinary	1,074(34,129)	1,074(34,129)
	25-Sep-2020 The Vanguard Group, Inc.	BUY		5.12 Ordinary	8,073	8,073
	29-Sep-2020 The Vanguard Group, Inc.	SELL		5.08 Ordinary	(13,918)	(13,918)
	29-Sep-2020 The Vanguard Group, Inc.	BUY		5.08 Ordinary	4,078	4,078
	29-Sep-2020 The Vanguard Group, Inc.	SELL		5.08 Ordinary	(720,028)	(720,028)
	29-Sep-2020 The Vanguard Group, Inc.	BUY		5.08 Ordinary	720,028	720,028
	2-Oct-2020 The Vanguard Group, Inc.	BUY		4.71 Ordinary	12,762	12,762
	2-Oct-2020 The Vanguard Group, Inc.	BUY		4.67 Ordinary	493	493
	5-Oct-2020 The Vanguard Group, Inc.6-Oct-2020 The Vanguard Group, Inc.	BUYBUY		4.89 Ordinary5.06 Ordinary	6,7162,345	6,7162,345
	6-Oct-2020 The Vanguard Group, Inc.	BUY		5.06 Ordinary	1,132	1,132
	7-Oct-2020 The Vanguard Group, Inc.	BUY		5.06 Ordinary	6,846	6,846
	9-Oct-2020 The Vanguard Group, Inc.	BUY		5.14 Ordinary	27,651	27,651
	9-Oct-2020 The Vanguard Group, Inc.	BUY		5.14 Ordinary	10,635	10,635
	9-Oct-2020 The Vanguard Group, Inc.	BUY		5.14 Ordinary	15,820	15,820

Annexure A

			Consideration
		Nature of	given in relation		Number of securities	Person's votes
Date of change	Person whose relevant interest changed	Change(6)	to change(7)	Class	affected	affected
	9-Oct-2020 The Vanguard Group, Inc.	BUY		5.14 Ordinary	19,590	19,590
	12-Oct-2020 The Vanguard Group, Inc.	BUY		5.06 Ordinary	42,512	42,512
	13-Oct-2020 The Vanguard Group, Inc.	BUY		5.08 Ordinary	1,132	1,132
	13-Oct-2020 The Vanguard Group, Inc.	SELL		5.08 Ordinary	(22,227)	(22,227)
	14-Oct-2020 The Vanguard Group, Inc.	SELL		5.04 Ordinary	(14,151)	(14,151)
	14-Oct-2020 The Vanguard Group, Inc.	SELL		5.07 Ordinary	(2,054)	(2,054)
	16-Oct-2020 The Vanguard Group, Inc.	BUY		5.13 Ordinary	2,270	2,270
	19-Oct-2020 The Vanguard Group, Inc.	BUY		5.16 Ordinary	2,264	2,264
	21-Oct-2020 The Vanguard Group, Inc.	SELL		5.18 Ordinary	(17,804)	(17,804)
	21-Oct-2020 The Vanguard Group, Inc.	BUY		5.18 Ordinary	7,080	7,080
	22-Oct-2020 The Vanguard Group, Inc.	SELL		5.07 Ordinary	(30,053)	(30,053)
	23-Oct-2020 The Vanguard Group, Inc.	SELL		5.28 Ordinary	(3,562)	(3,562)
	27-Oct-2020 The Vanguard Group, Inc.	BUY		5.11 Ordinary	6,712	6,712
	28-Oct-2020 The Vanguard Group, Inc.	SELL		5.06 Ordinary	(749)	(749)
	30-Oct-2020 The Vanguard Group, Inc.	BUY		4.73 Ordinary	5,676	5,676
	30-Oct-2020 The Vanguard Group, Inc.	BUY		4.73 Ordinary	13,584	13,584
	2-Nov-2020 The Vanguard Group, Inc.	BUY		4.65 Ordinary	13,584	13,584
	5-Nov-2020 The Vanguard Group, Inc.	BUY		4.95 Ordinary	4,230	4,230
	5-Nov-2020 The Vanguard Group, Inc.	BUY		4.95 Ordinary	25,577	25,577
	6-Nov-2020 The Vanguard Group, Inc.	BUY		4.88 Ordinary	1,132	1,132
	9-Nov-2020 The Vanguard Group, Inc.	BUY		5.01 Ordinary	5,238	5,238
	10-Nov-2020 The Vanguard Group, Inc.	BUY		5.62 Ordinary	14,633	14,633
	10-Nov-2020 The Vanguard Group, Inc.	SELL		5.62 Ordinary	(7,924)	(7,924)
	10-Nov-2020 The Vanguard Group, Inc.	SELL		5.57 Ordinary	(128,128)	(128,128)
	11-Nov-2020 The Vanguard Group, Inc.	SELL		5.73 Ordinary	(455)	(455)
	13-Nov-2020 The Vanguard Group, Inc.	BUY		5.75 Ordinary	11,242	11,242
	13-Nov-2020 The Vanguard Group, Inc.	BUY		5.76 Ordinary	20,390	20,390
	16-Nov-2020 The Vanguard Group, Inc.	BUY		5.91 Ordinary	11,976	11,976
	17-Nov-2020 The Vanguard Group, Inc.	BUY		6.06 Ordinary	6,480	6,480
	17-Nov-2020 The Vanguard Group, Inc.	BUY		6.01 Ordinary	20,694	20,694
	18-Nov-2020 The Vanguard Group, Inc.	BUY		5.95 Ordinary	8,448	8,448
	19-Nov-2020 The Vanguard Group, Inc.	BUY		5.91 Ordinary	8,035	8,035
	19-Nov-2020 The Vanguard Group, Inc.	BUY		6.00 Ordinary	653	653
	25-Nov-2020 The Vanguard Group, Inc.	SELL		6.36 Ordinary	(4,291,373)	(4,291,373)
	12-Aug-2020 Vanguard Investments Australia Ltd.	SELL		5.78 Ordinary	(3,241)	(3,241)
	25-Aug-2020 Vanguard Investments Australia Ltd.31-Aug-2020 Vanguard Investments Australia Ltd.	BUYSELL		5.69 Ordinary5.68 Ordinary	24,600(33,439)	24,600(33,439)
	1-Sep-2020 Vanguard Investments Australia Ltd.	BUY		5.46 Ordinary	924,546	924,546
	1-Sep-2020 Vanguard Investments Australia Ltd.	BUY		5.46 Ordinary	26,416	26,416
	2-Sep-2020 Vanguard Investments Australia Ltd.	SELL		5.48 Ordinary	(28,515)	(28,515)
	7-Sep-2020 Vanguard Investments Australia Ltd.	BUY		5.27 Ordinary	21,606	21,606
	8-Sep-2020 Vanguard Investments Australia Ltd.	BUY		5.28 Ordinary	6,622	6,622
	9-Sep-2020 Vanguard Investments Australia Ltd.	BUY		5.06 Ordinary	29,916	29,916
	16-Sep-2020 Vanguard Investments Australia Ltd.	BUY		5.18 Ordinary	8,280	8,280
	18-Sep-2020 Vanguard Investments Australia Ltd.	SELL		5.21 Ordinary	(73,242)	(73,242)
	18-Sep-2020 Vanguard Investments Australia Ltd.	SELL		5.21 Ordinary	(14,313)	(14,313)
	18-Sep-2020 Vanguard Investments Australia Ltd.	SELL		5.21 Ordinary	(19,084)	(19,084)
	18-Sep-2020 Vanguard Investments Australia Ltd.	SELL		5.21 Ordinary	(55,631)	(55,631)
	18-Sep-2020 Vanguard Investments Australia Ltd.	SELL		5.21 Ordinary	(72,381)	(72,381)
	18-Sep-2020 Vanguard Investments Australia Ltd.	BUY		5.22 Ordinary	8,290	8,290
	18-Sep-2020 Vanguard Investments Australia Ltd.	BUY		5.22 Ordinary	13,264	13,264
	21-Sep-2020 Vanguard Investments Australia Ltd.	BUY		5.21 Ordinary	4,926	4,926
	25-Sep-2020 Vanguard Investments Australia Ltd.	BUY		5.12 Ordinary	16,470	16,470
	29-Sep-2020 Vanguard Investments Australia Ltd.	BUY		5.08 Ordinary	4,941	4,941
	30-Sep-2020 Vanguard Investments Australia Ltd.	BUY		4.88 Ordinary	134,024	134,024
	30-Sep-2020 Vanguard Investments Australia Ltd.	BUY		4.88 Ordinary	16,500	16,500
	2-Oct-2020 Vanguard Investments Australia Ltd.	BUY		4.76 Ordinary	37,884	37,884
	2-Oct-2020 Vanguard Investments Australia Ltd.	BUY		4.76 Ordinary	31,638	31,638
	5-Oct-2020 Vanguard Investments Australia Ltd.	BUY		4.89 Ordinary	24,555	24,555
	6-Oct-2020 Vanguard Investments Australia Ltd.	BUY		5.06 Ordinary	16,370	16,370
	13-Oct-2020 Vanguard Investments Australia Ltd.	BUY		5.08 Ordinary	16,350	16,350
	19-Oct-2020 Vanguard Investments Australia Ltd.	SELL		5.16 Ordinary	(104,734)	(104,734)
	20-Oct-2020 Vanguard Investments Australia Ltd.	BUY		5.08 Ordinary	92,967	92,967
	23-Oct-2020 Vanguard Investments Australia Ltd.	BUY		5.28 Ordinary	16,330	16,330
	27-Oct-2020 Vanguard Investments Australia Ltd.	BUY		5.11 Ordinary	148,663	148,663
	28-Oct-2020 Vanguard Investments Australia Ltd.	SELL		5.01 Ordinary	(43,773)	(43,773)
	28-Oct-2020 Vanguard Investments Australia Ltd.	SELL		5.01 Ordinary	(22,719)	(22,719)
	28-Oct-2020 Vanguard Investments Australia Ltd.	SELL		5.01 Ordinary	(31,967)	(31,967)
	28-Oct-2020 Vanguard Investments Australia Ltd.	BUY		5.01 Ordinary	16,260	16,260
	30-Oct-2020 Vanguard Investments Australia Ltd.	BUY		4.74 Ordinary	28,709	28,709
	30-Oct-2020 Vanguard Investments Australia Ltd.	BUY		4.74 Ordinary	14,362	14,362
	30-Oct-2020 Vanguard Investments Australia Ltd.	SELL		4.73 Ordinary	(13,210)	(13,210)

			Consideration
		Nature of	given in relation		Number of securities	Person's votes
Date of change	Person whose relevant interest changed	Change(6)	to change(7)	Class	affected	affected
	2-Nov-2020 Vanguard Investments Australia Ltd.	BUY		4.66 Ordinary	82,261	82,261
	3-Nov-2020 Vanguard Investments Australia Ltd.	BUY		4.95 Ordinary	16,310	16,310
	4-Nov-2020 Vanguard Investments Australia Ltd.	BUY		4.99 Ordinary	24,495	24,495
	5-Nov-2020 Vanguard Investments Australia Ltd.	BUY		4.95 Ordinary	3,260	3,260
	10-Nov-2020 Vanguard Investments Australia Ltd.	BUY		5.62 Ordinary	27,795	27,795
	13-Nov-2020 Vanguard Investments Australia Ltd.	BUY		5.76 Ordinary	27,642	27,642
	13-Nov-2020 Vanguard Investments Australia Ltd.	BUY		5.76 Ordinary	86,178	86,178
	17-Nov-2020 Vanguard Investments Australia Ltd.	SELL		6.06 Ordinary	(42,674)	(42,674)
	17-Nov-2020 Vanguard Investments Australia Ltd.	BUY		6.06 Ordinary	16,300	16,300
	23-Nov-2020 Vanguard Investments Australia Ltd.	BUY		6.12 Ordinary	19,584	19,584

This is Annexure A of 3 pages referred to in Form 605, Notice of ceasing to be a substantial holder.

Signature:

Name: Shawn Acker

Capacity: Compliance Manager

Date: 27 November 2020