SANTOS LIMITED — Major Shareholding Notification 2021

Dec 21, 2021

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme	Santos Limited
ACN/ARSN	007 550 923
1. Details of substantial holder (1)
Name	State Street Corporation and subsidiaries named in Annexures to this form
ACN/ARSN (if applicable)
The holder ceased to be a substantial holder on		20/12/2021
The previous notice was given to the company on		14/12/2021
The previous notice was dated		10/12/2021

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 of change	Person whose	Nature of change (4)	Consideration given in	Class (6) and	Person's votes
	relevant interest		relation to change (5)	number of securities	affected
	changed			affected
Annexure A
& C

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

4. Addresses

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

Name	Address
Annexure B

Signature

print name	Elizabeth Schaefer	capacity	Authorised signatory
sign here		date	22/12/2021

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.

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

Digitally signed by Elizabeth Schaefer

____________________________________ 22 December 2021 Date: 2021.12.21 16:24:05 -05'00'

Elizabeth Schaefer Authorised Signatory

Date of Change Person whose relevant interest changed Nature of Change Consideration given in relation to Change Person's Votes affected 12/13/2021 STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED In specie application n/a Ordinary 6,220 6,220 12/13/2021 STATE STREET GLOBAL ADVISORS, INC. In specie application n/a Ordinary 136 136 12/13/2021 STATE STREET GLOBAL ADVISORS, INC. Purchase Ordinary 6,924 6.59 6,924 12/13/2021 STATE STREET GLOBAL ADVISORS (JAPAN) CO., LTD. Purchase Ordinary 31,274 6.60 31,274 12/14/2021 STATE STREET GLOBAL ADVISORS, INC. In specie application n/a Ordinary 452 452 12/15/2021 STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED In specie application n/a Ordinary 6,220 6,220 12/15/2021 STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED Purchase Ordinary 359,056 6.48 359,056 12/16/2021 STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED In specie application n/a Ordinary 104,332 104,332 12/16/2021 STATE STREET GLOBAL ADVISORS LIMITED Sale Ordinary (16,300) 6.38 (16,300) 12/16/2021 STATE STREET GLOBAL ADVISORS, INC. In specie application n/a Ordinary 7,338 7,338 12/16/2021 STATE STREET GLOBAL ADVISORS, INC. Purchase Ordinary 16,300 6.38 16,300 12/16/2021 STATE STREET GLOBAL ADVISORS, INC. Purchase Ordinary 111,549 6.39 111,549 12/17/2021 STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED Sale Ordinary (289,065) 6.42 (289,065) 12/17/2021 STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED Sale Ordinary (16,002) 6.43 (16,002) 12/17/2021 STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED Purchase Ordinary 302,259 6.42 302,259 12/17/2021 STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED Purchase Ordinary 4,351 6.43 4,351 12/17/2021 STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED Purchase Ordinary 46,612 6.43 46,612 12/17/2021 STATE STREET GLOBAL ADVISORS LIMITED Sale Ordinary (103,966) 6.42 (103,966) 12/17/2021 STATE STREET GLOBAL ADVISORS LIMITED In specie redemption n/a Ordinary (1) (1) 12/17/2021 STATE STREET GLOBAL ADVISORS, INC. Sale Ordinary (151,721) 6.42 (151,721) 12/17/2021 STATE STREET GLOBAL ADVISORS, INC. In specie application n/a Ordinary 2,332 2,332 12/17/2021 STATE STREET GLOBAL ADVISORS, INC. Purchase Ordinary 412,846 6.42 412,846 12/17/2021 STATE STREET GLOBAL ADVISORS, INC. Purchase Ordinary 33,641 6.52 33,641 12/17/2021 STATE STREET GLOBAL ADVISORS (JAPAN) CO., LTD. In specie application n/a Ordinary 1 1 12/17/2021 STATE STREET GLOBAL ADVISORS EUROPE LIMITED Sale Ordinary (45,078) 6.42 (45,078) 12/20/2021 STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED In specie application n/a Ordinary 64,746 64,746 12/20/2021 STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED Purchase Ordinary 13,522 6.11 13,522 12/20/2021 STATE STREET GLOBAL ADVISORS, INC. Sale Ordinary (473,352) 6.15 (473,352) 12/20/2021 STATE STREET GLOBAL ADVISORS, INC. In specie redemption n/a Ordinary (21,189) (21,189) STATE STREET BANK AND TRUST COMPANY Lending securities under a securities loan to AQR FUNDS AQR RISK PARITY FUND – Refer annexure Part B of Annexure C n/a Ordinary 3,298 3,298 STATE STREET BANK AND TRUST COMPANY Return of securities under a securities loan by TEACHER RETIREMENT SYSTEM OF TEXAS – Refer Part B of Annexure C n/a Ordinary (11,249) (11,249) Class and number of Securities affected 12/17/2021 12/17/2021

This is Annexure B referred to in Form 605 Notice of ceasing to be a substantial holder

Annexure B

____________________________________ 22 December 2021 Digitally signed by Elizabeth Schaefer Date: 2021.12.21 16:24:23 -05'00'

Elizabeth Schaefer

Authorised Signatory

Name	Address
STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED	Level 15, 420 George Street, Sydney NSW 2000, Australia
STATE STREET GLOBAL ADVISORS, INC.	1 Iron Street, Boston MA 02210, United States
STATE STREET GLOBAL ADVISORS LIMITED	20 Churchill Place, London, England, E14 5HJ, United Kingdom
STATE STREET GLOBAL ADVISORS (JAPAN) CO., LTD.	Toranomon Hills Mori Tower 25F, 1-23-1 Toranomon, Minato-ku, Tokyo, 105-
	6325, Japan
STATE STREET GLOBAL ADVISORS EUROPE LIMITED	78 Sir John Rogerson's Quay, Dublin 2, Ireland
STATE STREET BANK AND TRUST COMPANY	1 Lincoln Street, Boston MA 02111-2900, United States

This is Annexure C referred to in Form 605 Notice of ceasing to be a

____________________________________ 22 December 2021
Elizabeth Schaefer
Authorised Signatory
	State Street Bank and Trust Company will, if requested by the company or responsible entity to whom this form must be given under the Corporations Act 2001 (Cth) or if
	requested by the Australian Securities and Investment Commission (ASIC), provide a copy of the master securities lending agreement/s and security agreement/s referred to
below to the company, responsible entity or ASIC.
	Part A: For relevant interests arising out of lending securities - State Street Bank and Trust Company acquires relevant interest as borrower of the securities under securities
Part B of this Annexure.)	lending agreement, subject to obligation to return under the agreement. (State Street Bank and Trust Company has on-lent the securities and retains relevant interest as per
Type of agreement	Global Master Securities Lending Agreement/Master Securities Loan Agreement/Securities LoanAgreement
Parties to agreement	(1) State Street Bank and Trust Company
	(2) The entity referred to in the relevant part of Annexure B to this notice(1) Yes (if the borrower is the registered holder. However the securities are on-lent by the borrower
Can the parties exercise voting rights attaching to the securities?	as per Part B of this Annexure)(2) No, not during term of securities loan
	(1) Only if the borrower is the registered holder. However the securities are on-lent by the borroweras per Part B of this Annexure
If yes, in what circumstances	(2) n/a
Transfer date	The dates on which the securities were delivered to State Street Bank and Trust Company as borrower
Scheduled return date	are set out in Annexure B to this noticeNo scheduled return date
Does the borrower have the right to return the securities early?	No scheduled return date. Borrower can return securities or equivalent securities at any time subject
If yes, in what circumstances	to giving noticeBorrower can return securities or equivalent securities at any time subject to giving notice
Does the lender have the right to recall the securities early (ie before thescheduled return date)?	No scheduled return date. Lender can require return of securities or equivalent securities at any timesubject to giving notice
If yes, in what circumstances	Lender can require return of securities or equivalent securities at any time subject to giving notice
Are there any circumstances in which the borrower is not required to return
securities or equivalent securities on settlement?If yes, detail any exceptions	Non/a
	Part B: For relevant interests arising out of lending securities - State Street Bank and Trust Company lends the securities under securities lending agreement, and retains
relevant interest through the right to recall the securities or equivalent securities.
Type of agreement	Global Master Securities Lending Agreement/Master Securities Loan Agreement
Parties to agreement	(1) State Street Bank and Trust Company
	(2) The entity referred to in the relevant part of Annexure B to this notice(1) Yes, but only if the lender recalls the loan and exercises its right to become the registered holder
Can the parties exercise voting rights attaching to the securities?	(2) Yes (while registered holder)
	(1) Only if the lender recalls the loan and exercises its right to become the registered holder(2) Borrower may exercise voting rights (while registered holder)
If yes, in what circumstances
Transfer date	The dates on which the securities were delivered to the borrower are set out in Annexure B to this
Scheduled return date	noticeNo scheduled return date
Does the borrower have the right to return the securities early?	No scheduled return date. Borrower can return securities or equivalent securities at any time subject
If yes, in what circumstances	to giving noticeBorrower can return securities or equivalent securities at any time subject to giving notice
Does the lender have the right to recall the securities early (ie before the	No scheduled return date. Lender can require return of securities or equivalent securities at any time
scheduled return date)?If yes, in what circumstances	subject to giving noticeLender can require return of securities or equivalent securities at any time subject to giving notice
Are there any circumstances in which the borrower is not required to return
securities or equivalent securities on settlement?	No
If yes, detail any exceptions	n/a
Information Classification: Limited Access

Type of agreementGlobal Master Securities Lending Agreement/Master Securities Loan Agreement(1) State Street Bank and Trust CompanyParties to agreement(2) The entity referred to in the relevant part of Annexure B to this notice(1) Yes, but only if the lender recalls the loan and exercises its right to become the registered holder(2) Yes (while registered holder)Can the parties exercise voting rights attaching to the securities?(1) Only if the lender recalls the loan and exercises its right to become the registered holder(2) Borrower may exercise voting rights (while registered holder)If yes, in what circumstancesThe dates on which the securities were delivered to the borrower are set out in Annexure B to thisTransfer datenoticeScheduled return dateNo scheduled return dateNo scheduled return date. Borrower can return securities or equivalent securities at any time subjectDoes the borrower have the right to return the securities early?to giving noticeIf yes, in what circumstancesBorrower can return securities or equivalent securities at any time subject to giving noticeDoes the lender have the right to recall the securities early (ie before thescheduled return date)?subject to giving noticeIf yes, in what circumstancesLender can require return of securities or equivalent securities at any time subject to giving noticeAre there any circumstances in which the borrower is not required to returnNosecurities or equivalent securities on settlement?If yes, detail any exceptionsn/a
	No scheduled return date. Lender can require return of securities or equivalent securities at any time

Part C: For relevant interests arising out of lending securities - State Street Bank and Trust Company acquires a relevant interest in securities through taking a security interest ("pledge") over the securities as collateral to secure a securities loan. (See Part B of this Annexure for securities loan details.)

Type of agreement	Global Master Securities Lending Agreement
	Security Agreement: the pro forma security agreement governing the pledge is attached to this notice
	(1) State Street Bank and Trust Company
Parties to agreement	(2) The entity referred to in the relevant part of Annexure B to this notice
	(1) Yes, but only if the borrower defaults and pledge is enforced
Can the parties exercise voting rights attaching to the securities?	(2) Yes
	(1) Only if the borrower defaults and pledge is enforced
	(2) In accordance with ordinary rights as registered holder, either directly or through nominee holder
If yes, in what circumstances
Pledge date
	The dates on which the securities were pledged, as indicated in Annexure B to this notice
Scheduled release date	No scheduled release date. Securities are released from pledge on termination of related securities
	loan
Does the borrower have the right to have the securities released early?	No scheduled release date. Securities are released from pledge on termination of related securities
	loan or the provision of alternative collateral
	At any time subject to returning the borrowed securities or equivalent securities or providing
If yes, in what circumstances	alternative collateral
Are there any circumstances in which the lender is not required to release
the pledged securities on settlement?	No, assuming the borrower returns the borrowed securities or equivalent securities
If yes, detail any exceptions	n/a (lender must release pledged securities if the borrower returns the borrowed securities orequivalent securities)