SANTOS LIMITED — Major Shareholding Notification 2021

May 26, 2021

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme	Santos Limited007 550 923
ACN/ARSN
1. Details of substantial holder (1)
Name	Vanguard Group (The Vanguard Group, Inc. and its controlled entities including Vanguard
ACN/ARSN (if applicable)	_________Investments Australia Ltd. and those listed in Annexure A)N/A
The holder ceased to be asubstantial holder on	21 May 2021
The previous notice was given to the company on	11 March 2021
The previous notice was dated	11 March 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 ofchange	Person whoserelevant interestchanged	Nature ofchange (4)	Considerationgiven in relationto change (5)	Class (6) andnumber ofsecuritiesaffected	Person's votesaffected
21 May2021	VanguardVanguard Investments Australia Ltd. has ceasedInvestmentsto be the Investment Manager for an institutionalAustralia Ltd.client mandate and as a result has ceased tohold a relevant interest in the shares held withinthat mandate.		Nil – There is no selldown activityassociated with thischange.	6,815,545shares	Vanguard Groupnow holds 4.74%of voting power
	See Annexure A for all other transactions

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 26 May 2021

To Company Santos Limited ACN/ARSN 007 550 923

Substantial Holder Name Vanguard Group ACN/ARSN N/A

		Nature of	Considerationgiven 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-Mar-21 The Vanguard Group, Inc.9-Mar-21 The Vanguard Group, Inc.	BuyBuy		7.47 Ordinary7.47 Ordinary	5,7767,596	5,7767,596
	9-Mar-21 The Vanguard Group, Inc.	Buy		7.47 Ordinary	17,100	17,100
	9-Mar-21 The Vanguard Group, Inc.	Buy		7.62 Ordinary	51,358	51,358
	10-Mar-21 The Vanguard Group, Inc.	Buy		7.21 Ordinary	6,330	6,330
	10-Mar-21 The Vanguard Group, Inc.	Buy		7.18 Ordinary	8,498	8,498
	10-Mar-21 The Vanguard Group, Inc.	Buy		7.13 Ordinary	3,138	3,138
	11-Mar-21 The Vanguard Group, Inc.	Buy		7.25 Ordinary	10,108	10,108
	11-Mar-21 The Vanguard Group, Inc.	Buy		7.25 Ordinary	16,458	16,458
	11-Mar-21 The Vanguard Group, Inc.	Buy		7.17 Ordinary	868	868
	12-Mar-21 The Vanguard Group, Inc.	Buy		7.26 Ordinary	40,024	40,024
	12-Mar-21 The Vanguard Group, Inc.	Buy		7.26 Ordinary	214,561	214,561
	12-Mar-21 The Vanguard Group, Inc.	Buy		7.26 Ordinary	34,061	34,061
	12-Mar-21 The Vanguard Group, Inc.	Buy		7.26 Ordinary	190,144	190,144
	12-Mar-21 The Vanguard Group, Inc.	Buy		7.26 Ordinary	1,526	1,526
	12-Mar-21 The Vanguard Group, Inc.	Buy		7.26 Ordinary	119,929	119,929
	12-Mar-21 The Vanguard Group, Inc.	Buy		7.26 Ordinary	28,278	28,278
	12-Mar-21 The Vanguard Group, Inc.	Buy		7.26 Ordinary	308	308
	12-Mar-21 The Vanguard Group, Inc.	Buy		7.26 Ordinary	7,447	7,447
	12-Mar-21 The Vanguard Group, Inc.	Buy		7.22 Ordinary	67,321	67,321
	16-Mar-21 The Vanguard Group, Inc.	Buy		7.29 Ordinary	1,046	1,046
	17-Mar-21 The Vanguard Group, Inc.	Buy		7.24 Ordinary	8,862	8,862
	17-Mar-21 The Vanguard Group, Inc.	Sell		7.23 Ordinary	(3,583)	(3,583)
	17-Mar-21 The Vanguard Group, Inc.	Sell		7.23 Ordinary	(20,423)	(20,423)
	19-Mar-21 The Vanguard Group, Inc.	Sell		7.15 Ordinary	(19,028)	(19,028)
	19-Mar-21 The Vanguard Group, Inc.	Sell		7.15 Ordinary	(40,128)	(40,128)
	19-Mar-21 The Vanguard Group, Inc.	Buy		7.15 Ordinary	76,935	76,935
	19-Mar-21 The Vanguard Group, Inc.	Buy		7.15 Ordinary	1,077	1,077
	19-Mar-21 The Vanguard Group, Inc.22-Mar-21 The Vanguard Group, Inc.	SellBuy		7.15 Ordinary7.26 Ordinary	(6,762)2,888	(6,762)2,888
	22-Mar-21 The Vanguard Group, Inc.	Buy		7.32 Ordinary	1,019	1,019
	24-Mar-21 The Vanguard Group, Inc.	Buy		7.06 Ordinary	5,908	5,908
	26-Mar-21 The Vanguard Group, Inc.	Buy		7.16 Ordinary	1,002	1,002
	29-Mar-21 The Vanguard Group, Inc.	Buy		7.27 Ordinary	10,192	10,192
	29-Mar-21 The Vanguard Group, Inc.	Buy		7.21 Ordinary	4,966	4,966
	30-Mar-21 The Vanguard Group, Inc.	Buy		7.13 Ordinary	4,456	4,456
	31-Mar-21 The Vanguard Group, Inc.	Buy		7.13 Ordinary	21,960	21,960
	31-Mar-21 The Vanguard Group, Inc.	Buy		7.10 Ordinary	4,383	4,383
	31-Mar-21 The Vanguard Group, Inc.	Sell		7.10 Ordinary	(53,258)	(53,258)
	1-Apr-21 The Vanguard Group, Inc.	Buy		7.09 Ordinary	16,056	16,056
	6-Apr-21 The Vanguard Group, Inc.	Buy		6.99 Ordinary	14,440	14,440
	6-Apr-21 The Vanguard Group, Inc.	Buy		6.99 Ordinary	15,372	15,372
	7-Apr-21 The Vanguard Group, Inc.	Buy		7.16 Ordinary	979	979
	7-Apr-21 The Vanguard Group, Inc.	Buy		7.16 Ordinary	1,002	1,002
	9-Apr-21 The Vanguard Group, Inc.	Buy		7.06 Ordinary	17,328	17,328
	9-Apr-21 The Vanguard Group, Inc.	Buy		7.06 Ordinary	7,284	7,284
	9-Apr-21 The Vanguard Group, Inc.	Buy		7.07 Ordinary	193,422	193,422
	9-Apr-21 The Vanguard Group, Inc.	Buy		7.07 Ordinary	10,590	10,590
	13-Apr-21 The Vanguard Group, Inc.	Buy		7.16 Ordinary	12,996	12,996
	13-Apr-21 The Vanguard Group, Inc.	Buy		7.09 Ordinary	1,002	1,002
	13-Apr-21 The Vanguard Group, Inc.	Buy		7.09 Ordinary	7,969	7,969
	14-Apr-21 The Vanguard Group, Inc.	Buy		7.01 Ordinary	10,108	10,108
	14-Apr-21 The Vanguard Group, Inc.	Buy		7.01 Ordinary	12,996	12,996
	15-Apr-21 The Vanguard Group, Inc.	Buy		7.21 Ordinary	2,548	2,548
	15-Apr-21 The Vanguard Group, Inc.	Buy		7.21 Ordinary	7,308	7,308
	15-Apr-21 The Vanguard Group, Inc.	Sell		7.21 Ordinary	(80,173)	(80,173)
	15-Apr-21 The Vanguard Group, Inc.15-Apr-21 The Vanguard Group, Inc.	BuyBuy		7.21 Ordinary7.15 Ordinary	80,1738,582	80,1738,582
	15-Apr-21 The Vanguard Group, Inc.	Buy		7.15 Ordinary	6,171	6,171
	16-Apr-21 The Vanguard Group, Inc.	Buy		7.15 Ordinary	4,863	4,863
	16-Apr-21 The Vanguard Group, Inc.	Buy		7.15 Ordinary	68,076	68,076

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
	19-Apr-21 The Vanguard Group, Inc.	Buy		7.03 Ordinary	10,192	10,192
	19-Apr-21 The Vanguard Group, Inc.	Buy		7.10 Ordinary	68,940	68,940
	19-Apr-21 The Vanguard Group, Inc.	Buy		7.03 Ordinary	21,660	21,660
	19-Apr-21 The Vanguard Group, Inc.	Buy		7.06 Ordinary	5,466	5,466
	19-Apr-21 The Vanguard Group, Inc.	Sell		7.06 Ordinary	(1,918)	(1,918)
	19-Apr-21 The Vanguard Group, Inc.	Buy		7.06 Ordinary	1,002	1,002
	21-Apr-21 The Vanguard Group, Inc.	Sell		6.90 Ordinary	(286)	(286)
	21-Apr-21 The Vanguard Group, Inc.	Buy		6.94 Ordinary	965	965
	21-Apr-21 The Vanguard Group, Inc.	Buy		6.94 Ordinary	18,374	18,374
	22-Apr-21 The Vanguard Group, Inc.	Buy		6.89 Ordinary	5,096	5,096
	23-Apr-21 The Vanguard Group, Inc.	Buy		6.98 Ordinary	14,865	14,865
	26-Apr-21 The Vanguard Group, Inc.	Buy		6.92 Ordinary	7,308	7,308
	26-Apr-21 The Vanguard Group, Inc.	Sell		6.97 Ordinary	(85,287)	(85,287)
	26-Apr-21 The Vanguard Group, Inc.	Buy		6.89 Ordinary	5,148	5,148
	27-Apr-21 The Vanguard Group, Inc.	Buy		6.96 Ordinary	7,284	7,284
	27-Apr-21 The Vanguard Group, Inc.	Sell		6.94 Ordinary	(2,227)	(2,227)
	28-Apr-21 The Vanguard Group, Inc.	Buy		7.10 Ordinary	5,776	5,776
	28-Apr-21 The Vanguard Group, Inc.	Buy		7.10 Ordinary	6,070	6,070
	28-Apr-21 The Vanguard Group, Inc.	Sell		7.02 Ordinary	(869)	(869)
	29-Apr-21 The Vanguard Group, Inc.	Buy		7.00 Ordinary	9,105	9,105
	4-May-21 The Vanguard Group, Inc.	Buy		6.94 Ordinary	7,284	7,284
	4-May-21 The Vanguard Group, Inc.	Buy		6.94 Ordinary	10,319	10,319
	5-May-21 The Vanguard Group, Inc.	Buy		7.00 Ordinary	12,395	12,395
	6-May-21 The Vanguard Group, Inc.	Sell		7.10 Ordinary	(170)	(170)
	6-May-21 The Vanguard Group, Inc.	Buy		7.04 Ordinary	5,680	5,680
	6-May-21 The Vanguard Group, Inc.	Buy		7.04 Ordinary	2,004	2,004
	6-May-21 The Vanguard Group, Inc.	Buy		7.04 Ordinary	973	973
	7-May-21 The Vanguard Group, Inc.	Buy		7.13 Ordinary	4,332	4,332
	7-May-21 The Vanguard Group, Inc.	Buy		7.13 Ordinary	18,772	18,772
	7-May-21 The Vanguard Group, Inc.	Buy		7.13 Ordinary	7,308	7,308
	7-May-21 The Vanguard Group, Inc.	Buy		7.13 Ordinary	21,245	21,245
	7-May-21 The Vanguard Group, Inc.	Sell		7.05 Ordinary	(3,254)	(3,254)
	10-May-21 The Vanguard Group, Inc.	Buy		7.09 Ordinary	15,120	15,120
	12-May-21 The Vanguard Group, Inc.	Buy		6.78 Ordinary	5,128	5,128
	13-May-21 The Vanguard Group, Inc.	Sell		6.86 Ordinary	(20,097)	(20,097)
	14-May-21 The Vanguard Group, Inc.	Buy		7.01 Ordinary	15,960	15,960
	14-May-21 The Vanguard Group, Inc.	Buy		7.01 Ordinary	27,195	27,195
	17-May-21 The Vanguard Group, Inc.	Buy		7.16 Ordinary	5,776	5,776
	17-May-21 The Vanguard Group, Inc.	Buy		7.08 Ordinary	1,081	1,081
	18-May-21 The Vanguard Group, Inc.	Buy		7.07 Ordinary	4,332	4,332
	18-May-21 The Vanguard Group, Inc.	Buy		7.07 Ordinary	3,846	3,846
	18-May-21 The Vanguard Group, Inc.	Buy		7.19 Ordinary	1,148	1,148
	18-May-21 The Vanguard Group, Inc.	Buy		7.19 Ordinary	14,915	14,915
	19-May-21 The Vanguard Group, Inc.	Buy		7.01 Ordinary	34,560	34,560
	19-May-21 The Vanguard Group, Inc.	Buy		7.01 Ordinary	12,960	12,960
	20-May-21 The Vanguard Group, Inc.	Buy		7.00 Ordinary	8,498	8,498
	9-Mar-21 Vanguard Investments Australia Ltd.	Buy		7.41 Ordinary	4,938	4,938
	9-Mar-21 Vanguard Investments Australia Ltd.	Sell		7.41 Ordinary	(13,245)	(13,245)
	10-Mar-21 Vanguard Investments Australia Ltd.	Buy		7.13 Ordinary	19,548	19,548
	17-Mar-21 Vanguard Investments Australia Ltd.	Buy		7.23 Ordinary	16,270	16,270
	19-Mar-21 Vanguard Investments Australia Ltd.	Sell		7.15 Ordinary	(117,476)	(117,476)
	19-Mar-21 Vanguard Investments Australia Ltd.	Sell		7.15 Ordinary	(34,025)	(34,025)
	23-Mar-21 Vanguard Investments Australia Ltd.	Buy		7.26 Ordinary	114,671	114,671
	26-Mar-21 Vanguard Investments Australia Ltd.	Buy		7.16 Ordinary	846	846
	26-Mar-21 Vanguard Investments Australia Ltd.	Buy		7.16 Ordinary	52,463	52,463
	30-Mar-21 Vanguard Investments Australia Ltd.	Buy		7.13 Ordinary	18,513	18,513
	30-Mar-21 Vanguard Investments Australia Ltd.	Buy		7.13 Ordinary	21,879	21,879
	31-Mar-21 Vanguard Investments Australia Ltd.	Sell		7.10 Ordinary	(59,155)	(59,155)
	1-Apr-21 Vanguard Investments Australia Ltd.	Buy		7.11 Ordinary	167,540	167,540
	1-Apr-21 Vanguard Investments Australia Ltd.	Sell		7.12 Ordinary	(3,307,319)	(3,307,319)
	6-Apr-21 Vanguard Investments Australia Ltd.	Buy		7.00 Ordinary	4,998	4,998
	6-Apr-21 Vanguard Investments Australia Ltd.	Buy		7.08 Ordinary	117,021	117,021
	6-Apr-21 Vanguard Investments Australia Ltd.	Buy		7.00 Ordinary	165,082	165,082
	6-Apr-21 Vanguard Investments Australia Ltd.	Buy		7.00 Ordinary	9,677	9,677
	6-Apr-21 Vanguard Investments Australia Ltd.	Buy		7.00 Ordinary	25,761	25,761
	6-Apr-21 Vanguard Investments Australia Ltd.	Buy		7.00 Ordinary	20,783	20,783
	7-Apr-21 Vanguard Investments Australia Ltd.	Buy		7.16 Ordinary	19,980	19,980
	7-Apr-21 Vanguard Investments Australia Ltd.	Buy		7.05 Ordinary	42,419	42,419

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
	7-Apr-21 Vanguard Investments Australia Ltd.	Buy		7.05 Ordinary	20,602	20,602
	9-Apr-21 Vanguard Investments Australia Ltd.	Buy		7.07 Ordinary	36,542	36,542
	9-Apr-21 Vanguard Investments Australia Ltd.	Buy		7.07 Ordinary	19,932	19,932
	20-Apr-21 Vanguard Investments Australia Ltd.	Buy		7.02 Ordinary	33,180	33,180
	21-Apr-21 Vanguard Investments Australia Ltd.	Buy		6.94 Ordinary	23,077	23,077
	27-Apr-21 Vanguard Investments Australia Ltd.	Buy		6.94 Ordinary	59,943	59,943
	29-Apr-21 Vanguard Investments Australia Ltd.	Buy		7.05 Ordinary	18,117	18,117
	3-May-21 Vanguard Investments Australia Ltd.	Buy		6.82 Ordinary	16,460	16,460
	3-May-21 Vanguard Investments Australia Ltd.	Sell		6.82 Ordinary	(7,048)	(7,048)
	6-May-21 Vanguard Investments Australia Ltd.	Buy		7.04 Ordinary	24,630	24,630
	7-May-21 Vanguard Investments Australia Ltd.	Buy		7.05 Ordinary	81,115	81,115
	13-May-21 Vanguard Investments Australia Ltd.	Buy		6.83 Ordinary	6,550	6,550
	13-May-21 Vanguard Investments Australia Ltd.	Buy		6.83 Ordinary	3,178	3,178
	13-May-21 Vanguard Investments Australia Ltd.	Buy		6.83 Ordinary	14,663	14,663
	13-May-21 Vanguard Investments Australia Ltd.	Buy		6.83 Ordinary	14,664	14,664
	14-May-21 Vanguard Investments Australia Ltd.	Buy		7.01 Ordinary	22,988	22,988
	17-May-21 Vanguard Investments Australia Ltd.	Buy		7.08 Ordinary	19,692	19,692
	17-May-21 Vanguard Investments Australia Ltd.	Buy		7.08 Ordinary	13,109	13,109
	17-May-21 Vanguard Investments Australia Ltd.	Sell		7.08 Ordinary	(38,819)	(38,819)
	19-May-21 Vanguard Investments Australia Ltd.	Buy		7.03 Ordinary	21,372	21,372
	21-May-21 Vanguard Investments Australia Ltd.	Buy		6.61 Ordinary	32,940	32,940

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

Signature:

Name: Shawn Acker Capacity: Compliance Manager Date: 26 May 2021