Investor Presentaiton

Advancing partner alignment Santos Santos is prepared to sell-down to 40-50% interest in Barossa and DLNG to increase partner alignment. SK E&S has signed an LOI to acquire 25% interest in Bayu-Undan and DLNG Current Pro-forma Partner Bayu/ DLNG Barossa Operator Bayu/ DLNG Barossa Operator ConocoPhillips 56.9% 37.5% ✓ 68.4%¹ 62.5% Santos 11.5% 25% INPEX 11.4% 11.0% eni Jera 6.1% TOKYO GAS 3.1% 11.4% 11.0% 6.1% 3.1% + Acquisition advances partner alignment at Barossa and supports Santos' goal of taking FID by early 2020 + Barossa partner SK E&S is highly supportive of the transaction and to Santos becoming operator, and has signed an LOI to acquire a 25% interest in Bayu-Undan and Darwin LNG + Santos is in discussions with existing Darwin LNG joint-venture partners for equity in Barossa and further equity in Darwin LNG + Santos is also in advanced discussions with LNG buyers for Barossa offtake volumes, including with an existing partner in Darwin LNG SK Total 100% 37.5% _1 37.5% 100% 100% 100% Western Australia & Northern Territory Site Visit 2019 1 Santos holding expected to be 43.4% post 25% sell-down to SK E&S. 25

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