Investor Presentaiton

Santos profile (ASX: STO, US ADR: SSLZY) Santos Santos' purpose is to provide sustainable returns for our shareholders by supplying reliable, affordable and cleaner energy to improve the lives of people in Australia and Asia DIVERSIFIED AND BALANCED PORTFOLIO 5 core long-life natural gas assets TARGETING 2019 FREE CASH FLOW BREAKEVEN ~$31/bbl² Strong, stable cash flows DISCIPLINED OPERATING MODEL MARKET CAPITALISATION A$17 billion¹ SUSTAINABLE DIVIDEND POLICY Targets a 10% to 30% payout of free cash flow Each core asset free cash flow positive at <$40/bbl, pre major growth spend PRODUCTION 2019 production guidance 73-77 mmboe 0 250 500 Km Perth NORTHERN AUSTRALIA WESTERN AUSTRALIA Darwin PAPUA NEW GUINEA Port Moresby Brisbane COOPER BASIN QUEENSLAND & NSW Adelaide Melbourne Sydney Canberra 2025 production targeting > 100 mmboe 1 As at 1 November 2019 Santos Acreage Gas Pipeline Oil Pipeline Hobart Santos 2 Free cash flow breakeven is the average annual oil price at which cash flows from operating activities (including hedging) equals cash flows from investing activities. Forecast methodology uses corporate assumptions. Excludes one-off restructuring and redundancy costs, asset divestitures and acquisitions, major growth capex and lease liability payments. Western Australia & Northern Territory Site Visit 2019 4

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