Santos – upstream developments CHDC Industry and Innovation Forum – July 2018 Irrigation at Fairview Change Image Right click on the image Select “Change picture” Find the new image you’d like to insert and click “open” Resize/crop the image as needed

Disclaimer This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates. All references to dollars, cents or $ in this document are to Australian currency, unless otherwise stated.

Santos in Queensland An Australian energy pioneer Australian company providing gas from Roma for more than 50 years The Santos GLNG Project has completed over 1,000 wells and delivered its 200th LNG cargo Lowest cost on-shore developer with strong safety record Existing hubs at Roma, Fairview and Scotia Expansion planned for Roma East and Arcadia

Lowest cost onshore developer GLNG transformation journey Roma Drilling Continual review and optimisation of surface and sub-surface designs 83% reduction in costs and 68% reduction in drill cycle times enabled by: Bringing drilling and completion in house Fit for purpose design and eliminating waste Adopting a fast learning cycle Rig execution strategy – adopting lightweight hybrid coil Night rig moves Continuing to optimise drill bit selection High volume of sequential and repeatable scope Average days (rig release to rig release) -68% Roma Phase 1 (pre-2015)Roma Phase 1 (pre-2015) Roma-2A (2015) Roma-2B (2016) Roma-3A (2017) Roma drill, complete, connect US$million per well -83% . 5.2 3.2 1.6 0.9 Roma Phase 1 (pre-2015)Roma Phase 1 (pre-2015) Roma-2A (2015) Roma-2B (2016) Roma-3A (2017)

2018 plans Upstream investments $900 million capital investment during 2018 New projects Roma East – 3 year, $750m development sanctioned in February Scotia – successfully commissioned ahead of schedule in April Arcadia – 2 year, $400m development sanctioned in May Ongoing activity Fairview Roma Scotia plant

Ongoing community investment Investing in economic and social infrastructure Since the beginning of the project, we have made significant contributions to the communities in which we operate including: $210 million to upgrade rural roads in regional Queensland $2.5 million contribution in 2011 for the upgrade and expansion of Roma airport $20 million over the life of the GLNG Project to the CareFlight aeromedical service In 2017 Santos supported 62 community initiatives across our upstream footprint

Arcadia development Sanctioned May 2018 $400 million investment over 2 years Located ~310km north of Roma Project scope: 137 new wells and surface infrastructure ~140km gas and water gathering network Construction of two 4G communication towers New compression station Reverse osmosis plant for a capacity of 4ML/d Gas fired power station for a capacity of 5MW Associated access roads and material laydown yard. Arcadia 2020 Arcadia 2018

Supporting local communities Maintaining our strong local presence In the Arcadia Valley: Sponsorship and support for school and community events Telstra 4G network installations AM/FM radio Access to medic and training opportunities in camps Meals available in camps Road improvements – Lonesome jump-up and CHRC roads Working bee at Wallumbilla

Arcadia indicative development timeline 2 year development timeframe 2018/19 2021/23 2023/26 Arcadia 2020

Working with us Santos encourages local industry participation Local participation Santos encourages local industry participation Santos has purchased material and services totalling more than $16.6 billion Australia wide since 2011 This includes $9.0 billion in Queensland and $1.5 billion with regional Queensland businesses Opportunities exist throughout the supply chain For further information: Call the Santos Community Information Hotline 1800 761 113 Visit us at 72 Kimbler Rd, Roma (near the Ironbark Raceway/Stocklick) Email: community@santos.com Contractors at Fairview

Thank you & questions