Disclaimer

This website and all materials contained on it are for discussion and informational purposes only. The views expressed herein represent the opinions of Snowcap Research and its affiliates (collectively, “Snowcap”) as of the date hereof. Snowcap reserves the right to change or modify any of its opinions expressed herein at any time and for any reason and expressly disclaims any obligation to correct, update or revise the information contained herein or to otherwise provide any additional materials.

All of the information contained herein is based on publicly available information with respect to Santos Limited (the “company”), including public filings made by the company and other sources, as well as Snowcap’s analysis of such publicly available information. Snowcap has relied upon and assumed, without independent verification, the accuracy and completeness of all data and information available from public sources, and no representation or warranty is made that any such data or information is accurate. Snowcap recognises that there may be confidential or otherwise non-public information with respect to the company that could alter the opinions of Snowcap were such information known. No representation, warranty or undertaking, express or implied, is given as to the reliability, accuracy, fairness or completeness of the information or opinions contained herein, and Snowcap and each of its directors, officers, employees, representatives and agents expressly disclaim any liability which may arise from this presentation and any errors contained herein and/or omissions here from or from any use of the contents of this presentation.

We believe that the publication of their opinions about the public companies we research is in the public interest. This presentation and its contents are not intended to be and do not constitute or contain any financial product advice as defined in the Australian Corporations Act 2001 (Cth).

Except for the historical information contained herein, the information and opinions included in this presentation constitute forward-looking statements, including estimates and projections prepared with respect to, among other things, the company’s anticipated operating performance, the value of the company’s securities, debt or any related financial instruments that are based upon or relate to the value of securities of the company (collectively, “company securities”), general economic and market conditions and other future events. You should be aware that all forward-looking statements, estimates and projections are inherently uncertain and subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. Actual results may differ materially from the information contained herein due to reasons that may or may not be foreseeable. There can be no assurance that the company securities will trade at the prices that may be implied herein, and there can be no assurance that any opinion or assumption herein is, or will be proven, correct.

This presentation and any opinions expressed herein should in no way be viewed as advice on the merits of any investment decision with respect to the company, company securities or any transaction. This presentation is not (and may not be construed to be) legal, tax, investment, financial or other advice. Each recipient should consult their own legal counsel and tax and financial advisers as to legal and other matters concerning the information contained herein. This presentation does not purport to be all-inclusive or to contain all of the information that may be relevant to an evaluation of the company, company securities or the matters described herein. This presentation does not constitute (and may not be construed to be) a solicitation or offer Snowcap or any of its directors, officers, employees, representatives or agents to buy or sell any company securities or securities of any other person in any jurisdiction. This presentation does not constitute financial promotion, investment advice or an inducement or encouragement to participate in any product, offering or investment or to enter into any agreement with the recipient. No agreement, commitment, understanding or other legal relationship exists or may be deemed to exist between or among Snowcap and any other person by virtue of furnishing this presentation. No representation or warranty is made that Snowcap’s investment processes or investment objectives will or are likely to be achieved or successful or that Snowcap’s investments will make any profit or will not sustain losses. Past performance is not indicative of future results.

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