The vote on this resolution is advisory only and does not bind the Directors or the Company. The CTAP outlines our progress since the last advisory vote on our CTAP in 2022. Our approach to climate has been shaped by investor engagement. Santos’ Board and management have held 222 meetings with investors since 2022, including 151 meetings in 2024. Details of these engagements and the feedback received are included in the 2024 Annual Report and the CTAP. We have listened to our investors and responded with improvements to our climate transition approach, including increased disclosure and policy commitments. We are confident that our climate transition approach will enable Santos to generate shareholder value by supplying the energy needs of today while seeking to develop the low-carbon fuels of tomorrow as customer demand and markets evolve. Your Directors recognise their responsibility to set the Company’s strategy. We are not asking shareholders to take responsibility for formally approving or objecting to Santos’ climate transition approach. That is a legal responsibility of the Santos Board and Management. However, we are asking for your endorsement of our climate transition approach by voting for this resolution. We have invested real dollars in real projects that are now leading to real emissions reduction. Since 2019, we have achieved a 26 per cent reduction in our equity Scope 1 and 2 emissions, representing 84 per cent progress towards our 2030 emissions reduction target. Since 2022, Santos has invested over $740 million in CTAP activities. In 2024, we continued to make progress decarbonising our operations. Examples include the GLNG Upstream Electrical Convert project, which converted four gas turbine drives to electric motor drives, leading to Scope 1 emissions reduction, and Moomba Gas Plant fuel, flare, and vent reduction projects. Last year, we achieved a major CTAP milestone with the commencement and start-up of phase 1 of the Moomba Carbon Capture and Storage (CCS) project. This is a game-changer for Santos, Australia, and our broader industry.

Moomba CCS, which commenced injecting at the end of September, had an immediate impact on the company’s emissions. In Q4 2024, equity Scope 1 emissions were down 14 per cent on the prior quarter, and equity Scope 1 emissions intensity was down 13 per cent also on the prior quarter. The success of Moomba CCS and the strong outlook for CCS demand growth Santos is seeing in Australia and Asia gives us confidence in setting a new carbon storage growth target to build and operate a commercial third-party carbon storage business. Santos aims to build and operate a commercial carbon storage business, safely and permanently storing approximately 14 million tonnes (gross) of third-party CO2e per annum by 2040. This is equivalent to 50 per cent of Santos’ 2023 equity downstream Scope 3 emissions. The new target supports a long-term aspiration for Santos to store more carbon than the company emits (Scope 1, 2, and equivalent 3). Beyond CCS, we continue to proactively work with our customers and suppliers to identify ways to reduce Scope 3 emissions across our value chain. While we are not in control of these emissions, we are collaborating with our customers and suppliers to understand their emissions reduction plans and identify potential opportunities to implement mutually beneficial decarbonisation initiatives. This work included directly engaging more than 180 key suppliers to obtain their Scope 1 and 2 emissions data. Santos also examined key suppliers’ medium and long-term emissions targets to inform any future upstream Scope 3 emissions reduction initiatives. We are continuing to invest in multiple lower-carbon technologies that have the potential to become viable, scalable solutions through which Santos can decarbonise in the 2030s and 2040s. These include synthetic gas made by combining hydrogen and CO2, direct air capture, and point source capture. Santos is working with ambitious and innovative companies and research organisations aiming to make these decarbonisation technologies technically and economically feasible. Consistent with the global experience of the energy transition, these technologies are at varied stages of development and it will take time for them to mature, for commercial viability to be proven, and to implement them at scale.
To mitigate technology, policy, and market risks through the energy transition, Santos retains the flexibility to invest in multiple pathways. We will update our emissions reduction pathway consistent with developments in these areas over time. Our climate transition approach strikes a balance between lowering emissions from our gas and liquids production, continuing to meet customer demand for our energy products, and seeking to develop the low-carbon fuels of the future as markets evolve. This approach has been shaped through engagement with our investors. This engagement has led to further progress, including the significant work undertaken in 2024 on our physical risk assessment, our approach to the goals of the Paris Agreement, and the development of our carbon storage growth target. At the core of our climate transition approach is our aim to deliver superior shareholder returns through the energy transition. Voting in favour of this resolution will show your support for our climate transition approach and CTAP. Santos will continue to engage with investors as we implement our CTAP and as the technology, policy, and market landscape evolves over time.