Zen, The Art of Motorcycle Maint, & Santos, page-12

from the Santos 2016 AR

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8.3 COMMITMENT ON REMOVAL OF SHAREHOLDER CAP
Pursuant to a Deed of Undertaking to the Premier of South Australia dated 16 October 2007 and as a consequence of the enactment of
the Santos Limited (Deed of Undertaking) Act 2007 on 29 November 2007, Santos has agreed to:
• continue to make payments under its existing Social Responsibility and Community Benefits Program specified in the Deed
totalling A$60 million over a 10-year period from the date the legislation was enacted. As at 31 December 2016, approximately
A$3.5 million (2015: A$6 million) remains to be paid over the remainder of the 10-year period through to 29 November 2017; and
• continue to maintain the South Australian Cooper Basin asset’s Head Office and Operational Headquarters together with other
roles in South Australia for 10 years subsequent to the date the legislation was enacted. At 31 December 2016, if this condition
had not been met, the Company would have been liable to pay a maximum of A$50 million (2015: A$50 million) to the State
Government of South Australia.
Santos is required to make these payments only if the State Government of South Australia does not reintroduce a shareholder cap on
the Company’s shares or introduce any other restriction on or in respect of the Company’s Board or senior management which has an​

adverse discriminatory effect in their application to the Company relative to other companies domiciled in South Australia.
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