Ann: Becoming a substantial holder - Harbour, page-16

The announcement is clear, Harbour are discussing with Hony/ENN what terms would be required to secure their approval of a takeover bid.

This is acting in concert as ENN/Hony has 15% but allowable under the take over rules as it represents less than 20% of the shares on issue.

These rules exist so that large holders cannot conspire for control over a company to the detriment of small holders.

Like most market rules it's a good one - it's the most docile and apathetic animal in capitivity (the typical small stockholder) who fails to defend him/herself.

Will be interesting to see how it plays out. Wonder if it's going to get blocked by the gov't now as the seeming last hurdle.

Houston, Sydney, 15 May 2018 - Harbour Energy Limited (“Harbour”) today announced that it is working with
ENN Group (“ENN”) and Hony Capital (“Hony”) in relation to the affairs of Santos Limited (“Santos” or the
“Company”). Harbour is seeking to agree terms with each of ENN and Hony in order to put forward a final
proposal for the acquisition of Santos.
ENN and Hony together have a relevant interest of 15.11% of Santos shares, which is the largest single
shareholding in Santos. They announced a strategic relationship with Santos on 27 June 2017, which remains in
place.
Santos is one of the leading independent oil and gas producers in the Asia-Pacific region, supplying the energy
needs of homes, businesses and major industries across Australia and Asia.
R. Blair Thomas, Chairman of Harbour said, “Harbour Energy has a compelling vision to be a leading player in
Australia’s natural gas sector and in global LNG markets. It is a significant milestone to commit to work together
with ENN and Hony in connection with our Santos proposal.”
Media contacts
Harbour Energy, EIG Global Energy Partners
Cato & Clegg
Brett Clegg +61487436985
Melissa Patch +61412124195
About Harbour Energy
Harbour is a global oil & gas company founded by EIG Global Energy Partners (EIG). Different from typical private equity
backed companies, Harbour is funded with permanent capital and has the objective to build a global portfolio of successful,
growing, long term oil & gas businesses. Harbour’s first transaction – the acquisition of a US$3.0 billion package of
producing assets in the U.K. North Sea – was completed in 2017. EIG specializes in private investments in energy and
energy-related infrastructure. Since 1982, EIG has invested over US$25.3 billion in more than 320 portfolio investments
across 36 countries on six continents. Further information on Harbour and EIG can be found at www.harbourenergy.com
and www.eigpartners.com.