john anderson, chairman interview, page-24

Hi Bobby,

Just before I read your last comment about them being like politicians, I was going to say the exact same thing.

And that is, that like a politician, he just fobbed you off and avoided answering your question and/or giving you a straight answer. As such, I don't believe that even if we are to get an upgrade, the offer will change.

His comment/reply :"Under the Proposal, if approved by 75% of shareholders Eastern Star Gas shareholders, you will receive 0.6803 Santos shares for every 10 Eastern Star Gas shares. To the extent that Santos shares rise and fall the cash equivalent value of the offer will vary.", spells exactly what it means. And to the extent I understood it, to me, the offer made, is practically it. 0.6803 Santos shares for every ten ESG shares. The only thing that could improve our shares price would be a reflection of a rising in the value of the STO shares. That is all.

Cheers mate and many thanks for sharing.