text: in a position to affect shareholder 
  returns. It is intended that 
  participants will generally 
  comprise the senior executives 
  and a small number of high 
  potential middle managers of the 
  Company. 
  percentile, no award is made. A 
  proportionate award is made for 
  performance between the 50th to 
  75th percentile and the maximum 
  award is made for performance at 
  or above the 75th percentile. 
  
  the issued capital, as approved by 
  shareholders at the 2000 AGM. 
  
  **(c) Specified Executives of the**
  **Santos Group**
  
  The following persons were the six 
  executives with the greatest 
  authority for the strategic 
  direction and management of the 
  Santos Group (“Specified 
  Executives”) during the financial 
  year receiving the highest 
  remuneration: 
  
  Options and rights to shares 
  issued under these Plans to senior 
  executives are linked to the longer 
  term performance of the Company 
  and are only exercisable following 
  the satisfaction of performance 
  hurdles that are designed to 
  maximise shareholder wealth. 
  **Name** **Position**
  
  The amount of the award, and 
  correspondingly the proportion of 
  remuneration at risk, varies 
  between executives according to 
  their respective levels of seniority 
  and responsibility. 