Submitted by admin on Tue, 03/17/2020 - 00:00

Cash Generation Plan, Further Disposals, Potential Rights Issue and Further Cautionary Statement

Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
Sasol Ordinary Share codes: JSE: SOL NYSE: SSL
Sasol Ordinary ISIN codes: ZAE000006896 US8038663006
Sasol BEE Ordinary Share code: JSE: SOLBE1
Sasol BEE Ordinary ISIN code: ZAE000151817
(“Sasol” or “Company”)

ADAPTING TO THE CURRENT COMMODITY PRICING LANDSCAPE AND TAKING
DECISIVE ACTION TO SIGNIFICANTLY REDUCE NET DEBT, THROUGH A CASH
GENERATION PLAN TARGETING US$6 BILLION OF CASH CONSERVATION,
FURTHER DISPOSALS AND A POTENTIAL RIGHTS ISSUE UP TO US$2 BILLION,
AND FURTHER CAUTIONARY STATEMENT

BACKGROUND

Shareholders are referred to the SENS announcement issued on 12 March 2020, where
Sasol announced it was reviewing a variety of actions to address the challenges created
by the impact of COVID-19 and the recent decline in the oil and chemical prices.

In the short term, Sasol needs to enhance cash flow and reposition the balance sheet
on the assumption that there is a sustained low oil price until the end of financial year
2021. It is important to reiterate that Sasol currently has available liquidity of
approximately US$2.5 billion with no significant debt maturities before May 2021 and it
therefore believes it is positioned to withstand recent market volatility in the short term.
Sasol believes it can maintain liquidity headroom in excess of US$1 billion over the next
12 - 18 months with a US$25 per barrel oil price before the benefits of hedging.

Sasol can today announce a comprehensive response strategy designed to mitigate the
impact of these macroeconomic factors. This includes a commitment to re-set the
organisation to be globally competitive in a sustained low oil price environment. The
global portfolio of our foundation business remains cash positive under prevailing spot
market conditions and an oil hedging programme has been put in place to insulate the
balance sheet from further financial pressure.

A package of measures is being undertaken that is intended to fundamentally reposition
the Company over the following 24 months:
- A cash conservation programme focused on enhancing cash flow and cost
competitiveness in a low oil price environment, with US$2 billion cash delivery
ahead of current plan targeted by 30 June 2021;
- An accelerated and expanded asset disposal programme executed in line with
balance sheet, shareholder value and strategic objectives with a view to deliver
proceeds significantly ahead of the US$2 billion currently targeted;
- Potential for partnering options at Sasol’s US Base Chemicals assets; and
- A potential rights issue, which has been underwritten on a standby basis, as a
supplemental initiative to reset the capital structure, subject to the progress
made on cash conservation initiatives and asset disposals.

Collectively these actions target generating at least US$6 billion by the end of financial
year 2021. This is expected to reshape Sasol’s balance sheet and provide the platform
to deliver a globally competitive business with high cash yielding assets. Further to this,
Sasol is in discussions with its lenders about additional flexibility in respect of its
financial maintenance covenants to provide improved balance sheet flexibility in
financial year 2021.

OVERVIEW OF COMPREHENSIVE RESPONSE STRATEGY

Self-help management actions: US$2 billion targeted by 30 June 2021

Financial year 2020
- Immediate measures targeted to deliver a cash improvement of approximately
US$1 billion by 30 June 2020 relative to current plan assumptions, including
approximately
o US$800 million to be realised from working capital optimisation and
re-prioritising capital expenditure; and
o US$200 million to be realised from cost-saving measures.
- These improvements build on existing initiatives and take into account the
anticipated working capital release as inventory and receivables are adjusted for
lower oil and product prices.
- Safe and reliable operating units remain a top priority for Sasol.

Sasol believes achieving these targets would enable it to maintain a net debt to
EBITDA ratio in compliance with financial maintenance covenants.

Financial year 2021
- Further measures targeted to deliver approximately US$1 billion additional
improvement in net debt position relative to previous plan assumptions, including
approximately:
o US$700 million to be saved from re-prioritising capital and working capital
expenditure; and
o US$300 million from continuing cost savings and business optimisation.

Asset disposals: Accelerated programme with scope increased significantly
above current US$2 billion target
- Expanding the scope of, and accelerating, the asset disposal programme which
is now intended to realise proceeds significantly above the previous target of
US$2 billion.
- This builds on the comprehensive asset review process and includes the
potential for partnering Sasol’s US Base Chemicals assets on which there are
active discussions.

Potential rights issue: Resetting the capital structure through an equity issue
after FY20 results, currently targeted at US$2 billion
- Potential rights issue to raise up to US$2 billion (equivalent in ZAR terms), with
execution expected after financial year 2020 results.
- Sasol has entered into a standby underwriting agreement with BofA Securities,
Citigroup and J.P. Morgan Securities in respect of a rights issue for an amount of
up to US$2 billion-equivalent, which contains certain customary terms and
conditions for transactions of this nature and conditions relating to Sasol making
progress on certain of the measures described above, in anticipation of entering
into an underwriting agreement in respect of a rights issue for an amount of up to
US$2 billion-equivalent. BofA Securities and Citigroup will act as Joint Global
Coordinators and Joint Bookrunners, and J.P. Morgan Securities plc will act as
Joint Bookrunner in connection with the potential rights issue.
- In connection with implementation of the proposed rights issue, the shareholders
of the Company will be required to approve certain resolutions. In this respect, in
due course the Company intends to post a circular to shareholders in order to
convene a general meeting of shareholders around July 2020, and to approve
the necessary resolutions required to implement the proposed rights offer.
- The size of the rights issue may be reduced subject to the progress made on the
other elements of the response strategy.

Liquidity: Liquidity headroom of US$1-2 billion or greater to be put in place over
the following 12 to 18 months
- Sasol expects to comply with the financial maintenance covenant thresholds in
its debt agreements at 30 June 2020 assuming, amongst others, a prevailing
Rand oil price of approximately R580 per barrel. Sasol can sustain a liquidity
headroom in excess of US$1 billion over the next 12 - 18 months in a US$25 per
barrel oil price before the benefits of hedging.
- Sasol is actively engaging the lenders under its debt facilities to discuss
adequate flexibility on its financial maintenance covenant thresholds in its debt
agreements.
- An active oil hedging strategy is in progress.
- Sasol is targeting a net debt to EBITDA ratio of 1.5 and gearing below 30% at
end financial year 2022.

Business repositioning: Repositioning Sasol for sustainable profitability in a low
oil price environment
- Sasol is undertaking a purposeful and systematic review of its global cost
competitiveness and business structure.
- Sasol is in the process of designing the scope of approximately R2.5 billion in
expected sustainable net benefits by financial year 2022, expected to increase to
R3.0 billion by financial year 2023 through efficiency and effectiveness measures
across the business.
- The objective is to deliver a focused and profitable business in a sustained low oil
price environment, creating the scope for sustainable shareholder value creation
through shareholder returns and strategic investment.
- Sasol maintains its commitment to meet the 10% reduction in greenhouse gas
emissions as per the target set for 2030 for the South African operations, off a
2017 baseline.

CONCLUSION

Sasol has a high quality, well diversified global portfolio with a range of strategically
advantaged assets and value chain integration. Sasol believes that the portfolio can be
positioned to be sustainably profitable in a future low oil price environment. A reshaped
and strategically focused portfolio based on cost, technology and market advantage is
planned. If assets do not increase the competitive advantage of this future Sasol, they
may be exited, or selective partnering may be pursued. Sasol aims for an asset portfolio
that is globally diverse across sectors and able to operate at the low end of the cost
curve in each sector and region.

The immediate focus is on the actions to stabilise the Company and protect the balance
sheet so that the underlying value of the portfolio is not compromised, and instead the
potential realised in the interests of all Sasol’s stakeholders.

In light of this, the agenda of the Capital Markets Day planned for November 2020 will
be focused on demonstrating progress against our short-term management actions,
including asset disposals, and our sustainability roadmap to meet our 2030 targets.

Sasol believes the immediate and decisive implementation of the measures announced
today can reset Sasol’s capital structure and align it with the cash generation of the
asset portfolio in a low oil price environment. We believe that the future Sasol will have
a strong value proposition, with the capacity to deliver returns to shareholders from the
portfolio and also generate sufficient cash for strategic growth and a sustainable future.

Fleetwood Grobler, Chief Executive Officer, made the following statement:

“In this dynamic and challenging environment, it’s critical that we tighten control on what
we can, acting both swiftly and decisively. My management team and I are fully
committed to delivering on the measures that we have announced today. Sasol has a
strong underlying business and all efforts are being made to enhance EBITDA in a
sustained low oil price environment. Delivering sustainable, long-term shareholder value
is our imperative and we have a clear plan to achieve that.”

Cautionary Statement

Shareholders are advised to exercise caution when trading in the Company’s securities
until such time as the full details of the disposals and the potential rights issue are
published.

If you have any questions, please email: investor.relations@sasol.com or contact
Feroza Syed at +27 10 344 9280.

Sasol is hosting a call to discuss the above measures at 15:00 SA on Tuesday, 17
March with detail on the comprehensive package of actions. Dial in details are as
follows, and a replay facility will be available for a period of 2 days from the date of this
announcement:

Conference call details:
Tuesday, 17 March 2020 Time Dial-in numbers Replay numbers
South Africa 15:00 +27 11 535 3600 +27 10 500 4108
United Kingdom 13:00 +44 (0) 333 300 1418 +44 (0) 203 608 8021
United States (ET) 09:00 +1 508 924 4326 +1 412 317 0088
Other countries +27 11 535 3600 +27 10 500 4108
Passcode: 31413

For online participation, please register on the following link:
https://www.corpcam.com/Sasol17032020

17 March 2020
Johannesburg

Sponsor and Corporate Broker: Merrill Lynch South Africa Proprietary Limited
Joint Global Coordinators and Joint Bookrunners: BofA Securities, Citigroup Global
Markets Limited Joint Bookrunner: J.P. Morgan Securities plc

IMPORTANT NOTICE

This announcement is for information purposes only and shall not constitute or form a
part of any offer or solicitation to purchase or subscribe for securities in any jurisdiction.
The contents of this announcement have been prepared by and are the sole
responsibility of the Company.

Merrill Lynch International, Citigroup and J.P. Morgan Securities are acting exclusively
for the Company and no-one else in connection with the rights issue. They will not
regard any other person as their respective clients in relation to the rights issue and will
not be responsible to anyone other than the Company for providing the protections
afforded to their respective clients, nor for providing advice in relation to the rights issue,
the contents of this announcement or any transaction, arrangement or other matter
referred to herein.

None of Merrill Lynch International, Citigroup or J.P. Morgan Securities or any of their
respective directors, officers, employees, advisers or agents accepts any responsibility
or liability whatsoever for or makes any representation or warranty, express or implied,
as to the truth, accuracy or completeness of the information in this announcement (or
whether any information has been omitted from the announcement) or any other
information relating to the Company, its subsidiaries or associated companies, whether
written, oral or in a visual or electronic form, and howsoever transmitted or made
available or for any loss howsoever arising from any use of this announcement or its
contents or otherwise arising in connection therewith.

The Company may file a registration statement or a post-effective amendment to its
registration statement (including a prospectus) with the U.S. Securities and Exchange
Commission (the “SEC”) for any offering of securities referred to in this communication.
Before you invest, you should read the prospectus in that registration statement and
other documents filed by the Company with the SEC for more complete information
about the Company and this offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Company will arrange
to send you the prospectus after filing if you request it by calling the Investor Relations
Department at +27 10 344 9280.

Disclaimer - Forward-looking statements
Sasol may, in this document, make certain statements that are not historical facts and
relate to analyses and other information which are based on forecasts of future results
and estimates of amounts not yet determinable. These statements may also relate to
our future prospects, expectations, developments and business strategies. Examples of
such forward-looking statements include, but are not limited to, statements regarding
exchange rate fluctuations, expectations regarding future cash flow, Sasol’s ability to
meet its debt covenants, Sasol’s ability to achieve the cost savings or complete its asset
disposal programme, the actions referred to herein intended to strengthen Sasol’s
balance sheet and to maintain profitability at lower oil prices and business performance
outlook. Words such as “believe”, “anticipate”, “expect”, “intend", “seek”, “will”, “plan”,
“could”, “may”, “endeavour”, “target”, “forecast” and “project” and similar expressions
are intended to identify such forward-looking statements, but are not the exclusive
means of identifying such statements. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and specific, and there are risks
that the predictions, forecasts, projections and other forward-looking statements will not
be achieved. If one or more of these risks materialise, or should underlying assumptions
prove incorrect, our actual results may differ materially from those anticipated. You
should understand that a number of important factors could cause actual results to differ
materially from the plans, objectives, expectations, estimates and intentions expressed
in such forward-looking statements. You are accordingly advised to exercise caution
when trading in the Company’s securities until such time the full details of the disposal
and the rights offer are published. These factors and others are discussed more fully in
our most recent annual report on Form 20-F filed on 28 October 2019 and in other
filings with the United States Securities and Exchange Commission. The list of factors
discussed therein is not exhaustive; when relying on forward-looking statements to
make investment decisions, you should carefully consider both these factors and other
uncertainties and events. Forward-looking statements apply only as of the date on
which they are made, and we do not undertake any obligation to update or revise any of
them, whether as a result of new information, future events or otherwise.

Date: 17-03-2020 08:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

Ticker
SOL,SOLBE1
Headline Date
Publish Time
08:30:00
Source
Johannesburg Stock Exchange - SENS NEWS DELAYED
Year
2020

Cash Generation Plan, Further Disposals, Potential Rights Issue and Further Cautionary Statement

Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
Sasol Ordinary Share codes: JSE: SOL NYSE: SSL
Sasol Ordinary ISIN codes: ZAE000006896 US8038663006
Sasol BEE Ordinary Share code: JSE: SOLBE1
Sasol BEE Ordinary ISIN code: ZAE000151817
(“Sasol” or “Company”)

ADAPTING TO THE CURRENT COMMODITY PRICING LANDSCAPE AND TAKING
DECISIVE ACTION TO SIGNIFICANTLY REDUCE NET DEBT, THROUGH A CASH
GENERATION PLAN TARGETING US$6 BILLION OF CASH CONSERVATION,
FURTHER DISPOSALS AND A POTENTIAL RIGHTS ISSUE UP TO US$2 BILLION,
AND FURTHER CAUTIONARY STATEMENT

BACKGROUND

Shareholders are referred to the SENS announcement issued on 12 March 2020, where
Sasol announced it was reviewing a variety of actions to address the challenges created
by the impact of COVID-19 and the recent decline in the oil and chemical prices.

In the short term, Sasol needs to enhance cash flow and reposition the balance sheet
on the assumption that there is a sustained low oil price until the end of financial year
2021. It is important to reiterate that Sasol currently has available liquidity of
approximately US$2.5 billion with no significant debt maturities before May 2021 and it
therefore believes it is positioned to withstand recent market volatility in the short term.
Sasol believes it can maintain liquidity headroom in excess of US$1 billion over the next
12 - 18 months with a US$25 per barrel oil price before the benefits of hedging.

Sasol can today announce a comprehensive response strategy designed to mitigate the
impact of these macroeconomic factors. This includes a commitment to re-set the
organisation to be globally competitive in a sustained low oil price environment. The
global portfolio of our foundation business remains cash positive under prevailing spot
market conditions and an oil hedging programme has been put in place to insulate the
balance sheet from further financial pressure.

A package of measures is being undertaken that is intended to fundamentally reposition
the Company over the following 24 months:
- A cash conservation programme focused on enhancing cash flow and cost
competitiveness in a low oil price environment, with US$2 billion cash delivery
ahead of current plan targeted by 30 June 2021;
- An accelerated and expanded asset disposal programme executed in line with
balance sheet, shareholder value and strategic objectives with a view to deliver
proceeds significantly ahead of the US$2 billion currently targeted;
- Potential for partnering options at Sasol’s US Base Chemicals assets; and
- A potential rights issue, which has been underwritten on a standby basis, as a
supplemental initiative to reset the capital structure, subject to the progress
made on cash conservation initiatives and asset disposals.

Collectively these actions target generating at least US$6 billion by the end of financial
year 2021. This is expected to reshape Sasol’s balance sheet and provide the platform
to deliver a globally competitive business with high cash yielding assets. Further to this,
Sasol is in discussions with its lenders about additional flexibility in respect of its
financial maintenance covenants to provide improved balance sheet flexibility in
financial year 2021.

OVERVIEW OF COMPREHENSIVE RESPONSE STRATEGY

Self-help management actions: US$2 billion targeted by 30 June 2021

Financial year 2020
- Immediate measures targeted to deliver a cash improvement of approximately
US$1 billion by 30 June 2020 relative to current plan assumptions, including
approximately
o US$800 million to be realised from working capital optimisation and
re-prioritising capital expenditure; and
o US$200 million to be realised from cost-saving measures.
- These improvements build on existing initiatives and take into account the
anticipated working capital release as inventory and receivables are adjusted for
lower oil and product prices.
- Safe and reliable operating units remain a top priority for Sasol.

Sasol believes achieving these targets would enable it to maintain a net debt to
EBITDA ratio in compliance with financial maintenance covenants.

Financial year 2021
- Further measures targeted to deliver approximately US$1 billion additional
improvement in net debt position relative to previous plan assumptions, including
approximately:
o US$700 million to be saved from re-prioritising capital and working capital
expenditure; and
o US$300 million from continuing cost savings and business optimisation.

Asset disposals: Accelerated programme with scope increased significantly
above current US$2 billion target
- Expanding the scope of, and accelerating, the asset disposal programme which
is now intended to realise proceeds significantly above the previous target of
US$2 billion.
- This builds on the comprehensive asset review process and includes the
potential for partnering Sasol’s US Base Chemicals assets on which there are
active discussions.

Potential rights issue: Resetting the capital structure through an equity issue
after FY20 results, currently targeted at US$2 billion
- Potential rights issue to raise up to US$2 billion (equivalent in ZAR terms), with
execution expected after financial year 2020 results.
- Sasol has entered into a standby underwriting agreement with BofA Securities,
Citigroup and J.P. Morgan Securities in respect of a rights issue for an amount of
up to US$2 billion-equivalent, which contains certain customary terms and
conditions for transactions of this nature and conditions relating to Sasol making
progress on certain of the measures described above, in anticipation of entering
into an underwriting agreement in respect of a rights issue for an amount of up to
US$2 billion-equivalent. BofA Securities and Citigroup will act as Joint Global
Coordinators and Joint Bookrunners, and J.P. Morgan Securities plc will act as
Joint Bookrunner in connection with the potential rights issue.
- In connection with implementation of the proposed rights issue, the shareholders
of the Company will be required to approve certain resolutions. In this respect, in
due course the Company intends to post a circular to shareholders in order to
convene a general meeting of shareholders around July 2020, and to approve
the necessary resolutions required to implement the proposed rights offer.
- The size of the rights issue may be reduced subject to the progress made on the
other elements of the response strategy.

Liquidity: Liquidity headroom of US$1-2 billion or greater to be put in place over
the following 12 to 18 months
- Sasol expects to comply with the financial maintenance covenant thresholds in
its debt agreements at 30 June 2020 assuming, amongst others, a prevailing
Rand oil price of approximately R580 per barrel. Sasol can sustain a liquidity
headroom in excess of US$1 billion over the next 12 - 18 months in a US$25 per
barrel oil price before the benefits of hedging.
- Sasol is actively engaging the lenders under its debt facilities to discuss
adequate flexibility on its financial maintenance covenant thresholds in its debt
agreements.
- An active oil hedging strategy is in progress.
- Sasol is targeting a net debt to EBITDA ratio of 1.5 and gearing below 30% at
end financial year 2022.

Business repositioning: Repositioning Sasol for sustainable profitability in a low
oil price environment
- Sasol is undertaking a purposeful and systematic review of its global cost
competitiveness and business structure.
- Sasol is in the process of designing the scope of approximately R2.5 billion in
expected sustainable net benefits by financial year 2022, expected to increase to
R3.0 billion by financial year 2023 through efficiency and effectiveness measures
across the business.
- The objective is to deliver a focused and profitable business in a sustained low oil
price environment, creating the scope for sustainable shareholder value creation
through shareholder returns and strategic investment.
- Sasol maintains its commitment to meet the 10% reduction in greenhouse gas
emissions as per the target set for 2030 for the South African operations, off a
2017 baseline.

CONCLUSION

Sasol has a high quality, well diversified global portfolio with a range of strategically
advantaged assets and value chain integration. Sasol believes that the portfolio can be
positioned to be sustainably profitable in a future low oil price environment. A reshaped
and strategically focused portfolio based on cost, technology and market advantage is
planned. If assets do not increase the competitive advantage of this future Sasol, they
may be exited, or selective partnering may be pursued. Sasol aims for an asset portfolio
that is globally diverse across sectors and able to operate at the low end of the cost
curve in each sector and region.

The immediate focus is on the actions to stabilise the Company and protect the balance
sheet so that the underlying value of the portfolio is not compromised, and instead the
potential realised in the interests of all Sasol’s stakeholders.

In light of this, the agenda of the Capital Markets Day planned for November 2020 will
be focused on demonstrating progress against our short-term management actions,
including asset disposals, and our sustainability roadmap to meet our 2030 targets.

Sasol believes the immediate and decisive implementation of the measures announced
today can reset Sasol’s capital structure and align it with the cash generation of the
asset portfolio in a low oil price environment. We believe that the future Sasol will have
a strong value proposition, with the capacity to deliver returns to shareholders from the
portfolio and also generate sufficient cash for strategic growth and a sustainable future.

Fleetwood Grobler, Chief Executive Officer, made the following statement:

“In this dynamic and challenging environment, it’s critical that we tighten control on what
we can, acting both swiftly and decisively. My management team and I are fully
committed to delivering on the measures that we have announced today. Sasol has a
strong underlying business and all efforts are being made to enhance EBITDA in a
sustained low oil price environment. Delivering sustainable, long-term shareholder value
is our imperative and we have a clear plan to achieve that.”

Cautionary Statement

Shareholders are advised to exercise caution when trading in the Company’s securities
until such time as the full details of the disposals and the potential rights issue are
published.

If you have any questions, please email: investor.relations@sasol.com or contact
Feroza Syed at +27 10 344 9280.

Sasol is hosting a call to discuss the above measures at 15:00 SA on Tuesday, 17
March with detail on the comprehensive package of actions. Dial in details are as
follows, and a replay facility will be available for a period of 2 days from the date of this
announcement:

Conference call details:
Tuesday, 17 March 2020 Time Dial-in numbers Replay numbers
South Africa 15:00 +27 11 535 3600 +27 10 500 4108
United Kingdom 13:00 +44 (0) 333 300 1418 +44 (0) 203 608 8021
United States (ET) 09:00 +1 508 924 4326 +1 412 317 0088
Other countries +27 11 535 3600 +27 10 500 4108
Passcode: 31413

For online participation, please register on the following link:
https://www.corpcam.com/Sasol17032020

17 March 2020
Johannesburg

Sponsor and Corporate Broker: Merrill Lynch South Africa Proprietary Limited
Joint Global Coordinators and Joint Bookrunners: BofA Securities, Citigroup Global
Markets Limited Joint Bookrunner: J.P. Morgan Securities plc

IMPORTANT NOTICE

This announcement is for information purposes only and shall not constitute or form a
part of any offer or solicitation to purchase or subscribe for securities in any jurisdiction.
The contents of this announcement have been prepared by and are the sole
responsibility of the Company.

Merrill Lynch International, Citigroup and J.P. Morgan Securities are acting exclusively
for the Company and no-one else in connection with the rights issue. They will not
regard any other person as their respective clients in relation to the rights issue and will
not be responsible to anyone other than the Company for providing the protections
afforded to their respective clients, nor for providing advice in relation to the rights issue,
the contents of this announcement or any transaction, arrangement or other matter
referred to herein.

None of Merrill Lynch International, Citigroup or J.P. Morgan Securities or any of their
respective directors, officers, employees, advisers or agents accepts any responsibility
or liability whatsoever for or makes any representation or warranty, express or implied,
as to the truth, accuracy or completeness of the information in this announcement (or
whether any information has been omitted from the announcement) or any other
information relating to the Company, its subsidiaries or associated companies, whether
written, oral or in a visual or electronic form, and howsoever transmitted or made
available or for any loss howsoever arising from any use of this announcement or its
contents or otherwise arising in connection therewith.

The Company may file a registration statement or a post-effective amendment to its
registration statement (including a prospectus) with the U.S. Securities and Exchange
Commission (the “SEC”) for any offering of securities referred to in this communication.
Before you invest, you should read the prospectus in that registration statement and
other documents filed by the Company with the SEC for more complete information
about the Company and this offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Company will arrange
to send you the prospectus after filing if you request it by calling the Investor Relations
Department at +27 10 344 9280.

Disclaimer - Forward-looking statements
Sasol may, in this document, make certain statements that are not historical facts and
relate to analyses and other information which are based on forecasts of future results
and estimates of amounts not yet determinable. These statements may also relate to
our future prospects, expectations, developments and business strategies. Examples of
such forward-looking statements include, but are not limited to, statements regarding
exchange rate fluctuations, expectations regarding future cash flow, Sasol’s ability to
meet its debt covenants, Sasol’s ability to achieve the cost savings or complete its asset
disposal programme, the actions referred to herein intended to strengthen Sasol’s
balance sheet and to maintain profitability at lower oil prices and business performance
outlook. Words such as “believe”, “anticipate”, “expect”, “intend", “seek”, “will”, “plan”,
“could”, “may”, “endeavour”, “target”, “forecast” and “project” and similar expressions
are intended to identify such forward-looking statements, but are not the exclusive
means of identifying such statements. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and specific, and there are risks
that the predictions, forecasts, projections and other forward-looking statements will not
be achieved. If one or more of these risks materialise, or should underlying assumptions
prove incorrect, our actual results may differ materially from those anticipated. You
should understand that a number of important factors could cause actual results to differ
materially from the plans, objectives, expectations, estimates and intentions expressed
in such forward-looking statements. You are accordingly advised to exercise caution
when trading in the Company’s securities until such time the full details of the disposal
and the rights offer are published. These factors and others are discussed more fully in
our most recent annual report on Form 20-F filed on 28 October 2019 and in other
filings with the United States Securities and Exchange Commission. The list of factors
discussed therein is not exhaustive; when relying on forward-looking statements to
make investment decisions, you should carefully consider both these factors and other
uncertainties and events. Forward-looking statements apply only as of the date on
which they are made, and we do not undertake any obligation to update or revise any of
them, whether as a result of new information, future events or otherwise.

Date: 17-03-2020 08:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.