Submitted by admin on Wed, 02/23/2022 - 08:47

Interim results announcement for the six months ended 31 December 2021

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 "the Company")

Short-form announcement

Interim results announcement for the six months ended 31 December 2021

Earnings performance

Earnings before interest and tax (EBIT) was R24,3 billion, an increase of 12% compared to the
prior period. This performance was underpinned by a strong macroeconomic environment with
higher crude oil prices, refining margins and chemicals prices coupled with increased demand,
negated by lower production volumes due to operational challenges at our Secunda Operations
(SO).
Earnings were impacted mainly by the following non-cash adjustments:
• Reversal of impairments of R1,4 billion mainly due to a higher price outlook on the back of a
sustained increase in demand for alcohols into the personal hygiene market during and post
the COVID-19 pandemic;
• R4,9 billion gain on the realisation of the foreign currency translation reserve (FCTR), on the
divestment of our Canadian shale gas assets;
• Losses of R0,1 billion on the translation of monetary assets and liabilities due to a 3%
weakening of the closing rand/US dollar exchange rate compared to 30 June 2021; and
• Losses of R5,3 billion on the valuation of financial instruments and derivative contracts.

Half year Half year
Key metrics Change %
31 Dec 2021 31 Dec 2020

EBIT (R million) 24 309 21 650 12
Adjusted EBITDA1 (R million) 31 803 18 608 71
Headline earnings (R million) 9 499 11 858 (20)
Basic earnings per share (Rand) 23,98 23,41 2
Headline earnings per share (Rand) 15,21 19,16 (21)
Core headline earnings per share2 (Rand) 22,52 7,86 >100
Dividend per share (Rand)
- Interim (Rand) - - -
- Final (Rand) - - -

1 Adjusted EBITDA is calculated by adjusting EBIT for depreciation, amortisation, share-based payments, remeasurement items,
change in discount rates of environmental provisions, all unrealised translation gains and losses, and all unrealised gains and
losses on our derivatives and hedging activities. We believe Adjusted EBITDA is a useful measure of the Group’s underlying
cash flow performance. However, this is not a defined term under IFRS and may not be comparable with similarly titled
measures reported by other companies. (Adjusted EBITDA constitutes pro forma financial information in terms of the JSE
Limited Listings Requirements and should be read in conjunction with the basis of preparation and pro forma financial
information notes as set out in the full set of reviewed interim financial results.)
2 Core HEPS is calculated by adjusting headline earnings per share with non-recurring items, earnings losses of significant
capital projects (exceeding R4 billion) which have reached beneficial operation and are still ramping up, all translation gains and
losses (realised and unrealised), all gains and losses on our derivatives and hedging activities (realised and unrealised), and
share-based payments on implementation of B-BBEE transactions. Adjustments in relation to the valuation of our derivatives at
period end are to remove volatility from earnings as these instruments are valued using forward curves and other market factors
at the reporting date and could vary from period to period. We believe core headline earnings are a useful measure of the
Group´s sustainable operating performance. (Core HEPS constitutes pro forma financial information in terms of the JSE Limited
Listings Requirements and should be read in conjunction with the basis of preparation and pro forma financial information notes
as set out in the full set of reviewed interim financial results.)

Turnover EBIT/(LBIT)
Half year Half year Half year Half year
31 Dec 20 31 Dec 21 31 Dec 21 31 Dec 20
R million R million R million R million
Energy business
10 807 11 872 Mining 2 026 1 732
6 280 5 683 Gas 7 619 4 155
27 151 41 439 Fuels 5 730 1 457
Chemicals business
28 312 30 819 Africa 10 567 5 283
12 070 18 133 America 1 396 (837)
21 205 26 087 Eurasia 2 346 1 538
6 32 Corporate Centre (5 375) 8 322
105 831 134 065 Group performance 24 309 21 650
(13 863) (14 154) Intersegmental turnover
91 968 119 911 External turnover

Net asset value Half year Full year Change %
31 Dec 2021 30 Jun 2021
Total assets (R million) 394 156 360 743 9
Total liabilities (R million) 221 583 208 272 (6)
Total equity (R million) 172 573 152 471 13

Balance sheet management

Cash generated by operating activities increased by 73% to R20,3 billion compared to the prior
period. Actual capital expenditure amounted to R10,4 billion compared to R7,5 billion during the
prior period. The higher capital expenditure is due largely to the absence of a phased shutdown at
SO in the prior period and increased sustenance capital expenditure in the current period.
Our net debt to EBITDA ratio at 31 December 2021, based on the revolving credit facility (RCF)
and US dollar term loan covenant definition, was 1,3 times, significantly below the threshold level
of 3 times. Sasol is committed to continue with its efforts to reduce leverage and absolute debt
levels.

At 31 December 2021, our total debt was R109,2 billion compared to R102,9 billion at
30 June 2021. During this reporting period we repaid a portion of the RCF, however the weakened
closing Rand/US Dollar exchange rate had a translation effect of R11,7 billion on our debt.
Gearing has reduced to 59,1% at 31 December 2021 from 61,5% at 30 June 2021. This is mainly
due to stronger cash earnings generation, offset by the weaker closing exchange rate.
As at 31 December 2021, our liquidity headroom was R91 billion (US$5,7 billion), well above our
outlook to maintain liquidity in excess of US$1 billion. We will repay the outstanding debt on the
Commercial Paper (R2,2 billion) and a US$1 billion bond (R16 billion) in August 2022 and
November 2022 respectively.

In line with our financial risk management framework, we continue to make good progress with
hedging our foreign currency, crude oil and ethane exposure. We have been successful in
hedging our total exposure for 2022 and we are making good progress with hedging our 2023
exposure, which increases the certainty of future cash flows and mitigates downside risk to enable
our Future Sasol strategy. For further details of our open hedge positions we refer you to our
Analyst Book (<a href="http://www.sasol.com&quot; target="_blank">www.sasol.com</a&gt;).
Dividend

The restoration of dividends is a key priority, however, in the context of the high level of
macroeconomic uncertainty the Board believes it is prudent not to declare an interim dividend at
this stage. This is in line with the capital allocation framework and dividend triggers which were
communicated at our Capital Markets Day in September 2021.

Director changes

Mr Z M Mkhize and Mr P J Robertson retired as non-executive directors of Sasol Limited at the
end of the annual general meeting held on 19 November 2021.

Management changes: Appointment of Executive Vice Presidents for Mining and Energy
Operations

The board also approved the appointment of Mr Riaan Rademan as Executive Vice President
(EVP) for Mining and as a member of the Group Executive Committee, effective 9 March 2022.
Riaan’s mandate is to lead mining through its current challenges and position the business over
the coming months for enhanced and sustainable productivity, prioritising safety in our operations.

Riaan re-joins Sasol from Foskor (Pty) Ltd where he has been the President and Chief Executive
Officer since 1 July 2019 and led a successful business turnaround programme. He previously
had a 36-year career with Sasol up to 30 September 2017. During his tenure with the company
he held executive accountability for several key businesses and functions, including mining and
exploration and production, shared services, information management, procurement, and supply
chain.

In addition, our EVP Energy Operations, Mr Bernard Klingenberg nears retirement later this year
and a suitable internal successor was identified. Mr Simon Baloyi will be appointed as the EVP
Energy Operations, effective 1 April 2022. He holds masters degrees in chemical engineering and
engineering management, and has more than 20 years’ experience across the Sasol South
African value chains.

Mr Grobler, Sasol’s President and CEO said: “I am confident that these executive changes will
strengthen the business and support our drive to further embed safety and operational discipline
across the portfolio. I would also like to thank Mr Bernard Klingenberg for his contribution and
leadership during his 36 year tenure at Sasol and we will pay tribute to him nearer to his
retirement.”

Short-form statement

This announcement is the responsibility of the directors. The information in this short-form
announcement, including the financial information on which the outlook is based, has not been
reviewed and reported on by Sasol Limited’s external auditors.

Sasol’s independent auditor, PricewaterhouseCoopers Incorporated (PwC), reported a reportable
irregularity (RI), but has concluded that it is no longer continuing and has expressed an
unmodified review opinion on the condensed consolidated interim financial statements for the six
months ended 31 December 2021. The RI had no impact on the interim financial results for the
period. The RI pertained to energy production volume forecasts and further details on the RI can
be found in the full announcement.

Financial figures in this announcement have been correctly extracted from the reviewed interim
financial results. This announcement does not include the information required pursuant to
paragraph 16A(j) of IAS 34 ‘Interim Financial Reporting. It is only a summary of the information
contained in the full announcement and does not contain full or complete details. Any investment
decision should also take into consideration the information contained in the full announcement,
published on SENS on 21 February 2022, via the JSE link. The full announcement and the
reviewed interim financial results will be available on the Company's website at
<a href="https://www.sasol.com/investor-centre/financial-reporting/financial-rep…; target="_blank">https://www.sasol.com/investor-centre/financial-reporting/financial-rep…;.

The pre-recorded presentation will be available on the following link:
<a href="https://www.corpcam.com/Sasol21022022&quot; target="_blank">https://www.corpcam.com/Sasol21022022</a&gt;

Copies of the full announcement and the reviewed interim financial results may also be
requested from the office of the Chief Investor Relations Officer, <a href="mailto:investor.relations@sasol.com">investor.relations@sasol.com</a&gt; or
+27 10 344 9280.

The JSE link is as follows:
<a href="https://senspdf.jse.co.za/documents/2022/JSE/ISSE/SOL/HY22Result.pdf&qu…; target="_blank">https://senspdf.jse.co.za/documents/2022/JSE/ISSE/SOL/HY22Result.pdf</a…;

The President and Chief Executive Officer and Chief Financial Officer will host a conference call
on Monday, 21 February 2022 via webcast at 15h00 (SA) to discuss the results and give an
update of the business.

Live conference call link:
<a href="https://www.corpcam.com/Sasol21022022Q&quot; target="_blank">https://www.corpcam.com/Sasol21022022Q</a&gt;

SENS issue: 21 February 2022

Sponsor: Merrill Lynch South Africa (Pty) Limited t/a BofA Securities

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, the impact of the novel coronavirus (COVID-19)
pandemic, and measures taken in response, on Sasol’s business, results of operations, markets,
employees, financial condition and liquidity; the effectiveness of any actions taken by Sasol to
address or limit any impact of COVID-19 on its business; the capital cost of our projects and the
timing of project milestones; our ability to obtain financing to meet the funding requirements of our
capital investment programme, as well as to fund our ongoing business activities and to pay
dividends; statements regarding our future results of operations and financial condition, and
regarding future economic performance including cost containment, cash conservation
programmes and business optimisation initiatives; recent and proposed accounting
pronouncements and their impact on our future results of operations and financial condition; our
business strategy, performance outlook, plans, objectives or goals; statements regarding future
competition, volume growth and changes in market share in the industries and markets for our
products; our existing or anticipated investments, acquisitions of new businesses or the disposal
of existing businesses, including estimates or projection of internal rates of return and future
profitability; our estimated oil, gas and coal reserves; the probable future outcome of litigation,
legislative, regulatory and fiscal developments, including statements regarding our ability to
comply with future laws and regulations; future fluctuations in refining margins and crude oil,
natural gas and petroleum and chemical product prices; the demand, pricing and cyclicality of oil,
gas and petrochemical product prices; changes in the fuel and gas pricing mechanisms in South
Africa and their effects on prices, our operating results and profitability; statements regarding
future fluctuations in exchange and interest rates and changes in credit ratings; total shareholder
return; our current or future products and anticipated customer demand for these products;
assumptions relating to macroeconomics; climate change impacts and our climate change
strategies, our development of sustainability within our Energy and Chemicals Businesses, our
energy efficiency improvement, carbon and GHG emission reduction targets, our net zero carbon
emissions ambition and future low-carbon initiatives, including relating to green hydrogen and
sustainable aviation fuel; our estimated carbon tax liability; cyber security; and statements of
assumptions underlying such statements. 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. These factors and others are
discussed more fully in our most recent annual report on Form 20-F filed on 22 September 2021
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 foregoing factors and other uncertainties and
events, and you should not place undue reliance on forward-looking statements. 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.
Please note: One billion is defined as one thousand million, bbl – barrel, bscf – billion standard
cubic feet, mmscf – million standard cubic feet, oil references brent crude, mmboe – million barrels
oil equivalent. All references to years refer to the financial year ended 30 June. Any reference to a
calendar year is prefaced by the word “calendar”.

Date: 21-02-2022 08:05:00
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
08:05:00
Headline ID
1054513980191545360
Year
2022

Interim results announcement for the six months ended 31 December 2021

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 "the Company")

Short-form announcement

Interim results announcement for the six months ended 31 December 2021

Earnings performance

Earnings before interest and tax (EBIT) was R24,3 billion, an increase of 12% compared to the
prior period. This performance was underpinned by a strong macroeconomic environment with
higher crude oil prices, refining margins and chemicals prices coupled with increased demand,
negated by lower production volumes due to operational challenges at our Secunda Operations
(SO).
Earnings were impacted mainly by the following non-cash adjustments:
• Reversal of impairments of R1,4 billion mainly due to a higher price outlook on the back of a
sustained increase in demand for alcohols into the personal hygiene market during and post
the COVID-19 pandemic;
• R4,9 billion gain on the realisation of the foreign currency translation reserve (FCTR), on the
divestment of our Canadian shale gas assets;
• Losses of R0,1 billion on the translation of monetary assets and liabilities due to a 3%
weakening of the closing rand/US dollar exchange rate compared to 30 June 2021; and
• Losses of R5,3 billion on the valuation of financial instruments and derivative contracts.

Half year Half year
Key metrics Change %
31 Dec 2021 31 Dec 2020

EBIT (R million) 24 309 21 650 12
Adjusted EBITDA1 (R million) 31 803 18 608 71
Headline earnings (R million) 9 499 11 858 (20)
Basic earnings per share (Rand) 23,98 23,41 2
Headline earnings per share (Rand) 15,21 19,16 (21)
Core headline earnings per share2 (Rand) 22,52 7,86 >100
Dividend per share (Rand)
- Interim (Rand) - - -
- Final (Rand) - - -

1 Adjusted EBITDA is calculated by adjusting EBIT for depreciation, amortisation, share-based payments, remeasurement items,
change in discount rates of environmental provisions, all unrealised translation gains and losses, and all unrealised gains and
losses on our derivatives and hedging activities. We believe Adjusted EBITDA is a useful measure of the Group’s underlying
cash flow performance. However, this is not a defined term under IFRS and may not be comparable with similarly titled
measures reported by other companies. (Adjusted EBITDA constitutes pro forma financial information in terms of the JSE
Limited Listings Requirements and should be read in conjunction with the basis of preparation and pro forma financial
information notes as set out in the full set of reviewed interim financial results.)
2 Core HEPS is calculated by adjusting headline earnings per share with non-recurring items, earnings losses of significant
capital projects (exceeding R4 billion) which have reached beneficial operation and are still ramping up, all translation gains and
losses (realised and unrealised), all gains and losses on our derivatives and hedging activities (realised and unrealised), and
share-based payments on implementation of B-BBEE transactions. Adjustments in relation to the valuation of our derivatives at
period end are to remove volatility from earnings as these instruments are valued using forward curves and other market factors
at the reporting date and could vary from period to period. We believe core headline earnings are a useful measure of the
Group´s sustainable operating performance. (Core HEPS constitutes pro forma financial information in terms of the JSE Limited
Listings Requirements and should be read in conjunction with the basis of preparation and pro forma financial information notes
as set out in the full set of reviewed interim financial results.)

Turnover EBIT/(LBIT)
Half year Half year Half year Half year
31 Dec 20 31 Dec 21 31 Dec 21 31 Dec 20
R million R million R million R million
Energy business
10 807 11 872 Mining 2 026 1 732
6 280 5 683 Gas 7 619 4 155
27 151 41 439 Fuels 5 730 1 457
Chemicals business
28 312 30 819 Africa 10 567 5 283
12 070 18 133 America 1 396 (837)
21 205 26 087 Eurasia 2 346 1 538
6 32 Corporate Centre (5 375) 8 322
105 831 134 065 Group performance 24 309 21 650
(13 863) (14 154) Intersegmental turnover
91 968 119 911 External turnover

Net asset value Half year Full year Change %
31 Dec 2021 30 Jun 2021
Total assets (R million) 394 156 360 743 9
Total liabilities (R million) 221 583 208 272 (6)
Total equity (R million) 172 573 152 471 13

Balance sheet management

Cash generated by operating activities increased by 73% to R20,3 billion compared to the prior
period. Actual capital expenditure amounted to R10,4 billion compared to R7,5 billion during the
prior period. The higher capital expenditure is due largely to the absence of a phased shutdown at
SO in the prior period and increased sustenance capital expenditure in the current period.
Our net debt to EBITDA ratio at 31 December 2021, based on the revolving credit facility (RCF)
and US dollar term loan covenant definition, was 1,3 times, significantly below the threshold level
of 3 times. Sasol is committed to continue with its efforts to reduce leverage and absolute debt
levels.

At 31 December 2021, our total debt was R109,2 billion compared to R102,9 billion at
30 June 2021. During this reporting period we repaid a portion of the RCF, however the weakened
closing Rand/US Dollar exchange rate had a translation effect of R11,7 billion on our debt.
Gearing has reduced to 59,1% at 31 December 2021 from 61,5% at 30 June 2021. This is mainly
due to stronger cash earnings generation, offset by the weaker closing exchange rate.
As at 31 December 2021, our liquidity headroom was R91 billion (US$5,7 billion), well above our
outlook to maintain liquidity in excess of US$1 billion. We will repay the outstanding debt on the
Commercial Paper (R2,2 billion) and a US$1 billion bond (R16 billion) in August 2022 and
November 2022 respectively.

In line with our financial risk management framework, we continue to make good progress with
hedging our foreign currency, crude oil and ethane exposure. We have been successful in
hedging our total exposure for 2022 and we are making good progress with hedging our 2023
exposure, which increases the certainty of future cash flows and mitigates downside risk to enable
our Future Sasol strategy. For further details of our open hedge positions we refer you to our
Analyst Book (<a href="http://www.sasol.com&quot; target="_blank">www.sasol.com</a&gt;).
Dividend

The restoration of dividends is a key priority, however, in the context of the high level of
macroeconomic uncertainty the Board believes it is prudent not to declare an interim dividend at
this stage. This is in line with the capital allocation framework and dividend triggers which were
communicated at our Capital Markets Day in September 2021.

Director changes

Mr Z M Mkhize and Mr P J Robertson retired as non-executive directors of Sasol Limited at the
end of the annual general meeting held on 19 November 2021.

Management changes: Appointment of Executive Vice Presidents for Mining and Energy
Operations

The board also approved the appointment of Mr Riaan Rademan as Executive Vice President
(EVP) for Mining and as a member of the Group Executive Committee, effective 9 March 2022.
Riaan’s mandate is to lead mining through its current challenges and position the business over
the coming months for enhanced and sustainable productivity, prioritising safety in our operations.

Riaan re-joins Sasol from Foskor (Pty) Ltd where he has been the President and Chief Executive
Officer since 1 July 2019 and led a successful business turnaround programme. He previously
had a 36-year career with Sasol up to 30 September 2017. During his tenure with the company
he held executive accountability for several key businesses and functions, including mining and
exploration and production, shared services, information management, procurement, and supply
chain.

In addition, our EVP Energy Operations, Mr Bernard Klingenberg nears retirement later this year
and a suitable internal successor was identified. Mr Simon Baloyi will be appointed as the EVP
Energy Operations, effective 1 April 2022. He holds masters degrees in chemical engineering and
engineering management, and has more than 20 years’ experience across the Sasol South
African value chains.

Mr Grobler, Sasol’s President and CEO said: “I am confident that these executive changes will
strengthen the business and support our drive to further embed safety and operational discipline
across the portfolio. I would also like to thank Mr Bernard Klingenberg for his contribution and
leadership during his 36 year tenure at Sasol and we will pay tribute to him nearer to his
retirement.”

Short-form statement

This announcement is the responsibility of the directors. The information in this short-form
announcement, including the financial information on which the outlook is based, has not been
reviewed and reported on by Sasol Limited’s external auditors.

Sasol’s independent auditor, PricewaterhouseCoopers Incorporated (PwC), reported a reportable
irregularity (RI), but has concluded that it is no longer continuing and has expressed an
unmodified review opinion on the condensed consolidated interim financial statements for the six
months ended 31 December 2021. The RI had no impact on the interim financial results for the
period. The RI pertained to energy production volume forecasts and further details on the RI can
be found in the full announcement.

Financial figures in this announcement have been correctly extracted from the reviewed interim
financial results. This announcement does not include the information required pursuant to
paragraph 16A(j) of IAS 34 ‘Interim Financial Reporting. It is only a summary of the information
contained in the full announcement and does not contain full or complete details. Any investment
decision should also take into consideration the information contained in the full announcement,
published on SENS on 21 February 2022, via the JSE link. The full announcement and the
reviewed interim financial results will be available on the Company's website at
<a href="https://www.sasol.com/investor-centre/financial-reporting/financial-rep…; target="_blank">https://www.sasol.com/investor-centre/financial-reporting/financial-rep…;.

The pre-recorded presentation will be available on the following link:
<a href="https://www.corpcam.com/Sasol21022022&quot; target="_blank">https://www.corpcam.com/Sasol21022022</a&gt;

Copies of the full announcement and the reviewed interim financial results may also be
requested from the office of the Chief Investor Relations Officer, <a href="mailto:investor.relations@sasol.com">investor.relations@sasol.com</a&gt; or
+27 10 344 9280.

The JSE link is as follows:
<a href="https://senspdf.jse.co.za/documents/2022/JSE/ISSE/SOL/HY22Result.pdf&qu…; target="_blank">https://senspdf.jse.co.za/documents/2022/JSE/ISSE/SOL/HY22Result.pdf</a…;

The President and Chief Executive Officer and Chief Financial Officer will host a conference call
on Monday, 21 February 2022 via webcast at 15h00 (SA) to discuss the results and give an
update of the business.

Live conference call link:
<a href="https://www.corpcam.com/Sasol21022022Q&quot; target="_blank">https://www.corpcam.com/Sasol21022022Q</a&gt;

SENS issue: 21 February 2022

Sponsor: Merrill Lynch South Africa (Pty) Limited t/a BofA Securities

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, the impact of the novel coronavirus (COVID-19)
pandemic, and measures taken in response, on Sasol’s business, results of operations, markets,
employees, financial condition and liquidity; the effectiveness of any actions taken by Sasol to
address or limit any impact of COVID-19 on its business; the capital cost of our projects and the
timing of project milestones; our ability to obtain financing to meet the funding requirements of our
capital investment programme, as well as to fund our ongoing business activities and to pay
dividends; statements regarding our future results of operations and financial condition, and
regarding future economic performance including cost containment, cash conservation
programmes and business optimisation initiatives; recent and proposed accounting
pronouncements and their impact on our future results of operations and financial condition; our
business strategy, performance outlook, plans, objectives or goals; statements regarding future
competition, volume growth and changes in market share in the industries and markets for our
products; our existing or anticipated investments, acquisitions of new businesses or the disposal
of existing businesses, including estimates or projection of internal rates of return and future
profitability; our estimated oil, gas and coal reserves; the probable future outcome of litigation,
legislative, regulatory and fiscal developments, including statements regarding our ability to
comply with future laws and regulations; future fluctuations in refining margins and crude oil,
natural gas and petroleum and chemical product prices; the demand, pricing and cyclicality of oil,
gas and petrochemical product prices; changes in the fuel and gas pricing mechanisms in South
Africa and their effects on prices, our operating results and profitability; statements regarding
future fluctuations in exchange and interest rates and changes in credit ratings; total shareholder
return; our current or future products and anticipated customer demand for these products;
assumptions relating to macroeconomics; climate change impacts and our climate change
strategies, our development of sustainability within our Energy and Chemicals Businesses, our
energy efficiency improvement, carbon and GHG emission reduction targets, our net zero carbon
emissions ambition and future low-carbon initiatives, including relating to green hydrogen and
sustainable aviation fuel; our estimated carbon tax liability; cyber security; and statements of
assumptions underlying such statements. 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. These factors and others are
discussed more fully in our most recent annual report on Form 20-F filed on 22 September 2021
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 foregoing factors and other uncertainties and
events, and you should not place undue reliance on forward-looking statements. 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.
Please note: One billion is defined as one thousand million, bbl – barrel, bscf – billion standard
cubic feet, mmscf – million standard cubic feet, oil references brent crude, mmboe – million barrels
oil equivalent. All references to years refer to the financial year ended 30 June. Any reference to a
calendar year is prefaced by the word “calendar”.

Date: 21-02-2022 08:05:00
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