Submitted by admin on Mon, 02/26/2018 - 00:00

Reviewed Interim Financial Results for the Six Months ended 31 December 2017

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")

REVIEWED INTERIM FINANCIAL RESULTS
for the six months ended 31 December 2017

Sasol is a global integrated chemicals and energy company. Through our talented people,
we use selected technologies to safely and sustainably source, produce and market
chemical and energy products competitively to create superior value for our customers,
shareholders and other stakeholders.

SALIENT FEATURES

Safety Recordable Case Rate (RCR) at 0,30, regrettably two fatalities

Proactive financial risk management

- Balance sheet headroom created in a strong rand/US dollar environment
- Gearing managed to 39%, below our ceiling of 44%

Strong earnings performance, real cost increase above inflation

- Headline earnings per share up 17% to R17,67, higher than market guidance
- Normalised cash fixed costs up 2% in real terms with FY18 forecast cost tracking our targeted inflation rate of 6%
- Response Plan delivery of R75,6 billion, exceeding upper-end of target with sustainable annual cash savings of R3,5 billion

Sales volumes impacted by supply chain bottlenecks in December 2017

- Performance Chemicals up 3% and Base Chemicals down 1%
- Liquid fuels sales volumes down 3%

Satisfactory operational performance

- Eurasian Operations volumes up 2%
- Secunda Synfuels Operations volumes down 1%, due to planned shutdowns
- Natref volumes down 21%, taking measurable actions to improve operational performance
- Addressing safety challenges at Mining, ramping up to pre-strike production run rates

Steady progress on Lake Charles Chemicals Project (LCCP)

- 81% complete, tracking schedule and revised cost estimate
- Project returns positively impacted by US tax reform changes

Shareholders approved our Sasol Khanyisa B-BBEE* transaction

Core headline earnings up 5%, reflects improved operating environment

Dividend per share up 4% to R5,00 per share

Invested R681 million in skills and socio-economic development

* Broad-Based Black Economic Empowerment

Segment report
for the period ended

Turnover Operating profit/(loss)
R million R million
Full year Half year Half year Half year Half year Full year
30 Jun 17* 31 Dec 16* 31 Dec 17 31 Dec 17 31 Dec 16* 30 Jun 17*
Audited Reviewed Reviewed Segment analysis Reviewed Reviewed Audited
23 046 11 543 11 973 Operating Business Units 215 1 738 4 310
18 962 9 524 10 015 - Mining 2 864 1 534 3 725
4 084 2 019 1 958 - Exploration and Production International (2 649) 204 585
170 413 83 452 87 173 Strategic Business Units 12 178 11 909 26 843
64 772 31 225 32 746 - Energy 5 748 5 529 11 218
38 414 19 538 20 163 - Base Chemicals 2 552 2 360 6 862
67 227 32 689 34 264 - Performance Chemicals 3 878 4 020 8 763
516 526 7 - Group Functions (607) 25 552
193 975 95 521 99 153 Group performance 11 786 13 672 31 705
(21 568) (10 626) (11 000) Intersegmental turnover
172 407 84 895 88 153 External turnover

* Restated for the transfer of the US ethylene business from Performance Chemicals to Base Chemicals.

Joint President and Chief Executive Officer, Bongani Nqwababa said:
Our sustained focus on cost, cash and capital conservation drove a largely strong set of results, notwithstanding
continued macro-economic volatility. The recent recovery in global oil and product prices positively impacted our
results, however this was offset by operational challenges at our Natref and Mining operations, currency effects
and poor economic conditions in South Africa. Encouraging recent developments signal a more stable political and
investor friendly outlook for the country, in addition to a more positive global growth outlook with stronger
demand in markets where we operate. Our recent safety performance has regrettably been marred by tragic
fatalities in our mining operations. We are committed to the safety and health of our employees, communities and
the environment. Safety, as one of our core values and number one priority receives our constant and
unwavering attention.

Joint President and Chief Executive Officer, Stephen Cornell said:
We are making steady progress in delivering the LCCP within the revised schedule, as we place increased emphasis
on business readiness. Once fully operational, the LCCP will transform Sasol's earnings profile¹. The start-up of this
world-scale chemicals facility and the implementation of our broad-based black economic empowerment
ownership structure, Sasol Khanyisa, are landmark milestones to be delivered this calendar year. Guided by our
clear strategic choices, we will continue to enhance our robust foundation to deliver on our refined value-based
growth strategy. To this end, exercising disciplined capital allocation remains paramount to ensure we deliver
sustainable growth and ongoing value to our shareholders.

Financial results overview(2,4)
Sasol delivered a largely strong set of results, underpinned by higher crude oil and product prices, increased
demand for our specialty chemical products and a satisfactory operational performance across the value chain. Our
results were however constrained by poor economic conditions in South Africa, which impacted on demand for our
products, as well as operational challenges at our Natref and Mining operations, a much stronger closing rand/US dollar
exchange rate and the negative impact of remeasurement and once-off items.

Earnings attributable to shareholders for the six months ended 31 December 2017 decreased by 20% to R6,9 billion
from R8,7 billion in the prior period. Headline earnings per share (HEPS) increased by 17% to R17,67 and earnings per
share (EPS) decreased by 21% to R11,29 compared to the prior period. EPS was negatively impacted by the scrapping
of our US gas-to-liquids (GTL) project amounting to R1,1 billion (US$83 million) and a partial impairment of our
Canadian shale gas assets of R2,8 billion (CAD281 million).

Core headline earnings(3) increased by 5% to R18,22 per share compared to the prior period, mainly as a result of
higher crude oil and product prices, higher margins in specialty chemicals and improved refining margins, partially
offset by the stronger rand/US dollar exchange rate.

1 This forward looking statement is the responsibility of the directors and in accordance with standard practice, it is noted that this
statement has not been reviewed and reported on by the company's auditors.

2 All comparisons to the prior period refer to the six months ended 31 December 2016. Except for earnings attributable to
shareholders and the RP cash conservation measures, all numbers are quoted on a pre-tax basis.

3 Core headline earnings are calculated by adjusting headline earnings with once-off items, period close adjustments and depreciation
and amortisation of significant capital projects, exceeding R4 billion which have reached beneficial operation and are still ramping up
and share-based payments on implementation of B-BBEE transactions. Period close adjustments in relation to the valuation of our
derivatives at period end is 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. However, this is not a defined term under IFRS and may not be comparable with
similarly titled measures reported by other companies.

4 All non-GAAP measures (such as normalised operating profit, core headline earnings, adjusted effective tax rate, etc.) have not been
reviewed and reported on by the company's auditors.

Sasol's core headline earnings were impacted by the following notable once-off and period close items:

Half year Half year
31 Dec 17 31 Dec 16
Rand per Rand per
share share
Headline earnings 17,67 15,12
Translation impact of closing exchange rate 1,33 0,37
Mark-to-market valuation of oil and foreign exchange hedges (0,78) 1,44
Uzbekistan licence fee – (0,58)
Strike action at Mining and related costs – 1,06
Core headline earnings 18,22 17,41

Average Brent crude oil prices moved higher by 19% and since December 2017, spot prices have moved closer to the
US$70/bbl mark, which if sustained at these levels, are expected to positively impact our results during the second
half of financial year 2018. Similarly, our Natref refining margins increased by 16% to US$9,73/bbl. In the chemicals
business, we have seen a steady increase in most commodity chemical prices and the average margins for most of
our specialty chemicals products, in dollar terms, have remained resilient.

Excluding the effect of our hedging programme, the average rand/US dollar market exchange rate strengthened by
4% from the prior period to R13,40, and the closing rand/US dollar market exchange rate strengthened by 5% from
R13,06 in June 2017 to R12,37. This resulted in translation losses of R1,2 billion on the valuation of the balance sheet
compared to translation losses of R341 million in the prior period.

Operational performance overview
- At Mining, we are continuing to stabilise our mining operations post the strike in financial year 2017. We have
seen some improvement in production run rates and will intensify our focus on safe and reliable operations as
we improve the productivity rate to pre strike levels;

- Production volumes from Secunda Synfuels Operations (SSO) decreased by 1% due to a planned shutdown;

- Production volumes from our Eurasian Operations increased by 2% due to stronger product demand and
increased plant availability;

- ORYX GTL continued to deliver an exceptional performance, with an average utilisation rate of 99%;

- Natref's production volumes were down 21% owing to plant shutdowns and an unexpected Eskom electricity
supply interruption at the start of the financial period. This, together with softer market demand, lowered our
liquid fuels sales volumes by 3%. We have implemented a Crude Procurement and Refinery Optimisation
Programme (CPROP) that is aimed at improving plant availability and optimising the business operational
performance over the ensuing months;

- Our Performance Chemicals sales volumes, increased by 3% mainly due to increased market demand; and

- Our Base Chemicals sales volumes decreased by 1% mainly due to lower volumes from SSO due to the
Superflex Catalytic Cracker (SCC) shutdown and higher inventory holdings resulting from port constraints in South Africa.

Cost, cash and capital performance
Our low oil Response Plan (RP) achieved capital conservation and cash savings of R6,2 billion for the period. This
brings the total capital and cash conserved since January 2015 to R75,6 billion, which exceeds our target of
R65-75 billion. Our focus for the remainder of FY18 will be to further improve the level of our sustainable cost
savings and to fully embed the cost containment culture established through our people.

To enhance our cost competitiveness and to remain profitable at an oil price of $40/bbl, we are transitioning to a
Continuous Improvement (CI) programme that is built on the solid foundation established by the Business
Performance Enhancement Programme and the RP. Our medium term target is to increase our Return on
Invested Capital (ROIC) for our foundation businesses by at least two percentage points by 2022, off a 2017 base. Digitisation,
simplification of processes, capital efficiency and sharing of services will be key drivers to achieving our CI targets.
Further detail on the targeted elements of CI (cost, gross margin and capital) will be communicated in August 2018.

Cash fixed costs, excluding capital growth and once-off business establishment costs, increased by 2% in real terms
due to the cost impact of production interruptions. Inflation for the period was 4,7%. We are however focused on
ensuring that we remain cost competitive and can contain our cost within inflation, while ensuring that we
maintain safe and reliable operations. Accordingly, our forecast for the financial year indicates that cash fixed cost
increases will still track our targeted inflation rate of 6%.

Our net cash position decreased by 44%, from R29,3 billion in June 2017 to R16,3 billion as at 31 December 2017 due
to the funding of the LCCP and investments to fund growth projects. Loans raised during the period amounted to
R18,7 billion, mainly for the funding of our growth projects. The increase in short term debt relates to the
Inzalo transaction unwinding between June and September 2018. During the period, we increased our existing
US$1,5 billion Revolving Credit Facility to US$3,9 billion and extended the maturity to five years, with the
inclusion of two further extension options of one year each. In addition, our Domestic Medium Term Note Programme of
R8 billion provides us with access to the South African debt capital markets. The focus on our funding plan will
now shift to put longer-term debt instruments in place.

Cash generated by operating activities decreased by 17% to R14 billion compared with R16,8 billion in the prior
period. This is largely attributable to an increase in working capital underpinned by planned inventory builds and
increased prices.

Actual capital expenditure, including accruals, amounted to R27,7 billion. This includes R16,7 billion (US$1,2 billion)
relating to the LCCP. Our capital expenditure estimate for the full year has been revised down to R54 billion largely
due to optimisation of the capital portfolio.

Due to the funding of the LCCP, gearing increased to 39%, which is in line with our targets and current market
guidance. Notwithstanding the current oil price volatility and the stronger rand exchange rate, we are still planning
to manage the balance sheet to below our peak internal gearing target of 44% by the end of the 2018 financial year.
We are actively reviewing our capital structure and funding plan to ensure that we maintain an optimum solvency
and liquidity profile. The unwind of the Inzalo transaction will be structured to ensure that our credit ratings are
maintained at investment grade and with the least amount of dilution to our shareholders. We expect our gearing
to remain around peak levels in the 2019 financial year due to the higher debt associated with the Inzalo unwind.

In January 2018, S&P Global Ratings affirmed Sasol's credit rating at a BBB-/A-3 with a stable outlook. This is two
notches above the South African sovereign credit rating and is at investment grade. Similarly Moody's Investors
Service (Moody's) placed South Africa's Baa3/negative ratings on review for downgrade in November 2017, while
affirming Sasol's global scale long-term issuer ratings at Baa3, with a negative outlook. Sasol's national scale long-
term rating was affirmed at Aaa.za. Moody's has delinked Sasol from the South African sovereign rating by one
notch.

Our attributable earnings were significantly impacted by mostly once-off items, impairments and translation
effects. Accordingly, to provide more stability in the dividend payment, the Board has approved a change in
dividend policy to pay dividends with a dividend cover range based on Core HEPS. As previously reported Core HEPS
reflects the sustainable business operations and is used by the Board to measure the business and financial
performance. Taking into account the impact of the current volatile macro-economic environment, capital
investment plans, the current strength of our balance sheet, and the dividend cover range, the Board has declared a
gross interim dividend of R5,00 per share (4% higher compared to the prior year). The dividend cover was 3,6 times at
31 December 2017 (31 December 2016: 3,2 times).

Update on hedging activities
Sasol entered into a number of hedges to mitigate specific financial risks and provide protection against
unforeseen movements in oil prices, interest rates, currency movements, commodity and final product prices. A net
gain of R0,6 billion was recognised on the valuation of open hedges for financial year 2018 and 2019. These include:

- R3,9 billion gain on the rand/US dollar zero-cost collars. The open instruments were valued against an average
floor of R13,70/US$1;

- R2,5 billion loss on Brent crude oil put options. The open instruments were valued against an average strike of
US$49/bbl; and

- R0,8 billion loss on export coal swaps.

Should attractive hedges become available in the market at an acceptable cost, we will enter into additional hedges
in mitigation against these financial risks. The volumes hedged, exposure and floor prices for financial years 2018
and 2019 are detailed in the Analyst Book available on our website, <a href="http://www.sasol.com&quot; target="_blank">www.sasol.com</a&gt;.

Effective tax rate
The increase in the effective corporate tax rate from 28,4% to 31,6% was mainly as a result of the R2,8 billion
partial impairment of our Canadian shale gas assets. The adjusted effective tax rate, excluding equity accounted
investments, remeasurements and once-off items, is 26,4% compared to 29,2% in the prior period due to energy
efficiency allowances.

Effect of a stronger rand exchange rate
The rand strengthened significantly against the US dollar in December 2017. The continued and sustained strengthening of
the rand/US dollar exchange rate in the second half of the financial year could result in the impairment of certain of
our South African chemical businesses as their margins are highly sensitive to the exchange rate. Further the stronger
rand/US dollar may have an impact on our provisions, discount rates and capital estimates at 30 June 2018.

Satisfactory operational performance, higher oil and product prices (1,3)
Operating Business Units

Mining – focus on stabilising operations post the strike, benefitting from higher global coal prices
Operating profit increased by 87% to R2,9 billion compared to the prior period, mainly as a result of additional costs
associated with the strike action in financial year 2017. Normalised operating profit, excluding the strike cost,
increased by 13% due to higher selling prices to SSO and a 19% increase in export coal prices.

We are continuing to ramp up our mining operations to achieve the targeted production run-rates, pre the strike.
The business improvement plan (BIP), which is aimed at improving productivity and cost efficiency, is currently
underway and some benefits have already been noted. However, our momentum was interrupted in August 2017 by
an unplanned mining incident and in December 2017 by a tragic fatality which resulted in lower productivity.
Accordingly, our normalised unit cost of production increased by 3% above inflation to R284/ton compared to the
prior year. We are now focusing on making the operations safe and consequently, we expect our production to be
lower than planned for the full year.

Our immediate attention is on a return to safe and reliable operations to ensure a continuous supply to Sasol's
integrated value chain. We are currently restoring coal stockpiles through our own production and additional
external purchases. We therefore are targeting a unit cost of production of between R285/ton to R295/ton for the
full year. Additional coal purchases will negatively impact on our unit cost per sales ton.

Exploration and Production International (E&PI) – strong operational delivery from Mozambique and
Gabon
E&PI recorded an operating profit of R115 million, excluding the impairment of our Canadian shale gas operations of
R2,8 billion, compared to an operating profit of R204 million in the prior period.

Operating profit from our Mozambican producing operations increased from R988 million in the prior period to
R1 187 million due to higher sales prices and the positive impact of foreign currency gains.

Our Gabon asset recorded an operating profit of R47 million compared to an operating loss of R41 million in the
prior period, mainly due to higher sales prices. This was partially offset by a 3% decrease in production volumes
resulting from the natural decline of the field.

We impaired our Canadian shale gas assets by a further R2,8 billion (CAD281 million) due to a further decline in long-
term gas prices. The remaining carrying value of the property, plant and equipment at 31 December 2017 is R3,5
billion (CAD357 million). The disposal process for these assets has commenced, however these assets have not yet
been classified as held-for-sale. Further announcements will be made once the process is at an advanced stage.

Strategic Business Units

Performance Chemicals – increased sales volumes, resilient margins, adversely impacted by stronger rand
Sales volumes increased by 3% compared to the prior period, due to higher demand for our commodity products,
mainly organics and wax. The margins in our European and US specialty businesses remained resilient, benefitting
from robust demand and favourable market conditions. Production volumes from our Eurasian Operations
increased by 2% due to stronger demand and increased plant availability.

Our operating profit, decreased by 14% compared to the prior period, mainly as a result of Hurricane Harvey, the
stronger rand exchange rate and start-up costs associated with our growth projects. Based on the latest business
performance and strong market demand, we expect to recover some of the lost margins in the second half of the
year.

Base Chemicals – higher prices, profitability adversely impacted by the stronger rand
Sales volumes decreased by 1% due to lower volumes from SSO as a result of the SCC shutdown, and higher inventory
holdings resulting from port constraints in South Africa. In the US, our ethylene sales volumes decreased by 34%
due to Hurricane Harvey and an initial stock build at our high-density polyethylene (HDPE) joint venture that
reached beneficial operation in November 2017.

Our operating profit, normalised for once-off items and translation effects on the valuation of the balance sheet,
increased by 6% compared to the prior period mainly due to higher prices.

Our basket of commodity chemical US dollar prices improved by 10%, however this benefit was partially offset by a
4% stronger rand/US dollar exchange rate. Solvents prices increased considerably on the back of increased propylene
prices and short term price opportunities in the ketones market.

Our 50% joint venture HDPE plant with Ineos Olefins and Polymers USA achieved beneficial operation on
11 November 2017. The plant is ramping up with the initial stock build progressing well.

Energy – margins improve, but volumes under pressure
Our normalised operating margin increased from 18% to 21% mainly as a result of improved production and cost
performance of our international GTL ventures as well as the higher international prices of refined products,
partially offset by mostly lower liquid fuels and gas sales volumes and the impact of a stronger rand/US dollar
exchange rate.

Operating profit increased by 4% to R5 748 million when compared to the prior period. Excluding remeasurement
items, most notably the scrapping of our US GTL project, operating profit increased by 26%.

We are taking measurable actions to address operational challenges at our Natref operations, focusing on plant
availability and improved run rates.

ORYX GTL delivered an excellent production performance with an average utilisation rate of 99%. ORYX GTL
contributed R454 million to operating profit with volumes increasing by 4% compared to the prior period.

At Escravos GTL in Nigeria, we are continuing with optimisation efforts to reduce costs and improve plant
efficiency. Planned maintenance work is underway as we ramp up the plant towards design capacity.

The challenging economic environment also impacted our gas sales volumes to the external market, resulting in a
reduction of 7% compared to the prior period. The available gas was, however, utilised internally in our integrated
value chain.

Advancing projects to enable future growth
We are making steady progress in delivering on our growth pipeline:

- Growing our footprint in North America:
- Overall construction on the LCCP continues on all fronts, with most engineering and procurement activities
nearing completion. At 31 December 2017, capital expenditure amounted to US$8,8 billion, and the overall
project completion was 81%. The total forecasted capital cost for the project remains within the previous
market guidance of US$11,13 billion and is tracking the approved schedule. We are very pleased to see an
improvement in productivity post Hurricane Harvey and will continue to closely monitor the productivity
rates as we approach beneficial operation for the first units in the second half of calendar year 2018. The tax
reform in the US has positively impacted on the returns of the project and we expect, based on our current
interpretation of the tax reform, that the net present value will increase by between US$400 -
US$500 million.

As previously reported, we are still of the view that limited structural changes have occurred to market
fundamentals since February 2017, when we last published the long-term Internal Rate of Return (IRR) of the
project. Hence based on our internal assessment, we are of the view that the IRR is in a range of between
7,5% to 8,5%, based on conservative ethane prices. At spot prices, using the last quarter of the 2017 calendar
year as a reference, the IRR is between 9% and 9,5%. These updated numbers include the benefits from the
tax reform. The revised economics, earnings profile, capital spend and sensitivities are detailed in the Analyst
Book available on our website, <a href="http://www.sasol.com&quot; target="_blank">www.sasol.com</a&gt;.

- Focusing on our asset base in Southern Africa:
- Our strategic R14 billion mine replacement programme, which will ensure uninterrupted coal supply to SSO in
order to support Sasol's strategy to operate its Southern African facilities until 2050, is nearing completion.
Phase two of the Impumelelo Colliery project which commenced during the first half of the 2016 calendar
year is on track to be completed within budget, late in the 2019 calendar year.

- In Mozambique, we have successfully drilled and tested nine wells relating to the first phase of the
development programme for the Production Sharing Agreement (PSA) licence area and at the end of
December 2017 drilled the first of two delineation wells relating to the second phase. We anticipate oil
production to be between the mid to lower end of the range presented in the Field Development Plan. The
gas wells have confirmed that there is sufficient gas to cover our future downstream opportunities. The
surface facilities design and oil field development plan are being optimised and it is anticipated that
substantial capital savings will be realised.

- In continuing to execute our strategy, we have concluded a farm-in into the DE8 block in Gabon where we
now hold 40% working interest of that block. An exploration well is currently being drilled with results
expected before the end of the quarter.

Maintaining our focus on safety and sustainable value creation
We continued to deliver on our broader sustainability and community contributions during the year:

- In the first six months, we experienced two tragic fatalities which deeply concern us. Our heartfelt condolences
go out to the families of our employees who lost their lives. These fatal incidents have undergone detailed
investigations, and, together with senior level meetings, learning insights are being developed and embedded in
our on-going efforts to prevent similar incidents.

Our 12 month rolling RCR for employees and service providers, excluding illnesses, is 0,30 at December 2017 as
compared to 0,27 for December 2016. We remain committed to our goal of zero harm through continuous
improvement actions to eliminate high severity incidents in all our operations.

- During the period, we invested R681 million in skills development and socio-economic development, which
includes our Ikusasa programme, bursaries, learnerships and artisan training programmes. The Ikusasa
programme focuses on education, health and wellbeing, infrastructure, and safety and security in the Secunda
and Sasolburg regions.

- In December 2017, National Treasury released the second draft of the proposed Carbon Tax Bill for comment.
While Sasol supports a just transition to a lower-carbon economy, we remain concerned that the proposed
carbon tax will further diminish the country's investment attractiveness and competitiveness. A preliminary
review of the Bill indicates that a number of concerns remain including non-alignment to the Department of
Environmental Affairs' carbon budget mechanism post 2020. Sasol continues to engage with our government
stakeholders on all the aspects of climate change policy, including carbon tax.

- To ensure our ongoing compliance with new air quality regulations in South Africa, Sasol applied for certain
postponements to manage our short-term challenges relating to the compliance timeframes. We are on track
with the implementation of committed air quality roadmaps, supporting the 2014 postponement decisions.
Shorter postponements were also granted and further applications are underway.

- We continue to measure our comprehensive climate change response in accordance with our key performance
indicators. Our total greenhouse gas (GHG) emissions for all operations globally are projected to reduce
marginally to 67,1 million tons when compared to 67,6 million tons in the prior year. Our GHG emissions intensity
(measured in carbon dioxide equivalent per ton of production) is projected to be relatively constant at 3,70
compared to 3,66 in 2017.

- The Energy Efficiency programme to consolidate monitoring and reporting across the group shows an
improvement from the 2015 baseline to date for the Sasol Group Energy Intensity index (EIi) of 4,59%. Our utility
EIi for the 2018 half year improved above our internal target of 0,5% to 2,43% for the South African Operations.
The consolidated EIi, which includes our international operations, improved by 0,57% from the previous financial
year.

- During the period, we paid R18,2 billion in direct and indirect taxes to the South African government. Sasol
remains one of the largest corporate taxpayers in South Africa, contributing significantly to the country's
economy.

- The Department of Water and Sanitation is planning for material changes in the water sector and have released
several draft policy, planning and regulatory documents for consultation. These proposed changes could have
implications for Sasol considering that we are a large water user undertaking various water use activities. Sasol
will continue to respond to these developments to ensure both business and public interests are realised.

- Sasol is committed to sustainable transformation and broad-based economic empowerment (B-BBEE). In our
recent B-BBEE verification, Sasol achieved a Level 6 contributor status representing a key milestone in our
journey of achieving at least a Level 4 contributor status in 2020.

- Our shareholders approved the Sasol Khanyisa B-BBEE transaction on 17 November 2017, which marks a
significant milestone in achieving our B-BBEE ownership credentials.

Unwinding of Inzalo B-BBEE transaction
As reported on 9 October 2017, we have investigated funding options to settle our financing obligations under the
Sasol Inzalo B-BBEE transaction. Based on current market conditions, Sasol plans to settle the Sasol Inzalo Groups
debt of approximately R4,6 billion in June 2018 by utilising our existing cash and credit facilities to repurchase up to
9,5 million preferred ordinary shares from Sasol Inzalo Groups Funding (Pty) Ltd and fund any residual shortfall. At a
Sasol ordinary share price of R425, we expect the scheme to have a shortfall of R1,1 billion. Based on our current
forecast, gearing will remain within our risk appetite of 44% in the 2018 financial year and we are confident that we
will maintain our investment grade credit rating metrics.

The Sasol Inzalo Public debt becomes due in September 2018, and we will make a further announcement on the
source of funding for the settlement of the Sasol Inzalo Public debt in August 2018, based on prevailing market
conditions at that time. We will endeavour to utilise existing cash and credit facilities to settle any residual shortfall
on the Sasol Inzalo Public debt, so as to limit the dilution on our shareholders while maintaining investing grade
ratings.

Business performance outlook* – strong production performance and cost reductions to continue

The current economic climate continues to remain highly volatile and uncertain. While oil price and foreign
exchange movements are outside our control and may impact our results, our focus remains firmly on managing
factors within our control, including volume growth, cost optimisation, effective capital allocation, focused financial
risk management and maintaining an investment grade credit rating.

We expect an overall strong operational performance for the year ending 30 June 2018, with:

- SSO volumes of 7,7 million tons due to an unplanned electricity supply interruption to our operations in January
2018;

- Liquid fuels sales of approximately 59 million barrels due to lower production at Natref and slower South African
economic growth;

- Base Chemicals sales volumes, excluding merchant ethylene, to be between 1% to 3% higher than the prior year,
with US dollar product pricing expected to follow oil prices. Normalised operating profit for the full financial year
is estimated to be between R3 billion to R5 billion;

- Performance Chemicals sales volumes, excluding merchant ethylene, to be between 2% to 3% higher, with
average margins for the business remaining resilient;

- Gas production volumes from the Petroleum Production Agreement in Mozambique to be between 114 bscf to
118 bscf;

- Average utilisation rate at ORYX GTL in Qatar to exceed 92%, taking into account two planned plant shutdowns
in the second half of the financial year;

- Normalised cash fixed costs to remain in line within our inflation assumption of 6%;

- Capital expenditure, including capital accruals, of R54 billion for 2018 and R38 billion for 2019 as we progress
with the execution of our growth plan and strategy. Capital estimates may change as a result of exchange rate
volatility and other factors;

- Our balance sheet gearing up to 44%;

- Rand/US dollar exchange rate to range between R12,50 and R14,00; and

- Average Brent crude oil prices to remain between US$55/bbl and US$65/bbl.

*The financial information contained in this business performance outlook is the responsibility of the directors and in accordance with
standard practice, it is noted that this information has not been reviewed and reported on by the company's auditors.

Competition law compliance
The South African Competition Commission conducted proceedings against various petroleum products producers,
including Sasol. Sasol and the other companies involved settled the matter with the Competition Commission on a
no fine and no admission of guilt basis including undertakings regarding the exchange of information within the
industry in future. The application for confirmation of the settlement agreement was heard before the Competition
Tribunal on 7 February 2018. The tribunal has accepted the settlement agreement in principle, subject to the
Commission and respondents making two minor amendments to the settlement agreement. We continue to
interact and cooperate with the South African Competition Commission in respect of leniency applications as well
as in the areas that are subject to the South African Competition Commission investigations.

Tax litigation and contingency

As previously reported, the South African Revenue Service (SARS) issued revised assessments for Sasol Oil (Pty)
Ltd (Sasol Oil) relating to a dispute around our international crude oil procurement activities for the 2005 to 2012
tax years. These revisions could result in potential adjustments to the company's taxable income and an additional
tax liability (including interest and penalties until 31 December 2017) of approximately R1,3 billion for the periods
2005 to 2014. Sasol Oil has co-operated fully with SARS during the course of the audit related to these
assessments. SARS' decision to suspend the payment of this disputed tax for the periods 2005 to 2014 currently
remains in force.

The litigation process in the Tax Court, relating to the international crude oil procurement activities for the 2005 to
2007 years of assessment was concluded and judgement was delivered on 30 June 2017 in favour of SARS. As a
result, a liability of R1,3 billion has been recognised in the interim financial statements in respect of the 2005 to
2014 matters that remain the subject of the ongoing litigation. Sasol Oil, in consultation with its tax and legal
advisors, does not support the basis of the judgement and filed an appeal with the Supreme Court of Appeal. Sasol
Oil anticipates the matter to be heard in the Supreme Court of Appeal in quarter three of calendar year 2018.

SARS has notified Sasol Oil of its intention to place on hold the field audit relating to this issue for the 1999 to 2004
tax years pending the outcome of the litigation. As a result of the judgement handed down on 30 June 2017, a
possible obligation may arise from the field audit, which is regarded as a contingent liability.

In addition, there could be a potential tax exposure of R12,1 billion for the periods 2013 to 2014 on varying tax
principles relating to the aforementioned activities. Supported by specialist tax and legal advisors, Sasol Oil
disagrees with SARS' assessment for the 2013 and 2014 periods. This also remains the subject of an ongoing appeal
with the Tax Court lodged by Sasol Oil. A possible obligation may arise for the tax years subsequent to 2014, which
could give rise to a future contingent liability.

In 2010, the South African Revenue Service (SARS) commenced with a request for information on Sasol Financing
International Plc (SFI). This matter progressed into an audit over the years and has now culminated in the
issuance of a final audit letter on 16 February 2018. Consequently, revised assessments were issued in respect of
the 2002 to 2012 tax years. These revisions relate to a dispute around the place of effective management of SFI, an
offshore treasury function, and could result in potential tax exposure of R3 billion (including interest and penalties).
SFI has co-operated fully with SARS during the course of the audit related to these assessments. SFI, in
consultation with its tax and legal advisors, does not support the basis of these additional assessments for all the
years. Accordingly, SFI will submit objections and/or appeals (as the case may be) to the revised assessments as the
legal process unfolds. SFI has already submitted the application for suspension of payment.

Sasol is committed to compliance with tax laws and any disputes with tax authorities on the interpretation of tax
laws and regulations will be addressed in a transparent and constructive manner.

Change in directors
Ms Imogen Mkhize retired as non-executive director with effect from 17 November 2017 and Dr Martina Flöel was
appointed as non-executive director with effect from 1 January 2018.

Declaration of cash dividend number 77
An interim gross cash dividend of South African 500 cents per ordinary share (31 December 2016 – 480 cents per
ordinary share) has been declared for the six months ended 31 December 2017. The cash dividend is payable on the
ordinary shares and the Sasol BEE ordinary shares. The Board is satisfied that the liquidity and solvency of the
company, as well as capital remaining after payment of the dividend is sufficient to support the current operations
for the ensuing year. The dividend has been declared out of retained earnings (income reserves). The South African
dividend withholding tax rate is 20%. At the declaration date, there are 653 061 453 ordinary (including 8 809 886 treasury
shares), 25 547 081 preferred ordinary and 2 838 565 Sasol BEE ordinary shares in issue. The net dividend amount
payable to shareholders who are not exempt from the dividend withholding tax, is 400 cents per share, while the
dividend amount payable to shareholders who are exempt from dividend withholding tax is 500 cents per share.

The salient dates for holders of ordinary shares and Sasol BEE ordinary shares are:
Declaration date Monday, 26 February 2018
Last day for trading to qualify for and participate in the final dividend (cum dividend) Tuesday, 13 March 2018
Trading ex dividend commences Wednesday, 14 March 2018
Record date Friday, 16 March 2018
Dividend payment date (electronic and certificated register) Monday, 19 March 2018
The salient dates for holders of our American Depository Receipts are:(1)
Ex dividend on New York Stock Exchange (NYSE) Wednesday, 14 March 2018
Record date Friday, 16 March 2018
Approximate date for currency conversion Wednesday, 21 March 2018
Approximate dividend payment date Friday, 30 March 2018

1 All dates approximate as the NYSE sets the record date after receipt of the dividend declaration.

On Monday, 19 March 2018, dividends due to certificated shareholders on the South African registry will either be
electronically transferred to shareholders' bank accounts or, in the absence of suitable mandates, dividend cheques
will be posted to such shareholders. Shareholders who hold dematerialised shares will have their accounts held by
their CSDP or broker credited on Monday, 19 March 2018. Share certificates may not be dematerialised or
rematerialised between 14 March 2018 and 16 March 2018, both days inclusive.

On behalf of the Board

Mandla Gantsho Bongani Nqwababa Stephen Cornell Paul Victor
Chairman Joint President and Joint President and Chief Financial Officer
Chief Executive Officer Chief Executive Officer
Sasol Limited
26 February 2018

The interim financial statements are presented on a condensed consolidated basis.

Income statement
for the period ended

Full year Half year Half year Half year Half year Full year
30 Jun 17 31 Dec 16 31 Dec 17 31 Dec 17 31 Dec 16 30 Jun 17
Audited Reviewed Reviewed Reviewed Reviewed Audited
US$m* US$m* US$m* Rm Rm Rm
12 668 6 068 6 579 Turnover 88 153 84 895 172 407
(5 249) (2 526) (2 678) Materials, energy and consumables used (35 887) (35 342) (71 436)
(471) (238) (253) Selling and distribution costs (3 388) (3 331) (6 405)
(636) (294) (330) Maintenance expenditure (4 424) (4 119) (8 654)
(1 794) (851) (1 013) Employee-related expenditure (13 574) (11 911) (24 417)
(36) (13) (16) Exploration expenditure and feasibility (213) (182) (491)
costs
(1 190) (584) (619) Depreciation and amortisation (8 301) (8 174) (16 204)
(922) (552) (530) Other expenses and income (7 102) (7 719) (12 550)
(88) (25) (89) Translation losses (1 190) (341) (1 201)
(834) (527) (441) Other operating expenses and income (5 912) (7 378) (11 349)
(119) (55) (317) Remeasurement items (4 244) (771) (1 616)
79 23 57 Equity accounted profits, net of tax 766 326 1 071
2 330 978 880 Operating profit 11 786 13 672 31 705
115 58 89 Finance income 1 192 807 1 568
(240) (101) (126) Finance costs (1 689) (1 409) (3 265)
2 205 935 843 Profit before tax 11 289 13 070 30 008
(624) (266) (266) Taxation (3 562) (3 719) (8 495)
1 581 669 577 Profit after tax 7 727 9 351 21 513
Attributable to
1 497 621 515 Owners of Sasol Limited 6 901 8 676 20 374
84 48 62 Non-controlling interests in subsidiaries 826 675 1 139
1 581 669 577 7 727 9 351 21 513
US$ US$ US$ Rand Rand Rand
Per share information
2,45 1,02 0,84 Basic earnings per share 11,29 14,21 33,36
2,44 1,02 0,84 Diluted earnings per share 11,25 14,20 33,27

* Supplementary non-IFRS information. US dollar convenience translation, converted at average exchange rate of R13,40/US$1
(31 December 2016 –R13,99/US$1; 30 June 2017 – R13,61/US$1).

Statement of comprehensive income
for the period ended

Half year Half year Full year
31 Dec 17 31 Dec 16 30 Jun 17
Reviewed Reviewed Audited
Rm Rm Rm
Profit after tax 7 727 9 351 21 513
Other comprehensive income, net of tax
Items that can be subsequently reclassified to the income statement (3 189) (6 173) (8 931)
Effect of translation of foreign operations* (3 348) (7 414) (10 074)
Effect of cash flow hedges** 343 1 985 1 821
Fair value of investments available-for-sale 15 1 11
Tax on items that can be subsequently reclassified to the income statement (199) (745) (689)
Items that cannot be subsequently reclassified to the income statement (146) 491 743
Remeasurements on post-retirement benefit obligations (204) 739 1 114
Tax on items that cannot be subsequently reclassified to the income 58 (248) (371)
statement
Total comprehensive income for the period 4 392 3 669 13 325
Attributable to
Owners of Sasol Limited 3 570 3 045 12 234
Non-controlling interests in subsidiaries 822 624 1 091
4 392 3 669 13 325

* The impact of exchange rates against the rand at 31 December 2017 (R12,37/US$1, R14,84/EUR1), (31 December 2016 R13,74/US$1,
R14,45/EUR1; 30 June 2017 R13,06/US$1, R14,92/EUR1), resulted in the translation losses recognised in other comprehensive income.
** Includes the impact of a R189 million (31 December 2016 – R116 million; 30 June 2017 – R189 million) reclassification to profit and
loss, relating to the interest rate swap. A gain of R346 million (US$26 million) was recognised in other comprehensive income
during the period as a result of the decrease in the liability related to the interest rate swap, which occurred due to the interest
rate curves trading higher than at 30 June 2017.

Statement of financial position
at

Full year Half year Half year Half year Half year Full year
30 Jun 17 31 Dec 16 31 Dec 17 31 Dec 17 31 Dec 16 30 Jun 17
Audited Reviewed Reviewed Reviewed Reviewed Audited
US$m* US$m* US$m* Rm Rm Rm
Assets
12 157 11 364 13 446 Property, plant and equipment 166 331 156 120 158 773
10 010 8 456 10 945 Assets under construction 135 399 116 176 130 734
181 177 190 Goodwill and other intangible assets 2 355 2 428 2 361
904 875 782 Equity accounted investments 9 679 12 024 11 813
48 45 49 Post-retirement benefit assets 612 625 622
236 240 276 Deferred tax assets 3 414 3 301 3 082
276 330 312 Other long-term assets 3 857 4 527 3 600
23 812 21 487 26 000 Non-current assets 321 647 295 201 310 985
17 66 154 Assets in disposal groups held for sale** 1 904 905 216
1 943 1 766 2 337 Inventories 28 903 24 261 25 374
2 310 2 072 2 668 Trade and other receivables 32 996 28 471 30 179
210 37 399 Short-term financial assets*** 4 934 514 2 739
138 135 165 Cash restricted for use 2 038 1 852 1 803
2 117 1 879 1 169 Cash and cash equivalents 14 455 25 813 27 643
6 735 5 955 6 892 Current assets 85 230 81 816 87 954
30 547 27 442 32 892 Total assets 406 877 377 017 398 939
Equity and liabilities
16 211 14 931 17 053 Shareholders' equity 210 950 205 135 211 711
423 397 483 Non-controlling interests 5 972 5 451 5 523
16 634 15 328 17 536 Total equity 216 922 210 586 217 234
5 690 5 438 6 360 Long-term debt 78 675 74 707 74 312
1 275 1 238 1 352 Long-term provisions 16 725 17 006 16 648
847 814 919 Post-retirement benefit obligations 11 374 11 184 11 069
70 52 71 Long-term deferred income 879 715 910
56 45 38 Long-term financial liabilities 475 621 733
1 980 1 855 2 208 Deferred tax liabilities 27 312 25 483 25 860
9 918 9 442 10 948 Non-current liabilities 135 440 129 716 129 532
- - 14 Liabilities in disposal groups held for sale 178 - -
744 165 1 397 Short-term debt 17 278 2 271 9 718
57 55 77 Short-term financial liabilities 948 759 740
3 185 2 444 2 907 Other current liabilities 35 945 33 582 41 592
9 8 13 Bank overdraft 166 103 123
3 995 2 672 4 408 Current liabilities 54 515 36 715 52 173
30 547 27 442 32 892 Total equity and liabilities 406 877 377 017 398 939

* Supplementary non-IFRS information. US dollar convenience translation, converted at a closing exchange rate of R12,37/US$1
(31 December 2016 – R13,74/US$1; 30 June 2017 – R13,06/US$1).
** Includes our 40% investment in Petronas Chemicals LDPE Sdn Bhd and our 12% share in Petronas Chemicals Olefins Sdn Bhd.
*** Increase mainly relates to the fair value adjustment of the zero-cost collar foreign exchange derivative.

Statement of changes in equity
for the period ended
Half year Half year Full year
31 Dec 17 31 Dec 16 30 Jun 17
Reviewed Reviewed Audited
Rm Rm Rm
Balance at beginning of period 217 234 212 418 212 418
Movement in share-based payment reserve 505 743 1 108
Share-based payment expense 453 98 463
Deferred tax 52 – –
Long-term incentive scheme converted to equity-settled – 645 645
Total comprehensive income for the period 4 392 3 669 13 325
Dividends paid to shareholders (4 836) (5 650) (8 628)
Dividends paid to non-controlling shareholders in subsidiaries (373) (594) (989)
Balance at end of period 216 922 210 586 217 234
Comprising
Share capital 29 282 29 282 29 282
Share repurchase programme (2 641) (2 641) (2 641)
Retained earnings 179 306 167 944 176 714
Share-based payment reserve (12 551) (12 839) (12 525)
Foreign currency translation reserve 19 940 25 946 23 285
Remeasurements on post-retirement benefit obligations (1 928) (2 037) (1 790)
Investment fair value reserve 45 24 33
Cash flow hedge accounting reserve (503) (544) (647)
Shareholders' equity 210 950 205 135 211 711
Non-controlling interests in subsidiaries 5 972 5 451 5 523
Total equity 216 922 210 586 217 234

Statement of cash flows
for the period ended
Half year Half year Full year
31 Dec 17 31 Dec 16 30 Jun 17
Reviewed Reviewed Audited
Rm Rm Rm
Cash receipts from customers 86 844 84 341 172 061
Cash paid to suppliers and employees (72 834) (67 505) (127 992)
Cash generated by operating activities 14 010 16 836 44 069
Dividends received from equity accounted investments 1 052 465 1 539
Finance income received 1 106 793 1 464
Finance costs paid (1 864) (1 587) (3 612)
Tax paid (4 070) (3 010) (6 352)
Cash available from operating activities 10 234 13 497 37 108
Dividends paid (4 836) (5 650) (8 628)
Cash retained from operating activities 5 398 7 847 28 480
Total additions to non-current assets (30 574) (29 806) (56 812)
Additions to non-current assets (27 734) (30 248) (60 343)
(Decrease)/increase in capital project related payables (2 840) 442 3 531
Additional cash contributions to equity accounted investments (76) (124) (444)
Proceeds on disposals and scrappings 8 125 788
Purchase of investments (57) – (96)
Other net cash flow from investing activities (37) 161 (113)
Cash used in investing activities (30 736) (29 644) (56 677)
Dividends paid to non-controlling shareholders in subsidiaries (373) (594) (989)
Proceeds from long-term debt 18 746 1 181 9 277
Repayment of long-term debt (3 151) (1 227) (2 364)
Proceeds from short-term debt 29 860 4 033
Repayment of short-term debt (2 636) (850) (1 410)
Cash generated/(used) by financing activities 12 615 (630) 8 547
Translation effects on cash and cash equivalents (256) (2 162) (3 207)
Decrease in cash and cash equivalents (12 979) (24 589) (22 857)
Cash and cash equivalents at the beginning of period 29 323 52 180 52 180
Reclassification to held for sale (17) (29) –
Cash and cash equivalents at the end of the period 16 327 27 562 29 323

Salient features
for the period ended
Half year Half year Full year
31 Dec 17 31 Dec 16 30 Jun 17
Selected ratios
Operating profit margin % 13,4 16,1 18,4
Finance costs cover times 7,0 9,1 9,2
Net borrowings to shareholders' equity (gearing) % 38,7 25,0 26,7
Dividend cover - core headline earnings per share (1) times 3,6 3,2 2,8

Share statistics
Total shares in issue million 681,4 679,8 679,8
Sasol ordinary shares in issue million 653,0 651,4 651,4
Treasury shares (share repurchase programme) million 8,8 8,8 8,8
Weighted average number of shares million 611,5 610,7 610,7
Diluted weighted average number of shares million 613,8 610,9 612,4
Share price (closing) Rand 428,18 398,90 366,50
Market capitalisation - Sasol ordinary shares Rm 279 602 259 843 238 738
Market capitalisation - Sasol BEE ordinary shares Rm 1 107 826 866
Net asset value per share Rand 346,10 337,45 348,27
Dividend per share Rand 5,0 4,80 12,60
­ interim Rand 5,0 4,80 4,80
­ final Rand – – 7,80

1 With effect from 23 February 2018, the Board approved a change in dividend policy from HEPS to Core HEPS

Half year Half year Full year
31 Dec 17 31 Dec 16 30 Jun 17
Other financial information
Total debt (including bank overdraft) Rm 96 119 77 081 84 153
­ interest-bearing Rm 94 952 75 967 82 849
­ non-interest-bearing Rm 1 167 1 114 1 304
Finance expense capitalised Rm 1 634 1 315 2 764
Capital commitments (subsidiaries and joint operations)(1) Rm 69 813 111 829 90 736
­ authorised and contracted Rm 150 520 144 851 154 739
­ authorised, not yet contracted Rm 46 322 78 473 61 673
­ less expenditure to date Rm (127 029) (111 495) (125 676)
Capital commitments (equity accounted investments) Rm 717 552 584
­ authorised and contracted Rm 404 291 292
­ authorised, not yet contracted Rm 652 492 573
­ less expenditure to date Rm (339) (231) (281)
Guarantees (excluding treasury facilities)
­ maximum potential exposure Rm 75 528 92 670 81 896
­ related debt recognised on the balance sheet Rm 70 676 68 161 64 057
Effective tax rate % 31,6 28,4 28,3
Adjusted effective tax rate(2) % 26,4 29,2 26,5
Number of employees(3) number 31 000 30 300 30 900
Average crude oil price - dated Brent US$/barrel 56,74 47,68 49,77
Average rand/US$ exchange rate 1US$ = Rand 13,40 13,99 13,61
Closing rand/US$ exchange rate 1US$ = Rand 12,37 13,74 13,06

1 Excludes significant commitments under leases relating to the Air Separation Unit in Secunda, capitalised in January 2018. The
finance lease asset capitalised is approximately R5 billion.
2 Effective tax rate adjusted for equity accounted investments, remeasurement items and once-off items.
3 The total number of employees includes permanent and non-permanent employees and the group's share of employees within joint
operations, but excludes contractors and equity accounted investments' employees.

Half year Half year Full year
31 Dec 17 31 Dec 16 30 Jun 17
Rm Rm Rm
Reconciliation of headline earnings
Earnings attributable to owners of Sasol Limited 6 901 8 676 20 374
Effect of remeasurement items for subsidiaries and joint operations(1) 4 244 771 1 616
Impairment of property, plant and equipment 2 715 442 415
Impairment of assets under construction 50 191 1 942
Impairment of goodwill and other intangible assets – 102 120
Impairment of other assets 15 – –
Reversal of impairment (69) (29) (1 136)
Fair value write down - assets held for sale – – 64
(Profit)/loss on disposal of non-current assets (36) 4 (21)
Loss/(profit) on disposal of investment in businesses 83 (11) (51)
Scrapping of non-current assets 1 453 72 283
Write-off of unsuccessful exploration wells 36 – –
Realisation of foreign currency translation reserve (3) – –
Tax effects and non-controlling interests (339) (223) (539)
Effect of remeasurement items for equity accounted investments (1) 11 14
Headline earnings 10 805 9 235 21 465
Headline earnings adjustments per above
- Mining (7) – 6
- Exploration and Production International 2 835 152 (6)
- Energy 1 249 25 1 844
- Base Chemicals 148 74 (901)
- Performance Chemicals 1 520 663
- Group Functions 18 – 10
Remeasurement items 4 244 771 1 616
Headline earnings per share Rand 17,67 15,12 35,15
Diluted headline earnings per share Rand 17,60 15,12 35,05

1 Includes the impact of the partial impairment of our Canadian shale gas assets of R2,8 billion (CAD281 million) and the scrapping of
our US GTL project amounting to R1,1 billion (US$83 million).

The reader is referred to the definitions contained in the 2017 Sasol Limited financial statements.

Basis of preparation

The condensed consolidated interim financial statements for the six months ended 31 December 2017 have been
prepared in accordance with International Financial Reporting Standards, IAS 34, Interim Financial Reporting, the
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements
as issued by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa,
2008, as amended, and the JSE Limited Listings Requirements.

The condensed consolidated interim financial statements do not include all the disclosures required for complete
annual financial statements prepared in accordance with IFRS as issued by the International Accounting Standards
Board. The condensed consolidated interim financial statements are prepared on a going-concern basis. The Board
is satisfied that the liquidity and solvency of the company is sufficient to support the current operations for the
next 12 months.

These condensed consolidated interim financial statements have been prepared in accordance with the historic
cost convention except that certain items, including derivative financial instruments, liabilities for cash-settled
share-based payment schemes, financial assets at fair value through profit or loss and available-for-sale financial
assets and liabilities, are stated at fair value.

The condensed consolidated interim financial statements are presented in South African Rand, which is Sasol
Limited's functional and presentation currency.

The condensed consolidated interim financial statements appearing in this announcement are the responsibility of
the directors. The directors take full responsibility for the preparation of the condensed consolidated interim
financial statements. Paul Victor CA(SA), Chief Financial Officer, is responsible for this set of condensed
consolidated interim financial statements and has supervised the preparation thereof in conjunction with the
Senior Vice President: Financial Control Services, Brenda Baijnath CA(SA).

Accounting policies
The accounting policies applied in the preparation of these condensed consolidated interim financial statements
are in terms of IFRS and are consistent with those applied in the consolidated annual financial statements for the
year ended 30 June 2017.

Related party transactions
The group, in the ordinary course of business, entered into various sale and purchase transactions on an arm's
length basis at market rates with related parties.

Significant events and transactions since 30 June 2017
In accordance with IAS34, Interim Financial Reporting, we have included an explanation of events and transactions
which are significant to obtain an understanding of the changes in our financial position and performance since
30 June 2017.

Financial instruments

Fair value
Fair value is determined using valuation techniques as outlined unless the instrument is listed in an active market.
Where possible, inputs are based on quoted prices and other market determined variables.

Fair value hierarchy
The table below represents significant financial instruments measured at fair value at reporting date, or for which
fair value is disclosed at 31 December 2017. The US dollar bond, the interest rate swap, the crude oil put options, the
zero-cost foreign exchange collars and the coal swaps were considered to be significant financial instruments for
the group based on the amounts recognised in the statement of financial position. The calculation of fair value
requires various inputs into the valuation methodologies used. The source of the inputs used affects the reliability
and accuracy of the valuations. Financial instruments have been classified into the hierarchical levels in line with
IFRS 13.

Level 1 Quoted prices in active markets for identical assets or liabilities.
Level 2 Inputs other than quoted prices that are observable for the asset or liability (directly or indirectly).
Level 3 Inputs for the asset or liability that are unobservable.

IFRS 13 Carrying Fair
fair value value value
Instrument hierachy Rm Rm Valuation method Significant inputs
Listed long-term Level 1 12 344 12 568 Fair value Quoted market price for the
debt same or similar instruments
Derivative financial Level 2 3 511 3 511 Forward rate interpolator Foreign exchange rates,
assets and model, discounted market commodity prices, US$
liabilities expected cash flows, swap curve, as appropriate
numerical approximation,
as appropriate

For all other financial instruments, fair value approximates carrying value.

Independent review by the auditors

These condensed consolidated interim financial statements, including the segment report for the six
months ended 31 December 2017 have been reviewed by PricewaterhouseCoopers Inc., who
expressed an unmodified conclusion thereon. The individual auditor assigned to perform the review
is Mr PC Hough. A copy of the auditor's unmodified review report on the condensed consolidated
interim financial statements is available for inspection at the company's registered office, together
with the condensed consolidated interim financial statements identified in the auditor's report. The
auditor's report does not necessarily report on all of the information contained in this
announcement of interim financial results. Shareholders are therefore advised that in order to
obtain a full understanding of the nature of the auditor's engagement they should obtain a copy of
the auditor's report together with the accompanying condensed consolidated interim financial
statements from the company's registered office.

Sasol Limited Group

Registered office: Sasol Place, 50 Katherine Street, Sandton, Johannesburg 2090
PO Box 5486, Johannesburg 2000, South Africa

Share registrars: Computershare Investor Services (Pty) Ltd, 15 Biermann Avenue, Rosebank 2196
PO Box 61051, Marshalltown 2107, South Africa, Tel: +27 11 370 5000 Fax: +27 11 688 5248

JSE Sponsor: Deutsche Securities (SA) Proprietary Limited

Directors (Non-executive): Dr MSV Gantsho* (Chairman), Mr C Beggs*, Mr MJ Cuambe (Mozambican)*,
Mr HG Dijkgraaf (Dutch)^, Dr M Flöel (German)*, Ms GMB Kennealy*, Ms NNA Matyumza*, Mr ZM Mkhize*,
Mr MJN Njeke*, Ms ME Nkeli*, Mr PJ Robertson (British and American)*, Mr S Westwell (British)*

Directors (Executive): Mr SR Cornell (Joint President and Chief Executive Officer) (American),
Mr B Nqwababa (Joint President and Chief Executive Officer), Mr P Victor (Chief Financial Officer)
*Independent ^Lead independent director

Company Secretary: Mr VD Kahla

Company registration number: 1979/003231/06, incorporated in the Republic of South Africa

Income tax reference number: 9520/018/60/8

JSE NYSE
Ordinary shares
Share code: SOL SSL
ISIN: ZAE000006896 US8038663006

Sasol BEE Ordinary shares
Share code: SOLBE1
ISIN: ZAE000151817

American depository receipts (ADR) program:
Cusip number 803866300 ADR to ordinary share 1:1

Depositary: The Bank of New York Mellon, 22nd Floor, 101 Barclay Street, New York, NY 10286,
United States of America

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, developments and business strategies. Examples of such
forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations,
volume growth, increases in market share, total shareholder return, executing our growth projects (including LCCP)
oil and gas reserves and cost reductions, including in connection with our Business Performance Enhancement
Programme and Response Plan and our business performance outlook. Words such as "believe", "anticipate",
"expect", "intend", "seek", "will", "plan", "could", "may", "endeavour", "target", "forecast", "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 are
discussed more fully in our most recent annual report on Form 20-F filed on 28 August 2017 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.

Please note: A billion is defined as one thousand million. All references to years refer to the financial year ended
30 June. Any reference to a calendar year is prefaced by the word "calendar".

Additional information on our business performance is included in the analyst book available on our website: <a href="http://www.sasol.com&quot; target="_blank">www.sasol.com</a&gt;
Date: 26/02/2018 07:05:00 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
07:05:00
Source
Johannesburg Stock Exchange - SENS NEWS DELAYED
Year
2018

Reviewed Interim Financial Results for the Six Months ended 31 December 2017

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")

REVIEWED INTERIM FINANCIAL RESULTS
for the six months ended 31 December 2017

Sasol is a global integrated chemicals and energy company. Through our talented people,
we use selected technologies to safely and sustainably source, produce and market
chemical and energy products competitively to create superior value for our customers,
shareholders and other stakeholders.

SALIENT FEATURES

Safety Recordable Case Rate (RCR) at 0,30, regrettably two fatalities

Proactive financial risk management

- Balance sheet headroom created in a strong rand/US dollar environment
- Gearing managed to 39%, below our ceiling of 44%

Strong earnings performance, real cost increase above inflation

- Headline earnings per share up 17% to R17,67, higher than market guidance
- Normalised cash fixed costs up 2% in real terms with FY18 forecast cost tracking our targeted inflation rate of 6%
- Response Plan delivery of R75,6 billion, exceeding upper-end of target with sustainable annual cash savings of R3,5 billion

Sales volumes impacted by supply chain bottlenecks in December 2017

- Performance Chemicals up 3% and Base Chemicals down 1%
- Liquid fuels sales volumes down 3%

Satisfactory operational performance

- Eurasian Operations volumes up 2%
- Secunda Synfuels Operations volumes down 1%, due to planned shutdowns
- Natref volumes down 21%, taking measurable actions to improve operational performance
- Addressing safety challenges at Mining, ramping up to pre-strike production run rates

Steady progress on Lake Charles Chemicals Project (LCCP)

- 81% complete, tracking schedule and revised cost estimate
- Project returns positively impacted by US tax reform changes

Shareholders approved our Sasol Khanyisa B-BBEE* transaction

Core headline earnings up 5%, reflects improved operating environment

Dividend per share up 4% to R5,00 per share

Invested R681 million in skills and socio-economic development

* Broad-Based Black Economic Empowerment

Segment report
for the period ended

Turnover Operating profit/(loss)
R million R million
Full year Half year Half year Half year Half year Full year
30 Jun 17* 31 Dec 16* 31 Dec 17 31 Dec 17 31 Dec 16* 30 Jun 17*
Audited Reviewed Reviewed Segment analysis Reviewed Reviewed Audited
23 046 11 543 11 973 Operating Business Units 215 1 738 4 310
18 962 9 524 10 015 - Mining 2 864 1 534 3 725
4 084 2 019 1 958 - Exploration and Production International (2 649) 204 585
170 413 83 452 87 173 Strategic Business Units 12 178 11 909 26 843
64 772 31 225 32 746 - Energy 5 748 5 529 11 218
38 414 19 538 20 163 - Base Chemicals 2 552 2 360 6 862
67 227 32 689 34 264 - Performance Chemicals 3 878 4 020 8 763
516 526 7 - Group Functions (607) 25 552
193 975 95 521 99 153 Group performance 11 786 13 672 31 705
(21 568) (10 626) (11 000) Intersegmental turnover
172 407 84 895 88 153 External turnover

* Restated for the transfer of the US ethylene business from Performance Chemicals to Base Chemicals.

Joint President and Chief Executive Officer, Bongani Nqwababa said:
Our sustained focus on cost, cash and capital conservation drove a largely strong set of results, notwithstanding
continued macro-economic volatility. The recent recovery in global oil and product prices positively impacted our
results, however this was offset by operational challenges at our Natref and Mining operations, currency effects
and poor economic conditions in South Africa. Encouraging recent developments signal a more stable political and
investor friendly outlook for the country, in addition to a more positive global growth outlook with stronger
demand in markets where we operate. Our recent safety performance has regrettably been marred by tragic
fatalities in our mining operations. We are committed to the safety and health of our employees, communities and
the environment. Safety, as one of our core values and number one priority receives our constant and
unwavering attention.

Joint President and Chief Executive Officer, Stephen Cornell said:
We are making steady progress in delivering the LCCP within the revised schedule, as we place increased emphasis
on business readiness. Once fully operational, the LCCP will transform Sasol's earnings profile¹. The start-up of this
world-scale chemicals facility and the implementation of our broad-based black economic empowerment
ownership structure, Sasol Khanyisa, are landmark milestones to be delivered this calendar year. Guided by our
clear strategic choices, we will continue to enhance our robust foundation to deliver on our refined value-based
growth strategy. To this end, exercising disciplined capital allocation remains paramount to ensure we deliver
sustainable growth and ongoing value to our shareholders.

Financial results overview(2,4)
Sasol delivered a largely strong set of results, underpinned by higher crude oil and product prices, increased
demand for our specialty chemical products and a satisfactory operational performance across the value chain. Our
results were however constrained by poor economic conditions in South Africa, which impacted on demand for our
products, as well as operational challenges at our Natref and Mining operations, a much stronger closing rand/US dollar
exchange rate and the negative impact of remeasurement and once-off items.

Earnings attributable to shareholders for the six months ended 31 December 2017 decreased by 20% to R6,9 billion
from R8,7 billion in the prior period. Headline earnings per share (HEPS) increased by 17% to R17,67 and earnings per
share (EPS) decreased by 21% to R11,29 compared to the prior period. EPS was negatively impacted by the scrapping
of our US gas-to-liquids (GTL) project amounting to R1,1 billion (US$83 million) and a partial impairment of our
Canadian shale gas assets of R2,8 billion (CAD281 million).

Core headline earnings(3) increased by 5% to R18,22 per share compared to the prior period, mainly as a result of
higher crude oil and product prices, higher margins in specialty chemicals and improved refining margins, partially
offset by the stronger rand/US dollar exchange rate.

1 This forward looking statement is the responsibility of the directors and in accordance with standard practice, it is noted that this
statement has not been reviewed and reported on by the company's auditors.

2 All comparisons to the prior period refer to the six months ended 31 December 2016. Except for earnings attributable to
shareholders and the RP cash conservation measures, all numbers are quoted on a pre-tax basis.

3 Core headline earnings are calculated by adjusting headline earnings with once-off items, period close adjustments and depreciation
and amortisation of significant capital projects, exceeding R4 billion which have reached beneficial operation and are still ramping up
and share-based payments on implementation of B-BBEE transactions. Period close adjustments in relation to the valuation of our
derivatives at period end is 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. However, this is not a defined term under IFRS and may not be comparable with
similarly titled measures reported by other companies.

4 All non-GAAP measures (such as normalised operating profit, core headline earnings, adjusted effective tax rate, etc.) have not been
reviewed and reported on by the company's auditors.

Sasol's core headline earnings were impacted by the following notable once-off and period close items:

Half year Half year
31 Dec 17 31 Dec 16
Rand per Rand per
share share
Headline earnings 17,67 15,12
Translation impact of closing exchange rate 1,33 0,37
Mark-to-market valuation of oil and foreign exchange hedges (0,78) 1,44
Uzbekistan licence fee – (0,58)
Strike action at Mining and related costs – 1,06
Core headline earnings 18,22 17,41

Average Brent crude oil prices moved higher by 19% and since December 2017, spot prices have moved closer to the
US$70/bbl mark, which if sustained at these levels, are expected to positively impact our results during the second
half of financial year 2018. Similarly, our Natref refining margins increased by 16% to US$9,73/bbl. In the chemicals
business, we have seen a steady increase in most commodity chemical prices and the average margins for most of
our specialty chemicals products, in dollar terms, have remained resilient.

Excluding the effect of our hedging programme, the average rand/US dollar market exchange rate strengthened by
4% from the prior period to R13,40, and the closing rand/US dollar market exchange rate strengthened by 5% from
R13,06 in June 2017 to R12,37. This resulted in translation losses of R1,2 billion on the valuation of the balance sheet
compared to translation losses of R341 million in the prior period.

Operational performance overview
- At Mining, we are continuing to stabilise our mining operations post the strike in financial year 2017. We have
seen some improvement in production run rates and will intensify our focus on safe and reliable operations as
we improve the productivity rate to pre strike levels;

- Production volumes from Secunda Synfuels Operations (SSO) decreased by 1% due to a planned shutdown;

- Production volumes from our Eurasian Operations increased by 2% due to stronger product demand and
increased plant availability;

- ORYX GTL continued to deliver an exceptional performance, with an average utilisation rate of 99%;

- Natref's production volumes were down 21% owing to plant shutdowns and an unexpected Eskom electricity
supply interruption at the start of the financial period. This, together with softer market demand, lowered our
liquid fuels sales volumes by 3%. We have implemented a Crude Procurement and Refinery Optimisation
Programme (CPROP) that is aimed at improving plant availability and optimising the business operational
performance over the ensuing months;

- Our Performance Chemicals sales volumes, increased by 3% mainly due to increased market demand; and

- Our Base Chemicals sales volumes decreased by 1% mainly due to lower volumes from SSO due to the
Superflex Catalytic Cracker (SCC) shutdown and higher inventory holdings resulting from port constraints in South Africa.

Cost, cash and capital performance
Our low oil Response Plan (RP) achieved capital conservation and cash savings of R6,2 billion for the period. This
brings the total capital and cash conserved since January 2015 to R75,6 billion, which exceeds our target of
R65-75 billion. Our focus for the remainder of FY18 will be to further improve the level of our sustainable cost
savings and to fully embed the cost containment culture established through our people.

To enhance our cost competitiveness and to remain profitable at an oil price of $40/bbl, we are transitioning to a
Continuous Improvement (CI) programme that is built on the solid foundation established by the Business
Performance Enhancement Programme and the RP. Our medium term target is to increase our Return on
Invested Capital (ROIC) for our foundation businesses by at least two percentage points by 2022, off a 2017 base. Digitisation,
simplification of processes, capital efficiency and sharing of services will be key drivers to achieving our CI targets.
Further detail on the targeted elements of CI (cost, gross margin and capital) will be communicated in August 2018.

Cash fixed costs, excluding capital growth and once-off business establishment costs, increased by 2% in real terms
due to the cost impact of production interruptions. Inflation for the period was 4,7%. We are however focused on
ensuring that we remain cost competitive and can contain our cost within inflation, while ensuring that we
maintain safe and reliable operations. Accordingly, our forecast for the financial year indicates that cash fixed cost
increases will still track our targeted inflation rate of 6%.

Our net cash position decreased by 44%, from R29,3 billion in June 2017 to R16,3 billion as at 31 December 2017 due
to the funding of the LCCP and investments to fund growth projects. Loans raised during the period amounted to
R18,7 billion, mainly for the funding of our growth projects. The increase in short term debt relates to the
Inzalo transaction unwinding between June and September 2018. During the period, we increased our existing
US$1,5 billion Revolving Credit Facility to US$3,9 billion and extended the maturity to five years, with the
inclusion of two further extension options of one year each. In addition, our Domestic Medium Term Note Programme of
R8 billion provides us with access to the South African debt capital markets. The focus on our funding plan will
now shift to put longer-term debt instruments in place.

Cash generated by operating activities decreased by 17% to R14 billion compared with R16,8 billion in the prior
period. This is largely attributable to an increase in working capital underpinned by planned inventory builds and
increased prices.

Actual capital expenditure, including accruals, amounted to R27,7 billion. This includes R16,7 billion (US$1,2 billion)
relating to the LCCP. Our capital expenditure estimate for the full year has been revised down to R54 billion largely
due to optimisation of the capital portfolio.

Due to the funding of the LCCP, gearing increased to 39%, which is in line with our targets and current market
guidance. Notwithstanding the current oil price volatility and the stronger rand exchange rate, we are still planning
to manage the balance sheet to below our peak internal gearing target of 44% by the end of the 2018 financial year.
We are actively reviewing our capital structure and funding plan to ensure that we maintain an optimum solvency
and liquidity profile. The unwind of the Inzalo transaction will be structured to ensure that our credit ratings are
maintained at investment grade and with the least amount of dilution to our shareholders. We expect our gearing
to remain around peak levels in the 2019 financial year due to the higher debt associated with the Inzalo unwind.

In January 2018, S&P Global Ratings affirmed Sasol's credit rating at a BBB-/A-3 with a stable outlook. This is two
notches above the South African sovereign credit rating and is at investment grade. Similarly Moody's Investors
Service (Moody's) placed South Africa's Baa3/negative ratings on review for downgrade in November 2017, while
affirming Sasol's global scale long-term issuer ratings at Baa3, with a negative outlook. Sasol's national scale long-
term rating was affirmed at Aaa.za. Moody's has delinked Sasol from the South African sovereign rating by one
notch.

Our attributable earnings were significantly impacted by mostly once-off items, impairments and translation
effects. Accordingly, to provide more stability in the dividend payment, the Board has approved a change in
dividend policy to pay dividends with a dividend cover range based on Core HEPS. As previously reported Core HEPS
reflects the sustainable business operations and is used by the Board to measure the business and financial
performance. Taking into account the impact of the current volatile macro-economic environment, capital
investment plans, the current strength of our balance sheet, and the dividend cover range, the Board has declared a
gross interim dividend of R5,00 per share (4% higher compared to the prior year). The dividend cover was 3,6 times at
31 December 2017 (31 December 2016: 3,2 times).

Update on hedging activities
Sasol entered into a number of hedges to mitigate specific financial risks and provide protection against
unforeseen movements in oil prices, interest rates, currency movements, commodity and final product prices. A net
gain of R0,6 billion was recognised on the valuation of open hedges for financial year 2018 and 2019. These include:

- R3,9 billion gain on the rand/US dollar zero-cost collars. The open instruments were valued against an average
floor of R13,70/US$1;

- R2,5 billion loss on Brent crude oil put options. The open instruments were valued against an average strike of
US$49/bbl; and

- R0,8 billion loss on export coal swaps.

Should attractive hedges become available in the market at an acceptable cost, we will enter into additional hedges
in mitigation against these financial risks. The volumes hedged, exposure and floor prices for financial years 2018
and 2019 are detailed in the Analyst Book available on our website, <a href="http://www.sasol.com&quot; target="_blank">www.sasol.com</a&gt;.

Effective tax rate
The increase in the effective corporate tax rate from 28,4% to 31,6% was mainly as a result of the R2,8 billion
partial impairment of our Canadian shale gas assets. The adjusted effective tax rate, excluding equity accounted
investments, remeasurements and once-off items, is 26,4% compared to 29,2% in the prior period due to energy
efficiency allowances.

Effect of a stronger rand exchange rate
The rand strengthened significantly against the US dollar in December 2017. The continued and sustained strengthening of
the rand/US dollar exchange rate in the second half of the financial year could result in the impairment of certain of
our South African chemical businesses as their margins are highly sensitive to the exchange rate. Further the stronger
rand/US dollar may have an impact on our provisions, discount rates and capital estimates at 30 June 2018.

Satisfactory operational performance, higher oil and product prices (1,3)
Operating Business Units

Mining – focus on stabilising operations post the strike, benefitting from higher global coal prices
Operating profit increased by 87% to R2,9 billion compared to the prior period, mainly as a result of additional costs
associated with the strike action in financial year 2017. Normalised operating profit, excluding the strike cost,
increased by 13% due to higher selling prices to SSO and a 19% increase in export coal prices.

We are continuing to ramp up our mining operations to achieve the targeted production run-rates, pre the strike.
The business improvement plan (BIP), which is aimed at improving productivity and cost efficiency, is currently
underway and some benefits have already been noted. However, our momentum was interrupted in August 2017 by
an unplanned mining incident and in December 2017 by a tragic fatality which resulted in lower productivity.
Accordingly, our normalised unit cost of production increased by 3% above inflation to R284/ton compared to the
prior year. We are now focusing on making the operations safe and consequently, we expect our production to be
lower than planned for the full year.

Our immediate attention is on a return to safe and reliable operations to ensure a continuous supply to Sasol's
integrated value chain. We are currently restoring coal stockpiles through our own production and additional
external purchases. We therefore are targeting a unit cost of production of between R285/ton to R295/ton for the
full year. Additional coal purchases will negatively impact on our unit cost per sales ton.

Exploration and Production International (E&PI) – strong operational delivery from Mozambique and
Gabon
E&PI recorded an operating profit of R115 million, excluding the impairment of our Canadian shale gas operations of
R2,8 billion, compared to an operating profit of R204 million in the prior period.

Operating profit from our Mozambican producing operations increased from R988 million in the prior period to
R1 187 million due to higher sales prices and the positive impact of foreign currency gains.

Our Gabon asset recorded an operating profit of R47 million compared to an operating loss of R41 million in the
prior period, mainly due to higher sales prices. This was partially offset by a 3% decrease in production volumes
resulting from the natural decline of the field.

We impaired our Canadian shale gas assets by a further R2,8 billion (CAD281 million) due to a further decline in long-
term gas prices. The remaining carrying value of the property, plant and equipment at 31 December 2017 is R3,5
billion (CAD357 million). The disposal process for these assets has commenced, however these assets have not yet
been classified as held-for-sale. Further announcements will be made once the process is at an advanced stage.

Strategic Business Units

Performance Chemicals – increased sales volumes, resilient margins, adversely impacted by stronger rand
Sales volumes increased by 3% compared to the prior period, due to higher demand for our commodity products,
mainly organics and wax. The margins in our European and US specialty businesses remained resilient, benefitting
from robust demand and favourable market conditions. Production volumes from our Eurasian Operations
increased by 2% due to stronger demand and increased plant availability.

Our operating profit, decreased by 14% compared to the prior period, mainly as a result of Hurricane Harvey, the
stronger rand exchange rate and start-up costs associated with our growth projects. Based on the latest business
performance and strong market demand, we expect to recover some of the lost margins in the second half of the
year.

Base Chemicals – higher prices, profitability adversely impacted by the stronger rand
Sales volumes decreased by 1% due to lower volumes from SSO as a result of the SCC shutdown, and higher inventory
holdings resulting from port constraints in South Africa. In the US, our ethylene sales volumes decreased by 34%
due to Hurricane Harvey and an initial stock build at our high-density polyethylene (HDPE) joint venture that
reached beneficial operation in November 2017.

Our operating profit, normalised for once-off items and translation effects on the valuation of the balance sheet,
increased by 6% compared to the prior period mainly due to higher prices.

Our basket of commodity chemical US dollar prices improved by 10%, however this benefit was partially offset by a
4% stronger rand/US dollar exchange rate. Solvents prices increased considerably on the back of increased propylene
prices and short term price opportunities in the ketones market.

Our 50% joint venture HDPE plant with Ineos Olefins and Polymers USA achieved beneficial operation on
11 November 2017. The plant is ramping up with the initial stock build progressing well.

Energy – margins improve, but volumes under pressure
Our normalised operating margin increased from 18% to 21% mainly as a result of improved production and cost
performance of our international GTL ventures as well as the higher international prices of refined products,
partially offset by mostly lower liquid fuels and gas sales volumes and the impact of a stronger rand/US dollar
exchange rate.

Operating profit increased by 4% to R5 748 million when compared to the prior period. Excluding remeasurement
items, most notably the scrapping of our US GTL project, operating profit increased by 26%.

We are taking measurable actions to address operational challenges at our Natref operations, focusing on plant
availability and improved run rates.

ORYX GTL delivered an excellent production performance with an average utilisation rate of 99%. ORYX GTL
contributed R454 million to operating profit with volumes increasing by 4% compared to the prior period.

At Escravos GTL in Nigeria, we are continuing with optimisation efforts to reduce costs and improve plant
efficiency. Planned maintenance work is underway as we ramp up the plant towards design capacity.

The challenging economic environment also impacted our gas sales volumes to the external market, resulting in a
reduction of 7% compared to the prior period. The available gas was, however, utilised internally in our integrated
value chain.

Advancing projects to enable future growth
We are making steady progress in delivering on our growth pipeline:

- Growing our footprint in North America:
- Overall construction on the LCCP continues on all fronts, with most engineering and procurement activities
nearing completion. At 31 December 2017, capital expenditure amounted to US$8,8 billion, and the overall
project completion was 81%. The total forecasted capital cost for the project remains within the previous
market guidance of US$11,13 billion and is tracking the approved schedule. We are very pleased to see an
improvement in productivity post Hurricane Harvey and will continue to closely monitor the productivity
rates as we approach beneficial operation for the first units in the second half of calendar year 2018. The tax
reform in the US has positively impacted on the returns of the project and we expect, based on our current
interpretation of the tax reform, that the net present value will increase by between US$400 -
US$500 million.

As previously reported, we are still of the view that limited structural changes have occurred to market
fundamentals since February 2017, when we last published the long-term Internal Rate of Return (IRR) of the
project. Hence based on our internal assessment, we are of the view that the IRR is in a range of between
7,5% to 8,5%, based on conservative ethane prices. At spot prices, using the last quarter of the 2017 calendar
year as a reference, the IRR is between 9% and 9,5%. These updated numbers include the benefits from the
tax reform. The revised economics, earnings profile, capital spend and sensitivities are detailed in the Analyst
Book available on our website, <a href="http://www.sasol.com&quot; target="_blank">www.sasol.com</a&gt;.

- Focusing on our asset base in Southern Africa:
- Our strategic R14 billion mine replacement programme, which will ensure uninterrupted coal supply to SSO in
order to support Sasol's strategy to operate its Southern African facilities until 2050, is nearing completion.
Phase two of the Impumelelo Colliery project which commenced during the first half of the 2016 calendar
year is on track to be completed within budget, late in the 2019 calendar year.

- In Mozambique, we have successfully drilled and tested nine wells relating to the first phase of the
development programme for the Production Sharing Agreement (PSA) licence area and at the end of
December 2017 drilled the first of two delineation wells relating to the second phase. We anticipate oil
production to be between the mid to lower end of the range presented in the Field Development Plan. The
gas wells have confirmed that there is sufficient gas to cover our future downstream opportunities. The
surface facilities design and oil field development plan are being optimised and it is anticipated that
substantial capital savings will be realised.

- In continuing to execute our strategy, we have concluded a farm-in into the DE8 block in Gabon where we
now hold 40% working interest of that block. An exploration well is currently being drilled with results
expected before the end of the quarter.

Maintaining our focus on safety and sustainable value creation
We continued to deliver on our broader sustainability and community contributions during the year:

- In the first six months, we experienced two tragic fatalities which deeply concern us. Our heartfelt condolences
go out to the families of our employees who lost their lives. These fatal incidents have undergone detailed
investigations, and, together with senior level meetings, learning insights are being developed and embedded in
our on-going efforts to prevent similar incidents.

Our 12 month rolling RCR for employees and service providers, excluding illnesses, is 0,30 at December 2017 as
compared to 0,27 for December 2016. We remain committed to our goal of zero harm through continuous
improvement actions to eliminate high severity incidents in all our operations.

- During the period, we invested R681 million in skills development and socio-economic development, which
includes our Ikusasa programme, bursaries, learnerships and artisan training programmes. The Ikusasa
programme focuses on education, health and wellbeing, infrastructure, and safety and security in the Secunda
and Sasolburg regions.

- In December 2017, National Treasury released the second draft of the proposed Carbon Tax Bill for comment.
While Sasol supports a just transition to a lower-carbon economy, we remain concerned that the proposed
carbon tax will further diminish the country's investment attractiveness and competitiveness. A preliminary
review of the Bill indicates that a number of concerns remain including non-alignment to the Department of
Environmental Affairs' carbon budget mechanism post 2020. Sasol continues to engage with our government
stakeholders on all the aspects of climate change policy, including carbon tax.

- To ensure our ongoing compliance with new air quality regulations in South Africa, Sasol applied for certain
postponements to manage our short-term challenges relating to the compliance timeframes. We are on track
with the implementation of committed air quality roadmaps, supporting the 2014 postponement decisions.
Shorter postponements were also granted and further applications are underway.

- We continue to measure our comprehensive climate change response in accordance with our key performance
indicators. Our total greenhouse gas (GHG) emissions for all operations globally are projected to reduce
marginally to 67,1 million tons when compared to 67,6 million tons in the prior year. Our GHG emissions intensity
(measured in carbon dioxide equivalent per ton of production) is projected to be relatively constant at 3,70
compared to 3,66 in 2017.

- The Energy Efficiency programme to consolidate monitoring and reporting across the group shows an
improvement from the 2015 baseline to date for the Sasol Group Energy Intensity index (EIi) of 4,59%. Our utility
EIi for the 2018 half year improved above our internal target of 0,5% to 2,43% for the South African Operations.
The consolidated EIi, which includes our international operations, improved by 0,57% from the previous financial
year.

- During the period, we paid R18,2 billion in direct and indirect taxes to the South African government. Sasol
remains one of the largest corporate taxpayers in South Africa, contributing significantly to the country's
economy.

- The Department of Water and Sanitation is planning for material changes in the water sector and have released
several draft policy, planning and regulatory documents for consultation. These proposed changes could have
implications for Sasol considering that we are a large water user undertaking various water use activities. Sasol
will continue to respond to these developments to ensure both business and public interests are realised.

- Sasol is committed to sustainable transformation and broad-based economic empowerment (B-BBEE). In our
recent B-BBEE verification, Sasol achieved a Level 6 contributor status representing a key milestone in our
journey of achieving at least a Level 4 contributor status in 2020.

- Our shareholders approved the Sasol Khanyisa B-BBEE transaction on 17 November 2017, which marks a
significant milestone in achieving our B-BBEE ownership credentials.

Unwinding of Inzalo B-BBEE transaction
As reported on 9 October 2017, we have investigated funding options to settle our financing obligations under the
Sasol Inzalo B-BBEE transaction. Based on current market conditions, Sasol plans to settle the Sasol Inzalo Groups
debt of approximately R4,6 billion in June 2018 by utilising our existing cash and credit facilities to repurchase up to
9,5 million preferred ordinary shares from Sasol Inzalo Groups Funding (Pty) Ltd and fund any residual shortfall. At a
Sasol ordinary share price of R425, we expect the scheme to have a shortfall of R1,1 billion. Based on our current
forecast, gearing will remain within our risk appetite of 44% in the 2018 financial year and we are confident that we
will maintain our investment grade credit rating metrics.

The Sasol Inzalo Public debt becomes due in September 2018, and we will make a further announcement on the
source of funding for the settlement of the Sasol Inzalo Public debt in August 2018, based on prevailing market
conditions at that time. We will endeavour to utilise existing cash and credit facilities to settle any residual shortfall
on the Sasol Inzalo Public debt, so as to limit the dilution on our shareholders while maintaining investing grade
ratings.

Business performance outlook* – strong production performance and cost reductions to continue

The current economic climate continues to remain highly volatile and uncertain. While oil price and foreign
exchange movements are outside our control and may impact our results, our focus remains firmly on managing
factors within our control, including volume growth, cost optimisation, effective capital allocation, focused financial
risk management and maintaining an investment grade credit rating.

We expect an overall strong operational performance for the year ending 30 June 2018, with:

- SSO volumes of 7,7 million tons due to an unplanned electricity supply interruption to our operations in January
2018;

- Liquid fuels sales of approximately 59 million barrels due to lower production at Natref and slower South African
economic growth;

- Base Chemicals sales volumes, excluding merchant ethylene, to be between 1% to 3% higher than the prior year,
with US dollar product pricing expected to follow oil prices. Normalised operating profit for the full financial year
is estimated to be between R3 billion to R5 billion;

- Performance Chemicals sales volumes, excluding merchant ethylene, to be between 2% to 3% higher, with
average margins for the business remaining resilient;

- Gas production volumes from the Petroleum Production Agreement in Mozambique to be between 114 bscf to
118 bscf;

- Average utilisation rate at ORYX GTL in Qatar to exceed 92%, taking into account two planned plant shutdowns
in the second half of the financial year;

- Normalised cash fixed costs to remain in line within our inflation assumption of 6%;

- Capital expenditure, including capital accruals, of R54 billion for 2018 and R38 billion for 2019 as we progress
with the execution of our growth plan and strategy. Capital estimates may change as a result of exchange rate
volatility and other factors;

- Our balance sheet gearing up to 44%;

- Rand/US dollar exchange rate to range between R12,50 and R14,00; and

- Average Brent crude oil prices to remain between US$55/bbl and US$65/bbl.

*The financial information contained in this business performance outlook is the responsibility of the directors and in accordance with
standard practice, it is noted that this information has not been reviewed and reported on by the company's auditors.

Competition law compliance
The South African Competition Commission conducted proceedings against various petroleum products producers,
including Sasol. Sasol and the other companies involved settled the matter with the Competition Commission on a
no fine and no admission of guilt basis including undertakings regarding the exchange of information within the
industry in future. The application for confirmation of the settlement agreement was heard before the Competition
Tribunal on 7 February 2018. The tribunal has accepted the settlement agreement in principle, subject to the
Commission and respondents making two minor amendments to the settlement agreement. We continue to
interact and cooperate with the South African Competition Commission in respect of leniency applications as well
as in the areas that are subject to the South African Competition Commission investigations.

Tax litigation and contingency

As previously reported, the South African Revenue Service (SARS) issued revised assessments for Sasol Oil (Pty)
Ltd (Sasol Oil) relating to a dispute around our international crude oil procurement activities for the 2005 to 2012
tax years. These revisions could result in potential adjustments to the company's taxable income and an additional
tax liability (including interest and penalties until 31 December 2017) of approximately R1,3 billion for the periods
2005 to 2014. Sasol Oil has co-operated fully with SARS during the course of the audit related to these
assessments. SARS' decision to suspend the payment of this disputed tax for the periods 2005 to 2014 currently
remains in force.

The litigation process in the Tax Court, relating to the international crude oil procurement activities for the 2005 to
2007 years of assessment was concluded and judgement was delivered on 30 June 2017 in favour of SARS. As a
result, a liability of R1,3 billion has been recognised in the interim financial statements in respect of the 2005 to
2014 matters that remain the subject of the ongoing litigation. Sasol Oil, in consultation with its tax and legal
advisors, does not support the basis of the judgement and filed an appeal with the Supreme Court of Appeal. Sasol
Oil anticipates the matter to be heard in the Supreme Court of Appeal in quarter three of calendar year 2018.

SARS has notified Sasol Oil of its intention to place on hold the field audit relating to this issue for the 1999 to 2004
tax years pending the outcome of the litigation. As a result of the judgement handed down on 30 June 2017, a
possible obligation may arise from the field audit, which is regarded as a contingent liability.

In addition, there could be a potential tax exposure of R12,1 billion for the periods 2013 to 2014 on varying tax
principles relating to the aforementioned activities. Supported by specialist tax and legal advisors, Sasol Oil
disagrees with SARS' assessment for the 2013 and 2014 periods. This also remains the subject of an ongoing appeal
with the Tax Court lodged by Sasol Oil. A possible obligation may arise for the tax years subsequent to 2014, which
could give rise to a future contingent liability.

In 2010, the South African Revenue Service (SARS) commenced with a request for information on Sasol Financing
International Plc (SFI). This matter progressed into an audit over the years and has now culminated in the
issuance of a final audit letter on 16 February 2018. Consequently, revised assessments were issued in respect of
the 2002 to 2012 tax years. These revisions relate to a dispute around the place of effective management of SFI, an
offshore treasury function, and could result in potential tax exposure of R3 billion (including interest and penalties).
SFI has co-operated fully with SARS during the course of the audit related to these assessments. SFI, in
consultation with its tax and legal advisors, does not support the basis of these additional assessments for all the
years. Accordingly, SFI will submit objections and/or appeals (as the case may be) to the revised assessments as the
legal process unfolds. SFI has already submitted the application for suspension of payment.

Sasol is committed to compliance with tax laws and any disputes with tax authorities on the interpretation of tax
laws and regulations will be addressed in a transparent and constructive manner.

Change in directors
Ms Imogen Mkhize retired as non-executive director with effect from 17 November 2017 and Dr Martina Flöel was
appointed as non-executive director with effect from 1 January 2018.

Declaration of cash dividend number 77
An interim gross cash dividend of South African 500 cents per ordinary share (31 December 2016 – 480 cents per
ordinary share) has been declared for the six months ended 31 December 2017. The cash dividend is payable on the
ordinary shares and the Sasol BEE ordinary shares. The Board is satisfied that the liquidity and solvency of the
company, as well as capital remaining after payment of the dividend is sufficient to support the current operations
for the ensuing year. The dividend has been declared out of retained earnings (income reserves). The South African
dividend withholding tax rate is 20%. At the declaration date, there are 653 061 453 ordinary (including 8 809 886 treasury
shares), 25 547 081 preferred ordinary and 2 838 565 Sasol BEE ordinary shares in issue. The net dividend amount
payable to shareholders who are not exempt from the dividend withholding tax, is 400 cents per share, while the
dividend amount payable to shareholders who are exempt from dividend withholding tax is 500 cents per share.

The salient dates for holders of ordinary shares and Sasol BEE ordinary shares are:
Declaration date Monday, 26 February 2018
Last day for trading to qualify for and participate in the final dividend (cum dividend) Tuesday, 13 March 2018
Trading ex dividend commences Wednesday, 14 March 2018
Record date Friday, 16 March 2018
Dividend payment date (electronic and certificated register) Monday, 19 March 2018
The salient dates for holders of our American Depository Receipts are:(1)
Ex dividend on New York Stock Exchange (NYSE) Wednesday, 14 March 2018
Record date Friday, 16 March 2018
Approximate date for currency conversion Wednesday, 21 March 2018
Approximate dividend payment date Friday, 30 March 2018

1 All dates approximate as the NYSE sets the record date after receipt of the dividend declaration.

On Monday, 19 March 2018, dividends due to certificated shareholders on the South African registry will either be
electronically transferred to shareholders' bank accounts or, in the absence of suitable mandates, dividend cheques
will be posted to such shareholders. Shareholders who hold dematerialised shares will have their accounts held by
their CSDP or broker credited on Monday, 19 March 2018. Share certificates may not be dematerialised or
rematerialised between 14 March 2018 and 16 March 2018, both days inclusive.

On behalf of the Board

Mandla Gantsho Bongani Nqwababa Stephen Cornell Paul Victor
Chairman Joint President and Joint President and Chief Financial Officer
Chief Executive Officer Chief Executive Officer
Sasol Limited
26 February 2018

The interim financial statements are presented on a condensed consolidated basis.

Income statement
for the period ended

Full year Half year Half year Half year Half year Full year
30 Jun 17 31 Dec 16 31 Dec 17 31 Dec 17 31 Dec 16 30 Jun 17
Audited Reviewed Reviewed Reviewed Reviewed Audited
US$m* US$m* US$m* Rm Rm Rm
12 668 6 068 6 579 Turnover 88 153 84 895 172 407
(5 249) (2 526) (2 678) Materials, energy and consumables used (35 887) (35 342) (71 436)
(471) (238) (253) Selling and distribution costs (3 388) (3 331) (6 405)
(636) (294) (330) Maintenance expenditure (4 424) (4 119) (8 654)
(1 794) (851) (1 013) Employee-related expenditure (13 574) (11 911) (24 417)
(36) (13) (16) Exploration expenditure and feasibility (213) (182) (491)
costs
(1 190) (584) (619) Depreciation and amortisation (8 301) (8 174) (16 204)
(922) (552) (530) Other expenses and income (7 102) (7 719) (12 550)
(88) (25) (89) Translation losses (1 190) (341) (1 201)
(834) (527) (441) Other operating expenses and income (5 912) (7 378) (11 349)
(119) (55) (317) Remeasurement items (4 244) (771) (1 616)
79 23 57 Equity accounted profits, net of tax 766 326 1 071
2 330 978 880 Operating profit 11 786 13 672 31 705
115 58 89 Finance income 1 192 807 1 568
(240) (101) (126) Finance costs (1 689) (1 409) (3 265)
2 205 935 843 Profit before tax 11 289 13 070 30 008
(624) (266) (266) Taxation (3 562) (3 719) (8 495)
1 581 669 577 Profit after tax 7 727 9 351 21 513
Attributable to
1 497 621 515 Owners of Sasol Limited 6 901 8 676 20 374
84 48 62 Non-controlling interests in subsidiaries 826 675 1 139
1 581 669 577 7 727 9 351 21 513
US$ US$ US$ Rand Rand Rand
Per share information
2,45 1,02 0,84 Basic earnings per share 11,29 14,21 33,36
2,44 1,02 0,84 Diluted earnings per share 11,25 14,20 33,27

* Supplementary non-IFRS information. US dollar convenience translation, converted at average exchange rate of R13,40/US$1
(31 December 2016 –R13,99/US$1; 30 June 2017 – R13,61/US$1).

Statement of comprehensive income
for the period ended

Half year Half year Full year
31 Dec 17 31 Dec 16 30 Jun 17
Reviewed Reviewed Audited
Rm Rm Rm
Profit after tax 7 727 9 351 21 513
Other comprehensive income, net of tax
Items that can be subsequently reclassified to the income statement (3 189) (6 173) (8 931)
Effect of translation of foreign operations* (3 348) (7 414) (10 074)
Effect of cash flow hedges** 343 1 985 1 821
Fair value of investments available-for-sale 15 1 11
Tax on items that can be subsequently reclassified to the income statement (199) (745) (689)
Items that cannot be subsequently reclassified to the income statement (146) 491 743
Remeasurements on post-retirement benefit obligations (204) 739 1 114
Tax on items that cannot be subsequently reclassified to the income 58 (248) (371)
statement
Total comprehensive income for the period 4 392 3 669 13 325
Attributable to
Owners of Sasol Limited 3 570 3 045 12 234
Non-controlling interests in subsidiaries 822 624 1 091
4 392 3 669 13 325

* The impact of exchange rates against the rand at 31 December 2017 (R12,37/US$1, R14,84/EUR1), (31 December 2016 R13,74/US$1,
R14,45/EUR1; 30 June 2017 R13,06/US$1, R14,92/EUR1), resulted in the translation losses recognised in other comprehensive income.
** Includes the impact of a R189 million (31 December 2016 – R116 million; 30 June 2017 – R189 million) reclassification to profit and
loss, relating to the interest rate swap. A gain of R346 million (US$26 million) was recognised in other comprehensive income
during the period as a result of the decrease in the liability related to the interest rate swap, which occurred due to the interest
rate curves trading higher than at 30 June 2017.

Statement of financial position
at

Full year Half year Half year Half year Half year Full year
30 Jun 17 31 Dec 16 31 Dec 17 31 Dec 17 31 Dec 16 30 Jun 17
Audited Reviewed Reviewed Reviewed Reviewed Audited
US$m* US$m* US$m* Rm Rm Rm
Assets
12 157 11 364 13 446 Property, plant and equipment 166 331 156 120 158 773
10 010 8 456 10 945 Assets under construction 135 399 116 176 130 734
181 177 190 Goodwill and other intangible assets 2 355 2 428 2 361
904 875 782 Equity accounted investments 9 679 12 024 11 813
48 45 49 Post-retirement benefit assets 612 625 622
236 240 276 Deferred tax assets 3 414 3 301 3 082
276 330 312 Other long-term assets 3 857 4 527 3 600
23 812 21 487 26 000 Non-current assets 321 647 295 201 310 985
17 66 154 Assets in disposal groups held for sale** 1 904 905 216
1 943 1 766 2 337 Inventories 28 903 24 261 25 374
2 310 2 072 2 668 Trade and other receivables 32 996 28 471 30 179
210 37 399 Short-term financial assets*** 4 934 514 2 739
138 135 165 Cash restricted for use 2 038 1 852 1 803
2 117 1 879 1 169 Cash and cash equivalents 14 455 25 813 27 643
6 735 5 955 6 892 Current assets 85 230 81 816 87 954
30 547 27 442 32 892 Total assets 406 877 377 017 398 939
Equity and liabilities
16 211 14 931 17 053 Shareholders' equity 210 950 205 135 211 711
423 397 483 Non-controlling interests 5 972 5 451 5 523
16 634 15 328 17 536 Total equity 216 922 210 586 217 234
5 690 5 438 6 360 Long-term debt 78 675 74 707 74 312
1 275 1 238 1 352 Long-term provisions 16 725 17 006 16 648
847 814 919 Post-retirement benefit obligations 11 374 11 184 11 069
70 52 71 Long-term deferred income 879 715 910
56 45 38 Long-term financial liabilities 475 621 733
1 980 1 855 2 208 Deferred tax liabilities 27 312 25 483 25 860
9 918 9 442 10 948 Non-current liabilities 135 440 129 716 129 532
- - 14 Liabilities in disposal groups held for sale 178 - -
744 165 1 397 Short-term debt 17 278 2 271 9 718
57 55 77 Short-term financial liabilities 948 759 740
3 185 2 444 2 907 Other current liabilities 35 945 33 582 41 592
9 8 13 Bank overdraft 166 103 123
3 995 2 672 4 408 Current liabilities 54 515 36 715 52 173
30 547 27 442 32 892 Total equity and liabilities 406 877 377 017 398 939

* Supplementary non-IFRS information. US dollar convenience translation, converted at a closing exchange rate of R12,37/US$1
(31 December 2016 – R13,74/US$1; 30 June 2017 – R13,06/US$1).
** Includes our 40% investment in Petronas Chemicals LDPE Sdn Bhd and our 12% share in Petronas Chemicals Olefins Sdn Bhd.
*** Increase mainly relates to the fair value adjustment of the zero-cost collar foreign exchange derivative.

Statement of changes in equity
for the period ended
Half year Half year Full year
31 Dec 17 31 Dec 16 30 Jun 17
Reviewed Reviewed Audited
Rm Rm Rm
Balance at beginning of period 217 234 212 418 212 418
Movement in share-based payment reserve 505 743 1 108
Share-based payment expense 453 98 463
Deferred tax 52 – –
Long-term incentive scheme converted to equity-settled – 645 645
Total comprehensive income for the period 4 392 3 669 13 325
Dividends paid to shareholders (4 836) (5 650) (8 628)
Dividends paid to non-controlling shareholders in subsidiaries (373) (594) (989)
Balance at end of period 216 922 210 586 217 234
Comprising
Share capital 29 282 29 282 29 282
Share repurchase programme (2 641) (2 641) (2 641)
Retained earnings 179 306 167 944 176 714
Share-based payment reserve (12 551) (12 839) (12 525)
Foreign currency translation reserve 19 940 25 946 23 285
Remeasurements on post-retirement benefit obligations (1 928) (2 037) (1 790)
Investment fair value reserve 45 24 33
Cash flow hedge accounting reserve (503) (544) (647)
Shareholders' equity 210 950 205 135 211 711
Non-controlling interests in subsidiaries 5 972 5 451 5 523
Total equity 216 922 210 586 217 234

Statement of cash flows
for the period ended
Half year Half year Full year
31 Dec 17 31 Dec 16 30 Jun 17
Reviewed Reviewed Audited
Rm Rm Rm
Cash receipts from customers 86 844 84 341 172 061
Cash paid to suppliers and employees (72 834) (67 505) (127 992)
Cash generated by operating activities 14 010 16 836 44 069
Dividends received from equity accounted investments 1 052 465 1 539
Finance income received 1 106 793 1 464
Finance costs paid (1 864) (1 587) (3 612)
Tax paid (4 070) (3 010) (6 352)
Cash available from operating activities 10 234 13 497 37 108
Dividends paid (4 836) (5 650) (8 628)
Cash retained from operating activities 5 398 7 847 28 480
Total additions to non-current assets (30 574) (29 806) (56 812)
Additions to non-current assets (27 734) (30 248) (60 343)
(Decrease)/increase in capital project related payables (2 840) 442 3 531
Additional cash contributions to equity accounted investments (76) (124) (444)
Proceeds on disposals and scrappings 8 125 788
Purchase of investments (57) – (96)
Other net cash flow from investing activities (37) 161 (113)
Cash used in investing activities (30 736) (29 644) (56 677)
Dividends paid to non-controlling shareholders in subsidiaries (373) (594) (989)
Proceeds from long-term debt 18 746 1 181 9 277
Repayment of long-term debt (3 151) (1 227) (2 364)
Proceeds from short-term debt 29 860 4 033
Repayment of short-term debt (2 636) (850) (1 410)
Cash generated/(used) by financing activities 12 615 (630) 8 547
Translation effects on cash and cash equivalents (256) (2 162) (3 207)
Decrease in cash and cash equivalents (12 979) (24 589) (22 857)
Cash and cash equivalents at the beginning of period 29 323 52 180 52 180
Reclassification to held for sale (17) (29) –
Cash and cash equivalents at the end of the period 16 327 27 562 29 323

Salient features
for the period ended
Half year Half year Full year
31 Dec 17 31 Dec 16 30 Jun 17
Selected ratios
Operating profit margin % 13,4 16,1 18,4
Finance costs cover times 7,0 9,1 9,2
Net borrowings to shareholders' equity (gearing) % 38,7 25,0 26,7
Dividend cover - core headline earnings per share (1) times 3,6 3,2 2,8

Share statistics
Total shares in issue million 681,4 679,8 679,8
Sasol ordinary shares in issue million 653,0 651,4 651,4
Treasury shares (share repurchase programme) million 8,8 8,8 8,8
Weighted average number of shares million 611,5 610,7 610,7
Diluted weighted average number of shares million 613,8 610,9 612,4
Share price (closing) Rand 428,18 398,90 366,50
Market capitalisation - Sasol ordinary shares Rm 279 602 259 843 238 738
Market capitalisation - Sasol BEE ordinary shares Rm 1 107 826 866
Net asset value per share Rand 346,10 337,45 348,27
Dividend per share Rand 5,0 4,80 12,60
­ interim Rand 5,0 4,80 4,80
­ final Rand – – 7,80

1 With effect from 23 February 2018, the Board approved a change in dividend policy from HEPS to Core HEPS

Half year Half year Full year
31 Dec 17 31 Dec 16 30 Jun 17
Other financial information
Total debt (including bank overdraft) Rm 96 119 77 081 84 153
­ interest-bearing Rm 94 952 75 967 82 849
­ non-interest-bearing Rm 1 167 1 114 1 304
Finance expense capitalised Rm 1 634 1 315 2 764
Capital commitments (subsidiaries and joint operations)(1) Rm 69 813 111 829 90 736
­ authorised and contracted Rm 150 520 144 851 154 739
­ authorised, not yet contracted Rm 46 322 78 473 61 673
­ less expenditure to date Rm (127 029) (111 495) (125 676)
Capital commitments (equity accounted investments) Rm 717 552 584
­ authorised and contracted Rm 404 291 292
­ authorised, not yet contracted Rm 652 492 573
­ less expenditure to date Rm (339) (231) (281)
Guarantees (excluding treasury facilities)
­ maximum potential exposure Rm 75 528 92 670 81 896
­ related debt recognised on the balance sheet Rm 70 676 68 161 64 057
Effective tax rate % 31,6 28,4 28,3
Adjusted effective tax rate(2) % 26,4 29,2 26,5
Number of employees(3) number 31 000 30 300 30 900
Average crude oil price - dated Brent US$/barrel 56,74 47,68 49,77
Average rand/US$ exchange rate 1US$ = Rand 13,40 13,99 13,61
Closing rand/US$ exchange rate 1US$ = Rand 12,37 13,74 13,06

1 Excludes significant commitments under leases relating to the Air Separation Unit in Secunda, capitalised in January 2018. The
finance lease asset capitalised is approximately R5 billion.
2 Effective tax rate adjusted for equity accounted investments, remeasurement items and once-off items.
3 The total number of employees includes permanent and non-permanent employees and the group's share of employees within joint
operations, but excludes contractors and equity accounted investments' employees.

Half year Half year Full year
31 Dec 17 31 Dec 16 30 Jun 17
Rm Rm Rm
Reconciliation of headline earnings
Earnings attributable to owners of Sasol Limited 6 901 8 676 20 374
Effect of remeasurement items for subsidiaries and joint operations(1) 4 244 771 1 616
Impairment of property, plant and equipment 2 715 442 415
Impairment of assets under construction 50 191 1 942
Impairment of goodwill and other intangible assets – 102 120
Impairment of other assets 15 – –
Reversal of impairment (69) (29) (1 136)
Fair value write down - assets held for sale – – 64
(Profit)/loss on disposal of non-current assets (36) 4 (21)
Loss/(profit) on disposal of investment in businesses 83 (11) (51)
Scrapping of non-current assets 1 453 72 283
Write-off of unsuccessful exploration wells 36 – –
Realisation of foreign currency translation reserve (3) – –
Tax effects and non-controlling interests (339) (223) (539)
Effect of remeasurement items for equity accounted investments (1) 11 14
Headline earnings 10 805 9 235 21 465
Headline earnings adjustments per above
- Mining (7) – 6
- Exploration and Production International 2 835 152 (6)
- Energy 1 249 25 1 844
- Base Chemicals 148 74 (901)
- Performance Chemicals 1 520 663
- Group Functions 18 – 10
Remeasurement items 4 244 771 1 616
Headline earnings per share Rand 17,67 15,12 35,15
Diluted headline earnings per share Rand 17,60 15,12 35,05

1 Includes the impact of the partial impairment of our Canadian shale gas assets of R2,8 billion (CAD281 million) and the scrapping of
our US GTL project amounting to R1,1 billion (US$83 million).

The reader is referred to the definitions contained in the 2017 Sasol Limited financial statements.

Basis of preparation

The condensed consolidated interim financial statements for the six months ended 31 December 2017 have been
prepared in accordance with International Financial Reporting Standards, IAS 34, Interim Financial Reporting, the
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements
as issued by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa,
2008, as amended, and the JSE Limited Listings Requirements.

The condensed consolidated interim financial statements do not include all the disclosures required for complete
annual financial statements prepared in accordance with IFRS as issued by the International Accounting Standards
Board. The condensed consolidated interim financial statements are prepared on a going-concern basis. The Board
is satisfied that the liquidity and solvency of the company is sufficient to support the current operations for the
next 12 months.

These condensed consolidated interim financial statements have been prepared in accordance with the historic
cost convention except that certain items, including derivative financial instruments, liabilities for cash-settled
share-based payment schemes, financial assets at fair value through profit or loss and available-for-sale financial
assets and liabilities, are stated at fair value.

The condensed consolidated interim financial statements are presented in South African Rand, which is Sasol
Limited's functional and presentation currency.

The condensed consolidated interim financial statements appearing in this announcement are the responsibility of
the directors. The directors take full responsibility for the preparation of the condensed consolidated interim
financial statements. Paul Victor CA(SA), Chief Financial Officer, is responsible for this set of condensed
consolidated interim financial statements and has supervised the preparation thereof in conjunction with the
Senior Vice President: Financial Control Services, Brenda Baijnath CA(SA).

Accounting policies
The accounting policies applied in the preparation of these condensed consolidated interim financial statements
are in terms of IFRS and are consistent with those applied in the consolidated annual financial statements for the
year ended 30 June 2017.

Related party transactions
The group, in the ordinary course of business, entered into various sale and purchase transactions on an arm's
length basis at market rates with related parties.

Significant events and transactions since 30 June 2017
In accordance with IAS34, Interim Financial Reporting, we have included an explanation of events and transactions
which are significant to obtain an understanding of the changes in our financial position and performance since
30 June 2017.

Financial instruments

Fair value
Fair value is determined using valuation techniques as outlined unless the instrument is listed in an active market.
Where possible, inputs are based on quoted prices and other market determined variables.

Fair value hierarchy
The table below represents significant financial instruments measured at fair value at reporting date, or for which
fair value is disclosed at 31 December 2017. The US dollar bond, the interest rate swap, the crude oil put options, the
zero-cost foreign exchange collars and the coal swaps were considered to be significant financial instruments for
the group based on the amounts recognised in the statement of financial position. The calculation of fair value
requires various inputs into the valuation methodologies used. The source of the inputs used affects the reliability
and accuracy of the valuations. Financial instruments have been classified into the hierarchical levels in line with
IFRS 13.

Level 1 Quoted prices in active markets for identical assets or liabilities.
Level 2 Inputs other than quoted prices that are observable for the asset or liability (directly or indirectly).
Level 3 Inputs for the asset or liability that are unobservable.

IFRS 13 Carrying Fair
fair value value value
Instrument hierachy Rm Rm Valuation method Significant inputs
Listed long-term Level 1 12 344 12 568 Fair value Quoted market price for the
debt same or similar instruments
Derivative financial Level 2 3 511 3 511 Forward rate interpolator Foreign exchange rates,
assets and model, discounted market commodity prices, US$
liabilities expected cash flows, swap curve, as appropriate
numerical approximation,
as appropriate

For all other financial instruments, fair value approximates carrying value.

Independent review by the auditors

These condensed consolidated interim financial statements, including the segment report for the six
months ended 31 December 2017 have been reviewed by PricewaterhouseCoopers Inc., who
expressed an unmodified conclusion thereon. The individual auditor assigned to perform the review
is Mr PC Hough. A copy of the auditor's unmodified review report on the condensed consolidated
interim financial statements is available for inspection at the company's registered office, together
with the condensed consolidated interim financial statements identified in the auditor's report. The
auditor's report does not necessarily report on all of the information contained in this
announcement of interim financial results. Shareholders are therefore advised that in order to
obtain a full understanding of the nature of the auditor's engagement they should obtain a copy of
the auditor's report together with the accompanying condensed consolidated interim financial
statements from the company's registered office.

Sasol Limited Group

Registered office: Sasol Place, 50 Katherine Street, Sandton, Johannesburg 2090
PO Box 5486, Johannesburg 2000, South Africa

Share registrars: Computershare Investor Services (Pty) Ltd, 15 Biermann Avenue, Rosebank 2196
PO Box 61051, Marshalltown 2107, South Africa, Tel: +27 11 370 5000 Fax: +27 11 688 5248

JSE Sponsor: Deutsche Securities (SA) Proprietary Limited

Directors (Non-executive): Dr MSV Gantsho* (Chairman), Mr C Beggs*, Mr MJ Cuambe (Mozambican)*,
Mr HG Dijkgraaf (Dutch)^, Dr M Flöel (German)*, Ms GMB Kennealy*, Ms NNA Matyumza*, Mr ZM Mkhize*,
Mr MJN Njeke*, Ms ME Nkeli*, Mr PJ Robertson (British and American)*, Mr S Westwell (British)*

Directors (Executive): Mr SR Cornell (Joint President and Chief Executive Officer) (American),
Mr B Nqwababa (Joint President and Chief Executive Officer), Mr P Victor (Chief Financial Officer)
*Independent ^Lead independent director

Company Secretary: Mr VD Kahla

Company registration number: 1979/003231/06, incorporated in the Republic of South Africa

Income tax reference number: 9520/018/60/8

JSE NYSE
Ordinary shares
Share code: SOL SSL
ISIN: ZAE000006896 US8038663006

Sasol BEE Ordinary shares
Share code: SOLBE1
ISIN: ZAE000151817

American depository receipts (ADR) program:
Cusip number 803866300 ADR to ordinary share 1:1

Depositary: The Bank of New York Mellon, 22nd Floor, 101 Barclay Street, New York, NY 10286,
United States of America

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, developments and business strategies. Examples of such
forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations,
volume growth, increases in market share, total shareholder return, executing our growth projects (including LCCP)
oil and gas reserves and cost reductions, including in connection with our Business Performance Enhancement
Programme and Response Plan and our business performance outlook. Words such as "believe", "anticipate",
"expect", "intend", "seek", "will", "plan", "could", "may", "endeavour", "target", "forecast", "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 are
discussed more fully in our most recent annual report on Form 20-F filed on 28 August 2017 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.

Please note: A billion is defined as one thousand million. All references to years refer to the financial year ended
30 June. Any reference to a calendar year is prefaced by the word "calendar".

Additional information on our business performance is included in the analyst book available on our website: <a href="http://www.sasol.com&quot; target="_blank">www.sasol.com</a&gt;
Date: 26/02/2018 07:05:00 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
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