Sasol Limited audited financial results...A new era for Sasol 5 A new era for Sasol Group-wide change programme • 2012 • Started to reposition the organisation • Drove a single

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Sasol Limited audited financial resultsfor the year ended 30 June 2014

A new era for Sasol 2

Forward-looking statements

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 and

cost reductions. Words such as “believe”, “anticipate”, “expect”, “intend”, “seek”, “will”, “plan”, “could”, “may”,

“endeavour” and “project” and similar expressions are intended to identify such forward-looking statements,

but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements

involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions,

forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks

materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those

anticipated. You should understand that a number of important factors could cause actual results to differ

materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking

statements. These factors are discussed more fully in our most recent annual report under the Securities

Exchange Act of 1934 on Form 20-F filed on 9 October 2013 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.

IntroductionDavid E Constable

President and Chief Executive Officer


What you will hear today

Key messages

• A new era for Sasol – repositioned, restructured and focused

• Gas-based growth in Southern Africa

• Business performance enhancement programme delivering results

• Broader contributions to South Africa

• Strong operational performance underpinning excellent financial results

• A compelling investment case

ORYX GTL, Qatar Sasol Synfuels, Secunda


A new era for Sasol

Group-wide change programme

• 2012

• Started to reposition the organisation

• Drove a single set of priorities with safe, stable and efficient operations at the core

• 2013

• Prioritised our project portfolio

• Articulated our near- to medium-term strategy – with a dual regional focus

• From 2012 to 2014

• Restructured the group

• Cemented our longer term strategic direction

• Roll out of our new operating model on 1 July 2014

Artist’s impression of Sasol North America’s head office, HoustonArtist’s impression of Sasol’s global headquarters, Johannesburg


A new era for Sasol

Repositioned, restructured and focused

Gas-based projects

in the US and Canada

Gas-based projects

in South Africa and

Mozambique

Qatar capacity

utilisation growth

from 81% to 97%

Disposal of Arya

business in Iran

Disposal of Solvents

business in Germany

Synfuels

production growth

from 7,1mt to 7,6mt

Programmes to

enhance Secunda and

Sasolburg asset base

Selected

chemicals growth

in South Africa

Selected chemicals

growth in the US

Power generation

in South Africa

and Mozambique

Upstream

opportunities

in Southern Africa


Significant progress across key metrics in the last 3 financial years

• Headline earnings per share up 78% (compounded annual growth 21%)

• Dividend per share up 65% (compounded annual growth 18%)

• Share price increased by 78% (compounded annual growth 21%)

• Total shareholder return of 103% in rand terms

Sasol Synfuels, Secunda ORYX GTL, Qatar

A new era for Sasol


Gas-based growth in Southern Africa

• Increasing production from Pande and Temane,

Mozambique

• Gas production up 13% year-on-year

to 116mGJ (Sasol share)

• 175 MW Central Térmica de Ressano

Garcia power facility being commissioned

• Gas loop-line completion imminent

• Submitting PSA field development plan

in February 2015

• Large gas reserves in northern Mozambique

• GTL pre-feasibility study with ENH & Eni

in progress

• Continued exploration in the region

• Offshore Durban: Eni farmed in for 40%

• Area A Mozambique: planning to drill

9 of 17 largest gas discoveries in the last 5 years are in sub-Saharan Africa

Building on gas production experience in Mozambique since 2004

Source: IHS; EIA; lit search 2013

Mozambique Rest of worldTanzania

0

1 000

2 000

3 000

4 000

mm

bo

e

Top 17 global gas discoveries 2008-2013


Business performance enhancement programme delivering results

Internal reorganisation on track

• Leadership structures and appointments concluded

• Restructuring process to be concluded in FY15

• New value chain-based operating model in place from 1 July 2014

• Corporate and legal structures simplified

• Decision-making and governance frameworks more efficient and effective

• Sustainable annual savings target increased to at least R4 billion by 2016

• In FY14, R469 million already achieved (R700 million annualised)

• In FY15, R1,5 billion expected (R2,2 billion annualised)

Sasolburg Gas Engine Power Plant, Sasolburg Sasol Polymers, Secunda


Broader contributions to South Africa

Strategies well-aligned with the National Development Plan

• Invested R22 billion in capital expenditure

• R60 billion in the last 3 years

• Contributed R36 billion to direct and indirect taxes

• R95 billion in the last 3 years

• Spent over R1,4 billion on skills and socioeconomic development

• Over R3 billion in the last 3 years

• Water conservation partnership delivering results

• Advancing energy efficiency improvements

Sasol forecourt, Tembisa Sasolburg Gas Engine Power Plant, Sasolburg


Strong operational performance underpinning excellent financial results

Business drivers supporting further earnings improvements

• Solid foundation of safe and reliable operations

• Synfuels production volumes of 7,6 million tons - highest in a decade

• ORYX GTL plant achieved an average utilisation rate of 97%

• Cost discipline gaining traction

• Normalised cash fixed costs 1,8% below market inflation (SA PPI)

• Headline earnings per share up by 14% to a record R60,16

• Attributable earnings up 13% to a record R29,6 billion

• Cash generated from operations up by 26% to R65,5 billion

• New record total dividend of R21,50

Sasol Solvents, SasolburgORYX GTL, Qatar

Financial and operational performancePaul Victor

Acting Chief Financial Officer


Favourable macro environmentsupported by weakening rand

Prices reflect international commodities or baskets of commodities and are not necessarily Sasol specific

Sources: RSA Department of Energy, ICIS-LOR, Reuters, Platts, World Scale Association, McCloskey, International Energy Agency

US

$1

= Z

AR

Weakening currency

$/m

mb

tu(g

as p

rice

)

US

$/b

bl

Higher US gas prices and crude oil

Brent

Henry Hub

FY13 FY14

R8,85

R10,39

FY13 FY14

$108,66 $109,40

$3,51$4,30

Commodity prices

Average

FY14

% ∆ vs

FY13

Brent $/bbl 109,40 ▲ 1

Polymers $/ton 1 371 ▲10

Ethylene $/ton 1 628 ▲ 2

Acetone $/ton 1 279 ▲10

Export coal $/ton 75 ▼ 9

$1 600 $1 628US

$/t

on

Improved chemical prices

Ethylene

Polymers basket

FY13 FY14

$1 251

$1 371


FY14 FY13¹ % ∆

SA Energy 41,2 36,6 ▲ 12

International Energy (6,9) (2,8) ▼140

Chemicals 8,4 3,0 ▲178

Other (1,0) 2,0 ▼150

Operating profit (Rbn) 41,7 38,8 ▲ 7

Income from equity accounted

investments (Rbn)4,1 2,1 ▲ 95

Earnings per share (R) 48,57 43,38 ▲ 12

Headline earnings

per share (R)60,16 52,62 ▲ 14

Dividend per share (R) 21,50 19,00 ▲ 13

Cash flow from operations

(Rbn)65,5 51,9 ▲ 26

Group profitability

1. Restated – refer to the financial results booklet for reporting changes

2. Includes income from equity accounted investments

• Strong overall performance from SA Energy

despite largest shutdown in Synfuels’ history

• Increased volumes and higher product prices

boosted chemicals profitability

• Operating profit negatively impacted by

remeasurement items of R7,6 billion, including

the Canadian impairment of R5,3 billion

• Earnings attributable to shareholders

increased by 13% to R29,6 billion

Underpinned by SA Energy

90%

(7%)

19%

(2%)

FY14 profit from operations, joint ventures and associates²

SA Energy International Energy Chemicals Other


Cash fixed costs

Normalised costs 1,8% below South African PPI


2. Includes business enhancement savings (R469m) and net other savings identified

3. Include increase in cash cost portion (R496m) of restructuring costs. Total restructuring cost amounts to R1,279 billion

4. South African producer price index

Macro environmentRestructuring

cost

Costs and

volumes

39 540 38 825

44 265

1,8% (1,3%)

(7,3%)(5,2%)

0

10 000

20 000

30 000

40 000

50 000

FY13¹ Sustainablebusiness savings

and other²

Normalised cost Cash cost³ Inflation⁴ Exchange rate FY14

Ran

d m

illio

n


Operating profit, including equity accounted earnings, improved by 12%

Notwithstanding once-off items and year-end adjustments


2. Includes share-based payment expenses (-R3,6bn), increase in remeasurement items (-R1,3bn), Polymers penalty (-R0,5bn), and wax fine refund (R2,5bn)

3. Includes depreciation for new plants (-R1,0bn) and total and phase shutdowns and statutory maintenance (-R0,6bn)

4. Includes fixed and variable costs

Macro

environment

Costs and

volumes

40 845

45 818

28% 3%

7%

(16%)

(6%)(4%)

0

10 000

20 000

30 000

40 000

50 000

60 000

FY13¹ Exchangerate

Crude oil andproduct prices

Once-off itemsand year-endadjustments²

Depreciation³ Costs⁴ Salesvolumes

FY14

Ran

d m

illio

n


Synfuels production exceeds expectations

SA Energy

Natref, Sasolburg Sasol Mining, Secunda


• Mining – increased production volumes and

normalised mining unit cost contained to 7%

• Gas – increased sales volumes and R453 million

gain on disposal of Spring Lights Gas

• Synfuels

• Production up 2% to 7,6mt

• Cash unit costs increased by 10,6%,

mainly due to higher energy and coal

feedstock costs

• Oil – 5% higher sales volumes in a flat market,

negated by lower refining margins

Operating profit (Rm) FY14 FY13¹ % ∆

Mining 2 453 2 214 ▲11

Gas 4 175 3 919 ▲ 7

Synfuels 32 988 28 624 ▲15

Oil 1 531 1 859 ▼18

Total cluster 41 147 36 616 ▲12



SSI (935) (991) ▲ 6

SPI (5 981) (1 886) ▼217

Production

Mozambique and Gabon 2 474 1 638 ▲ 51

Canada upstream (7 003) (1 815) ▼286

Exploration costs (1 452) (1 709) ▲ 15

Total cluster (6 916) (2 877) ▼140

ORYX GTL 4 028 2 656 ▲ 52

International Energy

Central Processing Facility, Mozambique ORYX GTL, Qatar


• ORYX GTL – average utilisation rate of 97%

• SSI – lower operating loss, partial impairment

of investment

• SPI

• Mozambique and Gabon volumes up 9%

• Canada operating loss includes an

impairment of R5,3 billion and depreciation

of R1,9 billion

ORYX GTL delivers record utilisation



Polymers (767) (1 506) ▲ 49

Solvents 200 825 ▼ 76

O&S 5 336 3 580 ▲ 49

Other 3 638 123

Operations² 1 189 123³ ▲867

Wax fine refund 2 449 -

Total cluster 8 407 3 022 ▲178

Chemicals

Sasol Solvents, Secunda Ethylene Purification Unit 5, Sasolburg


2. Comprises Wax, Nitro, Infrachem and Phenolics

3. FY13 includes R2,0bn FTWEP impairment

Improved margins and volumes

• Polymers – excluding R732 million once-off

items, operating business close to break even

• Solvents – increased margins, operating profit

up 54% excluding loss from disposal of

German assets

• O&S – benefited from low US ethane prices,

European operations remained under pressure

• Other chemicals

• Sasol Infrachem and Nitro experienced

challenging market conditions


1 279

2 100

700

2 200

2014 2015 2016 2017 2018

Ran

d m

illio

n

Project implementation cost Cumulative annual savings Annualised savings

Business performance enhancement programme

Cost savings realised, target increased

Sustainable cost reduction

Further potential

upside

Cost trend from FY16 to follow inflation

R469m savings

achieved

R1,5bn

expected

savings

Sustainable savings target now increased to at least R4 billion annually by 2016


We remain committed to delivering valueto shareholders

Record interim dividend

1. Source: Bloomberg 30 June 2013 to 30 June 2014, assuming dividends are reinvested in Sasol securities

2. Source: Bloomberg 30 June 2009 to 30 June 2014, assuming dividends are reinvested in Sasol securities


0

10

20

30

40

50

60

70

2010 2011 2012 2013 2014

Ran

d

Growth in headline earnings per share

Headline earnings per share³ Dividend per share

0

5

10

15

20

25

2010 2011 2012 2013 2014

Ran

d

Progressive dividend growth

Interim Final

Rand one year TSR¹ 53%

Rand five year TSR² 184%


Investing for sustainable growth

57% of capital spend in South Africa

40

50

65

0

10

20

30

40

50

60

70

2014 act 2015 est 2016 est

Ran

d b

illio

n

Estimated capital expenditure

Sustenance Growth

57%

7%

6%

30%

Capital expenditure for FY14 by region(R40 billion)

South Africa Rest of Africa

Europe North America

Capital spend increasing as gas-based growth strategy executed


FY15 profit outlook

Business drivers support further earnings improvements

• Production outlook

• Synfuels volumes expected between 7,5 and 7,6 million tons

• Average utilisation of ORYX GTL is expected to be about 85% (statutory shutdown)

• Canadian shale gas production to remain at similar levels

• Incremental volume additions expected in our natural gas, ethylene and propylene

value chains

• Normalised cash fixed costs expected to follow inflation

• Continued focus on volume growth, margin improvement and cost reduction

• Capital expenditure aligned with the execution of growth plan and strategy

Sasol Synfuels, Secunda ORYX GTL, Qatar

Compelling investment caseDavid E Constable

President and Chief Executive Officer


Lake Charles Chemicals Project well advanced

On track for final investment decision

• Front-end engineering design work nearing completion with long leads ordered

• Term-based feedstock supply contracts in place and pipeline transportation secured

• Air, water and wetlands permits issued for cracker and GTL projects

• Good progress on securing financing

• Contracting strategy finalised – mix of fixed price and reimbursable contracts

Lake Charles, Louisiana Lake Charles, Louisiana


Compelling investment case

Creating sustainable value

• Record operational

performance

• New operating model

• Cost discipline

• Cash flow generation

increasing

• Near-term incremental

growth

• Gas-based growth in

Southern Africa and

North America

• FID for Lake Charles

cracker imminent

• Solid balance sheet and

strong cash flow support

growth opportunities

• Progressive dividend

policy

• Long-term shareholder

value

Existing asset base Growth opportunities Value creation

Questions and answers

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Documents

Sasol Limited audited financial results...A new era for Sasol 5 A new era for Sasol Group-wide change programme • 2012 • Started to reposition the organisation • Drove a single