# EDGAR Filing Document

**Accession Number:** 0000314590
**File Stem:** 0001410578-25-001910
**Filing Date:** 2025-8
**Character Count:** 1760846
**Document Hash:** 62206dba6a076213dd761a05343d37d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410578-25-001910.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001410578-25-001910

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 373

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SASOL LTD
- **CENTRAL INDEX KEY:** 0000314590
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** T3
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31615
- **FILM NUMBER:** 251275744

**BUSINESS ADDRESS:**
- **STREET 1:** 50 KATHERINE STREET SANDTON
- **STREET 2:** SANDTON
- **CITY:** JOHANNESBURG
- **STATE:** T3
- **ZIP:** 2196
- **BUSINESS PHONE:** 01127114413111

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 5486
- **CITY:** JOHANNESBURG
- **STATE:** T3
- **ZIP:** 99999

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SASOL LTD/ADR/
- **DATE OF NAME CHANGE:** 20000101

?xml version='1.0' encoding='ASCII'? Sasol Limited_2025-06-30

[**Table of Contents**](#TOC)

**As filed with the Securities and Exchange Commission on 29 August 2025**

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 20-F**

¨**REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

x**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934—for the fiscal year ended 30 June 2025**

**OR**

¨**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

¨**SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission file number: 001-31615**

**Sasol Limited**

(Exact name of registrant as Specified in its Charter)

**Republic of South Africa**

(Jurisdiction of Incorporation or Organization)

**Sasol Place, 50 Katherine Street, Sandton, 2196**

**South Africa**

(Address of Principal Executive Offices)

**Walt Bruns, Chief Financial Officer, Tel. No. +27 10 344 3060, Email walt.bruns@sasol.com** 

**Sasol Place, 50 Katherine Street, Sandton, 2196, South Africa**

(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol** | **Name of Each Exchange on Which Registered** |
| American Depositary Shares | SSL | New York Stock Exchange |
| Ordinary Shares of no par value\* | SSL | New York Stock Exchange |
| 4,375% Notes due 2026 issued by Sasol Financing USA LLC | SOLJL | New York Stock Exchange |
| 6,500% Notes due 2028 issued by Sasol Financing USA LLC | SOLJL | New York Stock Exchange |
| 5,500% Notes due 2031 issued by Sasol Financing USA LLC | SOLJL | New York Stock Exchange |

---

\*Listed on the New York Stock Exchange not for trading or quotation purposes, but only in connection with the registration of American Depositary Shares (ADS or ADSs) pursuant to the requirements of the Securities and Exchange Commission.

Securities registered pursuant to Section 12(g) of the Act: **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None**

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:

**649 375 104 Sasol shares comprising**

**643 043 757 Sasol ordinary shares of no par value**

**6 331 347 Sasol BEE ordinary shares of no par value**

[**Table of Contents**](#TOC)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ◻

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ⌧

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232 405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ⌧ Accelerated filer ◻ Non-accelerated filer ◻ Emerging growth company ◻

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ◻

†The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ◻ International Financial Reporting Standards as issued by the International Accounting Standards Board ⌧ Other ◻

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 ◻ Item 18 ◻

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ◻ No ⌧

------

[**Table of Contents**](#TOC)

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [ITEM 1.](#ITEM1IDENTITYOFDIRECTORSSENIORMANAGEMENT) | [IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#ITEM1IDENTITYOFDIRECTORSSENIORMANAGEMENT) | 9 |
| [ITEM 2.](#ITEM2OFFERSTATISTICSANDEXPECTEDTIMETABLE) | [OFFER STATISTICS AND EXPECTED TIMETABLE](#ITEM2OFFERSTATISTICSANDEXPECTEDTIMETABLE) | 9 |
| [ITEM 3.](#ITEM3KEYINFORMATION_977223) | [KEY INFORMATION](#ITEM3KEYINFORMATION_977223) | 9 |
| [ITEM 4.](#ITEM4INFORMATIONONTHECOMPANY_364834) | [INFORMATION ON THE COMPANY](#ITEM4INFORMATIONONTHECOMPANY_364834) | 37 |
| [ITEM 4A.](#ITEM4AUNRESOLVEDSTAFFCOMMENTS_331077) | [UNRESOLVED STAFF COMMENTS](#ITEM4AUNRESOLVEDSTAFFCOMMENTS_331077) | 65 |
| [ITEM 5.](#ITEM5OPERATINGANDFINANCIALREVIEWANDPROSP) | [OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#ITEM5OPERATINGANDFINANCIALREVIEWANDPROSP) | 65 |
| [ITEM 6.](#ITEM6DIRECTORSSENIORMANAGEMENTANDEMPLOYE) | [DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#ITEM6DIRECTORSSENIORMANAGEMENTANDEMPLOYE) | 78 |
| [ITEM 7.](#ITEM7MAJORSHAREHOLDERSANDRELATEDPARTYTRA) | [MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#ITEM7MAJORSHAREHOLDERSANDRELATEDPARTYTRA) | 86 |
| [ITEM 8.](#ITEM8FINANCIALINFORMATION_142341) | [FINANCIAL INFORMATION](#ITEM8FINANCIALINFORMATION_142341) | 87 |
| [ITEM 9.](#ITEM9THEOFFERANDLISTING_620826) | [THE OFFER AND LISTING](#ITEM9THEOFFERANDLISTING_620826) | 87 |
| [ITEM 10.](#ITEM10ADDITIONALINFORMATION_134998) | [ADDITIONAL INFORMATION](#ITEM10ADDITIONALINFORMATION_134998) | 87 |
| [ITEM 11.](#ITEM11QUANTITATIVEANDQUALITATIVEDISCLOSU) | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ITEM11QUANTITATIVEANDQUALITATIVEDISCLOSU) | 98 |
| [ITEM 12.](#ITEM12DESCRIPTIONOFSECURITIESOTHERTHANEQ) | [DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#ITEM12DESCRIPTIONOFSECURITIESOTHERTHANEQ) | 99 |
| [ITEM 13.](#ITEM13DEFAULTSDIVIDENDARREARAGESANDDELIN) | [DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#ITEM13DEFAULTSDIVIDENDARREARAGESANDDELIN) | 100 |
| [ITEM 14.](#ITEM14MATERIALMODIFICATIONSTOTHERIGHTSOF) | [MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#ITEM14MATERIALMODIFICATIONSTOTHERIGHTSOF) | 100 |
| [ITEM 15.](#Item15) | [CONTROLS AND PROCEDURES](#Item15) | 100 |
| [ITEM 16A.](#Item16AAUDITCOMMITTEEFINANCIALEXPERT_689) | [AUDIT COMMITTEE FINANCIAL EXPERT](#Item16AAUDITCOMMITTEEFINANCIALEXPERT_689) | 105 |
| [ITEM 16B.](#Item16BCODEOFETHICS_52284) | [CODE OF ETHICS](#Item16BCODEOFETHICS_52284) | 105 |
| [ITEM 16C.](#Item16CPRINCIPALACCOUNTANTFEESANDSERVICE) | [PRINCIPAL ACCOUNTANT FEES AND SERVICES](#Item16CPRINCIPALACCOUNTANTFEESANDSERVICE) | 106 |
| [ITEM 16D.](#Item16DEXEMPTIONSFROMTHELISTINGSTANDARDS) | [EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#Item16DEXEMPTIONSFROMTHELISTINGSTANDARDS) | 106 |
| [ITEM 16E.](#Item16EPURCHASESOFEQUITYSECURITIESBYTHEI) | [PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#Item16EPURCHASESOFEQUITYSECURITIESBYTHEI) | 107 |
| [ITEM 16F.](#Item16FCHANGEINREGISTRANTSCERTIFYINGACCO) | [CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT](#Item16FCHANGEINREGISTRANTSCERTIFYINGACCO) | 107 |
| [ITEM 16G.](#Item16GCORPORATEGOVERNANCE_136375) | [CORPORATE GOVERNANCE](#Item16GCORPORATEGOVERNANCE_136375) | 107 |
| [ITEM 16H.](#Item16HMINESAFETYDISCLOSURE_482732) | [MINE SAFETY DISCLOSURE](#Item16HMINESAFETYDISCLOSURE_482732) | 107 |
| [ITEM 16I.](#Item16IDISCLOSUREREGARDINGFOREIGNJURISDI) | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#Item16IDISCLOSUREREGARDINGFOREIGNJURISDI) | 107 |
| [ITEM 16J.](#Item16J_433849) | [INSIDER TRADING](#Item16J_433849) | 107 |
| [ITEM 16K.](#Item16K_816108) | [CYBERSECURITY](#Item16K_816108) | 107 |
| [ITEM 17.](#Item17FINANCIALSTATEMENTS_127675) | [FINANCIAL STATEMENTS](#Item17FINANCIALSTATEMENTS_127675) | 108 |
| [ITEM 18.](#Item18FINANCIALSTATEMENTS_877221) | [FINANCIAL STATEMENTS](#Item18FINANCIALSTATEMENTS_877221) | 108 |
| [ITEM 19.](#ITEM19EXHIBITS_471538) | [EXHIBITS](#ITEM19EXHIBITS_471538) | H-1 |
| [**LOCATION MAPS**](#LOCATION_MAPS) | [**LOCATION MAPS**](#LOCATION_MAPS) | M-1 |

---

[**Table of Contents**](#TOC)

**PRESENTATION OF INFORMATION** 

We are incorporated in the Republic of South Africa as a public company under South African company law. Our audited consolidated financial statements are prepared in accordance with International Financial Reporting Standards (**IFRS**), as issued by the International Accounting Standards Board (**IASB**).

As used in this Form20-F:

● **rand** or **R** means the currency of the Republic of South Africa;

● **US dollars**, "dollars", **US$** or **$** means the currency of the United States (US); and

● **euro**, **EUR** or **€** means the common and currency of the member states of the European Monetary Union.

We present our financial information in rand, which is our reporting currency. Solely for your convenience, this Form 20-F contains translations of certain rand amounts into US dollars at specified rates as at and for the year ended 30 June 2025. These rand amounts do not represent actual US dollar amounts, nor could they necessarily have been converted into US dollars at the rates indicated.

**All references in this Form 20-F to "years" refer to the financial years ended on 30 June. Any reference to a calendar year is prefaced by the word "calendar".**

Besides applying barrels (**b** or **bbl**) and standard cubic feet (**scf**) for reporting oil and gas reserves and production, Sasol applies the Système International (**SI**) metric measures for all global operations. A ton, or tonne, denotes one metric ton equivalent to 1 000 kilograms (**kg**). Sasol's reference to metric tons should not be confused with an imperial ton equivalent to 2 240 pounds (or about 1 016 kg).

In addition, in line with a South African convention under the auspices of the South African Bureau of Standards (**SABS**), the information presented herein is displayed using the decimal comma (e.g. 3,5) instead of the more familiar decimal point (e.g., 3.5) used in the United Kingdom (**UK)**, US and elsewhere. Similarly, a hard space is used to distinguish thousands in numeric figures (e.g., 2 500) instead of a comma (e.g., 2,500).

All references to the **group**, **us**, **we**, **our**, **Company**, or **Sasol** in this Form 20-F are to Sasol Limited, its group of subsidiaries and its interests in associates, joint arrangements and structured entities. All references in this Form 20-F are to Sasol Limited or the companies comprising the group, as the context may require. All references to "(Pty) Ltd" refer to Proprietary Limited, a form of corporation in South Africa which restricts the right of transfer of its shares and prohibits the public offering of its shares.

All references in this Form 20-F to **South Africa** and **the government** are to the Republic of South Africa and its government. All references to the **JSE** are to the JSE Limited or Johannesburg Stock Exchange, the securities exchange of our primary listing in South Africa. All references to **SARB** refer to the South African Reserve Bank. All references to **PPI** and **CPI** refer to the South African Producer Price Index and Consumer Price Index, respectively, which are measures of inflation in South Africa. All references to **GTL** refer to our gas-to-liquids processes.

Forward-looking and other statements in this Form20-F, including those in relation to our environmental, social and other sustainability plans and goals, are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the US Securities and Exchange Commission (**SEC**). In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

Unless otherwise stated, presentation of financial information in this annual report on Form 20-F will be pursuant to IFRS. Our discussion of business segment results follows the basis used by the President and Chief Executive Officer (the company's chief operating decision maker) for segmental financial decisions, resource allocation and performance assessment, which forms the accounting basis for segmental reporting, that is disclosed to the investing and reporting public.

**Financial Overview** means the Chief Financial Officer's statement included in Exhibit 99.3.

**Headline earnings per share** (**HEPS**) refers to disclosures made under the listing requirements issued by the JSE (JSE Listing Requirements).

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**EBIT** refers to earnings before interest and tax.

**LBIT** refers to loss before interest and tax.

**Adjusted EBITDA** refers to adjusted earnings before interest, taxes, depreciation and amortisation calculated by adjusting EBIT for depreciation, amortisation, share-based payments, remeasurements items, changes in discount rates of our rehabilitation provisions, all unrealised translation gains and losses and all unrealised translation gains and losses on our derivatives and hedging activities.

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#### FORWARD-LOOKING STATEMENTS
We may from time to time make written or oral forward-looking statements, including in this Form 20-F, in other filings with the SEC, in reports to shareholders and in other communications. These statements may relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, expectations, developments and business strategies. Examples of such forward-looking statements include, but are not limited to:

● rising inflation, supply chain issues, volatile commodity costs and other inflationary pressures exacerbated by geopolitical conflicts and/or instability and subsequent sanctions;

● the capital cost of our projects, including the Production Sharing Agreement **(PSA)** project (including material, engineering and construction cost) and the timing of project milestones;

● our ability to obtain financing to meet the funding requirements of our capital investment programme, as well as our ongoing business activities;

● statements regarding our future results of operations and financial condition and regarding future economic performance including cost containment, cash conservation programmes and business optimisation initiatives;

● statements regarding recent and proposed accounting pronouncements and their impact on our future results of operations and financial condition;

● statements of our business strategy, business performance outlook, plans, objectives or goals, including those related to products or services;

● statements regarding future competition, volume growth and changes in market share in the industries and markets for our products;

● statements regarding our existing or anticipated investments (including the Mozambique exploration and development activities, the ORYX GTL joint venture in Qatar, chemical projects and joint arrangements in North America and other investments), acquisitions of new businesses or the disposal of existing businesses, including estimates or projections of internal rates of return and future profitability;

● statements regarding our estimated oil, gas and coal reserves;

● statements regarding the probable future outcomes of litigation and regulatory proceedings and potential developments in legal and regulatory requirements including statements regarding our ability to comply with such future requirements;

● statements regarding future fluctuations in refining margins and crude oil, natural gas and petroleum and chemical product prices;

● statements regarding the demand, pricing and cyclicality of oil, gas and petrochemical product prices;

● statements regarding changes in the fuel and gas pricing mechanisms in South Africa and their effects on prices, our operating results and profitability;

● statements regarding future fluctuations in exchange and interest rates and changes in credit ratings;

● statements regarding total shareholder return;

● statements regarding our growth and expansion plans;

● statements and assumptions regarding our weighted average cost of capital;

● statements regarding our current or future products and anticipated customer demand for these products;

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● statements regarding acts of war, terrorism or other events that may adversely affect the group's operations or those of key stakeholders to the group;

● the impact of any pandemics, and the measures taken in response, on Sasol's business, results of operations, markets, employees, financial condition and liquidity;

● the effectiveness of any actions taken by Sasol to address or limit any impact of such pandemics on its business, people and operations;

● statements and assumptions relating to macro-economics including in relation to potential impact of pandemics;

● statements regarding climate change, climate change impacts, and our climate change strategies including strategies around disclosure and transparency of climate, energy efficiency improvement, GHG emission reduction targets, our net zero emissions ambition and future low-carbon initiatives, including relating to alternative feedstocks, renewable energy, renewable fuels and sustainable aviation fuel;

● statements regarding our estimated carbon tax liability;

● statements regarding cybersecurity;

● statements regarding ongoing legal proceedings, including tax litigation and assessments; and

● statements of assumptions underlying such statements.

Words such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may", "endeavour", "target", "forecast" and "project" and similar expressions are intended to identify 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 in such forward-looking statements. 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 include among others, and without limitation:

● the impact of pandemics, and the related response measures, on the Company and on the economies in which we operate;

● the outcome in pending and developing regulatory matters, and the effect of changes in regulatory requirements and government policy;

● imposition of tariffs in countries we export to;

● the political, social and fiscal regime and economic conditions and developments in the world including sanctions, especially in those countries in which we operate;

● the outcome of legal proceedings including tax litigation and assessments;

● our ability to maintain key customer relations in important markets;

● our ability to improve results despite increased levels of competition;

● our ability to utilise our oil, gas and coal reserves as anticipated;

● the continuation of substantial growth in significant developing markets;

● the ability to benefit from our capital investment programme;

● the accuracy of our assumptions in assessing the economic viability of our large capital projects and growth in significant developing areas of our business;

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● the ability to gain access to sufficient competitively priced gas, coal and other feedstocks and/or other commodities;

● the impact of increasingly more stringent environmental, sustainability, governance and regulatory requirements on our operations and access to natural resources;

● the risk of potential liability for our operations under existing or future environmental regulations;

● our success in continuing technological innovation to address climate change risks;

● the success of our Broad-Based Black Economic Empowerment (B-BBEE) ownership transactions;

● our ability to maintain sustainable earnings despite fluctuations in oil, gas and commodity prices, foreign currency exchange rates and interest rates;

● our ability to maintain sufficient levels of cash at all times;

● our ability to attract and retain sufficient and adequately skilled employees;

● the risk of completing major projects within budget and schedule; and

● our success at managing the foregoing risks.

The foregoing list of important factors is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider the foregoing factors and other uncertainties and events, and you should not place undue reliance on forward-looking statements. Forward-looking statements apply only as of the date on which they are made and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. See "Item 3.D—Risk factors".

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#### ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES
We are a public company incorporated under the company law of South Africa. Most of our directors and officers reside outside the US, principally in South Africa. You may not be able, therefore, to effect service of process within the US upon those directors and officers with respect to matters arising under the federal securities laws of the US.

In addition, most of our assets and the assets of most of our directors and officers are located outside the US. As a result, you may not be able to enforce against us or our directors and officers, judgements obtained in US courts predicated on the civil liability provisions of the federal securities laws of the US.

There are additional factors to be considered under South African law in respect of the enforceability in South Africa (in original actions or in actions for enforcement of judgements of US courts) of liabilities predicated on the US federal securities laws. These additional factors include, but are not necessarily limited to:

● South African public policy considerations;

● South African legislation regulating the applicability and extent of damages and/or penalties that may be payable by a party;

● the applicable rules under the relevant South African legislation which regulate the recognition and enforcement of foreign judgements in South Africa; and

● the South African courts' inherent jurisdiction to intervene in any matter which such courts may determine warrants the courts' intervention (despite any agreement among the parties to (i) have any certificate or document being conclusive proof of any factor, or (ii) oust the courts' jurisdiction).

Based on the foregoing, there is no certainty as to the enforceability in South Africa (in original actions or in actions for enforcement of judgements of US courts) of liabilities predicated on the US federal securities laws.

#### ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not applicable.

#### ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.

#### ITEM 3. KEY INFORMATION

#### 3.A [Reserved]

#### 3.B Capitalisation and indebtedness
Not applicable.

#### 3.C Reasons for the offer and use of proceeds
Not applicable.

#### 3.D Risk factors
***This section describes some of the risks that could materially affect, separately or in combination, Sasol's business, operating results, cash flows and financial position. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business operations. Accordingly, investors should carefully consider these risks.***

***Further background and measures that we use when assessing various risks are set out in the relevant sections of this report, indicated by way of cross references under each risk factor.***

**Summary of Risk Factors**

Please carefully consider all of the information discussed in this Form 20-F for a more thorough description of these and other risks. The risks described below are organised by risk type and are not listed in order of their priority to us or their impact on us.

*Risks related to our business*

● Cyclicality and variability in petrochemical and refined product margins, supply and demand may adversely affect our business, operating results, cash flows and financial position;

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● Our coal, crude oil, and natural gas reserve estimates may be materially different from the quantities and qualities that we eventually recover or ultimately make use of;

● We may be unable to access, discover, appraise and develop gas resources at a rate and price that is adequate to sustain our business and/or enable growth;

● We may not be able to exploit technological advances quickly and successfully enough, or competitors may develop superior technologies; and

● Our insurance may not sufficiently cover damage or other potential losses, thereby impacting our business and financial position.

*Risks related to financial matters*

● We may not be able to repay, extend or refinance our debt in a timely manner or at all, which would have a material adverse effect on our credit rating, financial position and ability to continue as a going concern;

● Our access to and cost of funding is affected by our credit rating, which in turn is affected by, among other factors, our financial performance and the sovereign credit rating of the Republic of South Africa;

● We may not achieve our business plans to deliver sufficient positive cash flow available for debt service, given the magnitude of debt;

● Fluctuations in coal, crude oil, natural gas, ethane, chemical and petroleum product prices and refining margins may adversely affect our business, operating results, cash flows and financial position;

● Fluctuations in exchange rates may adversely affect our business, operating results, cash flows and financial position; and

● Certain factors may result in the recognition of asset impairment charge, which could negatively impact our financial position.

*Risks related to economic, political or social factors* 

● Economic, political or social factors affecting the regions in which we operate may have a material adverse effect on our operations and profit; and

● Our global asset base and market footprint expose us to negative impacts of tariffs and/or trade barriers that may inhibit our ability to place products across regions.

*Risks related to our capital investments*

● We may not achieve projected benefits of acquisitions or divestments;

● Our projects and capital investments may be subject to schedule delays and cost overruns, and we may face material changes in market conditions or other business assumptions, which could render our projects unviable or less profitable than anticipated;

● The concentration of service providers supplying the oil and gas industry and the immaturity of the supplier market in Mozambique may adversely affect our business or our operations;

● Exposure related to significant investments in associates and joint arrangements may adversely affect our business, operating results, cash flows and financial position; and

● We may not pay dividends or make similar payments to shareholders in the future due to various factors.

*Risks related to the safety and reliability of our operations*

● Constraints in the supply of water and electricity, utility cost increases in excess of inflation , as well as poor infrastructure may impact our operations;

● We may face potential costs as well as harm to our reputation in connection with incidents causing property damage, personal injury or environmental contamination and industry and value chain-related operational interruptions; and

● Our facilities may also be subject to deliberate disruptions.

*Risks related to legal, regulatory and governance matters*

● Our shareholders might lose confidence in our financial and other public reporting if we continue to identify material weaknesses and fail to maintain an effective system of internal controls over financial reporting, which in turn may adversely affect our share price;

● Actual or alleged non-compliance with regulatory requirements could result in criminal or civil enforcement and associated sanctions and/or harm our reputation and negatively impact our licence to operate;

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● Stringent South African regulations in the areas of mining, petroleum and energy activities may have an adverse effect on our mineral rights and impact our business, operating results, cash flows and financial position;

● Changes in environmental, health, safety and chemical regulations, other legislation and public opinion may adversely affect our business, operating results, cash flows and financial position;

● We are subject to risks associated with litigation and regulatory proceedings; and

● Intellectual property risks may adversely affect our freedom to operate our processes and sell our products and may weaken our competitive advantage.

*Risks related to our sustainability*

● The effectiveness of our strategy to respond to climate change, including compliance with evolving regulatory requirements, our adoption of policies and implementation of plans to reduce GHG emissions as well as other pollutants while adequately disclosing related risks, strategies and impacts, is subject to uncertainties and related regulatory and public scrutiny. This scrutiny could result in negative sentiments and environmental claims adversely impacting our business. In addition, laws, policies and societal concerns related to climate change could reduce supply/demand for our products, increase our operational costs, reduce our competitiveness, negatively impact our stakeholder relations, or adversely affect our licence to operate and impede our access to capital and financing; and

● The assumptions we have used to test our resilience to climate change may be incorrect, and we may not be able to accurately ascertain our vulnerability to climate change.

*Risks related to health, including pandemics*

● Our global operations expose us to pandemics which may adversely affect our workforce, our access to external labour and impact business continuity, operating results, cash flows and financial position.

*Risks related to information management* 

● We may face the risk of data breaches or attempts to disrupt critical information and operational technology services, which may adversely impact our operations and business continuity.

*Risks related to our people*

● We may be unable to attract and retain some critical talent to support current and future business requirements;

*Risks related to our American Depositary Receipts (ADR or ADRs)* 

● The exercise of voting rights by holders of ADRs is limited in some circumstances;

● Holders of Sasol's ordinary shares or ADSs may be subject to dilution as a result of any non-pre-emptive share issuance, and shareholders outside South Africa or ADS-holders may not be able to participate in future offerings of securities (including Sasol's ordinary shares) carried out by or on behalf of Sasol;

● Sales of a large amount of Sasol's ordinary shares and ADSs could adversely affect the prevailing market price of the securities; and

● US securities laws do not require Sasol to disclose as much information to investors as a US issuer is required to disclose, and investors may receive less information about the Company than they might otherwise receive from a comparable US company.

***Risks related to our business***

**Cyclicality and variability in petrochemical and refined product margins, supply and demand may adversely affect our business, operating results, cash flows and financial position** 

Sasol's chemicals portfolio includes several products that are exposed to cyclicality in margins and demand. Margins for polymers, solvents, surfactants and fertilisers trend in a cyclical manner that usually, but not always, coincides with the normal business cycles of regional and global economies.

Cyclicality combined with difficulty in forecasting the timing of business cycles, and prices for refined and chemical products, especially during

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periods of volatile market conditions, may have a material adverse effect on our business, operating results, cash flows and financial position.

Loss of business competitiveness remains a risk, driven by, *inter alia*, uncompetitive product cost, insufficient volumes impacting the competitiveness of our cost structure (for any or all of our products) and ability to meet demand, sub-optimal inventory levels, supply chain disruptions, critical feedstock availability, inadequate innovation, a breakdown in key customer relationships, loss of customers and ability to place product in the market. This includes the risk of increased competition in the liquid fuels market in Southern Africa should new market entrants emerge.

**Our coal, crude oil, and natural gas reserve estimates may be materially different from the quantities and qualities that we eventually recover or ultimately make use of**

Our reported coal, crude oil, and natural gas reserves are estimated quantities and qualities based on applicable reporting regulations that, under present conditions, have the potential to be economically mined processed, produced, delivered to market and sold.

There are numerous uncertainties inherent in estimating quantities and qualities of reserves and in projecting future rates of production, including factors that are beyond our control, and therefore estimated quantities and qualities of reserves are uncertain. The accuracy of any reserve estimate is a function of the quality of available data at the specific time collected (which if changed, may require us to lower the estimated mineral reserves and mineral resources), engineering and geological interpretation, costs to develop and produce and market prices for related products.

Reserve estimates are adjusted to reflect improved recovery and extensions and are revised from time to time based on improved data acquired from actual production experience and other factors. In addition, regulatory changes and market prices may result in a revision to estimated reserves. Revised estimates may have a material adverse effect on our business, operating results, cash flows and financial performance. For example, if quantities and qualities eventually recovered or if recovery rates are materially different from estimates, then this could result in us having insufficient quantities to meet demand or supply obligations for such production. See "Item 4.D—Property, plants and equipment".

**We may be unable to access, discover, appraise and develop gas resources at a rate and price that is adequate to sustain our business and/or enable growth**

Our natural gas resources in Mozambique are of particular importance as feedstock for our plants in South Africa, as well as for sales of gas into the markets in Mozambique and South Africa. We continue to develop a portfolio of gas options in Mozambique which includes gas field development of the current Petroleum Production Agreement (**PPA**) and **PSA** assets and pursuing exploration opportunities, as well as considering options for future supply of liquified natural gas. However, we cannot be sure that we will be able to successfully develop the full portfolio of gas options. Capital availability as well as economic viability play a key role in determining which projects are implemented. Cost of gas increases when there is low volume recovery requiring significant capital investments. The cost of these additional tranches of gas has the potential to be uneconomical to buyers of gas.

Natural gas from the PPA, which has been in operation since 2004, has started to decline. There are no guarantees that the production plateau will persist given the inherently uncertain nature of upstream production in accurately forecasting gas recovery, especially at this stage of the asset life. In addition to PPA investments, any investment made in the PSA has significant subsurface volume uncertainty given that it is a new development, and additional data is required to improve forecasting. Gas to the domestic market in Mozambique will be prioritised in accordance with existing commitments, and thereafter production will be allocated according to the gas volumes contracted for export to South Africa.

Competition for suitable opportunities, increasing technical difficulty, stringent regulatory and environmental standards, large capital requirements, lack of strategic enabling infrastructure and existing capital commitments may negatively affect our ability to access, appraise and develop new gas resources in a timely manner, which could adversely impact our ability to support and sustain our current business operations while we pursue our growth ambitions. Our future growth could also be impacted by these factors, potentially leading to a material adverse effect on our business, operating results, cash flows and financial position.

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**We may not be able to exploit technological advances quickly and successfully enough, or competitors may develop superior technologies**

Many of our operations, including the manufacture of synthetic fuels and petrochemical products, are dependent on the use of advanced technologies. The development, commercialisation and integration of the appropriate advanced technologies can affect, among other things, the competitiveness of our products, the continuity of our operations, our feedstock requirements and the capacity and efficiency of our production.

It is possible that new technologies or novel processes may emerge and that existing technologies may be further developed in the fields in which we operate. Unexpected advances in employed technologies or the development of novel processes can affect our operations and product ranges and could render the technologies we utilise or the products we produce obsolete or less competitive in the future. Difficulties in accessing new technologies may limit our ability to implement them and competitive and environmental pressures may force us to implement these new technologies at a substantial cost.

In addition to the potential technological challenges, expansion projects are often integrated across our value chain. Delays with the development of an integrated project may have an impact on more than one business segment and could result in a material adverse effect on our business, operating results, cash flows and financial position.

Over time, we anticipate using alternative feedstocks for sustainable products, however, this will depend on the affordability of production technologies, the scale of renewable energy roll-out, and our ability to procure the necessary technology cost effectively. Our effort to transition may be unsuccessful and the process may lead to increased operational and capital costs and negatively impact other growth strategies. For more information, see *"—Risks related to our sustainability – The effectiveness of our strategy to respond to climate change, including compliance with evolving regulatory requirements, our adoption of policies and plans to reduce GHG emissions as well as other pollutants while adequately disclosing related risks, strategies and impacts, is subject to uncertainties and related regulatory and public scrutiny. This scrutiny could result in negative sentiments and environmental claims adversely impacting our business. In addition, laws, policies and societal concerns related to climate change could reduce supply/demand for our products, increase our operational costs, reduce our competitiveness, negatively impact our stakeholder relations, or adversely affect our licence to operate and impede our access to capital and financing - Transitional risk, access to low-carbon opportunities."*

**Our insurance may not sufficiently cover damage or other potential losses, thereby impacting our business and financial position**

It is Sasol's policy to ensure the appointment of an effective service provider and procure appropriate insurance cover for property damage and business interruption for our production facilities. We aim to obtain insurance policies to cover above acceptable deductible levels at acceptable commercial premiums. However, cover for all loss scenarios may not be available at acceptable terms or commercial rates, and we cannot give any assurance that the insurance procured for any particular year will sufficiently cover all potential risks or that the insurers will have the financial ability to pay all claims that may arise. In addition, loss and liability in relation to cybersecurity may not be sufficiently covered by our insurance.

The costs we may incur as a result of the above or related factors could have a material adverse effect on our business, operating results, cash flows and financial performance.

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***Risks related to financial matters***

**We may not be able to repay, extend or refinance our debt in a timely manner or at all, which would have a material adverse effect on our credit rating, financial position and ability to continue as a going concern**

A number of short- to medium-term factors can adversely affect our access to capital and ability to repay, extend or refinance our existing debt or access future financing on commercially reasonable terms (if at all), which in turn can materially affect our business results, liquidity and financial position. These factors include:

● the risk of a prolonged surge in global inflation and interest rates;

● poor financial and operational performance, including a reduction in operating cash flow, changes to our net debt to **EBITDA** ratio as applied to our covenant calculations;

● a low share price and consequent low market capitalisation , which may result in a high multiple of debt to market value of equity which negatively impacts market confidence;

● prolonged dislocation in the financial and capital markets;

● insufficient cash flow available for debt service in the future reporting periods to support our existing debt on the balance sheet;

● prolonged periods of low oil and chemical prices and product margins;

● inherent business risks, including unplanned production outages, supply chain disruptions, and higher-than-anticipated capital requirements to sustain operations and projects;

● climate change and environmental, social and governance (**ESG**) strategy concerns, which may restrict the availability of bank loans or limit our access to the local and global debt capital markets;

● obligations under guarantees may limit the ability to obtain debt or result in being called upon to satisfy the guarantee in the event of a default by an obligor;

● changes in financial market regulation; and

● adverse global events including the impact of pandemics, tariffs and geopolitical conflicts.

In addition, our principal credit facilities contain restrictive covenants (including financial covenants). These restrictive covenants limit, among other things, our ability to encumber our assets, incur incremental debt and dispose of assets in certain circumstances. In addition, the financial covenants include a requirement to not exceed a maximum net debt-to- EBITDA ratio, as applied to our covenant calculations and as defined in the credit facility agreements. These restrictive covenants could limit our operating and financial flexibility, and failure to comply with any covenant may enable lenders to accelerate our repayment obligations.

Our operating cash flows and credit facilities may also be insufficient to meet our capital requirements and related incremental working capital plans, depending on the timing and cost of development of our existing and future projects and our overall operating performance. As a result, additional capital may be needed to meet the funding requirements of these projects and to maintain ongoing business activities. Should available capital not be allocated firstly to refinancing and extending existing debt maturities (to the extent they are not covered by cash flows), the funding deficit would impact our ability to continue as a going concern.

Further, we have incurred US dollar-denominated debt to fund certain US dollar-operated assets. To the extent the cash flows from these assets are insufficient to fulfil our debt obligations, rand cash flows and/or cash balances from the Company of the debt may need to be utilised. US dollars may not readily be available to us when required, and we may not be able to fund such repayments.

Under South African exchange control regulations, we must obtain approval from the Financial Surveillance Department **(FSD**) of the SARB ahead of proceeding with any capital raising activity involving a currency other than the rand. In granting its approval, the FSD may impose conditions on our use of the proceeds of the capital raising activity outside of South Africa, including limits on our ability to retain the proceeds of such activity, or require further approval by the FSD prior to applying any of these proceeds to any specific use. Any limitations imposed by the FSD on our use of the proceeds of a capital raising activity could adversely affect our flexibility in financing our

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investments or our financial needs. For more information regarding exchange controls in South Africa, see "Item 10.D—Exchange controls".

**Our access to and cost of funding is affected by our credit rating, which in turn is affected by, among other factors, our financial performance and the sovereign credit rating of the Republic of South Africa**

Any downgrades to our credit rating, be that due to the deterioration of our financial performance or a decline of the sovereign credit rating of the Republic of South Africa, could adversely affect our access to and the cost of funding.

There are factors that may negatively impact the achievement of our set targets. These include, among others, negative macroeconomic developments or deterioration of market conditions, as well as the impact of operational instability and failure to manage costs appropriately across our operating sites. Any cash flow improvements achieved may therefore differ significantly from the amounts currently being targeted. The actual improvements may only be targeted in countering inflation and macroeconomic developments and may not result in expected improvements. If the anticipated benefits cannot be realised from these efforts, our business, operating results, financial position, cash flows and ability to execute our growth strategy could be adversely affected.

**We may not achieve our business plans to deliver sufficient positive cash flow available for debt service, given the magnitude of debt**

There are factors that may negatively impact the achievement to deliver on the required cash flow for debt servicing. These include negative macroeconomic developments or deterioration of market conditions as well as the impact of operational instability and our failure to manage costs appropriately across our operating sites. The actual cash flow improvement achieved may therefore differ significantly from the current targeted amounts. If the anticipated benefits cannot be realised from these efforts, our business, operating results, financial position, cash flows and ability to execute our growth strategy could be adversely affected.

**Fluctuations in coal, crude oil, natural gas, ethane, chemical and petroleum product prices and refining margins may adversely affect our business, operating results, cash flows and financial position**

*Market prices are subject to fluctuations due to general economic conditions, production capacity, industry inventory levels and technology advancements*

We depend on coal, crude oil, natural gas, ethane, chemicals and petroleum products, among others, as feedstock and process materials. The market prices of these products fluctuate, and it remains inherently challenging to forecast such fluctuations in prices and margins as they are subject to local and international supply and demand fundamentals and other factors, such as macroenvironment volatilities, over which we have no control. Currency fluctuations and commodity prices can have a joint impact on our financial performance and could adversely affect our business, operating results, cash flows and financial position, including the delay or cancellation of projects.

In addition, a substantial proportion of our turnover is derived from sales of natural gas, chemical and petroleum products, the prices of which have fluctuated significantly in recent years. These prices are affected primarily by feedstock costs and other global factors including changes in global product inventory, production capacity and availability of substitute products. Crude oil prices may be significantly influenced by macroeconomic conditions, global supply conditions, industry inventory levels, technology advancements, weather-related damage and disruptions, alternative fuel prices and geopolitical risks, including warfare. See *"Item 5.A—Operating results"* for the impact of the crude oil prices on the results of our operations.

It is inherently difficult to forecast fluctuations in prices for coal, crude oil, natural gas, ethane, chemicals and petroleum products. This risk has been and will continue to be exacerbated by policy changes (such as price caps on gas, tariffs, the promotion of electric vehicle sales or the phasing-out of future sales of new diesel or petrol internal combustion engine vehicles) and the disruption caused by the Russia-Ukraine war as well as conflicts and the related instability in the Middle East***,*** and the consequent inflationary pressures from feedstock costs, changing regulatory environments, impacts on supply chains and uncertainties around changes in monetary and trade policies in high inflationary environments. The macro-environment remains volatile, with key indicators (such

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as exchange rate, oil, feedstock cost and inflation) changing frequently and significantly.

As we are unable to control the price at which these products are purchased or sold, fluctuations in prices, or inability to obtain or sell these products, may have a material adverse effect on our business, operating results, cash flows and financial position.

*South African regulations and margin erosion*

The South African government controls and/or regulates certain fuel prices and our margins may be impacted as a result of changes to the regulations and formulae used to calculate such prices.

South African liquid fuel prices are determined on an import parity principle using the basic fuel price (**BFP**) mechanism. Elements in the BFP formula are updated or adjusted from time to time at the discretion of the Department of Mineral and Petroleum Resources (**DMPR**), which may affect margins.

Further, through our equity participation in the National Petroleum Refiners of South Africa (Pty) Ltd (**Natref**) crude oil refinery, we are exposed to fluctuations in refinery margins resulting from fluctuations in international crude oil and petroleum product prices.

Piped gas prices are regulated through the approval of maximum gas prices (**MGP**) by the National Energy Regulator of South Africa (**NERSA**). NERSA uses its MGP Methodology adopted from time to time as the guideline for assessing and deciding on maximum gas price applications by licensed traders. In January 2023, NERSA adopted a revised MGP Methodology which is subject to periodic review by NERSA and the adoption and implementation by NERSA of any revised methodology in relation to future gas price applications by Sasol Gas (Pty) Ltd (**Sasol Gas**) could have an adverse effect on our business, operating results, cash flows and financial position. In addition, the ultimate outcome of the ongoing litigation in the review application of the 2021 NERSA Maximum Gas Price decision (described under *"Item 4.B—Business overview—Legal proceedings and other contingencies"*) may also lead to such an adverse effect.

*Long-term fluctuations in US dollar prices for oil*

While we use derivative financial instruments and engage in hedging activities from time to time to mitigate against downside risk, these do not protect against all differences in pricing trends among crude oil, chemicals and petroleum products and, as such, our exposure could result in reduced revenues and may have an adverse effect on our business, operating results, cash flows and financial performance. See *"Item 11—Quantitative and Qualitative Disclosures About Market Risk"*.

**Fluctuations in exchange rates may adversely affect our business, operating results, cash flows and financial position**

The South African rand is the principal functional currency of our operations, and we report our financial results in rand. However, a significant portion of our turnover is impacted by the US dollar and the pricing of most petroleum and chemical products is based on global commodity and benchmark prices, which are quoted in US dollars. Further, most of the components of the BFP are US dollar-denominated and later converted to rand, which impacts the price at which we sell fuel in South Africa. In addition, a significant part of our borrowings is US dollar-denominated, as these relate to investments outside South Africa or constitute materials, engineering and construction costs imported into South Africa. Fluctuations in the rand/US dollar (ZAR/US$) exchange rate impact our financial leverage, profitability and estimated capital expenditure.

We also generate turnover and incur operating costs in US dollars, euros and other currencies.

As a result, fluctuations in exchange rates between the rand and the US dollar, and/or between the rand and the euro, among others, may have a material effect on our business, operating results, cash flows and financial position.

Furthermore, the rand exchange rate is affected by various international and domestic economic and political factors. The strengthening of the rand would have an adverse effect on our operating results, cash flows and financial position; essentially a stronger rand translates into less rand-based revenue received from products with rand sales at prices derived from dollar price reference points. However, given the significance of our foreign currency-denominated long-

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term debt, a weaker rand against the US dollar would have a negative impact on our gearing and result in a larger ZAR amount when the USD debt is translated into ZAR. See *"Item 5.A—Operating results"* for further information regarding the effect of exchange rate fluctuations on results of our operations.

Although the exchange rate of the rand is primarily market-determined, its value at any time may not be an accurate reflection of its underlying value, due to the effect of, among other factors, exchange controls. For more information regarding exchange controls in South Africa see *"Item 10.D—Exchange controls"*.

In addition, fluctuations in the exchange rates of the rand against the US dollar, euro and other currencies may impact the comparability of our financial statements between periods due to the effects of translating the functional currencies of our foreign subsidiaries into rand at different exchange rates.

**Certain factors may result in the recognition of asset impairment charge, which could negatively impact our financial position**

An impairment risk may continue to materialise as a result of one or more uncertainties when preparing the financial statements, such as but not limited to:

● Macroeconomic and commodity price assumptions: Sasol's operating results are heavily dependent on commodity prices, such as those for crude oil, natural gas, coal, ethylene and ethane. A significant decline in these prices, as well as adverse exchange rate developments, inflation, a decline in chemical prices and petroleum product prices and above-inflation-related price increases in electricity could result in a reduction in the value of Sasol's assets and operations;

● Currency fluctuations: We operate in several countries, and our financial results are impacted by exchange rates. A significant change in exchange rates could lead to an impairment of assets denominated in foreign currencies;

● Environmental and carbon market regulations and instruments: Sasol's operations are subject to environmental and carbon market regulations in the countries where it operates. Changes in these regulations and a failure to

comply with them could lead to fines or other penalties that could negatively impact our licence to operate and impact Sasol's financial results. Carbon market regulations and instruments including the carbon tax rate, tax-free allowances and emissions exceeding the carbon budget requirements could also result in an impairment of our assets;

● Technological advances: Sasol's operations rely on complex technologies, and advances in technology could render its assets obsolete. This could result in a reduction in the value of its assets and operations;

● Economic conditions: Our financial results are impacted by economic conditions in the countries where we operate. A significant economic downturn could result in a reduction in demand for our products, which could impact our financial results;

● Business strategy: Sasol's business strategy is subject to risks and uncertainties, and changes in the business environment could impact the success of its strategy. If the Company's strategy is not successful, it could result in an impairment of its assets;

● Political and social factors: Sasol operates in countries where political and social factors could impact its operations. Political instability, civil unrest, or changes in government policies could lead to a reduction in the value of Sasol's assets and operations;

● Operational factors: reduction in the productivity of our coal mining operations resulting in additional external coal purchases, the availability of coal reserves, coal quality and cost of mining activities are among the factors that could impact our financial results. Sasol's production volumes are also impacted by coal quality and operational stability, as well as the availability of natural gas reserves, cost of producing or sourcing of natural gas or liquified natural gas and fluctuations in regulated gas selling prices, all of which could lead to an impairment of our assets. Increasing operational costs and costs of sustenance capital, including capital and operational costs required to achieve our environmental target, may impact our financial results and lead to a failure to meet our strategic ambitions;

● Changes in cost of debt, risk-free rates, equity risk premium, betas, country risk premiums and capital structure, which may lead to

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changes in our weighted average cost of capital; and

● A sustained decline in Sasol's market capitalisation below the carrying value of its net assets may be considered an external indicator of impairment and could trigger impairment testing under applicable IFRS accounting standards.

If any of these uncertainties occur, either alone or in combination, management could be required to recognise an impairment, which could have a material adverse effect on our results of operations, and financial position and harm our reputation.

***Risks related to economic, political or social factors***

**Economic, political or social factors affecting the regions in which we operate may have a material adverse effect on our operations and profit**

*Fiscal and monetary policies*

Macroeconomic factors, such as inflation and interest rates, could affect our ability to contain costs and obtain cost-effective debt financing. Global financial conditions, geopolitical tensions, commodity price trends, emerging market sentiment swings and domestic socio-political and policy developments, could contribute to significant currency volatility.

Global economic conditions remain uncertain. Macroeconomic, trade (such as imposition and effects of tariffs internationally), socio-political uncertainties and other potential disruptions to international credit markets and financial systems could cause a loss of investor confidence and any economic recovery may remain limited. Moreover, any eventual recovery may prove slower than anticipated or not materialise, leading to a period of recession.

*Political and social uncertainty* 

We have invested in or are in the process of investing in and/or divesting from, significant operations in Southern African, European, North American, Asian and Middle Eastern countries that are experiencing or have experienced political, social and economic uncertainty, in some cases having experienced recent instances of political and social unrest. For example, South Africa faces ongoing challenges to develop the country's growth potential, reduce inequality, strengthen its public finances, combat corruption and address weaknesses at state-owned enterprises, particularly the national power utility, Eskom Holdings SOC Limited (**Eskom**) and Transnet SOC Limited (**Transnet**, the state-owned rail, port, terminal and pipeline company), and other institutions. These factors remain a risk to South Africa's business environment, sovereign credit rating outlook and future socio-economic stability.

In addition, economic and political instability in regions outside of the jurisdictions in which we operate and other geopolitical conflicts and/or instability, such as the Russia-Ukraine war and the geopolitical instability in the Middle East may result in unavoidable uncertainties that could negatively affect costs of business and cause volatility in exchange rates, commodity prices, inflation and interest rates including disruptions in supply chains. Such events impact worldwide political, regulatory, economic or market conditions, as well as cause instability in political institutions, regulatory agencies and financial markets, any of which have a material adverse effect on our business, operating results, cash flows and financial position.

Sasol operates in countries where political and social factors, such as political instability, civil unrest, or changes in government policies, could affect its operations. Specifically, Sasol's mining operations in South Africa and Sasol's gas operations in Mozambique are vulnerable to community disruptions, such as local community protests to obtain employment opportunities and procurement contracts. Following the 2024 election in Mozambique, instances of unrest and operational disruptions were experienced, such as community protests, temporary plant closures, damage to property, project delays, and employee safety concerns.

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Further, government policies, laws and regulations countries where we operate, or plan to operate in may change in the future. Such changes may be triggered by changes in government/public representatives due to the outcomes of elections in various countries/regions where we operate. In the past, governments in those countries have pursued, and may in the future pursue, policies of resource nationalisation and market intervention, including through protectionism like import tariffs and subsidies. The impact of such changes on our ability to conduct operations or deliver on planned projects cannot be determined with any degree of certainty. Such changes may therefore have an adverse effect on our operations and financial results. These risks may also include changes to tax regimes that adversely impact our business, as well as increased difficulty in obtaining or renewing licences and permits required to operate or expand in certain jurisdictions.

Sasol Mining Pty Ltd (**Sasol Mining)** is obliged to comply with the 2018 Broad-Based Socio-economic Empowerment Charter for the Mining and Metals Industry (the **Mining Charter**) requiring Sasol Mining to empower local communities and local businesses with at least 51% Black-owned, 100% Black women-owned and designated groups companies. The target of procurement spend is increased from time to time in accordance with the Mining Charter. Failure to comply with the Mining Charter provisions might result in an adverse effect on Sasol Mining's rights and licences.

*Transformation and local content*

We are required to interpret and understand the local content requirements for certain countries in which we operate. For example, in Mozambique we are required to interpret and comply with certain local content requirements to be able to enhance our social licence to operate in the domestic oil and gas industry. As a result, not understanding or complying with these local content requirements exposes Sasol to potential negative regulatory, financial and reputational risks, which may in turn cause a degradation of community relations and loss of competitiveness.

Further, we may not be able to ensure compliance with transformation requirements or with newly imposed regulations. For example, value creation, if any, to the majority of the Sasol Khanyisa (**Sasol Khanyisa**) shareholders at the conclusion of the Sasol Khanyisa Transaction (as defined below) is exposed to the inherent business risks of Sasol South Africa Limited (SSA) during the 10-year empowerment period of the Sasol Khanyisa transaction. The value created is determined with reference to the extent the fair value of SSA and any dividends declared by SSA exceed any outstanding vendor financing related to the Sasol Khanyisa shareholding transaction at the end of the transaction period. Any adverse impact on dividend distributions to the Sasol Khanyisa shareholders or on the valuation of the SSA business on conclusion of the transaction will reduce the ultimate value created, which could negatively impact Sasol's ability to meet B-BBEE targets. See "*Item 4.B— Business Overview— Empowerment of historically disadvantaged South Africans*".

ESG practices, especially regarding diversity, equity, inclusion, and belonging (**DEIB**), have been increasingly subject to political controversy in the United States most recently as a result of the executive orders signed by the U.S. administration on 20 January 2025, and 21 January 2025 respectively, aimed at limiting DEIB initiatives in the workplace. Sasol's policies and practices regarding DEIB and other ESG-related matters, including previously established goals and initiatives, or disclosures that may be required by non-U.S. laws, may expose the Company to legal, reputational and other risks, including anti-ESG and anti-DEIB-related orders, investigations, legislation, litigation, media coverage and scrutiny, boycotts and negative publicity from investors and other stakeholders.

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In addition, the JSE Listings Requirements mandate that listed companies have a broad diversity policy focused on the promotion of various diversity attributes including gender diversity and report on gender representation to their stakeholders. Similarly, the Mineral and Petroleum Resource Development Act 28 of 2002 (**MPRDA**) through the Mining Charter requires that at least 20% of the members of the board of directors for mining companies are to be women. There can be no assurance that Sasol will be able to recruit, attract and/or retain qualified members of its board of directors and satisfy gender and diversity requirements under the JSE Listing Requirements, the MPRDA or any other law that may become applicable to the Company, which may expose Sasol to financial penalties and adversely affect its reputation.

Sasol cannot predict what regulatory or other changes may occur in the future and may not be able to meet the conflicting expectations of some or all of its investors, customers, vendors, employees and other third parties (including governmental entities and officials and non-governmental organisations) regarding various aspects of its business, including with respect to DEIB and other ESG matters.

*Disruptive industrial action*

While the Sasol employee relations landscape is relatively stable, the South African and Mozambican labour markets are typically volatile and can be characterised by major industrial action in key sectors of the economy, especially during the seasons of wage negotiations. The current socio-economic climate, fragile political landscapes, cost-of-living pressures and high unemployment rates increase this risk.

*Jurisdictional and Sovereign Risk Factors* 

Country-specific risks that are applicable to the jurisdictions in which we operate, and which may have a material adverse effect on our business, include:

● expropriation of assets;

● non-performance by state-owned enterprises in South Africa such as Eskom and Transnet. See *"—Risks related to the safety and reliability of our operations — Constraints in the supply of water and electricity utility cost increases in excess of inflation as well as poor infrastructure may impact our operations";* 

● lack of capacity (financial or otherwise) to deal with emergency response situations; and

● terrorism threats.

**Our global asset base and market footprint expose us to negative impacts of tariffs and/or trade barriers that may inhibit our ability to place products across regions.**

Our global asset base and diversified market footprint expose us to adverse impacts from tariffs, trade restrictions, and protectionist policies. These barriers can limit our ability to efficiently place products across key regions, disrupt established supply chains, increase input costs, and reduce market access particularly in jurisdictions where Sasol operates manufacturing hubs or exports specialty chemicals and energy products.

In the United States, the new administration is imposing and increasing tariffs on imports into the country and may impose additional tariffs or further increase existing tariffs on imports. Other countries are also responding by imposing or increasing tariffs and may introduce further restrictions on imports. Any or all of these measures or restrictions may impact our ability to service our customer base in a cost-effective manner.

Changes in trade policy might also provoke retaliatory measures from affected countries, which could limit our ability to conduct business in those markets or decrease the number of foreign customers purchasing our products. Consequently, we may face higher costs for components used in our products, increased manufacturing expenses, currency exchange rate volatility, and elevated prices for our products in foreign markets. Additionally, protectionist policies and regulations could encourage our customers to shift their operations or supply chains to their own countries or others, or require their contractors, subcontractors, and agents to do the same, potentially undermining our current levels of productivity and manufacturing efficiency, manufacturing expenses, and currency exchange challenges.

***Risks related to our capital investments***

**We may not achieve projected benefits of acquisitions or divestments**

We may, from time to time and subject to favourable market conditions, pursue acquisitions or divestments. Further, the rise of factors and concerns relating to sustainability and ESG issues in investment decisions may also result in certain divestments.

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With any such transaction, there is the risk that any benefits or synergies identified at the time of such acquisition or divestment may not be fully achieved as a result of changing or inappropriate assumptions, materially different market conditions, integration challenges or other factors. Furthermore, we could be found liable, regardless of extensive due diligence reviews, for past acts or omissions of the acquired or disposed business without any adequate right of redress.

In addition, in the event we choose to raise debt capital to finance acquisitions, our leverage will increase. Should we choose to use equity as consideration for an acquisition, our existing shareholders may suffer dilution. Alternatively, we may choose to finance any future acquisitions through our existing resources, which could decrease our ability to fund future capital expenditure, expand our business and pay dividends.

**Our projects and capital investments may be subject to schedule delays and cost overruns, and we may face material changes in market conditions or other business assumptions, which could render our projects unviable or less profitable than anticipated**

Our capital projects were and are subject to the risk of delays and cost overruns inherent to any project, including as a result of:

● shortages or unforeseen increases in the cost of equipment, labour and raw materials whether as a result of inflation, global supply chain disruptions, geopolitical tensions or otherwise;

● unforeseen design and engineering problems, contributing to or causing late additions and/or increases to scope;

● unforeseen construction problems and/or fraudulent activities and criminal syndicates;

● unforeseen failure of mechanical parts or equipment;

● unforeseen technical challenges on start-up causing delays in beneficial operations being achieved;

● inadequate phasing of activities;

● unforeseen safety issues;

● labour disputes;

● inability to recruit or retain labour with the required expertise to execute the project/capital investment;

● lack of community support;

● inadequate workforce planning or productivity of workforce;

● inadequate change-management practices which are aligned with our business needs;

● natural disasters and adverse weather conditions, including excessive winds, higher-than-expected rainfall patterns, tornadoes, cyclones and hurricanes or a pandemic;

● failure, or delay, to source equipment or materials by third-party suppliers and/or service providers;

● significant variations in the assumptions we make in assessing the viability of our projects, including those relating to budget development, capital and operating costs, commodity prices and the prices for our products, exchange rates, import tariffs, interest rates, discount rates (due to changes in country risk premiums) and the demand for our products; and

● delays in regulatory approvals and changes in compliance obligations, changes to regulations including changes to environmental regulations, construction and operating licences, price and tariff determination methodologies and/or identification of changes to project scope necessary to ensure safety, process safety, and environmental compliance.

For example, the development of projects such as the field development plan amendment of the PSA in Mozambique (which allows for flexible production from different reservoirs) involves capital-intensive processes carried out over long periods of time. Any cost overruns, schedule delays, reservoir performance issues, process safety incidents or adverse changes in assumptions affecting the viability of the project could have a material adverse effect on our business, operating results, cash flows, financial position and prospects.

In addition, our capital projects are subject to high inflation risk. For the impact of high inflation on costs of operations and the material adverse impact on our financial position, see *"—Risks related to economic, political or social factors—Economic, political or social factors affecting the regions in which we operate may have a material adverse effect on our operations and profit—Fiscal and monetary policies / Political and social uncertainty".*

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**The concentration of service providers supplying the oil and gas industry and the immaturity of the supplier market in Mozambique may adversely affect our business or our operations**

The service provider market supplying the oil and gas industry in Mozambique is not mature and we rely heavily on international contractors to support our projects. In most instances, costs are increased on the basis that local contractors are required to be appointed over international contractors to comply with local content requirements, who then subcontract to the international contractors. With the global oil and gas market booming due to increased activity, global supply chain constraints and increased supply and demand for services has resulted in price increases. We rely on local service providers to fulfil their contracts at acceptable rates and should one or more of these contracts be terminated as a result of increased rates, particularly for our well delivery operations, we may be unable to speedily replace these services on terms that are acceptable to us, increasing our costs, disrupting our operations and materially affecting our financial position.

Further, although our procurement policy requires service providers to acknowledge and ensure adherence to our corporate values and ethical standards, there is a risk that instances of unethical conduct may occur, and such instances could impact our reputation. If we identify that a service provider fails to meet these standards, such service provider may be required to be replaced, which in turn could cause additional strain on the supply chain (thereby increasing costs and delivery times), particularly if any of our largest service providers were to be implicated.

**Exposure related to significant investments in associates and joint arrangements may adversely affect our business, operating results, cash flows and financial position** 

The development of projects may require investments in associates and joint arrangements some of which are aimed at facilitating entry into countries and/or sharing risk with third parties. As a result, we have invested in a number of associates and joint arrangements, and we continue to consider such opportunities where appropriate.

Although the risks are shared, the objectives of our associates and joint arrangement partners, their ability to meet their financial and/or contractual obligations, compliance with legal requirements,

compliance to safety, health and environmental requirements and standards, behaviour and ethical standards may result in disputes, litigation, sanctions and/or suspension of licences which in turn may have a material adverse effect on our business, operating results, reputation, cash flows and financial condition, and may constrain the achievement of our growth objectives.

It is noted that the parent company of Prax SA has recently entered into administration and has been placed under liquidation in the UK. Prax SA is Sasol's joint venture partner in the Natref refinery. This development introduces uncertainty regarding Prax SA's ability to meet its financial and governance obligations within the joint arrangement, which may impact decision-making and strategic alignment at Natref.

**We may not pay dividends or make similar payments to shareholders in the future due to various factors** 

As further described under *"Item 8––Financial Information"*, the Company's dividend policy takes into consideration various factors, including overall market and economic conditions, Sasol's financial position, and capital investment plans.

Whether funds are available for distribution to shareholders depends on a variety of factors, including the quantum of leverage, the amount of cash available, our capital expenditure and other liquidity requirements existing at the time. Given these factors and our board of directors' discretion to declare cash dividends or other similar payments, dividends may not be paid.

***Risks related to the safety and reliability of our operations***

**Constraints in the supply of water and electricity, utility cost increases in excess on inflation as well as poor infrastructure may impact our operations**

Our operations are located in multiple regions across the world and are reliant upon the stable supply of electricity, availability of water and access to transportation routes in order to optimally run our operations and/or move our products. The infrastructure in South Africa, such as rail, electricity (both the generation and transmission of electricity) and inland water supply systems need to be maintained, upgraded and expanded, and in certain instances, such improvements may need to be funded at our own cost. In addition, we have operations in locations that may be

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subject to substantial electricity cost increases, including but not limited to our operations in Europe. These increases may be driven by, among other factors, geopolitical events, regulatory actions and/or ESG considerations. Any lack of access to reliable electricity supply, limited access to water, above-inflation utility cost increases, infrastructure challenges, or failure to identify and obtain the resources required to establish the infrastructure necessary for the development of our projects could have a material adverse effect on our business, operating results, cash flows, financial position and future growth.

A reliable supply of electricity is important to run our plants optimally. While we have the capacity to generate half of our own electricity requirements at our South African operations, we remain dependent on external electricity supply from Eskom. Severe weather conditions can disrupt the supply of coal to Eskom's power stations and result in disruptions to its electricity production and supply.

South Africa's electricity supply improved during calendar year 2024, with a reduction in load curtailments during the first quarter and no-load curtailments in the second quarter due to a reduction in unplanned outages of the Eskom fleet and a reduced demand due to the private sector and households moving to solar energy generation. In 2025, Eskom's cost of generating electricity per unit has increased above the national inflation rate. As a result, Eskom has imposed additional tariff increases which in turn have affected our cash flows. Eskom continues to request above-inflation tariff increases and punitive measures for solar users. We may again in the future be subject to intermittent load curtailments.

The availability of water is becoming increasingly constrained as demand increases in the catchment areas within which we operate, specifically in South Africa, exacerbated by the effects of climate change. A significant part of our operations requires the use of large volumes of water. South Africa is generally an arid country with a highly variable climate, and prolonged periods of drought, sudden floods, significant changes to current water laws or our related permits/authorisations could increase the cost, management or availability of our water use and supplies or otherwise impact our operations. Water use by our operations varies widely depending largely on feedstock and technology applied. Water to our South African operations is supplied from the Integrated Vaal River System (**IVRS**), which makes up about 81% of Sasol's total water demand. While the water supply to

these operations remains secure, expectations are that this situation may worsen. This may lead to issues of the imposition of restrictions on its use, specifically during periods of drought. Seasonal changes and ineffective management of water quality objectives when considering impacts of industry and other water users can result in a deterioration in the quality of water supplied from the IVRS. This in turn can lead to feed water that is periodically of poor quality, resulting in increased treatment costs and higher water use. Although various technological advances may improve the water efficiency of our processes, these are capital intensive. We may also experience limited water availability due to periodic drought events. Deterioration in water quality and other infrastructure challenges related to our South African operations could have a material adverse effect on our business, operating results, cash flows, financial position and future growth.

Lack of infrastructure reliability and availability could equally impact our operations. The transportation of inbound materials to our plants and of products to our customers is reliant on the region's available workforce and infrastructure. Numerous factors like natural disasters, labour strikes, political unrest, compromised infrastructure, criminal activity, pandemics or extreme weather events may impact transportation modes which could have a material adverse effect on our business, operating results, cash flows, financial position and future growth. For further information on operational interruptions impacting our business or value chains, which may have a material adverse effect on volumes produced and costs, see *"—Risks related to the safety and reliability of our operations—We may face potential costs as well as harm to our reputation in connection with incidents causing property damage, personal injury or environmental contamination and industry and value chain-related operational interruptions"*.

Moreover, unplanned rail and port outages in South Africa could cause a negative impact on our sales volumes, cost and profitability while exposing the Company to the risk of increased road transport accidents. While we rely on some of our own infrastructure and have other options available at our South African operations, we remain dependent on Transnet (for example, for exports from South Africa). Transnet often operates with delays and cancellations, impacting our ability to export our chemicals products timeously and thus resulting in financial losses and reputational damage.

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**We may face potential costs as well as harm to our reputation in connection with incidents causing property damage, personal injury or environmental contamination, and industry and value chain-related operational interruptions**

Operational interruptions impacting our business or value chains may have a material adverse effect on volumes produced and costs. This impact could be caused by the failure of critical assets, extreme weather events or natural disasters, lack of required feedstock volumes and quality (specifically coal, natural gas, crude oil, petroleum, ethane and ethylene), supply chain disruptions (inbound and outbound, including critical input or process materials and reliance on third party infrastructure), utility interruption (including electricity, water, oxygen, steam, hydrogen, nitrogen, and reliance on third party suppliers and infrastructure), cleaning costs in relation to contamination or a breach of our social licence to operate (including non-compliance with regulatory requirements, licences or permits).

We operate coal mines, explore for and produce gas and operate a number of plants and facilities for the manufacture, storage, processing and transportation of crude oil, chemicals and gas, related raw materials, products and waste materials. These facilities and their respective operations are subject to various risks, such as fires, explosions, loss of containment of hazardous substances, and soil and water contamination, among others. For example, on 4 January 2025, a fire occurred at the Crude Distillation Unit in the Natref crude oil refinery. While no personnel sustained any injuries, fire damage was sustained to instrumentation, electrical cabling, and piping in the immediate vicinity of the leak. This resulted in the Natref refinery not being operational for two months.

Due to the nature of our operations, we are subject to the risk of experiencing, and in the past have experienced, industry-related incidents. Further, if we fail to provide safe working environments for our employees and the public while at our facilities, and surrounding communities, premises or adequate product transportation, it could lead to injuries, loss of life and work stoppages, halting production. Such incidents may lead to inspections conducted by relevant authorities, with the associated potential consequences of enforcement action, including directions to temporarily cease and desist operations and/or the imposition of fines and penalties, and potentially could lead to the denial of our licence to operate. For

example, in South Africa, section 54 of the Mine Health and Safety Act, 29 of 1996 (the **Mine Health and Safety Act**) allows an inspector, who has reason to believe that any occurrence, practice or condition at a mine endangers or may endanger the health or safety of any person at the mine, to give any instruction necessary to protect the health and safety of such person. Most often these instructions will result in the operations of the whole or a part of a mine being stopped, resulting in significant production losses as well as reputational harm.

Further, Sasol operates the Pande and Temane gas fields in Mozambique. The production of gas through wells, pipelines and a processing plant is inherently exposed to the risk of integrity failures (including legacy well obligations and historical issues) which may result in a loss of containment and/or a disruption of gas supply to our own and/or customers' operations which in turn could have a material adverse effect on our revenue, cash flows, costs and reputation. This may have a material adverse effect on our business. See *"Item 4.B—Business overview—Regulation—Safety, health and environment—Regions in which Sasol operates and their applicable legislation".*

**Our facilities may also be subject to deliberate disruptions**

Deliberate disruptions, such as acts of terror, may result in damage to our facilities and may require the shutdown of the affected facilities, thereby disrupting production and increasing production costs and may in turn disrupt the mining, gas, chemicals and oil businesses which make up a significant portion of our total income. Furthermore, acts of terror at our operations may cause environmental contamination, personal injuries, health impairment or fatalities which expose Sasol to extensive environmental remediation costs, civil litigation, the imposition of fines and penalties and the need to obtain or implement costly pollution-control technology.

Further, while we actively monitor the gas pipeline from Mozambique as well as the gas pipeline network in the parts of South Africa where our piped-gas business operates, there is no certainty that there will not be third-party encroachment (whether inadvertent or deliberate) along the gas pipeline, and such encroachment may cause significant interruptions to our operations and may cause physical harm to perpetrators.

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Our operations in the Southern Africa region are further susceptible to business interruptions which could result from community protests and social unrest. These have from time to time resulted in violent incidents which remain challenging to manage.

The costs we may incur as a result of the forementioned or related factors could have a material adverse effect on our business, operating results, cash flows and financial position.

***Risks related to legal, regulatory and governance matters***

**Our shareholders might lose confidence in our financial and other public reporting if we continue to identify material weaknesses, and fail to maintain an effective system of internal controls over financial reporting which in turn may adversely affect our share price**

Our management is responsible for establishing and maintaining adequate internal controls over financial reporting and for evaluating and reporting on the effectiveness of our system of internal controls. We identified material weaknesses in internal controls over financial reporting for the financial year ended 30 June 2025. These material weaknesses relate to the following:

● lack of adequate resources and understanding of the application of internal controls over reporting (ICFR), resulting in ineffective design and implementation of internal controls across the South African and Eurasian businesses particularly as it pertains to the level of precision and evidence of review, including the completeness and accuracy of the information relied upon;

● inadequate design and implementation of risk assessment processes relating to the methodology for the process for determining material entities for internal controls over financial reporting purposes;

● inadequate design and execution of controls over revenue recognition processes and supporting systems at the South African operations;

● insufficient precision in determining the completeness and accuracy of information

used in Southern African impairment processes;

● ineffective information technology (**IT**) general controls over user access and the management of changes to certain financial reporting systems for the South African operations; and

● ineffective design and implementation of controls related to the implementation of a new ERP system at an Italian subsidiary that forms part of the Chemicals Eurasia segment.

We cannot be certain that our internal controls over financial reporting or disclosure controls and procedures will be effective or ensure that we will design, implement and maintain adequate controls over our financial processes and reporting in the future. If we continue to fail to implement newly required or improved controls, or to adapt our controls or difficulties encountered in their operation, this could prevent us from meeting our financial reporting obligations or result in a restatement of previously disclosed financial statements. These financial reporting obligations include filing our periodic reports with the SEC on a timely basis and maintaining compliance with applicable New York Stock Exchange (NYSE) listing requirements.

In addition, material weaknesses and any resulting restatements could require additional remedial measures, including additional personnel and system changes, which could be costly and time consuming and also could subject us to regulatory scrutiny and litigation that could have a material adverse effect on our business and our reputation.

Furthermore, if we are unable to maintain an effective system of internal controls over financial reporting or disclosure controls and procedures, investors may lose confidence in the reliability of our financial statements, and this may have an adverse impact on investors' ability to make decisions about their investment.

**Actual or alleged non-compliance with regulatory requirements could result in criminal or civil enforcement and associated sanctions and/or harm our reputation and negatively impact our licence to operate**

Non-compliance with laws and regulatory requirements, particularly with anti-corruption and anti-

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bribery laws, sanction laws, environmental laws, competition or anti-trust laws and data privacy laws have been identified as our top five regulatory risks.

*Anti-corruption and anti-bribery laws*

Ethical misconduct and non-compliance with applicable anti-corruption/anti-bribery laws by Sasol employees or business partners could result in criminal or civil sanctions and could have a material adverse impact on our reputation, operations and licence to operate.

We, like other international petrochemical companies, have a geographically diverse portfolio and conduct operations in some countries which have a perceived prevalence of corruption. Our operations must comply with applicable anti-bribery laws, such as the US Foreign Corrupt Practices Act, as well as similar anti-corruption and anti-bribery laws of South Africa and other applicable jurisdictions. Major investments in countries with high corruption exposure create an elevated risk when dealing with private companies, governments or government-controlled entities. We additionally face risks associated with the deployment of Sasol sales agents, consultants, customs clearance agencies and other intermediaries, since we could be held liable for any of their actions (including actions in violation of anti-corruption laws and regulations), even if these third parties act independently. While we have an anti-corruption and anti-bribery compliance and training programme in place (including a third-party due diligence process) we cannot provide assurance that there will be no violation, and any such violation could result in substantial criminal or civil sanctions and could damage our reputation.

*Sanctions laws*

Our international operations require compliance with applicable trade and economic sanctions, or other restrictions imposed by governments, such as the US and the UK, and organisations such as the United Nations, the European Union (**EU**) and its member countries. Non-compliance with applicable sanction laws by Sasol employees or business partners could result in criminal or civil sanctions. Although we closely monitor developments in these sanctions programmes, a violation of any of these sanctions regimes could lead to a loss of import or export privileges, penalties against or the prosecution of Sasol and our employees, which could have an adverse effect on our reputation, business, operating results, cash flows and financial position.

While we have a sanctions compliance programme and sanctions screening systems in place, there can be no assurance that we will comply in the future, particularly as the scope of certain laws may be unclear and subject to frequent amendments or differing interpretations.

*Environmental laws and regulations* 

See *"—Risks related to legal, regulatory and governance matters—Changes in environmental, health, safety and chemical regulations, other legislation and public opinion may adversely affect our business, operating results, cash flows and financial position".*

*Competition laws/Anti-trust laws and Consumer Protection laws* 

Non-compliance with competition/anti-trust legislation and/or consumer protection laws could expose Sasol to administrative penalties, civil claims and damages, including punitive damages. Such penalties and damages could be significant and have an adverse impact on Sasol's business, operating results, cash flow and financial position. In addition, Sasol's reputation could be damaged by findings of such contraventions and individuals could be subject to fines and/or imprisonment in countries where competition/anti-trust/consumer protection law violations are a criminal offence.

While it is our policy to comply with all applicable laws and we have related training and compliance programmes in place for our employees and where applicable, business partners, we could inadvertently contravene competition/anti-trust laws and/or consumer protection laws and be subject to the imposition of fines, criminal sanctions and/or civil claims and damages which may have a material adverse impact on our reputation, business, operating results, cash flows and financial position.

*Labour and Employment laws*

Various parts of Sasol's operations globally have employees who are members of trade unions or works councils. In South Africa and Europe, the right to strike is constitutionally protected. Should trade unions and work councils exercise this right based on legitimate legal grounds, or should they do so under arbitrary considerations, it could negatively affect our production and general operations.

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*Data privacy laws and regulations*

We operate in countries that have data protection laws and regulations. It is our policy to comply with all applicable laws, and we implement numerous training, awareness and data privacy compliance programmes. However, non-compliance with data protection laws could result in fines and/or civil claims and damages. Further, uncoordinated or divergent global legislative standards and regulatory frameworks for digitalisation, including the rise in artificial intelligence (AI), could heighten this risk, which could have a material adverse impact on our reputation and a consequential financial impact. See *"—Risks related to information management— We may face the risk of data breaches or attempts to disrupt critical information and operational technology services, which may adversely impact our operations and business continuity."*

*South African exchange control and other regulations*

South African law provides for exchange control regulations which apply to transactions involving South African residents, including both natural persons and legal entities. These regulations may restrict the export of capital, funds and cash from South Africa, including foreign investments and may require us to obtain regulatory approval from the SARB for certain of our international debt financing. The regulations may also affect our ability to borrow funds from non-South African sources for use in South Africa, including the repayment of these borrowings from South Africa and, in some cases, our ability to guarantee the obligations of our subsidiaries with regard to these funds. These restrictions and inability to obtain SARB approval where required may affect the manner in which we finance our transactions outside South Africa and the geographic distribution of our debt, which could also impact our financial and strategic flexibility.

*Tax laws and regulations*

We operate in multiple tax jurisdictions globally and are subject to both local and international tax laws and regulations. Although we aim to fully comply with tax laws in all the countries in which we operate, tax is a highly complex area leading to the risk of unexpected tax uncertainties. Tax laws or dispensations, including incentive programmes, are changing regularly, and their interpretation may potentially result in ambiguities and uncertainties, in

particular, in the areas of international taxation and transfer pricing.

Where the tax law is not clear, we interpret our tax obligations responsibly, relying on our legal and tax advisors as deemed appropriate. Tax authorities and courts may arrive at different interpretations from those taken by Sasol, which may lead to substantial increases in tax payments. Although we believe we have adequate systems, processes and people in place to assist us with complying with all applicable tax laws and regulations, the outcomes of certain tax disputes and assessments may have a material adverse effect on our business, operating results, cash flows and financial position.

We could also be exposed to significant fines and penalties or enforcement measures, including legal action and tax assessments, despite our best efforts at compliance. In response to tax assessments or similar tax deficiency notices in particular jurisdictions, we may be required to pay the full amount of the tax assessed (including stated penalties and interest charges) or post security for such amounts notwithstanding that we may contest the assessment and related amounts.

For more information regarding pending tax disputes and assessments see *"Item 4.B—Business overview—Legal proceedings and other contingencies"*.

*Ownership rights*

In Africa, ownership rights in respect of land and resources are uncertain, giving rise to potential disputes or other community disagreements. The impact of these related disputes is not always predictable and may cause disruption to our operations or development plans.

*Legal and regulatory uncertainties* 

Inconsistency of enactment, interpretation, and application of regulations, particularly between developed and developing countries, increases legal and regulatory uncertainty, which may affect both our decision to pursue opportunities in certain countries and our cost of operations.

Further, legal and regulatory uncertainties could result from changes in regulatory and legal policies of governments and/or delays in the implementation thereof. See *"—Risks related to* 

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*economic, political or social factors—Economic, political or social factors affecting the regions in which we operate may have a material adverse effect on our operations and profit––Political and social uncertainty"*.

**Stringent South African regulations in the areas of mining, petroleum and energy activities may have an adverse effect on our mineral rights and impact our business, operating results, cash flows and financial position**

*Mining legislation* 

Some South African mining legislation is currently under review and subject to repeal and replacement. For example, once promulgated, the Upstream Petroleum Resources Development Act 23 of 2024, assented to by the President of South Africa on 25 October 2024, will repeal and replace certain mineral and mining-related matters currently governed by the MPRDA. Such changes, depending on their nature, may impact our operations resulting in higher cost of production and higher compliance costs.

Another example is the Mining Charter, which contained more stringent compliance criteria than the previous Mining Charter, especially in respect of applications for new mining rights and the requirements in respect of the procurement of mining goods. The Mining Charter had a two-fold material adverse effect on Sasol Mining: firstly, it led to a higher cost of production, and secondly, it increased the risk of being non-compliant with the requirements of the Mining Charter.

Amendments to the MPRDA, associated regulations to be promulgated, the Financial Provisioning Regulations and the Mining Charter may have a material adverse effect on our business, operating results, cash flows and financials. The Draft Mineral Resources Development Bill, 2025 (the **Draft Bill**) was published on 20 May 2025 for public comment. It is at this stage unclear whether the Draft Bill will be enacted in its current form or whether it will be amended pursuant to the comments received. The Draft Bill contains aspects which may have an impact on the business but which impact cannot be assessed with certainty at this stage. These include a new provision that certain transformation-related matters will in future be contained in regulations. The contents of these regulations are however not yet known. The prescribed penalties for certain offences in terms of the Draft Bill have been substantially

increased to 5% of annual turnover for some offences and 10% of annual turnover for other offences. See *"Item 4.B—Business overview—Regulation—Empowerment of historically disadvantaged South Africans—The Mining Charter"*.

*Legislation in relation to petroleum and energy activities* 

Legislation in South Africa in relation to petroleum and energy activities, such as the Petroleum Products Amendment Act 2 of 2005 (the **Petroleum Products Act**), currently under review (by way of the new Petroleum Products Bill published on 21 October 2024 which is still in the public comment phase), entitles the minister and government to regulate the prices, specifications and stock holding of petroleum products. Such price regulation and maximum price imposition may have a material adverse effect on our revenue and competitiveness, operating results and cash flows particularly as compared to other suppliers of products such as ours, in other jurisdictions with no such price regulations. The Petroleum Products Act also regulates the issue of licences for the manufacturing and trading in petroleum products, as well as the operation of retail filling stations, and provides for the imposing of fines and other punitive measures for failure to comply with the licence conditions and/or the provisions of the Petroleum Products Act.

In South Africa the Gas Act 48 of 2001 (the **Gas Act**), currently under review, in addition to allowing NERSA to approve gas transmission tariffs and maximum gas prices, also provides NERSA with the authority to issue licences for the construction and operation of gas pipelines and to impose fines and other punitive measures for failure to comply with the licence conditions and/or the provisions of the Gas Act. Any disagreement or dispute we may have with NERSA regarding gas pricing could impact our licences to operate, subject us to fines and could result in a material adverse effect on our business, operating results, cash flows and financial position.

**Changes in environmental, health, safety and chemical regulations, other legislation and public opinion may adversely affect our business, operating results, cash flows and financial position** 

We are subject to a wide range of general and industry-specific environmental, health, safety, chemical and other legislation in the jurisdictions in which we operate. See *"Item 4.B—Business overview—*

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*Regulation—Safety, health and environment—Regions in which Sasol operates and their applicable legislation".*

*Stakeholder challenges in relation to environmental legislation* 

One of our most material challenges is ensuring that we remain able to anticipate and respond to the rapidly changing legal landscape and associated stakeholder expectations, in particular relating to environmental legislation in all areas where we operate. Evolving legislation imposing more stringent air quality thresholds, climate change disclosure obligations and water, waste and chemicals management requirements may introduce further compliance challenges to our operations. These laws and regulations and their enforcement are likely to become more stringent over time in all the jurisdictions in which we operate, although these laws and regulations in some jurisdictions are already more established and mature than in others.

Any non-compliance may result in administrative or criminal enforcement action, which may include directives to cease operations, fines and penalties as well as prosecution and sanctions, and could harm our reputation and relationships with stakeholders, in turn, having a material adverse impact on our business.

Non-government organisations (**NGO**s), activists and other stakeholders increasingly use environmental, health and safety permitting processes, including ours, to challenge a company's practices to promote greater environmental sustainability in both operations and value chains. We expect this activity to increase over time, which could impede our ability to obtain or renew permits or result in more stringent compliance standards. Protests are being experienced at Annual General Meetings (**AGM**s), such as at Sasol's AGM on 17 November 2023, particularly regarding a company's perceived climate impacts.

Further, our permits and operational licences require input from stakeholders in certain of the jurisdictions in which we operate and there is a trend by activists to challenge the issuance or renewal of a company's licences based on climate, health or other impacts associated with the licensed activities. In addition, the increased litigation risk for companies related to ESG issues (including climate change, greenwashing concerns or allegations, environmental justice and public disclosure of strategies) could

adversely impact the resilience of Sasol's operations and our continued licence to operate See *"Item 4.B—Business overview—Regulation"* for more detail.

*Compliance costs associated with additional or new regulation* 

The costs associated with compliance with additional or stricter regulation of environmental and climate issues could be significant and could have a material adverse impact on our business, operating results, cash flows and financial position. For further information on the impact of carbon taxes see *"—Risks related to our sustainability— The effectiveness of our strategy to respond to climate change, including compliance with evolving regulatory requirements, our adoption of policies and implementation of plans to reduce GHG emissions as well as other pollutants while adequately disclosing related risks, strategies and impacts, is subject to uncertainties and related regulatory and public scrutiny. This scrutiny could result in negative sentiments and environmental claims adversely impacting our business. In addition, laws, policies and societal concerns related to climate change could reduce supply/demand for our products, increase our operational costs, reduce our competitiveness, negatively impact our stakeholder relations, or adversely affect our licence to operate and impede our access to capital and financing."* 

From our chemicals business perspective, our products must be registered in accordance with regulatory requirements in many of the countries in which we operate and sell. For example, in the EU, these requirements include filing of registration, evaluation, authorisation and restriction of chemicals (REACH) registrations for chemicals we produce in or import into Europe. In other regions, such as the US, China and other Asian countries, chemical notifications have to be filed for new chemicals. Many countries are in the process of revising their chemicals regulations based on the EU REACH regulation, including the UK. All of these changing chemical regulations come with further obligations and requirements with which Sasol will need to comply, resulting in increased compliance costs and, in the event of non-compliance, the imposition of fines or penalties and other enforcement actions that could materially impact our operations.

Further, South Africa is aligning its regulatory systems with international commitments on safe chemicals management including the Globally Harmonized System of Classification and Labelling of Chemicals (**GHS**). The Hazardous Chemical Agent

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Regulations require South African employers to ensure that their workplaces comply with more stringent occupational exposure limits (**OEL**s) for identified substances within a specified transition period. Compliance with some OELs require Sasol's mature plants to be retrofitted with the necessary abatement equipment, leading to significant capital investment and extended lead-time to ensure compliance for certain substances at some of our plants. Any instances of non-compliance may result in administrative or criminal enforcement action, which may include instructions to suspend operations, fines and penalties, as well as prosecution and sanctions, which could harm our reputation and relationships with employees and stakeholders, in turn, materially adversely impacting our business.

We have applied to the relevant authorities for extended time frames for implementation of such retrofits. While some of the extensions have been granted, the approved periods granted are shorter than those initially requested. As a result, we may be required to submit further exemption applications to allow for the full implementation of the mitigation plans. Additional requests for extensions are still pending, and the outcomes of these applications remain uncertain. Accordingly, we cannot provide assurance that further exemptions will be granted. Further challenges include the practical execution of the GHS labelling system on our pipelines. Although Sasol has obtained certain labelling exemptions and is actively working towards full compliance, additional extensions may be required in the future due to shortened implementation timelines, as was the case with the OEL exemptions outlined above.

At Sasol, systems and processes are in place, monitored and improved upon, to ensure our compliance with laws and regulations applicable to Sasol and our obligations up and down the value chain. However, we cannot guarantee that we will be in compliance with all laws and regulations at all times. For example, non-compliance with environmental, health or safety laws and regulations may occur from system or human error in monitoring our emissions of hazardous or toxic substances into the environment, such as the use of incorrect methodologies or defective or inappropriate measuring equipment, errors in manually capturing results, or other mistaken or unauthorised acts by our employees or service providers.

*Public opinion of public health and safety*

There is growing public opinion and awareness of the hazards to public health and safety associated with the manufacturing and use of chemicals and industries reliant on fossil fuels. This related social opposition is further heightened through the increased use of social media, other user-generated content and online press. As a result, given the nature of our operations, we may be subject to increased scrutiny and liabilities, due to our use, manufacture, transport and/or exposure to these materials and related emissions.

Any changes in environmental, health, safety and chemical laws and regulations, other legislation and public opinion may adversely affect our business, operating results, cash flow and financial position.

**We are subject to risks associated with litigation and regulatory proceedings** 

As with most large corporations, we are from time to time a party in various lawsuits, arbitrations, regulatory proceedings, investigations or other disputes. Litigation, arbitration and other such legal proceedings or investigations involve inherent uncertainties and, as a result, we face risks associated with adverse judgements or outcomes in these matters. Even in cases where we may ultimately prevail on the merits of any dispute, we may face significant costs of defending our rights, lose certain rights or benefits during the pendency of any proceeding or suffer reputational damage as a result of our involvement. We are currently engaged in a number of legal and regulatory proceedings and arbitrations in various jurisdictions. See *"—Risks related to economic, political or social factors—Economic, political or social factors affecting the regions in which we operate may have a material adverse effect on our operations and profit—Transformation and local content."*

See also the litigation matters, described under *"Item 4.B—Business overview—Legal proceedings and other contingencies"*.

We could also face potential litigation or governmental investigations or regulatory proceedings in connection with the material weakness identified in our internal controls over financial reporting. See *"—Risks related to legal, regulatory and governance matters—Our shareholders might lose confidence in our financial and other public reporting if we continue to identify material weaknesses and fail to maintain an effective system of internal controls over financial* 

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*reporting which in turn may adversely affect our share price".*

Further, given the increasing requirements from regulators and investors related to public disclosure on climate change matters, we may be further exposed to challenges primarily from NGOs and shareholders, potentially resulting in increased related litigation risk. See "—*Risks related to our sustainability—Risks relating to increasing disclosure requirements and scrutiny*."

There can be no assurance as to the outcome of any litigation, arbitration or other legal proceeding or investigation, and an adverse determination of material litigation could have a material adverse effect on our business, operating results, cash flows and financial position.

**Intellectual property risks may adversely affect our freedom to operate our processes and sell our products and may weaken our competitive advantage**

Our various products and processes, including most notably our specialty chemical and energy products and processes, have unique characteristics and chemical structures and, as a result, are subject to confidentiality and/or patent protection, the extent of which varies from country to country. Rapid changes in our technology commercialisation strategy may result in a misalignment between those countries where we apply our intellectual property protection filing strategy and the countries in which we operate. The disclosure of our confidential information and/or the expiry of a patent may result in increased competition in the market in relation to the relevant products and/or processes. In addition, aggressive patenting by our competitors, particularly in countries like the US, China, Japan and in Europe may result in an increased patent infringement risk and may constrain our ability to operate in our preferred markets.

A significant percentage of our products can be regarded as commodity chemicals. Some of our chemical products have unique characteristics and chemical structures which make the products more suitable for applications different from those of typical commodity products. These products are normally utilised by us or our customers, such as feedstock to manufacture specialty chemicals. We have noticed a worldwide trend of increased filing of patents relating to the composition of product formulations and the applications thereof. These patents may create pressure

on both Sasol and our customers who market these product formulations which may adversely affect our sales to these customers. These patents may also increase our risk of exposure to claims arising from limited indemnities provided to our customers of these products in case there is a patent infringement which may impact the use of the product by our customers. Patent-related pressures may adversely affect our business, market reputation, operating results, cash flows and financial position.

We believe that our proprietary technology, know-how, confidential information and trade secrets provide us with a competitive advantage. A possible loss of experienced personnel to competitors, and a possible transfer of know-how and trade secrets associated therewith, including the patenting by our competitors of technology built on our know-how obtained through former employees, may negatively impact this advantage. Similarly, operating and licensing technology in countries in which intellectual property laws are not well established and enforced may result in an inability to effectively enforce our intellectual property rights. The risk of some transfer of our know-how and trade secrets to our competitors is increased by the growth in the number of licences granted for our intellectual property, as well as the increase in the number of licensed plants which are brought into operation through entities which we do not control. As intellectual property warranties and indemnities are provided under each new licence granted, the cumulative risk increases accordingly. These risks may adversely affect our business, operating results, cash flow and financial position.

***Risks related to our sustainability***

**The effectiveness of our strategy to respond to climate change, including compliance with evolving regulatory requirements, our adoption of policies and implementation of plans to reduce GHG emissions as well as other pollutants while adequately disclosing related risks, strategies and impacts, is subject to uncertainties and related regulatory and public scrutiny. This scrutiny could result in negative sentiments and environmental claims adversely impacting our business. In addition, laws, policies and societal concerns related to climate change could reduce supply/demand for our products, increase our operational costs, reduce our competitiveness, negatively impact our stakeholder relations, or adversely affect our licence to operate and impede our access to capital and financing.**

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*Transitional risk* 

Key manufacturing processes in South Africa, especially coal gasification and combustion, result in GHG emissions. Sasol's ability to develop and implement appropriate climate change mitigation responses and provide sustainable product and feedstock solutions is a significant transitional risk for our business, most notably in South Africa. This is heightened by the need to appropriately address increasing societal pressures to shift away from carbon-intensive processes and products in a just manner, as well as meet new and anticipated policy and regulatory requirements, including carbon taxes, carbon budgets, legislated GHG reduction targets and enhanced disclosure requirements. In addition, meeting Sasol's committed GHG reduction targets, and delivering on emission reduction roadmaps have inherent transitional risks related to, among other things, technology availability and cost. It is particularly challenging in South Africa, where access to low-carbon energy is limited, related infrastructure is under-developed and just transition implications need to be taken into account. Further, other companies that demonstrate a stronger track record of implementing climate change mitigation responses and providing more sustainable solutions, may enhance their ability to secure market opportunities, attract financing, and strengthen stakeholder confidence, which in turn could support higher growth and profitability over time, thus impacting our overall competitive position.

As part of the transition and shift away from carbon-intensive processes, there could be closure of certain mines in the future (particularly in the long term) which could result in rehabilitation and reclamation costs, including redeployment and re-training of employees. Further, cost estimates of such closure of operations may be based on inaccurate assumptions which could adversely affect our operations.

*Access to lower-carbon opportunities*

Delivery of our decarbonisation strategy depends partly on our ability to progress access to low- carbon resources and feedstocks. Our ability to progress access to upstream resources and develop technologies at a level in line with our strategic outlook for hydrocarbon production could impact our future production and financial performance. Furthermore, our ability to access low-carbon opportunities and the commercial terms associated with these opportunities could impact our financial performance and the pace of

our transition. In addition, failure to access low-carbon resources and exploit low-carbon opportunities at the required speed may lead to loss of customers.

In addition, failure to provide a glidepath for lowered product carbon footprint to at least 2030 and potentially beyond may result in the loss of some key customers in Europe.

*Carbon tax and carbon budgets*

A carbon tax was implemented in South Africa on 1 June 2019. Since then, the tax and the rates have increased significantly from R120/tCO2e in 2019 to R236/tCO2e in 2025. This has increased the costs of our South African operations. In addition, a significant increase in the carbon tax rate reaching R308 by 2026 and R462 by 2030 has been imposed. In the second phase, the carbon tax is likely to be integrated with a carbon budget, particularly in light of the recent signing into law of the Climate Change Act 22 of 2024 (the **Climate Change Act**). The tax is applicable to an entity's scope 1 emissions for each calendar year with several allowances providing for a reduction in an entity's carbon tax liability. Even though the allowances applicable to carbon tax, which could reduce the impact of the carbon tax, have been retained, the South African National Treasury has indicated that the allowance design might be amended. This potential change raises further concerns around the carbon tax implications for our business into the future.

Sasol's net carbon tax payment for 2024 on calendar 2023's GHG emissions, after offsets and electricity levies, was R1 010 million, and the payment for 2025 on calendar 2024's GHG emissions paid in July 2025 is R832 million. The lower payment compared to 2024 is as a result of the higher offset purchases for the 2024 calendar year liability and lower emissions as a result of lower production. The extent of the cost increases resulting from the carbon tax is significant and it is expected that the tax rate will continue to increase beyond 2030.

The South African government is developing mandatory carbon budgets in parallel within the remit of the Climate Change Act, signed into law in July 2024 and which will become effective at a date to be proclaimed by the South African president. Once the carbon budget regulations are finalised, mandatory carbon budgets will be enforced, with a potential penal tax applicable should the budget be exceeded.

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There is an additional risk that non-compliance with mandatory budgets and GHG mitigation plans may still be regulated in the carbon budget regulations to be finalised. This would be a risk subject to criminal and administrative enforcement as provided for in the National Environmental Management Act, 107 of 1998.

Further, the risk of escalating standalone carbon prices and mandatory carbon budgets will be exacerbated should our fiscal instruments lack effective alignment with mitigation being available in this timeframe.

**The assumptions we have used to test our resilience to climate change may be incorrect, and we may not be able to accurately ascertain our vulnerability to climate change** 

We use downscaled modelling to improve our understanding of the physical impacts on prioritised operational sites (Secunda, Sasolburg, Vilancoulos in Mozambique and Lake Charles in the US), using the intergovernmental panel on climate change high emission scenarios (referred to as representative concentration pathway (**RCP**) 8.5) and an intermediate emission scenario (RCP 4.5). Although modelling simulations span multiple decades, they focus on specific indicators such as temperature increases/decreases, changes in rainfall patterns and increased propensity for cyclones/hurricanes and may therefore not identify all potential risks or all potential impacts to these sites.

Further, there are risks associated with the accuracy and completeness of the various assumptions that are used as inputs, including scenarios developed to test resilience to climate change as set out below. In addition, the estimates of required or available capital and other assumptions underpinning necessary investments to make our business sustainable for the long term could prove to be incorrect and lead to delays, cost overruns or the infeasibility of capital expenditure projects. Should all or some of these assumptions prove to be inaccurate or incomplete, our resilience and long-term sustainability may be significantly impacted.

*Risks associated with achieving the 2030 GHG reduction target and 2050 net zero ambition.*

South Africa's Nationally Determined Contribution **(NDC**), targeting an emission range of between 350-420 Mt CO<sub>2</sub>e by 2030, was submitted by the South African government to the United Nations

Framework Convention on Climate Change as part of South Africa's obligations under the Paris Agreement for the 26th Conference of the Parties. NDC refers to South Africa's climate change action plan to cut GHG emissions and adapt to climate change. Sasol is targeting a 30% scope 1 and 2 GHG emission reduction by 2030, off a 2017 baseline, which, if met together with reductions in other targeted sectors, will contribute to South Africa meeting its emission reduction range by 2030. Scope 2 GHG emissions are broadly defined as emissions attributable to Sasol's use of purchased electricity and steam to conduct its operations. In addition, we set a 20% emission reduction target by 2030 for our scope 3 category 11 emission (Use of Sold Energy Products). We have also set a net zero ambition by 2050 for our scope 3 category 11 emissions and our scope 1 and 2 emissions. Category 11 accounts for approximately 80% of Sasol's total scope 3 emissions. The achievement of our 2030 GHG reduction targets and 2050 ambition is primarily subject to the availability of capital to implement the roadmap, the availability of sufficiently developed renewable energy projects and grid infrastructure to route renewable energy to our operations, global supply chain challenges in the renewable energy sector, our ability to access sufficient and cost-effective carbon offsets and the ability to access markets in the jurisdictions within which we operate and trade to enable the transition. It is also subject to the potential prohibitive costs of green hydrogen and electrolysers, the lack of enabling policy and legal frameworks, and the need to balance people, planet and profit considerations, taking a just transition into account. In this regard, we can provide no assurances that Sasol's plans to reduce GHGs pursuant to our roadmaps or otherwise will be successful in a commercially viable manner or at all.

Additionally, the EU's Carbon Border Adjustment Mechanism (**CBAM**), effective since 1 October 2023, imposes carbon costs on imported goods—currently excluding chemical imports—from regions like South Africa, where carbon pricing is lower than in the EU. This mechanism places an additional cost burden on South African exports, particularly carbon-intensive sectors, potentially reducing competitiveness in the EU market. The recently proposed UK CBAM, if implemented, could further increase our export costs.

These carbon border mechanisms reflect a broader trend of climate-related trade regulation that exposes carbon-intensive exporters in South Africa to added economic risks, especially as the country's energy sector remains heavily coal-dependent and emits

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high levels of greenhouse gases. Transitioning under such constraints remains challenging due to investment barriers, infrastructure bottlenecks and policy uncertainties.

*Potential physical impacts of climate change*

Climate change poses a significant risk for both our South African and global business due to potential physical impacts, including changes in weather patterns, water availability, and extreme weather events such as cyclones/hurricanes, tornadoes, flooding and rising sea levels. These risks can materially impact our costs of operation, cause production outages and hinder our business growth. For our major operating sites (Secunda, Sasolburg, Mozambique, and Lake Charles), updated climate modelling indicates that surface temperatures could increase by 1–4°C by 2050, with a higher frequency of extremely hot days, leading to operational challenges. Projected rainfall patterns vary by location:

● *South Africa (Secunda and Sasolburg):* No significant change in average annual rainfall is expected, however, the frequency and intensity of extreme rainfall events are projected to increase, raising the risk of flooding and infrastructure damage.

● *Mozambique*: Rainfall is expected to increase, particularly during the wet season, potentially leading to more frequent and severe flooding. Additionally, tropical cyclones are projected to intensify, posing significant risks to our infrastructure and operations.

● *The US (Lake Charles)*: Rainfall patterns are expected to follow a similar trend to South Africa, with more extreme rainfall events. Additionally, hurricanes are likely to become more intense, increasing risks to facilities and necessitating enhanced disaster-preparedness.

*Climate change related laws and regulations* 

Climate-change-related laws and regulations may threaten our licences to operate (or ability to obtain new licences to operate), result in stranded production and assets and substantially increase the cost of doing business, including the imposition of higher carbon taxes. Enhanced focus on issues concerning the

environment, evolving human rights, regulatory landscape from voluntary guidance to mandatory law (such as the adoption by the EU Council on 24 May 2024 of the Corporate Sustainability Due Diligence Directive which introduces mandatory supply chain due diligence requirements), environmental justice and climate change are resulting in a more complex regulatory environment, additional legal risks and the imposition of carbon or similar taxes. For example, to the extent that we reduce our reliance on coal in favour of sustainable feedstock, this is likely to increase the cost of production and reduce our profitability significantly. Current information indicates that imported liquified natural gas and other gas sources, biomass and green hydrogen are more costly feedstocks than coal for our operations in Secunda. In transitioning to these lower or low GHG intensive feedstocks, we anticipate an impact on the margin of some of our products. These climate change-related requirements could have a material adverse effect particularly on our South African business, operating results, cash flows, financial position and future growth.

*Risks relating to increasing disclosure requirements and scrutiny* 

Businesses like ours face increasing requirements from regulators and investors on climate change issues including public disclosure on climate change risks and impacts associated with their operations. Complying with these new requirements may require Sasol to spend a significant amount of time and resources, and Sasol may be exposed to claims that certain of its ESG disclosures are misleading or overstate potential ESG benefits, primarily from NGOs and shareholders, potentially resulting in increased litigation risk. Certain NGOs and other private actors have also recently filed lawsuits under various securities and consumer protection laws alleging that certain ESG statements, goals, or standards of certain corporations were misleading, false, or otherwise deceptive.

In addition, the EU has also adopted the Corporate Sustainability Reporting Directive (CSRD), which imposes reporting requirements for a broader set of companies on disclosure of company social and environmental data and associated impacts on such companies. The CSRD has introduced new disclosure requirements which seek to broaden the categories and types of ESG information that must be reported, mandate a double materiality analysis (that requires the consideration of both the financial impacts of climate change on a company and the climate change impacts

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of a company's operations on other stakeholders), and introduce new third-party assurance obligations. Companies covered by the CSRD are required to comply with its new disclosure requirements. The requirements of the CSRD are likely to overlap in scope and diverge in content with the rules of other jurisdictions, and there will be more non-EU companies and their subsidiaries making ESG disclosures. This will also increase the possibility of filing multiple sustainability disclosures on a subsidiary-by-subsidiary basis, which requires cross-company integration of sustainability information to avoid divergent disclosures.

The proposed EU Omnibus Package 2025 will significantly narrow the scope of the CSRD, delay reporting deadlines, simplify value chain and assurance requirements, and remove sector-specific standards to reduce the regulatory burden on companies. Until the proposed standards are issued, uncertainty with respect to reporting data points for Sasol remains.

Further, environmental and other NGOs as well as regulators increasingly scrutinise past and current corporate reporting on climate change risks and impacts. We may face regulatory or other claims alleging that we have not sufficiently complied with disclosure requirements or otherwise adequately disclosed climate change risks and impacts, which may affect our ability to maintain current licences or obtain new licences to operate or potentially result in civil fines and reputational damage.

In addition, while a significantly lower risk compared to South Africa, global carbon prices and taxes are escalating, which pose a risk to our operations in the EU and potentially the US, should carbon prices rise further.

Our expectations and estimates regarding ESG matters, including the potential environmental impact of our development and initiatives, may not be achieved or may ultimately prove to be incorrect, which may lead to additional claims or liability.

*Stakeholder activism and risk on maintenance of permits and operational licences*

Our GHG emissions and the use of coal as a key feedstock could also negatively impact our potential base of shareholders and our relationship with stakeholders, as well as our ability to source financing in capital and/or financial markets and/or increase our cost of capital.

*See "—Risks related to legal, regulatory, and governance matters—Changes in environmental, health, safety and chemical regulations, other legislation and public opinion may adversely affect our business, operating results, cash flows and financial position—Stakeholder challenges in relation to environmental legislation"*

***Risks related to health, including pandemics***

**Our global operations expose us to pandemics which may adversely affect our workforce, our access to external labour, and impact business continuity, operating results, cash flows and financial position**

Sasol's global workforce, service providers, suppliers and customers are exposed to pandemics. These can impact their wellbeing and the safety and health of our employees and surrounding communities, with an associated direct or indirect effect on the safety and continuity of our operations. Pandemics and the period of recovery from such events may impact demand for our products and may have a prolonged material adverse effect on our business, operating results, cash flows and financial position.

Another key challenge is the impact of pandemics on the commodity markets, including among others, the demand for our products and ability to obtain raw materials, which is not under our control. As we cannot predict the spread of such viruses and the impact on the economy in the countries in which we operate, pandemics may continue to have a negative impact on our business, operating results, cash flows and financial position.

***Risks related to information management***

**We may face the risk of data breaches or attempts to disrupt critical information and operational technology services, which may adversely impact our operations and business continuity.** 

The increasing use of information technology to enable business processes, in particular digital processes in operations, is making all industries, including the energy and chemicals industries, much more susceptible to cyber threats and proprietary or privacy-related data breaches. As digitalisation, including the rise in the use of AI, expands to include our financial, commercial, transacting and production systems, the cyber security risk increases. While Sasol has an information security programme in place, cyber security threats we face consistently evolve and emerge

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to expose the organisation, both in business and operations systems, to significant external threats. As a global energy and chemicals organisation we may also be subject to the risk of state-sponsored or climate-activist lead cyber attacks. Cyber attacks generated or strengthened by the use of AI pose a significant and growing risk, particularly as the use of advanced techniques such as deepfake audio and video for impersonation, phishing and data manipulation become popularised. In addition, we outsource several information technologies functions and applications to third-party vendors. Such engagements may have an impact on our cybersecurity position, such as in the event where a third-party vendor's system is cyber-attacked, which in turn could result in the loss of certain of our data.

While no material losses related to the increased attempts on our information security systems have been discovered, given the increasing sophistication and evolving nature of this threat, the possibility of successful breaches occurring in the future cannot be ruled out. An extended failure of critical system components, caused by accidental actions, such as failed hardware or failed network infrastructure, or malicious actions, including those resulting from a cybersecurity attack, could result in a significant environmental incident, commercial loss or interruption to operations. We may also incur significant costs, including but not limited to, protecting against or repairing damage caused by any successful disruptions or security breaches in the future, such as rebuilding internal systems, implementing additional threat protection measures, defending against litigation, responding to regulatory inquiries or taking remedial steps with respect to third parties, among others.

If there is a violation of proprietary or privacy data, or a cyber threat, we could experience disruptions to critical services or may be vulnerable to cyber and ransomware attacks. This could result in financial loss, and have a material adverse effect on our business, operating results, cash flows, financial position and our disclosure of control processes.

***Risks related to our people***

**We may be unable to attract and retain some critical talent to support current and future business requirements**

It may take time to fill vacant positions in growth areas due to a general scarcity of individuals

with the required skills and experience in the sectors and locations within which we operate.

In order for Sasol to deliver on its strategic objectives, sustainably grow into the future and effectively operate and continuously improve existing and future assets and technologies, we are highly dependent on our human capital. While Sasol maintains a focus on attracting, developing and retaining diverse, skilled and experienced employees (including critical or scarce skills like qualified scientists, engineers, project execution managers, artisans and operators and employees in business and functional roles, including specialists required for our green economy and just transition strategies), slow hiring times due to a general scarcity of specialist skills may influence our ability to attract and retain talent with our required skill-set. There is constant competition across global labour markets for these critical or scarce skills. The quality and availability of skills in certain labour markets may also be impacted by the challenges within the education and training systems.

While we prioritise employee development and upskilling, it may take time to develop the required depth of skills and experience of employees to support our transition imperatives. Sectorial targets set by the Employment Equity Amendment Act (South Africa) may also impact our FY28 employment equity targets.

***Risks related to our American Depositary Receipts***

**The exercise of voting rights by holders of ADRs is limited in some circumstances**

Holders of ADRs may exercise voting rights with respect to the ordinary shares underlying their ADSs only in accordance with the provisions of our deposit agreement with J.P. Morgan Chase Bank N.A., as the depositary (the Deposit Agreement, and the Depositary, respectively). For example, ADR holders will not receive notice of a meeting directly from us. Rather, we will provide notice of a shareholders' meeting to J.P. Morgan in accordance with the Deposit Agreement. J.P. Morgan has undertaken in turn, as soon as practicable after receipt of our notice, to mail voting materials to holders of ADRs. These voting materials include information on the matters to be voted on as contained in our notice of the shareholders meeting, and a statement that the holders of ADRs on a specified date will be entitled, subject to any applicable provision of the laws of South Africa and our Memorandum of Incorporation, to instruct J.P. Morgan as to the exercise

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of the voting rights pertaining to the shares underlying their respective ADSs.

Upon the written instruction of an ADR holder, J.P. Morgan will endeavour, in so far as practicable, to vote or cause to be voted the shares underlying the ADSs in accordance with the instructions received. If instructions from an ADR holder are not received by J.P. Morgan by the date specified in the voting materials, J.P. Morgan will not request a proxy on behalf of such holder. J.P. Morgan will not vote for or attempt to exercise the right to vote other than in accordance with the instructions received from ADR holders.

We cannot assure ADR holders that they will receive the voting materials in time to ensure that they can instruct J.P. Morgan to vote the shares underlying their ADSs. In addition, J.P. Morgan and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. This means that ADR holders may not be able to exercise their right to vote and there may be no recourse if ADR holders' voting rights are not exercised as directed.

**Holders of Sasol's ordinary shares or ADSs may be subject to dilution as a result of any non-pre-emptive share issuance, and shareholders outside South Africa or ADS-holders may not be able to participate in future offerings of securities (including Sasol's ordinary shares) carried out by or on behalf of Sasol**

Future share issuances by Sasol, with or without subscription rights, could (depending on how the share issuance is structured) dilute the interests of existing shareholders or require them to invest further funds to avoid such dilution.

In the case of an equity offering with subscription rights, holders of Sasol's shares in certain jurisdictions may not be entitled to exercise such rights unless the rights and the related shares are registered or qualified for sale under the relevant legislation or regulatory framework. In particular, holders of Sasol's securities who are located in the United States (including those who hold ordinary shares or ADSs) may not be able to participate in securities offerings by or on behalf of Sasol unless such equity offerings are registered under the U.S. Securities Act of 1933 (the Securities Act) or exempted from registration under the Securities Act. Holders of these shares in these jurisdictions may therefore suffer dilution should they

not be permitted to, or otherwise choose not to, participate in future equity offerings with subscription rights.

**Sales of a large amount of Sasol's ordinary shares and ADSs could adversely affect the prevailing market price of the securities**

Historically, trading volumes and the liquidity of shares listed on the JSE have been low in comparison with other major markets. The ability of a holder to sell a substantial number of Sasol's ordinary shares on the JSE in a timely manner, especially in a large block trade, may be restricted by this limited liquidity. The sales of ordinary shares or ADSs, if substantial, or the perception that these sales may occur and be substantial, could exert downward pressure on the prevailing market prices for Sasol ordinary shares or ADSs, causing their market prices to decline.

**US securities laws do not require Sasol to disclose as much information to investors as a US issuer is required to disclose, and investors may receive less information about the Company than they might otherwise receive from a comparable US company**

Sasol is subject to the periodic reporting requirements of the SEC and the NYSE that apply to "foreign private issuers". The periodic disclosure required of foreign private issuers under applicable rules is more limited than the periodic disclosure required of US issuers. Accordingly, there may be less publicly available information concerning Sasol than there is for US public companies. For example, Sasol is not required to file current reports, periodic reports and financial statements with the SEC as frequently or as promptly as US companies whose securities are registered under the Securities Exchange Act of 1934 (Exchange Act). As a result, investors will also receive less timely financial reports than they otherwise might receive from a comparable US company or from certain of the company's peers in the industry. This may have an adverse impact on investors' ability to make decisions about their investment in Sasol.

#### ITEM 4. INFORMATION ON THE COMPANY

#### 4.A History and development of the Company
Sasol Limited, the ultimate holding company of our group, is a public company. It was incorporated under the laws of South Africa in 1979 and has been listed on the JSE since October 1979. Our registered office and corporate headquarters are at Sasol Place, 50 Katherine Street, Sandton, 2196, South Africa, and our

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telephone number is +27 10 344 3060. Our agent for service of process in the US is Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711.

The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding Sasol that we file electronically with the SEC. To find the required information please visit www.sec.gov. For further information please visit www.sasol.com. This website is not incorporated by reference in this annual report.

For a description of the company's principal capital expenditures and divestitures refer to "Item 5.B—Liquidity and capital resources".

#### 4.B Business overview
Sasol is a global energy and chemicals company. We harness our knowledge and expertise to integrate sophisticated technologies and processes into world-scale operating facilities. We strive to safely and sustainably source, produce and market a range of high-quality products globally, creating value for stakeholders. Our purpose "Innovating for a better world" guides everything we do and enables the delivery of shared value. It drives us to achieve outcomes across People, Planet and Profit, with the intent to be a force for good.

For details regarding the following sections, refer as indicated.

● for information regarding our business overview, refer to "*Integrated Report— Preserving and maximising value creation—Our integrated value chains*" as contained in Exhibit 99.4;

● for information regarding our strategy, refer to "*Integrated Report— Strategic direction*" as contained in Exhibit 99.5;

● for a description of the Company's operations and principal activities refer to "*Integrated Report—Preserving and maximising value creation—Our integrated value chains*" as contained in Exhibit 99.4; "*Integrated Report—Operational performance summary*" as contained in Exhibit 99.6; and "*Item 18— Financial Statements—Segment information* "; and

● for a description of our principal markets, refer to "*Item 18— Financial Statements—Geographic region information* ", which provides information regarding the geographic location of the principal markets in which we generate our turnover, as well as of our asset base.

#### Seasonality
Sales volumes of our products are mostly not subject to seasonal fluctuations but tend to follow broader global industry trends and are therefore impacted by macroeconomic factors. Sasol operates globally and in many diverse markets, and accordingly, no element of seasonality is likely to be material to the results of Sasol as a whole. For further information regarding cyclicality, prices and demand, refer to "Item 3.D—Risk factors".

#### Raw materials
In the Southern Africa value chain, the main feedstock components for the production of fuels and chemical products are coal mined and procured from external sources by our Mining segment, natural gas obtained from and procured externally by our Gas segment and crude oil purchased from external suppliers.

In our chemicals business, outside of Southern Africa, the main feedstocks used are kerosene, benzene, ethane, ethylene, oleochemicals and aluminium. Feedstocks are purchased externally. At the Lake Charles facility we also produce ethylene at our East Ethylene Cracker as well as at the Louisiana Integrated Polyethylene JV LLC (LIP JV) cracker. The pricing of most of these raw materials follow global market dynamics which relate to crude oil and energy prices. *For information regarding LIP JV, refer to "Item 4.B – Business Overview – Key Contracts".*

#### Marketing channels and principal markets
In our Mining and Gas segments, we make use of direct sales models and, long-term marketing gas sales agreements. Piped gas is sold to wholesalers and end-users in South Africa.

In our Fuels segment, marketing channels can be divided into the following main areas:

● liquid fuel sales to licensed wholesalers;

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● liquid fuels sales to retailers and end-users; and

● liquid fuels overland exports into other parts of Southern Africa.

In our chemicals business, our products are sold to customers worldwide with a significant part under annual and multi-year contracts. Marketing channels can be divided into the following main areas per segment;

Our Chemicals Africa segment (**Chemicals Africa**) is comprised of our Base Chemicals and Differentiated Chemicals product divisions. Our Base Chemicals product division produces polymers, fertilisers and explosives, methanol, ammonia, gases and solvents, which are sold mainly to customers in South Africa with the exception of polypropylene and solvents which are mainly exported. Explosives intermediates are sold to our partner Enaex Africa (Pty) Ltd (Enaex), which converts these to final products for supply to the sub-Saharan Africa mining industry. Our Differentiated Chemicals product division includes phenolics, wax, comonomers, safol, cobalt catalyst and carbon mainly exported to international markets for external sales or internal use.

Our International Chemicals business (**International Chemicals)** is comprised of two segments, which are Chemicals Americas (**Chemicals Americas**) and Chemicals Eurasia (**Chemicals Eurasia**) containing two product divisions, base and differentiated chemicals. These product divisions include the four business divisions: Base Chemicals, Advanced Materials, Care Chemicals, and Technical Formulations, with the last three grouped under our differentiated chemicals product division.

In the Chemicals America segment base chemicals, the produced ethylene is either consumed internally for derivatives or sold to external customers in the US merchant market. Mono ethylene glycol (**MEG**) is marketed and distributed on behalf of Sasol by a third party. Advanced Materials is sold largely within North America, with some exports to Europe and Asia. Care Chemicals and Technical Formulation are sold mainly within the Americas region, with some sales to Europe and Asia.

In the Chemicals Eurasia segment, advanced materials are sold mainly within Europe, with some sales in other regions including the Americas and Asia. Care Chemicals and Technical Formulation are sold

mainly within Eurasia, with some sales in the Americas and some additional global sales.

Each of our four business divisions delivers specialised chemical products for diverse industries:

*Base Chemicals*

Base Chemicals manages the production and marketing of ethylene and ethylene glycol value chains, essential building blocks in the chemical industry. Its offerings cater to a broad array of industrial and consumer applications, and include polyethylene, a key plastic polymer. Notably, polyethylene is marketed on behalf of Sasol by Equistar Chemicals LP, an affiliate of LyondellBasell, showcasing the unit's strategic partnerships and contribution to global supply chains.

*Advanced Materials*

Advanced Chemicals specialises in developing high-purity alumina, a critical material with the ability to be engineered to meet precise physical and chemical requirements. Its alumina-based products are used in high-performance abrasives (like polishing and grinding), bio-ceramics for medical and technical uses, and catalyst carriers that support complex chemical reactions. Advanced Materials drives innovation by creating adaptable compounds for advanced manufacturing and technological breakthroughs.

*Care Chemicals*

Care Chemicals is a global leader in producing essential components for cleaning and personal care solutions. Its portfolio includes linear alkyl benzene (LAB), fatty alcohols, short-chain linear alpha olefins, and surfactants, with the widest selection of C6+ alcohols and surfactant derivatives in the world. These products are crucial for making household detergents, fabric softeners, skin cleansers, and pharmaceutical formulations. Care Chemicals plays a vital role in enhancing everyday hygiene and health across consumer and industrial sectors.

*Technical Formulations*

Technical Formulations focus on versatile chemical inputs, this division integrates alcohols, alkyl benzene, solvents, esters, and surfactants into a leading alcohols player. Its products support key industries such as oil and gas, agriculture, metalworking, lubricants, construction, and textiles. By offering tailored chemical solutions, Technical Formulations ensures optimal

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performance and efficiency in highly specialised industrial applications.

#### Factors on which the business depends

#### Intellectual property (IP)
Our IP supports Sasol's competitive advantage. This comprises:

● our proprietary technologies and products, including both patents and confidential know-how directed thereto;

● our intellectual capital embodied in our skilled, experienced and technically qualified employees, industry thought leaders and experts that enable Sasol to respond to the constantly changing environment; and

● our IP-related business processes and management systems.

---

| | | | |
|:---|:---|:---|:---|
| **Intellectual Capital summary** | **2025** | **2024** | **2023** |
| Total worldwide patents held<sup>1</sup> | 2 143 | 1 795 | 2 282 |
| Investment in research and development | **R1 550 million** | **R1 516 million** | **R1 516 million** |

---

<sup>1</sup> Granted patents only, excludes pending applications.

● Sasol's International Chemicals business develops and markets a wide range of chemicals, some of which are specialty products or are produced via proprietary processes and therefore comprise areas of differentiation for Sasol.

● Sasol's Southern Africa Energy and Chemicals business operates integrated value chains to produce fuels and a wide range of chemicals from coal and gas, which incorporate Sasol's proprietary Fischer-Tropsch (FT) technology.

● Sasol is also pursuing opportunities worldwide to leverage our FT technology, know-how and expertise through licensing

our technology to third parties, including to produce sustainable fuels and chemicals inter alia through Sasol's Zaffra B.V. joint venture with Topsoe A/S.

We believe, based on our knowledge of the industry and publicly available information, that globally, Sasol has extensive experience in the application of FT technology on a commercial scale including through our joint venture with Topsoe A/S. For more information on the joint venture with Topsoe A/S, refer to *"Item 4.B – Business Overview – Key contracts".*

#### Key contracts
ORYX GTL, which is our 49% joint venture in Qatar, purchases natural gas feedstock from Al Khaleej Gas, a joint venture between ExxonMobil Middle East Gas Marketing Limited and Qatar Petroleum, under a gas purchase agreement with a contracted minimum off-take volume. The agreement commenced in November 2005 and is valid for 25 years. The duration of the agreement may be extended by the parties on terms and conditions that are mutually agreed.

On 1 December 2020, Sasol closed a transaction that created a 50% joint venture with LyondellBasell LC Offtake, LLC. As part of this transaction, Sasol entered into a marketing agreement with Equistar Chemicals LP, an indirect subsidiary of LyondellBasell. Pursuant to this marketing agreement, Equistar markets and sells Sasol's polyethylene manufactured by the LIP JV along with LyondellBasell polyethylene manufactured by the LIP JV. The marketing agreement is set to expire on 30 November 2030.

Effective from 29 February 2024 when the relevant transaction closed, Sasol and Topsoe established a 50/50 joint venture Zaffra B.V. The purpose of Zaffra B.V. is to develop, build, own, and operate sustainable aviation fuel plants, and market sustainable aviation fuels derived from non-fossil feedstock, utilising green hydrogen, sustainable sources of carbon dioxide and/or biomass with a specific focus on Sasol's FT and Topsoe's related technologies.

Refer to "*Item 4.D—Property, plants and equipment—Gas*" for details regarding key contracts in Mozambique.

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**Legal proceedings and other contingencies**

From time to time, Sasol companies are involved in litigation, legal proceedings, arbitrations, tax disputes and similar proceedings in the normal course of business. Although the outcome of these claims and disputes cannot be predicted with certainty, a detailed assessment is performed on each matter, and a provision is recognised, or contingent liability is disclosed, where appropriate as guided by IFRS.

Further, from time to time, communities and non-governmental organizations challenge our environmental licences and related applications including regarding concerns with potential health, community and environmental impacts associated with Sasol's activities.

*South African Revenue Services (****SARS****) audit on Sasol Financing International plc (****SFI****)*

As reported previously, SARS conducted an audit over a number of years on SFI which performs an offshore treasury function for Sasol. The audit culminated in the issuance of revised assessments in respect of the 2002 to 2012 tax years and the dispute relates to the place of effective management of SFI. SFI has co-operated fully with SARS during the course of the audit relating to these assessments. The potential tax exposure is R3 billion (including interest and penalties as at 30 June 2025), which is disclosed as a contingent liability.

SFI lodged an objection and appeal in the South African Tax Court (the **Tax Court**) against the revised assessments. SFI and SARS agreed that the appeal and related Tax Court processes will be held in abeyance pending the outcome of the judicial review applications noted below.

Sasol had launched two judicial review applications respectively against the SARS decision to register SFI as a South African taxpayer and against certain related elements of the revised assessments over which the Tax Court does not have jurisdiction. The two matters were heard together during November 2022 and on 1 August 2023 the court delivered its decision dismissing both the SFI review applications. SFI filed an application for leave to appeal the South Africa's High Court (the **High Court**) decision. In September 2024, the High Court granted the application for leave to appeal and the parties are exchanging their respective pleadings in anticipation of the appeal hearing for

which the South African Supreme Court of Appeal (**SCA**) is yet to set a date. The review applications relate to the challenge by SFI of certain administrative decisions of SARS and the High Court decision does not directly affect the merits of the substantive dispute before the Tax Court, which remains in abeyance while the appeal of the review applications continues.

*Clause 12A application* 

Our emission sources at our operations in South Africa are regulated in accordance with atmospheric emission licences (AELs), which are based on the Minimum Emission Standards (MES) published in terms of section 21 of the National Environmental Management: Air Quality Act, 39 of 2004 (NEMAQA).

We previously reported that Sasol sought a dispensation in terms of Clause 12A of the Listed Activities and Associated MES 2013, promulgated under the NEMAQA for the Sulphur Dioxide (SO<sub>2</sub>) emissions from the boilers at the steam plants at its Secunda Operations (the **Secunda Operations**) to be regulated under alternative load-based emissions standards from 1 April 2025 onwards. The application was initially declined by the National Air Quality Officer (**NAQO**) and Sasol subsequently filed an appeal to the Minister of Forestry, Fisheries and the Environment (the **Minister**) in July 2023. On 5 April 2024, the Minister issued her decision, in which she upheld Sasol's appeal and set aside the decision of the NAQO.

The Minister concluded that Sasol's application met all the requirements of Clause 12A, and therefore replaced the NAQO's decision, permitting that load-based limits be applied from 1 April 2025 up to 31 March 2030, subject to the following key conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Minister's further determination of concentration-based limits to apply in addition to the load-based limit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) implementation of the load-based integrated emission reduction solution, underpinning the initial application and appeal to achieve the emission reductions as undertaken by Sasol in its application and appeal.

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On 26 July 2024 Sasol was notified that the concentration-based limits had been determined. Secunda Operation's revised AEL enables lawful continued operations from 1 April 2025 to 31 March 2030. The Minister's decision does not expressly refuse or grant a load-based dispensation beyond 31 March 2030, although this has been requested by Sasol in our initial application and appeal. The implementation of the integrated roadmap, as a condition of the decision, is contingent on SO<sub>2</sub> also being regulated on a load-based limit beyond 31 March 2030. In light of this open issue and the conditions of the Minister's decision, a further dispensation will likely be required as available in law, the outcome of which cannot be guaranteed.

*Legal review of NERSA Maximum Gas Price*

In 2013, NERSA approved an application from Sasol Gas regarding the MGP (the **2013 NERSA MGP Decision**). In its July 2019 decision, the South African Constitutional Court (CC) overturned the 2013 NERSA MGP Decision, ordered NERSA to revise its decision and confirmed that the new MGP decision by NERSA will apply retrospectively from 26 March 2014. The High Court also overturned the separate 2017 NERSA MGP decision on 3 May 2021.

After the CC decision, NERSA adopted a new MGP methodology in 2020. Sasol Gas submitted a new maximum gas price application to NERSA in December 2020 and on 6 July 2021, NERSA published its maximum gas price decision (the **2021 NERSA MGP Decision**), which determined maximum gas prices for Sasol Gas for the period from March 2014 up to 2023. Sasol Gas resolved the resulting potential retrospective liability through commercial settlement agreements with its customers whose prices over this period were affected by the 2021 NERSA Maximum Gas Price decision.

In December 2021, the Industrial Gas Users Association of Southern Africa (IGUA-SA) launched a legal review application to overturn the NERSA 2021 MGP decision. Both NERSA and Sasol Gas opposed the application. The matter was heard in the High Court at the end of May 2023 and on 20 June 2024, the court handed down its decision to grant the review application. In its order the court overturned the 2021 NERSA MGP Decision and remitted the matter back to NERSA to take a new MGP decision. Sasol Gas brought an application for leave to appeal the decision by the High Court, which was heard by the court on 28 May 2025. The application was granted on 2 June 2025 and the appeal will now proceed to the SCA. An

adverse outcome in this matter may lead to further retrospective liability for Sasol Gas.

*Alleged Gas Pricing Conduct Complaints to Competition Commission*

During 2022, certain customers of Sasol Gas submitted complaints to the Competition Commission (the **Competition Commission**) relating to alleged pricing conduct prohibited by the South African Competition Act, 1998 (Act No 89 of 1998).

In response to this investigation Sasol Gas in September 2022 launched a legal review application, to clarify the jurisdiction of NERSA and the competition authorities respectively, insofar as it relates to gas prices that are regulated under the Gas Act. After this application was dismissed by the Competition Appeal Court (**CAC**), Sasol Gas sought to appeal the decision to the CC. On 22 July 2024, the CC refused leave to appeal on the basis of lack of reasonable prospects of success.

Following the end of the period allowed for the investigation by the Competition Commission and notwithstanding the ongoing litigation in the CAC, the Competition Commission on 10 July 2023 made a referral of the complaints to the Competition Tribunal. Following the decision by the CC, the referral by the Commission of the price complaints will proceed before the Competition Tribunal. The pleadings in the matter have closed and Sasol Gas is preparing for the hearing of the matter, the date of which has not been determined yet. An adverse outcome in the referral before the Competition Tribunal may result in possible fines and other sanctions against Sasol Gas. The litigation remains ongoing, and the outcome thereof cannot be predicted.

In accordance with the NERSA gas price regulation authority in terms of the Gas Act, Sasol Gas applied for MGP approval by NERSA in terms of the most recent MGP Methodology adopted by NERSA in January 2023. Pursuant to these applications Sasol Gas implemented the 2024, 2025 and the 2026 NERSA MGP decisions. Based on the 2023 NERSA MGP Methodology, these NERSA MGP decisions determined the maximum gas prices and quarterly adjustment of the maximum gas prices to apply in the applicable periods.

The Gas Amendment Bill was gazetted on 13 April 2021, but has not proceeded through the South African Parliament. The ultimate effect of the proposed

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amendments to the Gas Act on our sales and our financial condition cannot be determined at this time.

*Cyanide pricing investigations*

On 13 February 2023, the Commission advised Sasol that a complaint had been lodged against Sasol arising from substantial price increases for liquid sodium cyanide implemented by Sasol from around June 2021. These price increases were implemented in reaction to changes in market conditions. The complainants alleged that these price increases are excessive, exclusionary and amount to a constructive refusal to supply when it is economically feasible to do so. The Commission made extensive information requests as part of its investigation and engagements between Sasol and the Commission continue.

*Dispute between Sasol Oil, Total and Transnet for tariff applicable to conveyance of crude oil*

Sasol Oil (Pty) Ltd (**Sasol Oil**) and TotalEnergies Marketing South Africa (Pty) Ltd (**TotalEnergies**) have been involved in legal proceedings with Transnet over a number of years. On 18 June 2024, the High Court handed down judgement in favour of Sasol Oil and TotalEnergies against Transnet. In the judgement, Transnet was ordered to make payment to Sasol Oil of the amount of R3,9 billion plus interest. Transnet sought leave to appeal this High Court judgement. However, the application for leave to appeal was dismissed by the High Court and SCA respectively. After the SCA on 6 February 2025 dismissed its application for leave to appeal Transnet brought an application for the SCA to reconsider its application for leave to appeal. As a result of this reconsideration application, the High Court judgement order, and thus the associated payment by Transnet, remained suspended at the time.

Separately in August 2024, the High Court heard an action instituted by Transnet against Sasol Oil to recover an amount of R855 million (exclusive of value added tax (**VAT**) plus interest) from Sasol Oil in respect of Sasol Oil's shortfall payments of its crude oil invoices over the period between December 2020 and May 2023. Judgement in this matter remained pending at the time.

Sasol Oil and Transnet engaged in a mediation process to resolve the ongoing disputes. On 18 May 2025, Sasol Oil and Transnet signed an agreement to settle their respective disputes. This became effective on 23 May 2025 when all the suspensive conditions

were fulfilled. In alignment with the terms of this settlement agreement, Transnet made a payment to Sasol Oil of R4,3 billion (exclusive of VAT) on 30 June 2025 in full and final settlement of the abovementioned legal proceedings and withdrew its pending claim against Sasol Oil.

*Sasol Oil (Pty) Ltd / SFT Energy (Pty) Ltd Claim*

Sasol Oil was party to an agreement for the supply of various product grades with SFT Energy. The duration of the agreement was 6 months, from July 2023 to December 2023. Sasol Oil agreed to supply ULP95, ULP93, Diesel and Illuminating Paraffin to SFT Energy. However, the claim from SFT Energy is only in relation to the supply of Diesel. As part of the agreement, a particular volume of Diesel to be supplied by Sasol Oil was agreed with SFT Energy.

SFT Energy alleges that Sasol Oil breached the agreement in that for each month during the duration of the agreement, they placed Diesel orders and Sasol Oil reduced the volumes of supply without prior notice to them. In addition, SFT Energy alleges that Sasol Oil failed to formally notify SFT Energy of the events which resulted in Sasol Oil's inability to supply the Diesel as required in terms of the agreement.

Based on the alleged breach of the supply agreement SFT Energy is claiming damages of R1,2 billion (plus interest from date of the summons). The claims relate to amongst others, loss of sales and claims of loss of financial facilities by SFT Energy.

After receipt of the summons on 25 June 2025 Sasol Oil filed a notice of its intention to defend the claim. On 12 August 2025 a further summons was served on Sasol Oil in terms of which SFT Energy is claiming damages of R2,2 billion (plus interest from the date of summons). Sasol Oil instructed its attorneys to file a further notice of intention to defend this second matter.

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The Sasol Oil legal and business teams are evaluating the facts of the matter in order to comprehensively determine the defences Sasol Oil has and which will serve as a basis for its responses to the claims in due course. It should be noted that the claims from SFT Energy are consequential/indirect in nature and the agreement has a limitation of liability clause which limits all claims in terms of the agreement only to direct damages.

*Litigation of Sasol Mining in three litigation matters relating to occupational diseases*

A judgement by the CC in 2011 confirmed the right of employees in the mining industry who contracted certain occupational diseases to claim damages from their employers. Similar cases have also been threatened against participants in the coal sector of the mining industry. As a result, Sasol Mining is currently the defendant in three separate litigation matters.

The plaintiffs in the first matter involving 22 individual cases though not a class action, allege that they contracted coal-dust-related lung diseases, while in Sasol Mining's employment. Two plaintiffs passed on after the matter commenced and their claims were subsequently withdrawn. The plaintiffs allege that they were exposed to harmful quantities of coal dust while working underground for Sasol Mining and that the company failed to comply with various sections of the Mine Health and Safety Act (including various regulations issued in relation to the Mine Health and Safety Act) and failed to take effective measures to reduce the exposure of mine workers to coal dust. The plaintiffs allege that all of the above increased the risk for workers to contract coal-dust-related lung diseases.

The plaintiffs seek compensation for damages relating to past and future medical costs and loss of income amounting to R67,7 million in total. Sasol Mining is defending the claims.

As the trial has not yet commenced and a response from the plaintiffs to our request for further particulars is still being awaited, it is not possible at this stage to estimate the likelihood that the plaintiffs will succeed with their claim and if successful, the quantum of damages that the court would award. Therefore, no provision has been raised as of 30 June 2025.

The remaining two matters involve single plaintiffs, in which the legal process is ongoing, and no trials have commenced.

*Criminal proceeding under the National Environmental Management Act 108 of 1998, the National Environmental Management: Waste Act and the National Water Act against SSA*

Following the conclusion of a criminal investigation initiated in April 2021 and conducted by the Environmental Management Inspectorate, summons instituting criminal proceedings by the National Prosecuting Agency was served on SSA citing the company as the accused.

The company was charged with five counts relating to alleged contraventions by the Secunda Operations of the National Environmental Management Act 108 of 1998 and the National Environmental Management: Waste Act, 59 of 2008 and the National Water Act, 36 of 1998.

On 15 July 2025, the State withdrew all the charges against the Company. Insofar as the matter was withdrawn, the State can reinstitute the criminal prosecution on the same charges at its discretion. However, currently there is no longer any pending prosecution against Sasol in respect of these charges.

*Dispute between Murray & Roberts Power and Energy (****Murray & Roberts)*** *and Sasol* 

SSA had been involved in a dispute which had been placed before an Arbitrator in respect of alleged additional costs incurred by Murray & Roberts amounting to approximately R322 million associated with alleged delays experienced and additional work it had to execute as part of the completion of the Coal Tar Filtration Project East at Secunda Operations. The dispute was subsequently settled between the parties and Sasol agreed to pay Murray and Roberts an amount of R60 million in full and final settlement of all claims in relation to or in connection with the dispute.

Payment of the settlement amount was made on 24 October 2024 and the matter is now closed.

#### Competition law compliance
Sasol continuously evaluates its compliance programmes and controls in general, including its competition law compliance programme and controls. As a consequence of these compliance programmes and controls, including monitoring and review activities, Sasol has adopted appropriate remedial and/or mitigating steps, where necessary or advisable, lodged leniency applications, and made, and will continue to

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make, disclosures on material findings as and when appropriate. These ongoing compliance activities have already revealed, and may still reveal, competition law contraventions or potential contraventions in respect of which we have taken, or will take, appropriate remedial and/or mitigating steps including lodging leniency applications. Sasol may, from time to time, respond to information requests and/or investigations by competition law authorities. We co-operate with all lawful investigations in a transparent and constructive manner.

#### Environmental obligation
Sasol's environmental obligation accrued at 30 June 2025 was R14 112 million compared to R16 524 million at 30 June 2024. Due to uncertainties regarding future costs, the potential loss in excess of the amount accrued cannot be reasonably determined.

#### Regulation
The South African government has, over the past 26 years, introduced a legislative and policy regime with the imperative of redressing historical social and economic inequalities, as stated in the Constitution of the Republic of South Africa Act, 108 of 1996 (the **Constitution**). This is being done by way of the empowerment of historically disadvantaged South Africans (**HDSA**s) in the areas of ownership, management and control, employment equity, skills development, procurement, enterprise development and socio-economic development.

Most of our operations are based in South Africa, but we also operate in numerous other countries. In South Africa, we operate coal mines and a number of production plants and facilities for the storage, processing and transportation of raw materials, products and waste related to coal, oil, chemicals and gas. These facilities and the respective operations are subject to various laws and regulations that may become more stringent and may, in some cases, affect our business, operating results, cash flows and financial position.

Our business activities in South Africa relating to coal mining, petroleum production, distribution and marketing of fuel products, electricity and gas are subject to regulation by various government departments and independent regulators. Refer to "*Item 3.D—Risk factors*" for details on particular aspects of regulations affecting our business activities.

#### Empowerment of HDSAs
*Black Economic Empowerment (BEE) policies and legislation*

#### B-BBEE Act
Sasol is well aligned with the economic transformation and sustainable development objectives embodied in the South African legislative and regulatory framework governing B-BBEE. The key elements of this framework are the B-BBEE Act and the Codes of Good Practice (for B-BBEE issued by the Minister of Trade and Industry in terms of the B-BBEE Act (Codes) This includes the Charters (i.e. the Mining Charter) and Liquid Fuels Charter (LFC) adopted by the various sectors within which Sasol operates businesses and compliance is measured in the related scorecards.

Our most recent certification in terms of this legislation, issued in September 2024, for Sasol Limited is level 2, the same as in the previous year and SSA puts us at an improved contributor status of level 1. This improved contributor level makes Sasol a more attractive supplier of products to our customers in South Africa because the contributor level of their suppliers impacts the B-BBEE contributor status of such customers.

Sasol continues to entrench transformation within the organisational culture, enhancing its commitment as a good corporate citizen.

#### Sasol Khanyisa transaction
In phases from March 2018, Sasol implemented Sasol Khanyisa, a new B-BBEE ownership transaction which was structured to comply with the revised B-BBEE legislation in South Africa when the Sasol Inzalo transaction came to an end in 2018. By implementing the Sasol Khanyisa transaction, the Company sought to ensure ongoing and sustainable B-BBEE ownership credentials.

The accounting recognition and measurement principles applied to the Sasol Khanyisa transaction are the same as those applied to the Sasol Inzalo transaction, as the substance of both transactions was the same. Based on the underlying assumptions made by Sasol, the total IFRS 2 charge associated with Sasol Khanyisa is R6,5 billion over the life of the transaction; to date R6,3 billion has been recognised. The only

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unvested portion of the transaction relates to the employee share ownership plan.

With the implementation of Sasol Khanyisa, approximately 18,4% of SSA is in direct Black ownership, which, together with Black ownership at Sasol group level, translates into at least 25% Black ownership credentials at SSA level (for purposes of measuring Black ownership credentials under the current B-BBEE legislation).

#### Refer to " Item 18—Financial Statements—Note 32 Share-based payment reserve " for further information.

#### The Mining Charter
The Mining Charter requires mining companies to meet various criteria intended to promote meaningful participation in the industry of HDSAs. These criteria include ownership, inclusive procurement, supplier and enterprise development, human resource development, employment equity and miner community development. The provision in the Mining Charter that provided that a mining right holder who does not comply with the ownership criteria and falls between levels 6 and 8 of the Mining Charter scorecard shall be in breach of the Mineral and Petroleum Resources Development Act, 28 of 2002, has been set aside by the High Court pursuant to a challenge of various aspects of the Mining Charter including aspects relating to ownership.

#### The Upstream Petroleum Resources Act 23 of 2024
On 26 October 2023, the Upstream Petroleum Resources Development Bill (the **Upstream Petroleum Bill**) was passed by the South African National Assembly (the **National Assembly**). The National Assembly approved the Upstream Petroleum Bill and among key changes were (a) 20% interest in exploration or production operations being allocated to the state free of payment and (b) a change to the licensing regime with exploration, which under the Upstream Petroleum Bill is now regarded as part of the production period.

The Upstream Petroleum Bill did not feature any fiscals and a "Money Bill" is expected to be issued in the future by the National Treasury. On 25 April 2024, the Upstream Petroleum Bill was passed by the National Council of Provinces and was sent to the President of the Republic of South Africa for signature. The Upstream Petroleum Bill was finally assented to by

the President on 25 October 2024 and published in the Government Gazette on 29 October 2024. Per South African law, an act will only come into effect on a date to be fixed by the President by further proclamation in the Government Gazette which is likely to be made after the regulations are finalised. The regulations were published on 14 April 2025 and are currently subject to a public consultation period. There is no estimated timeline for the finalisation of the consultation period.

#### Liquid Fuel Charter
The LFC for the South African petroleum and liquid fuels industry on empowering HDSAs in the petroleum and liquid fuels industry requires liquid fuels companies, including Sasol Oil, to ensure that HDSAs hold at least 25% equity ownership in the South African entity holding their operating assets by the end of a period of 10 years from the date of the signing of the LFC.

In order to meet this equity ownership objective, Sasol Limited entered into a B-BBEE transaction with an HDSA-owned company, Tshwarisano, in terms of which Sasol disposed of 25% of its shareholding in Sasol Oil to Tshwarisano. With effect from 1 July 2006, Sasol Oil met the 25% BEE ownership target, with Tshwarisano holding 25% of the shares in Sasol Oil in line with the Charter.

The DMPR in concurrence with the Department of Trade and Industry initiated a process to establish a sector charter (the **Petroleum and Liquid Fuels Sector Charter**) to supersede the LFC in terms of section 12 of the B-BBEE Act. While this process may impact on the B-BBEE obligations of Sasol's businesses in the South African energy industry, the timing of completion, the outcome and potential effects of this process on Sasol cannot be assessed at this time.

#### The Restitution of Land Rights Act 22 of 1994
Our privately held land could be subject to land restitution claims under the Restitution of Land Rights Act, 22 of 1994. Under this Act, any person who was dispossessed of rights to land in South Africa as a result of past racially discriminatory laws or practices is granted certain remedies, including, but not limited to the restoration of the land claimed with or without compensation to the holder.

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#### Mining rights
Sasol Mining is the holder of mining rights granted by the DMPR in respect of its operations in the Mpumalanga and Free State provinces in South Africa.

In respect of the Secunda mining complex in Mpumalanga, Sasol Mining holds three mining rights situated within the Bethal, Secunda, Highveld Ridge, Balfour and Standerton magisterial districts. These mining rights were granted for periods between 20 and 30 years. The Secunda complex mining right is valid until 28 March 2040 and Sasol Mining can apply to the DMPR for renewal of the right for a further maximum period of 30 years. The Block IV and Alexander Block mining rights are also situated in the Secunda area and remain valid until 27 August 2037 and 21 January 2048 respectively. The Mooikraal mining right near Sasolburg in the Free State is valid until 28 March 2040.

#### Safety, health and environment

#### Regions in which Sasol operates and their applicable legislation

#### South Africa
The majority of our operations are located in South Africa. We operate a number of plants and facilities for the manufacture, storage, processing and transportation of chemical feedstock, products and waste. These operations are subject to numerous laws and regulations relating to safety, health and the protection of the environment.

#### Environmental regulation
The Constitution contains the underlying right to an environment which is not harmful to health or well-being of people which right must be given effect to by environmental legislation in South Africa. The South African National Environmental Management Act, 107 of 1998 is therefore the framework act which primarily aims to give effect to the Constitutional environmental right. It also underpins specific environmental management acts, such as the National Environmental Management: Waste Act, 59 of 2000 (the **National Environment Management: Waste Act**), the National Water Act, 36 of 1998, and the National Environmental Management: Air Quality Act, 39 of 2004 which all, in turn, regulate specific environmental media and the associated regulation of potential impacts thereon. The National Environmental Management: Waste Act also specifically regulates the process for management of contaminated land. These Acts also provide for enforcement mechanisms as well as provisions for the imposition of criminal sanction. These also apply to mining activities.

Apart from South Africa's international commitments, the Climate Change Bill was signed into law on 18 July 2024 and published as the Climate Change Act, 2022 on 23 July 2024. The Act came into effect on 17 March 2025. At a high level, the most significant impact of the Act for the private sector is the framework for the regulation of GHG-emitting activities and for government departments GHG emitting sectors, however, no specific penalties are provided for the failure to comply with the prescribed mitigation instruments (i.e., carbon budgets and sectoral emission targets). Furthermore, a person to whom a carbon budget has been allocated must prepare and submit to the Minister, for approval, a GHG mitigation plan. Until the regulations for carbon budgets are published, Sasol will continue to submit progress reports on its pollution prevention plans (mitigation plans) in terms of the National Pollution Prevention Plan Regulations (the Pollution Prevention Regulations) referred to below, which in the interim serve as governing regulations in terms of the Climate Change Act.

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Sasol continues to engage with the government on the imposition of mandatory carbon budgets. Sasol's engagement focuses on the need for the alignment of mitigation instruments in an effort to create long-term policy and regulatory certainty. Although not mandatory, Sasol participated in the first phase of the carbon budget process and received and agreed to its allocated carbon budget, which was in place until the end of calendar 2020. We received the second voluntary carbon budget for the next five years until 2025. A preliminary allocation was received which was reduced based on our national GHG inventory. The GHG and the Pollution Prevention Regulations were promulgated in April and June 2017 respectively and subsequently revised. Sasol continues to submit its GHG data annually, as well as progress on its approved pollution prevention plans. The Carbon Tax Act, 15 of 2019 was signed into law in May 2019 and came into effect on 1 June 2019. National Treasury undertook a process to increase the carbon tax rates (as per the 2022 National Budget) culminating in higher tax rates for 2026 to 2030.

For information see "*Item 3.D—Risk factors-Risks related to our sustainability*".

***Hazardous substances***

Provisions for the protection of humans and the environment against the harmful effects of hazardous substances and preparations are provided for in various laws, regulations and incorporated standards on the use, handling (including classification and labelling), storage and transport thereof. These laws and regulations are aligning with international commitments on safe chemicals management, including the GHS. Primary laws in this regard include the Hazardous Substances Act 15 of 1973 (the **Chemicals Act**) and the Hazardous Chemicals Agent Regulations under the Occupational Health and Safety Act.

For information regarding our challenges associated with these regulatory requirements refer to "*Item 3.D—Risk factors*".

#### European Operations
In Germany and Italy, we operate a number of plants and facilities for the manufacture, storage, processing and transportation of chemical feedstock, products and waste. These operations are subject to numerous laws and ordinances relating to safety, health and the protection of the environment, and non-compliance with these regulations could lead to a material adverse impact on Sasol's ability to operate in these countries. In Europe, we anticipate continuing to respond to the regulatory environment through existing systems and control technologies as well as through efficiency and control technology reviews and improvement opportunities where appropriate, in order to minimise the impact of the current and future regulations on our European operations.

***Hazardous substances***

Provisions for the protection of humans and the environment against the harmful effects of hazardous substances and preparations are provided in the Chemicals Act, and related ordinances on the prohibition of certain chemicals and hazardous incidents. All hazardous substances are subject to the requirements of the EU REACH Regulation, including requirements for registration and notification obligation before these substances can be brought onto the market. Hazardous substances and mixtures must be classified, labelled and packed in accordance with the EU classification, labelling and packaging regulation. Further regulations prohibiting and limiting manufacture, marketing and use also apply.

#### United States
In the US, we operate a number of plants and facilities for the storage and processing of chemical feedstock products. Sasol's US operations are subject to numerous laws, regulations and ordinances relating to safety, health and the protection of the environment, and non-compliance with these laws, regulations and ordinances could lead to a material adverse impact on Sasol's ability to operate in the US. Climate change policy continues to be developed at the federal and state level, and to some extent, through the judicial system. Our operations in the US remain regulated at the federal, state, and local level relating to health, safety, environment, and community impact. In the US, we anticipate continuing to respond to the regulatory environment through existing systems and control technologies as well as through efficiency and control technology reviews and improvement opportunities

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where appropriate, in order to minimise the impact of the current and future regulations on our US operations.

Hazardous substances are regulated pursuant to multiple federal laws including the Toxic Substances Control Act of 1978, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 and by a labelling standard that incorporates the requirements of the GHS into occupational health and safety legislations. Chemical manufacturers and importers are required to evaluate the hazards of the chemicals they produce or import and prepare labels and safety data sheets to convey the hazard information to their downstream customers.

#### Mozambique
A National Environmental Policy (Resolution 5/1995, of 3 August) is the government document outlining the priorities for environmental management and sustainable development in Mozambique, including the required legal framework. The Environmental Law (Law 20/1997, of 1 October as amended by Law 16/2014, of 20 June) and its respective regulations, namely the Regulations on Environmental Impact Assessment (Decree 54/2015 of 31 December) and the Environmental Regulations for Petroleum Operations (Decree 56/2010 of 22 November) provides a legal framework for the use and correct management of the environment and its components and to assure sustainable development in Mozambique.

The Petroleum Law (Law 21/2014, of 18 August) and the Petroleum Operations Regulations (Decree 34/2015, of 31 December, as amended by Decree 48/2018 of 8 August) require holders of exploration and production rights to conduct petroleum operations in compliance with environmental and other applicable legislation. The law makes provision for compensation to be paid under general legislation by the holder of a right to conduct petroleum operations to persons whose assets are damaged. The law establishes strict liability for the holder of the right who causes environmental damage or pollution. The strict liability requirement for environmental damage or pollution could have a material adverse effect on our operations in Mozambique.

#### Other countries
In a number of other countries, we are engaged in various activities that are impacted by local and international laws, regulations and treaties. In China and other countries, we operate plants and facilities for

the storage, processing and transportation of chemical substances, including feedstock, products and waste. In the United Arab Emirates, and other countries, we are involved, or are in the process of becoming involved, in exploration, extraction, processing or storage and transportation activities in connection with feedstock, products and waste relating to natural oil and gas, petroleum and chemical substances.

In Qatar, we participate in a joint venture owning and operating a GTL facility involving the production, storage and transportation of GTL diesel, GTL naphtha and Liquified Petroleum Gas (LPG). These operations are subject to numerous laws and ordinances relating to safety, health and the protection of the environment.

Our operations in the respective jurisdictions are subject to numerous laws and regulations relating to exploration and mining rights and the protection of safety, health and the environment.

#### 4.C Organisational structure
Sasol Limited is the ultimate holding company of the Sasol group of companies.

SSA, a subsidiary of Sasol Limited and a company incorporated in South Africa, primarily holds our operations located in South Africa. A number of other subsidiaries incorporated in South Africa, including Sasol Oil, Sasol Mining Holdings (Pty) Ltd, Sasol Gas, Sasol Middle East and India (Pty), Sasol New Energy Holdings (Pty) Ltd and Sasol Africa (Pty) Ltd, also hold our interests in operations in South Africa, other parts of Africa and the Middle East. Sasol Financing Limited and Sasol Financing International Limited, responsible for the management of cash resources and investments, are wholly owned and incorporated in South Africa. Our wholly owned subsidiary, Sasol Investment Company (Pty) Ltd, a company incorporated in South Africa, primarily holds our interests in Sasol group companies incorporated outside of South Africa, including Sasol European Holdings Limited (United Kingdom), Sasol (USA) Corporation (United States), Sasol Holdings (Asia Pacific) (Pty) Ltd (South Africa), Sasol Holdings (USA) (Pty) Ltd (South Africa), Sasol Chemical Holdings International (Pty) Ltd (South Africa) and their respective subsidiaries.

#### See Exhibit 8.1 for a list of our significant subsidiaries and significant jointly controlled entities.

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#### 4.D Property, plants and equipment
Refer to "Item 18—Financial Statements—Note 16 Property, plant and equipment" for further information regarding our property, plant and equipment.

#### Southern Africa Energy and Chemicals Business

#### Mining

#### Coal mining facilities
Our main coal mining facilities are located at the Secunda Mining Complex, which consists of underground collieries (Bosjesspruit, Impumelelo, Shondoni, Syferfontein, and Twistdraai Thubelisha) and the Sigma complex consisting of the Mooikraal colliery near Sasolburg.

A map showing the location of our coal properties and major manufacturing plants in South Africa is shown on page M-1 and M-2.

Our Mining segment operates six collieries for the supply of coal to the Secunda Operations, Sasolburg Operations (utility coal only) and the external market. The annual production of each colliery, the primary market to which it supplies coal and the location of each colliery are indicated in the table below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Production (Mt)**<sup>(3)</sup> | **Production (Mt)**<sup>(3)</sup> | **Production (Mt)**<sup>(3)</sup> |
| <br>**Colliery** | <br>**Location** | <br>**Market**  | **Nominated**<br>**capacity**<br>**per year (Mt)**<sup>(2)</sup> | **2025** | **2024** | **2023** |
| Bosjesspruit | Secunda | Secunda Operations | 49 | **41** | **50** | **55** |
| Impumelelo  | Secunda | Secunda Operations | 41 | **38** | **43** | **47** |
| Shondoni | Secunda | Secunda Operations | 50 | **56** | **58** | **61** |
| Syferfontein | Secunda | Secunda Operations | 87 | **84** | **79** | **76** |
| Twistdraai Thubelisha | Secunda | Export/Secunda operations <sup>(1)</sup> | 86 | **75** | **81** | **77** |
| Sigma : Mooikraal | Sasolburg | Sasolburg Operations | 11 | **10** | **12** | **12** |
|  |  |  |  | **304** | **323** | **328** |
| Production tons per continuous miner (mining production machine) per shift including off-shift production <sup>(4)</sup> (t/cm/shift) |  |  |  | 931 | 983 | 951 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The secondary product from the export beneficiation plant is supplied to Secunda Operations. From financial year 2026, no secondary product will be produced, all coal from Twistdraai Thubelisha will be supplied to Secunda Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The nominated capacity of the mines is the expected production of that mine and does not represent the total maximum capacity of the mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Production excludes externally purchased coal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Offshift production is a legally permitted, voluntary shift system allowing mine workers to produce coal on their non-working shifts. This shift system provides the mine with a flexibility option to catch up on production shortfall. The mine workers are remunerated for this production on a cost per ton basis.

#### Processing operations
*Coal export business— Secunda Operations.*

We started the coal export business in August 1996. Run of mine (**ROM**) coal is sourced from the Twistdraai Thubelisha Colliery (nominated capacity 8,6 Million tons (**Mt**)). The export beneficiation plant has a design throughput total capacity of 10,5 Mt per

annum. In 2025, we produced 7,5Mt from Twistdraai Thubelisha Colliery and purchased external coal of 1Mt of which we beneficiated 8,1Mt and 0,4Mt was bypassed to Sasol Coal Supply.

ROM coal is transported via an overland conveyor belt to the export beneficiation plant from the Twistdraai Thubelisha Colliery. The export product is loaded onto trains by means of a rapid loadout system

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and then transported to the Richards Bay Coal Terminal (**RBCT**) in KwaZulu-Natal.

Sasol Mining has a 4,20% shareholding in RBCT and Sasol Mining's entitlement on an 81 Mt per year RBCT capacity is 4,29%, which translates to 3,47 Mt per year. Actual export volumes for 2025 were 2,3 Mt.

The export beneficiation plant is expected to be converted to a destoning plant by December 2025 and all ROM coal mined from Twistdraai Thubelisha is expected to go through the destoning plant for quality improvement after which the ROM coal will be sent to the Sasol Coal Supply facility for blending before delivery to Secunda Operations.

*Sasol Coal Supply—Secunda Operations.* 

Sasol Coal Supply operates the coal handling facility between our Mining segment and *Secunda Operations* by stacking and blending coal on six live stockpiles. The overland conveyors from the mining operations to the coal handling facility are, in total, approximately 120 kilometres (km) long and also form part of the Sasol Coal Supply operation.

The operation has a live stockpile capacity of 720 000 tons, which is turned over around 1,2 times per week. In addition, there is a targeted strategic stockpile capacity of more than 2,0 Mt. Sasol Coal supply also handles the coal purchased from independent coal producers which supplements the coal supply from Sasol Mining. The objectives of this facility are:

● to homogenise the coal quality supplied to *Secunda Operations*;

● to keep mine bunkers empty;

● to keep the *Secunda Operations* bunkers full of a product that conforms to customer requirements;

● to supply quality coal within the parameters of ash, sinks and fines;

● to maintain a buffer stockpile to ensure even supply; and

● to perform a reconciliation of business with regard to quantity and quality.

The daily coal supply to *Secunda Operations* was approximately 92 000 tons for 2025.

#### Coal exploration techniques
Sasol Mining's geology department employs several exploration techniques in assessing the geological risks associated with the exploitation of the coal deposits. These techniques are applied in a mutually supportive way to achieve an optimal geological model of the relevant coal seams, targeted for production purposes. The Highveld Basin is considered to be structurally complex when compared to the other coalfields in South Africa where mining activities take place. As a result, Sasol Mining bases its geological modelling on sufficient and varied geological information. This approach is utilised in order to achieve a high level of confidence and support to the production environment.

*Core recovery exploration drilling.* 

This is the primary exploration technique that is applied in all exploration areas, especially during reconnaissance phases. In and around operational mines, the average vertical borehole density varies from 1:10 to 1:15 (boreholes per hectare), while in medium term mining areas, the average borehole density is in the order of 1:25. Depths of the boreholes drilled vary, depending on the depth to the PreKaroo basement, from 160 metres (m) to 380 m. The major application of this technique is to locate the coal horizons, to determine coal quality and to gather structural information about dolerite dykes and sills, and the associated devolatilisation and displacement of coal reserves. This information is used to compile geological models and forms the basis of geological interpretation.

*Directional drilling.*

Directional drilling from surface to in-seam has been successfully applied for several years. A circular area with a radius of approximately 1,4 km of coal deposit can be covered by this method from one drill site. The main objective of this approach is to locate dolerite dykes and transgressive dolerite sills, as well as faults with displacements larger than the coal seam thickness.

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*Horizontal drilling.* 

This technique is applied to all operational underground mines and supplies short term (minimum three months) exploration coverage per mining section. No core is usually recovered, unless recovered to confirm the presence of dolerite intrusions. The main objective is to locate dolerite dykes and transgressive sills intersecting the coal mining horizon, by drilling horizontal holes in the coal seam from a mined-out area. A drilling reach of up to 1 km is possible, although the average length is usually 800 m in undisturbed coal.

*Aeromagnetic surveys*

Many exploration areas are usually aeromagnetically surveyed before the focused exploration is initiated. The main objective is to locate magnetic dolerite sills and dykes, as well as large-scale fault zones.

*Geophysical wireline surveys of directional boreholes* 

Geophysical surveys are routinely conducted in the completed directional drilled boreholes. This results in the availability of detailed information leading to increased confidence of the surface directional drilling results.

***Secunda Operations*** 

The coal supplied to Secunda Operations is the raw coal mined from the four mines supplemented by external coal purchases, supplying Secunda Operations and the secondary product from the export beneficiation plant. From July 2025, all ROM coal from Twistdraai Thubelisha are sent to Secunda Operations.

Extensive geological exploration has been carried out in the coal resource areas. Further exploration is undertaken to update and refine the geological models. This allows for accurate forecasting of geological conditions and coal qualities, and also effective planning and utilisation of coal reserves.

*Computation and storage of geological information*

Geological information is stored in the acQuire database. Regular data validation and quality checking is conducted through several in-house methods. Data modelling is conducted by manual interpretation and computer-derived geological models,

using the Minex 6.5.5 edition of the GEOVIA/MINEX software. Reserves and composite qualities are computed using established and recognised geostatistical techniques.

*General stratigraphy*

The principal coal horizon, the Number 4 Lower Coal Seam, provides some 95,60% (2024—90,29%) of the total proved and probable reserves. The Number 4 Lower Coal Seam is one of six coal horizons occurring in the Vryheid Formation of the Karoo Supergroup, a permocarboniferous aged, primarily sedimentary sequence. The coal seams are numbered from the oldest to the youngest from bottom up.

The Number 4 Lower Coal Seam is a bituminous hard coal, characterised by the following borehole statistics as at 31 March 2025:

● the depth to the base of the seam ranges from 40 m to 241 m with an average depth of 135 m below the surface topography. All the current mining done on this seam is underground;

● the floor of the seam dips gently from north to south at approximately 0,5 degrees;

● the thickness of the seam varies in a range up to 10 m with a weighted average thickness of 3,7 m. In general, thinner coal is found to the south and thicker coal to the west adjacent to the Pre-Karoo basement highs;

● the inherent ash content (air dried basis) is an average 27,73%;

● the volatile matter content is tightly clustered around a mean of 22,66% (air dried); and

● the total sulphur content (air dried), which primarily consists of mineral sulphur in the form of pyrite and minor amounts of organic sulphur, averages 1,03% of the total mass of the coal.

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The other potential coal seam is:

● the Number 2 Coal Seam at Shondoni colliery and Impumelelo colliery, which has been included in our resource base, as indicated resources.

#### Reserve estimation (remaining reserves at 31 March 2025)
A techno-economic review of the Number 2 Seam at Shondoni and Impumelelo Collieries was conducted during 2025. The review determined that these assets previously classified as probable reserves should be reclassified as indicated resources (Table 7). This is primarily due to the cost of capital associated with accessing these assets, as well as the current coal quality requirements of Sasol Synfuels.

We have approximately 3,1 billion tons (Bt) (2024—3,6 Bt) of gross in situ proved and probable coal reserves in the Secunda Deposit and approximately 1,0 Bt (2024—1,1 Bt) of recoverable reserves. The coal reserve estimations are set out in Table 1 that follows. Reported reserves will be converted into synthetic oil reserves, except for reserves which will be used for utilities in Secunda Operations. The reserve disclosure in this section includes our Mining segment's total coal resources and reserves available for mining operations in Secunda. These reserves have not been adjusted for the synthetic oil reserves reported in the "Item 18 – Financial Statements - Supplemental Oil and Gas information". The different reserve areas are depicted on the map on page M-1, as well as whether a specific reserve area has been assigned to a specific mine.

The coal reserve estimations in this table were compiled under supervision of Mr. Viren Deonarain, Head of Coal Geology at Sasol Mining, who is considered a Qualified Person as defined hereunder. The South African Code for Reporting of Minerals Resources and Minerals Reserves (The SAMREC Code 2007 edition) when discussing competence and responsibility in paragraph 7, states that documentation detailing exploration results, mineral resources and mineral reserves from which a public report is prepared, must be prepared by, or under the direction of, and signed by a Qualified Person. Paragraph 9 states: a 'Qualified Person' is a person who is registered with SACNASP, ECSA or PLATO, or is a Member or Fellow of the SAIMM, the GSS or a Recognised

Overseas Professional organisation (each as defined therein). The Qualified Person must comply with the provisions of the relevant promulgated acts. The reserves and resources modelling process and geological models were audited by an independent consultancy, WSP Golder, in August 2022. The audit verified that the geological models, reserves and resources estimates were a fair reflection of the data on which they were based and conformed to internationally accepted reporting standards.

The latest coal resource/reserve estimations were determined by following the same process. The estimation of the proved reserves is compliant with the definition and guidelines as stated in the modernised SEC Regulation S-K subpart 1300.

The following internal controls are used in the exploration and mineral reserve estimation:

● The "Resources and Reserves" document is compiled for submission to the Sasol Mining board of directors for approval by the Company Secretary Energy. Before submission, the Vice President Integration and Mine Deployment performs a high-level reasonableness review (sense-check) to ensure that the detailed process was followed. This process includes a mass balance reconciliation; and

● The Vice President Integration and Mine Deployment checks the reconciliation of Form 20-F information provided in Table 4 of the Synthetic Oil section of the "Item 18 – Financial Statements -Supplemental Oil and Gas information" to confirm that the information disclosed for the most recently closed financial year is accurate, complete and consistent with the Sasol Mining board-approved resource and reserve statement and only includes coal to liquid resources and reserves.

Those involved in the reserves and resources estimation process are sufficiently qualified. The Head of Coal Geology at Sasol Mining signs off on the process and is classified as a Competent Person as defined by the South African Council for Natural and Scientific Professionals.

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*Table 1.*

**Coal reserve estimations**<sup>(1)</sup> **as at 31 March 2025, in the Secunda area where we have converted mining rights (signed on 29 March 2010) in terms of the MPRDA.**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reserve area** | **Gross in**<br>**situ coal**<br>**resource**<sup>(1)</sup><br>**(Mt)**<sup>(4)</sup> | <br>**Geological**<br>**discount**<br>**(Mt)**<sup>(4)</sup> | **Mine**<br>**layout**<br>**losses**<br>**(Mt)**<sup>(4)</sup> | <br>**Extraction**<br>**rate**<br>**(%)** | <br>**Recoverable**<br>**reserves**<sup>(2)</sup><br>**(Mt)**<sup>(4)</sup> | <br>**Beneficiated**<br>**yield**<sup>(3)</sup><br>**(%)** | <br>**Proved/**<br>**probable** | <br>**Ave Rom**<br>**Cash Cost**<br>**(R/t)** | <br>**Ave Sales**<br>**Cost**<br>**(R/t)** |
| Shondoni colliery, number 4 seam | 339 | 45 | 58 | 56 | 115 | 100 | Proved | 533 | 735 |
| Bosjesspruit colliery | 89 | 6 | 47 | 55 | 27 | 100 | Proved | 533 | 735 |
| Bosjesspruit colliery | 38 | 2 | 9 | 45 | 12 | 100 | Probable | 533 | 735 |
| Syferfontein colliery | 344 | 55 | 78 | 62 | 124 | 100 | Proved | 533 | 735 |
| Alexander Block | 498 | 100 | 74 | 46 | 107 | 100 | Proved | 533 | 735 |
| Alexander Block |  |  |  |  | 16 | 100 | Probable | 533 | 735 |
| Twistdraai Thubelisha colliery | 496 | 95 | 46 | 51 | 202 | P30,S44 | Proved | 533 | 735 |
| Impumelelo, Block 2, number 4 seam | 657 | 99 | 89 | 52 | 192 | 100 | Proved | 533 | 735 |
| Block 2 South, number 4 seam | 363 | 98 | 49 | 54 | 123 | 100 | Probable | 533 | 735 |
| Block 2 South, number 2 seam | 133 | 36 | 18 | 54 | 45 | 100 | Probable | 533 | 735 |
| Block 3 South | 141 | 38 | 19 | 57 | 52 | 100 | Probable | 533 | 735 |
| **Total Secunda area** | **3 098** |  |  |  | **1 015** |  |  |  |  |

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*Table 2.*

**Coal reserve estimations**<sup>(1)</sup> **as at 31 March 2025, in the Sasolburg area where Sasol Mining has converted mining rights (signed on 29 March 2010) in terms of the MPRDA.**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reserve area** | <br>**Gross in**<br>**situ coal**<br>**resource**<sup>(1)</sup><br>**(Mt)**<sup>(4)</sup> | <br>**Geological**<br>**discount**<br>**(Mt)**<sup>(4)</sup> | <br>**Mine**<br>**layout**<br>**losses**<br>**(Mt)**<sup>(4)</sup> | <br>**Extraction**<br>**rate**<br>**(%)** | <br>**Recoverable**<br>**reserves**<sup>(2)</sup><br>**(Mt)**<sup>(4)</sup> | <br>**Beneficiated**<br>**yield**<sup>(3)</sup><br>**(%)** | <br>**Proved/**<br>**probable** | **Ave**<br>**Rom**<br>**Cash**<br>**Cost**<br>**(R/t)** | <br>**Ave**<br>**Sales**<br>**Cost**<br>**(R/t)** |
| Sigma Mooikraal | 153 | 13 | 33 | 52 | 19 | 100 | Proved | 933 | 1 217 |
| **Total Mooikraal area** | **153** |  |  |  | **19** |  |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The gross in situ coal resource is an estimate of the coal tonnage, contained in the full coal seam above the minimum thickness cut off and relevant coal quality cut off parameters. No loss factors are applied and seam height does not include external dilution or contamination material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The recoverable coal reserve is an estimate of the expected recovery of the mines in these areas and is determined by the subtraction of losses due to geological and mining factors and the addition of dilatants such as moisture and contamination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The P% of P30 refers to the export product yield from the recoverable coal reserve and the S% of S44 refers to secondary product yield, which will be supplied to the Secunda Operations. The balance of this is discard material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Mt refers to 1 million tons. Reference is made of tons, each of which equals 1 000 kilograms, approximately 2 205 pounds or 1 102 short tons.

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*Table 3.*

**Coal qualities, on an air-dry basis, in respective coal reserve areas, where Mining has converted mining rights in respect of the Secunda mining complex in terms of the MPRDA.**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reserve area** | <br>**Wet/dry**<br>**tons** | **Average**<br>**Inherent**<br>**Moisture**<br>**Content**<br>**(%)** | **Average**<br>**Superficial**<br>**Moisture**<br>**Content**<br>**(%)** | <br>**Assigned/**<br>**unassigned** | <br>**Steam/**<br>**metallurgical**<br>**coal** | **Heat**<br>**Value**<br>**(air dry)**<br>**basis**<br>**MJ/kg** | <br>**Sulphur**<br>**(air dry**<br>**basis)** |
| Shondoni colliery | Wet | 43 | n/a | Assigned | Steam | 209 | 10 |
| Bosjesspruit colliery | Wet | 40 | n/a | Assigned | Steam | 195 | 09 |
| Syferfontein colliery | Wet | 48 | n/a | Assigned | Steam | 225 | 09 |
| Twistdraai Thubelisha colliery | Wet | 44 | n/a | Assigned | Steam | 208 | 11 |
| Impumelelo, Block 2, number 4 seam | Wet | 37 | n/a | Assigned | Steam | 189 | 13 |
| Impumelelo, Block 2, number 2 seam | Wet | 40 | n/a | Assigned | Steam | 211 | 09 |
| Alexander Block | Wet | 45 | n/a | Unassigned | Steam | 216 | 08 |
| Block 2 South, number 4 seam | Wet | 41 | n/a | Unassigned | Steam | 182 | 12 |
| Block 2 South, number 2 seam | Wet | 36 | n/a | Unassigned | Steam | 174 | 07 |
| Block 3 South | Wet | 36 | n/a | Unassigned | Steam | 219 | 07 |

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*Table 4.*

**Coal qualities, on an as received basis, in respective coal reserve areas, where Mining has converted mining rights in the Secunda mining complex in terms of the MPRDA.**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reserve area** | <br>**Wet/dry**<br>**tons** | **Average**<br>**Inherent**<br>**Moisture**<br>**Content**<br>**(%)** | **Average**<br>**Superficial**<br>**Moisture**<br>**Content**<br>**(%)** | <br>**Assigned/**<br>**unassigned** | <br>**Steam/**<br>**metallurgical**<br>**coal** | **Heat**<br>**Value**<br>**(as received)**<br>**basis**<br>**MJ/kg** | <br>**Sulphur**<br>**(as received**<br>**basis)** |
| Shondoni colliery | Wet | 43 | 30 | Assigned | Steam | 203 | 09 |
| Bosjesspruit colliery | Wet | 40 | 40 | Assigned | Steam | 185 | 08 |
| Syferfontein colliery | Wet | 48 | 43 | Assigned | Steam | 215 | 09 |
| Twistdraai Thubelisha colliery | Wet | 44 | 47 | Assigned | Steam | 198 | 11 |
| Impumelelo, Block 2, number 4 seam | Wet | 37 | 40 | Assigned | Steam | 181 | 12 |
| Alexander Block | Wet | 45 | 45 | Unassigned | Steam | 206 | 08 |
| Block 2 South, number 4 seam | Wet | 41 | 31 | Unassigned | Steam | 176 | 12 |
| Block 2 South, number 2 seam | Wet | 36 | 27 | Unassigned | Steam | 169 | 07 |
| Block 3 South | Wet | 36 | 36 | Unassigned | Steam | 211 | 07 |

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*Table 5.*

**Coal qualities, on an air-dry basis, in respective coal reserve areas, where Sasol Mining has converted mining rights in respect of the Sasolburg area in terms of the MPRDA.**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reserve area** | <br>**Wet/dry**<br>**tons** | **Average**<br>**Inherent**<br>**Moisture**<br>**Content**<br>**(%)** | **Average**<br>**Superficial**<br>**Moisture**<br>**Content**<br>**(%)** | <br>**Assigned/**<br>**unassigned** | <br>**Steam/**<br>**metallurgical**<br>**coal** | **Heat**<br>**Value**<br>**(air dry)**<br>**basis**<br>**MJ/kg** | <br>**Sulphur**<br>**(air dry**<br>**basis)** |
| Sigma: Mooikraal | Wet | 38 | n/a | Assigned | Steam | 198 | 06 |

---

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*Table 6.*

**Coal qualities, on an as received basis, in respective coal reserve areas, where Sasol Mining has converted mining rights in the Sasolburg area in terms of the MPRDA.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reserve area** | <br>**Wet/dry**<br>**tons** | **Average**<br>**Inherent**<br>**Moisture**<br>**Content**<br>**(%)** | **Average**<br>**Superficial**<br>**Moisture**<br>**Content**<br>**(%)** | <br>**Assigned/**<br>**unassigned** | <br>**Steam/**<br>**metallurgical**<br>**coal** | **Heat**<br>**Value**<br>**(as received)**<br>**basis**<br>**MJ/kg** | <br>**Sulphur**<br>**(as received**<br>**basis)** |
| Sigma: Mooikraal | Wet | 38 | 40 | Assigned | Steam | 190 | 05 |

---

*Table 7.*

**Coal resource estimations *(1)* as at 31 March 2025, in the Secunda area where we have converted mining rights (signed on 29 March 2010) in terms of the MPRDA.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reserve block** | <br>**Resource**<br>**classifications** | <br>**Gross in situ**<br>**Coal Resources**<br>**(mt)** | **Heat**<br>**Value**<br>**(air dry)**<br>**basis**<br>**MJ/kg** | **Average**<br>**Inherent**<br>**Moisture**<br>**Content %**<br> | <br>**Sulphur**<br>**(air dry basis) %**<br> | <br>**Volatile**<br>**Matter**<br>**(air dry basis %**<br> |
| Shondoni Colliery C2 | Indicated | 61 | 177 | 34 | 13 | 228 |
| Impumelelo C2 | Indicated | 383 | 205 | 33 | 08 | 205 |

---

*Criteria for proved and probable*

Over and above the definitions for coal reserves, probable coal reserves and proved coal reserves, set forth in Regulation S-K subpart 1300, promulgated by the SEC, we consider the following criteria to be pertinent to the classification of the reserves:

Probable reserves are those reserve areas where the drill hole spacing is sufficiently close in the context of the deposit under consideration, where conceptual mine design can be applied, and for which all the legal and environmental aspects have been considered. Probable reserves can be estimated with a lower level of confidence than proved coal reserves. Currently this classification results in variable drill spacing depending on the complexity of the area being considered and is generally less than 500 m, although in some areas it may extend to 800 m. The influence of increased drilling in these areas should not materially change the underlying geostatistics of the area on the critical parameters such as seam floor, seam thickness, ash and volatile content.

Proved reserves are those reserves for which the drill hole spacing is generally less than 350 m, for which a complete mine design has been applied which includes layouts and schedules resulting in a full financial estimation of the reserve.

*Legal rights on coalfields*

Sasol Mining is the holder of various prospecting and mining rights for coal in Mpumalanga and one mining right in the Free State. These prospecting and mining rights are granted by the state acting as custodian of South Africa's mineral and petroleum resources in accordance with the provisions of MPRDA as amended.

In respect of Mpumalanga, Sasol Mining holds three mining rights for coal situated within the Bethal, Secunda, Highveld Ridge, Balfour and Standerton magisterial districts with DMPR reference numbers MP 30/5/1/2/2/138 MR, MP30/5/1/2/2/10096 MR and MP30/5/1/2/2/10125 MR respectively. The current mining rights are still valid for periods between 12 and 15 years and may be renewed upon application to the DMPR for further periods each of which may not exceed 30 years at a time, allowing Sasol Mining to provide a continuous and steady coal supply to Secunda Operations, which beneficiates the coal into higher value and in most cases, end-line products. The bulk of Sasol Mining's operations in Secunda falls within the Secunda Complex 138 MR mining right, which was converted from old order mining licences. The 138 MR mining right has since its conversion to a new order mining right been amended to include various properties held under prospecting and mining rights which were either applied for and granted by the

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DMPR or were acquired from third parties and ceded to Sasol Mining. The 10096 MR mining right which Sasol Mining refers to as its Block IV mining right was granted in 2017 and the 10125 MR mining right referred to as Alexander was granted by the DMPR in 2018 and ceded to Sasol Mining during the same year.

#### Gas
Our natural oil and gas operations are managed by our regional operations and asset services as part of the Gas segment. As of 30 June 2025, we held equity in two producing assets with proved reserves in Mozambique. We also have equity in exploration licences in Mozambique and South Africa.

In the narrative sections below, unless stated otherwise, all quantitative statements refer to gross figures. The tabular information which follows the narrative provides:

● total gross and net developed and undeveloped acreage of our natural oil and gas assets and exploration licences by geographic area, at 30 June 2025;

● the number of net natural oil and gas wells completed in each of the last three years and the number of wells being drilled, at 30 June 2025;

● capitalised natural oil and gas exploratory well costs at the end of the last three years and information about the continued capitalisation of natural oil and gas exploratory well costs, at 30 June 2025;

● details about the production capacity of our natural oil and gas production facilities and the number of productive natural oil and gas wells, at 30 June 2025; and

● average sales prices and production costs, of natural oil and gas, for the last three years.

The financial information in these sections has been prepared in accordance with IFRS in order to ensure consistency between this document and the financial statements.

Refer to the "Supplemental Oil and Gas Information" on pages G-1 to G-7 for:

● costs incurred in natural oil and gas property acquisition, exploration and development activities, for the last three years;

● capitalised costs relating to natural oil and gas activities, for the last three years;

● the results of operations for natural oil and gas producing activities, for the last three years;

● natural oil and gas proved reserves and production quantity information, for the last three years;

● standardised measures of discounted future net cash flows relating to natural oil and gas proved reserves, for the last three years; and

● changes in the standardised measures of discounted future net cash flows relating to natural oil and gas proved reserves, for the last three years.

The maps on pages M-3 to M-4 show the location of our assets and exploration licences.

#### Mozambique

#### Licence terms

#### Development and production
In Mozambique, we have interests in two onshore assets, both are now producing, the PPA with proved developed reserves, and in the case of PSA, proved undeveloped resources with additional facilities being commissioned for beneficial operations. The first producing asset is the Pande-Temane PPA licence (301,1 thousand developed net acres). Our subsidiary Sasol Petroleum Temane Limitada, the operator, holds a 70% working interest in the PPA. The PPA expires in 2034 and carries two possible five-year extensions. There is no requirement to relinquish any acreage until the expiry of the PPA.

The second producing asset is the PSA licence (340,8 thousand undeveloped net acres and 43,6

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thousand developed net acres) where we are currently developing oil and gas reservoirs contained in the Pande, Temane and Inhassoro fields. The PSA commenced production from the Temane G8 reservoir through two wells in May 2024 followed by an additional well in the Inhassoro G6 in March 2025. Our subsidiary, Sasol Petroleum Mozambique Limitada (SPM), the operator, holds a 100% working interest. Under the terms of the current PSA licence, Empresa Nacional de Hidrocarbonetos de Moçambique E.P. (ENH) as the licence holder is entitled to a profit share of production. The PSA field development plan amendment approval for Inhassoro, Temane and Pande was received on 29 September 2020 with a production period of 30 years expiring on 28 September 2050. There is no requirement to relinquish any acreage until the expiry of the individual development areas.

#### Exploration
We have interests in one operated onshore licence, PT5-C, and had an interest in one offshore exploration licence, Angoche A5A (non-operated). Block A5-A in the offshore Angoche Area covers an area of 115,7 thousand undeveloped net acres. Our subsidiary, Sasol Mozambique A5-A Limitada (SMA5-A) had a 10% participating interest in the licence. The licence was relinquished on 31 December 2024. The onshore block PT5-C in the Pande-Temane Area originally covered an area 521,0 thousand undeveloped net acres. Our subsidiary, Sasol Mozambique PT5C Limitada holds a 70% working interest, as operator, and ENH holds a 30% interest, carried through the pre-development period.

Following the discovery of gas in the Bonito-1 well G9 reservoir, a two-year appraisal plan was submitted to the regulator (**INP**) and approved in August 2023. The plan included drilling of an appraisal well (Bonito-2), which was drilled in last quarter 2024 and successfully tested in second quarter 2025 calendar years. Upon entry into the second exploration sub-period on 1 January 2024, 20% of the initial acreage (excluding any discovery areas) was relinquished. The second exploration period carried a minimum commitment of an exploration well which was drilled in third quarter of 2024 calendar year (Albacora-1). The well was plugged and abandoned as a dry hole. A discretionary exploration well (Baobab-1) was drilled in last quarter calendar year 2024 and natural gas was discovered at the G8 reservoir level; the well was carried forward to fulfil the one well drilling commitment for the third exploration sub-period. A two-year appraisal plan was submitted in December

2024. The appraisal plan is still under negotiation with the INP. The second exploration sub-period ended on 31 December 2024. Upon entry into the third exploration sub-period on 1 January 2025, a further 20% of the initial acreage (excluding any discovery areas) was relinquished. The current licence area is 369,2 thousand undeveloped net acres following the 40% relinquishment to date. The impairment of PT5-C at 30 June 2025 was primarily driven by a decision to pause appraisal and further development activities associated with the asset and explore further opportunities to unlock value. A final investment decision has not been taken on this license.

#### Activities
**Development and production**

In the PPA licence, at 30 June 2025, well stock was 26 wells. One well (Pande 19) was plugged and abandoned, and two wells (Temane 31 and Temane 32) commenced production.

The Infield Compression project, one of the PPA projects being implemented has reached Final Investment Decision (**FID**) and obtained Field Development Plan (**FDP**) amendment approval, resulting in an incremental addition of approximately 30 billion cubic feet to the undeveloped reserves. These volumes are expected to be converted to developed reserves by the end of calendar year 2026.

Under the PSA, following approval of the field development plan amendment in September 2020 and final investment decision in February 2021, work to deliver the field development scope (oil and gas wells and gathering system and integrated gas, oil and LPG processing facilities) commenced. The 3-D seismic data acquisition and processing over the Pande and Inhassoro fields was concluded in 2022. Drilling and workover activities commenced on 7 August 2021 using the rig contracted for an integrated drilling campaign, servicing the PPA, PT5-C and PSA licences. Two Temane wells commenced production in May 2024 and one Inhassoro well commenced production in March 2025 through the Initial Gas Facilities (**IGF**) that achieved beneficial operation in November 2023. The integrated gas, oil and LPG processing facilities (**IPF**) reached "ready for commissioning" status in June 2025 and are on track to achieve beneficial operation during the last quarter of calendar year 2025. The project costs are trending within the approved US$760 million, with total field development spend as at 30 June 2025 amounting to US$657,8 million.

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#### Capitalised exploratory well costs
At 30 June 2025, there were no exploratory well costs capitalised.

#### Facilities and productive wells
Natural gas and condensate are produced from the Pande-Temane PPA and PSA asset facilities, at the Central Processing Facility (**CPF**) and IGF on a site of approximately 400 000 square metres, located some 700 km north of Maputo, the capital of Mozambique. Production from the Temane and Pande fields is routed from production wells via infield flowlines and pipelines to the CPF and IGF respectively. The design capacity of the CPF and IGF is 491 million and 80 million standard cubic feet per day (MMScf/D) respectively of sales gas together with small amounts of associated condensate.

At 30 June 2025, there were 26 productive wells in the Pande-Temane PPA asset. At 30 June 2025, there were three productive wells in the PSA asset.

#### Delivery commitments
Gas produced from the Pande-Temane PPA asset, other than royalty gas provided to the Mozambican government, is supplied in accordance with long-term gas sales agreements (**GSA**s). The gas produced in accordance with GSA1, signed on 27 December 2002 and amended on 3 May 2022 (30-year contract term from 1 April 2004), and GSA2, signed on 10 December 2008 (20-year contract term from 1 January 2010), is sold by the PPA asset for use as part of the feedstock for our chemical and synthetic fuel operations and to the external market in South Africa, with a daily contract quantity equivalent to 118,8 PJ/a (107,76 bscf/a) and 27 PJ/a (24,49 bscf/a) for GSA1 and GSA2 respectively. There are four off-takers under the GSA3, which are 20-year contracts that supply gas to the Mozambique market. These satisfy a licence condition that a portion of gas produced is utilised in-country. The contracts are with Matola Gas Company S.A from 1 July 2014 for 8 PJ/a (7,26 bscf/a), ENH Kogas **(ENH**) from 1 March 2013 for 6 PJ/a (5,44 bscf/a), Central Termica de Ressano Garcia S.A. from end February 2015 for 11 PJ/a (9,98 bscf/a) and ENH effective from 1 June 2015 for 2PJ/a (1,81 bscf/a).

Production from PPA proved reserves started declining in calendar 2024, when it was no longer

possible to fully supply gas at historically contracted rates. PPA condensate is currently sold to Petróleos de Moçambique, S.A., which transports the condensate by truck from the CPF for export. The contract terminates on 30 June 2026. For the PSA, a GSA is in place between SPM and ENH as joint sellers and Electricidade de Moçambique (**EDM**) as the buyer, signed on 31 May 2021. The buyer entered into a tolling arrangement for a gas-to-power project with an installed capacity of approximately 450 MW which is being constructed on a site at Temane. The Central Termica de Temane (**CTT**) project will require 23 PJ/a natural gas for a 25-year period. Gas supplied to CTT will be via the IPF when it comes online. The IPF is expected to achieve beneficial operations in the last quarter of calendar year 2025. The CTT project was originally anticipated to be completed ahead of the IPF but it has been subject to numerous delays due to poor weather conditions and most recently post-election civil unrest. Currently construction on the CTT project has been halted and is anticipated to resume during the third quarter of the calendar year 2025 while the associated power transmission network is complete and operative. Current gas reserves for the PSA are limited to volumes needed to supply CTT up to March 2034.

The IPF will also enable the production of LPG and light oil and condensate (**LOC**). An estimated 30 000 tonnes/a of LPG will be produced from the PSA IPF. In this regard, a LPG sales agreement was concluded between SPM, as the seller and ENH, as the buyer, dated 31 May 2021. LOC produced from the IPF will be sold to ENH, as the Government of Mozambique's appointed buyer, but this is not currently being regarded as a reserve pending the finalisation of commercial agreements.

GSA4 in place between SPM and ENH as joint sellers and SSA as the buyer, signed on 29 June 2021, and novated to Sasol Gas effective from 1 July 2024, allows for the delivery of excess gas beyond the CTT commitment up to a maximum of 33 PJ/a, over the 25-year licence term of the PSA, and capped at a total contract quantity of 292 bscf (323 PJ). Due to the delays to CTT, GSA4 gas is currently being produced through the IGF and is anticipated to continue through the IPF once the IPF reaches beneficial operations. These volumes are not currently being regarded as reserves.

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#### Proved reserves (all quantities are net to Sasol)
Our Mozambique proved reserves are contained in the Pande-Temane PPA and PSA assets. These represent the net economic interest volumes that are attributable to Sasol after the deduction of petroleum production tax taken in kind. The primary sales product is natural gas, with minor amounts of associated liquid hydrocarbons.

#### Changes to proved reserves
For the PPA, there was a decrease in proved gas reserves from 449,0 to 440,6 billion cubic feet for fiscal year 2025 due to production, offset by improved recovery relating to the maturity of the Infield Compression Project and revisions to gas initially in place and recovery from infill wells.

For the PSA, there was a decrease in proved gas reserves from 177,0 to 141,5 billion cubic feet primarily due to the delayed CTT startup against a fixed commercial cut off aligned with end of PPA License in 2034. Up to March 2034, the PSA relies on services provided from the PPA CPF. The method for providing these services after that date is currently under consideration.

#### Changes to proved developed reserves
Proved developed gas reserves in the PPA decreased by 26,8 billion cubic feet to 396, 9 billion cubic feet as a consequence of production, offset by revision of Pande G6 gas initially in place and proved undeveloped reserves associated with two of the Tranche 3 infill wells being converted to developed reserves.

Proved developed gas reserves for the PSA associated with early excess gas have been exhausted through production. Additional volumes of excess gas are not yet considered as reserves.

#### Proved undeveloped reserves converted to proved developed reserves
9,1 billion cubic feet in the PPA have been converted from undeveloped reserves to developed reserves during 2025. For the PSA, no proved undeveloped reserves were converted to proved developed.

#### Changes to proved undeveloped reserves
Proved undeveloped gas reserves in the PSA decreased by 29,3 billion cubic feet to 141,5 billion cubic feet as a consequence of the delay to CTT start-up.

Proved undeveloped gas reserves in the PPA increased by 18,4 billion cubic feet to 43,7 billion cubic feet as a consequence of a project maturing to undeveloped reserves offset by another project converted from undeveloped reserves to developed reserves.

#### Proved undeveloped reserves remaining undeveloped
The PPA asset proved undeveloped reserves are estimated to be 43,7 billion cubic feet. It is anticipated that this will be converted to developed reserves during the calendar year 2026. The PSA asset has 141,5 billion cubic feet of undeveloped reserves associated with the CTT project. Sasol's facilities (such as IPF) are expected to be fully developed by December 2025 but the completion of the customer's facilities is delayed. There remains a high degree of confidence that the corresponding market of customer's facilities will be accessed in the future.

#### South Africa

#### Licence terms
In South Africa, we have an interest in one exploration licence.

Our subsidiary Sasol Africa (Pty) Ltd holds a 100% working interest (13 758,1 thousand undeveloped net acres) in the ER236 licence, offshore in the Durban Basin. Eni South Africa BV (**Eni**)'s equity and operatorship were transferred to Sasol following a decision by Eni not to enter the third exploration period. A decision is pending from the Petroleum Agency of South Africa on Sasol's application to enter the third exploration period. A decision to enter the third exploration sub-period will be subject to the outcome of the judicial review on the environmental authorisation.

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#### Activities

#### Exploration
No exploration activities were conducted during the financial year ended 30 June 2025 in the ER236 licence due to the currently ongoing judicial review of the ER236 environmental authorisation granted by Department of Forestry, Fisheries and the Environment.

#### Capitalised exploratory well costs
At 30 June 2025 there were no exploratory well costs capitalised in South Africa.

#### Tabular natural oil and gas information

#### Developed and undeveloped acreage
The table below provides total gross and net developed and undeveloped acreage, in thousands, for our natural oil and gas assets by geographic area at 30 June 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Natural oil and gas**<br>**acreage concentrations**<br>**at 30 June 2025**<sup>(1)</sup> | <br>**Mozambique**<sup>(2)</sup> | <br>**South** <br>**Africa** | <br>**Total** |
| **Developed acreage** |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross | 4737 |  | 4737 |
| &nbsp;&nbsp;&nbsp;Net | 3447 |  | 3447 |
| **Undeveloped acreage** |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross | 8682 | 13 7581 | 14 6263 |
| &nbsp;&nbsp;&nbsp;Net | 7100 | 13 7581 | 14 4681 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The table does not include acreage information (neither net nor gross) pertaining to: licences from which Sasol is in a formal process of withdrawing; licence areas proposed for relinquishment owing to local regulations; or new blocks Sasol is in a process of acquiring. See the map on page M-3 to M-4 for a representation of the affected areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Certain licences in Mozambique overlap as they relate to specific stratigraphic horizons.

#### Drilling activities
The table below provides the number of net wells completed in each of the last three years and the

number of wells being drilled or temporarily suspended at 30 June 2025.

---

| | |
|:---|:---|
| **Number of wells drilled for the** <br>**year ended 30 June** | <br>**Mozambique** |
| **2023** |  |
| Net exploratory wells—dry<sup>(1)</sup> | 08 |
| Net exploratory wells—productive<sup>(1)</sup> | 07 |
| Net development wells—productive<sup>(1)</sup> | 37 |
| Net stratigraphic test wells—exploratory type<sup>(1)</sup> | 10 |
| **As at 30 June 2023** |  |
| Wells being drilled—gross<sup>(3)</sup> | 10 |
| Wells being drilled—net<sup>(3)</sup> | 07 |
| **2024** |  |
| Net development wells—productive<sup>(1)</sup> | 60 |
| Net stratigraphic test wells—exploratory type<sup>(2)</sup> | 10 |
| **As at 30 June 2024** |  |
| Wells being drilled—gross<sup>(3)</sup> | 20 |
| Wells being drilled—net<sup>(3)</sup> | 17 |
| **2025** |  |
| Net exploratory wells—dry<sup>(1)</sup> | 10 |
| Net exploratory wells—productive<sup>(1)</sup> | 10 |
| Net extension wells(4)—productive<sup>(1)</sup> | 10 |
| Net extension wells(4)—dry |  |
| Net development wells—productive<sup>(1)</sup> | 24 |
| Net development wells—dry<sup>(1)</sup> |  |
| Net stratigraphic test wells—exploratory type<sup>(2)</sup> |  |
| Net stratigraphic test wells—development type<sup>(2)</sup> |  |
| **As at 30 June 2025** |  |
| Wells being drilled—gross<sup>(3)</sup> |  |
| Wells being drilled—net<sup>(3)</sup> |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A productive well is an exploratory, extension or development well that is not a dry well. A dry well is an exploratory, extension or development well that proves to be incapable of producing either oil or natural gas in sufficient quantities to justify completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A stratigraphic test well is drilled to obtain information pertaining to a specific geological condition and is customarily drilled without the intent of being completed. Stratigraphic test wells are 'exploratory type' if not drilled in a known area or 'development type' if drilled in a known area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The number of wells being drilled includes wells that have been drilled but have not yet been mechanically completed to enable production. Wells which are awaiting only surface connection to a production facility are considered to be completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) An extension well is a well drilled to extend the limits of a known reservoir.

#### Capitalised exploratory well costs
The table below provides details about natural oil and gas capitalised exploratory well costs at the end of the last three years, showing additions and costs charged to expense.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** |
| **Capitalised Exploratory Well Costs** |  |  |  |
| Balance at beginning of year | 5065 | 5105 | 500 |
| Additions for the year - Costs incurred<sup>(1)</sup> |  | 501 | 4605 |
| Charged to expense for the year | (5065) | (541) |  |
| **Balance at end of year** | **—** | **5065** | **5105** |

---

---

| | |
|:---|:---|
| **Capitalised Exploratory Well costs** <br>**Ageing at 30 June 2025** | <br>**Mozambique** |
|  | **(Rand in millions)**  |
| less than 1 year |  |
| Number of projects | —<br><sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Including actualisation of exploratory well cost written off in the previous years and excluding impact of Asset retirement obligation adjustments.

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#### Oil and gas production facilities and productive wells
We operate production facilities in Mozambique.

The table below provides the production capacity at 30 June 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Plant Description** |  | **Location** |  | **Design Capacity** |
| Central Processing Facility |  | Pande-Temane PPA, Mozambique |  | 491 MMscf/day gas |
| Initial Gas Facility  |  | Pande-Temane PSA, Mozambique |  | 80 MMscf/day gas |

---

The table below provides the number of productive gas wells at 30 June 2025. A productive well is a producing well or a well that is mechanically capable of production.

---

| | | |
|:---|:---|:---|
| |  | |
| **Number of productive**<br>**wells 30 June 2025** |  | <br>**Mozambique** |
| **Productive gas wells** |  |  |
| &nbsp;&nbsp;&nbsp;Gross |  | 29,0 |
| &nbsp;&nbsp;&nbsp;Net |  | 21,2 |

---

#### Sales prices and production costs
The table below summarises the average sales prices for natural gas and petroleum liquids produced and the average production cost, not including ad valorem and severance taxes, per unit of production for each of the last three years.

---

| | |
|:---|:---|
| **Average sale prices and production costs** <br>**for the year ended 30 June** | <br>**Mozambique**<sup>(3)</sup> |
|  | (Rand per unit)  |
| **2023** |  |
| Average sales prices |  |
| &nbsp;&nbsp;&nbsp;Natural gas, per thousand standard cubic feet | 566 |
| &nbsp;&nbsp;&nbsp;Natural liquids, per barrel | 9707 |
| Average production cost<sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;Natural gas, per thousand standard cubic feet | 95 |
| **2024** |  |
| Average sales prices |  |
| &nbsp;&nbsp;&nbsp;Natural gas, per thousand standard cubic feet | 530 |
| &nbsp;&nbsp;&nbsp;Natural liquids, per barrel | 9472 |
| Average production cost<sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;Natural gas, per thousand standard cubic feet | 101 |
| **2025** |  |
| Average sales prices |  |
| &nbsp;&nbsp;&nbsp;Natural gas, per thousand standard cubic feet | 588 |
| &nbsp;&nbsp;&nbsp;Natural liquids, per barrel<sup>(2)</sup> | 6079 |
| Average production cost<sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;Natural gas, per thousand standard cubic feet | 94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Average production costs per unit of production are calculated according to the primary sales product. Cost excludes, capital, depreciation, exploration and rehabilitation costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Significant decrease due to the decline in the brent crude oil price during 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Production and corresponding sales commenced by the PSA after Beneficial Operation of the Initial Gas Facility on 7 May 2024. The Mozambique average sales and production cost is calculated on a weighted average volume and cost basis.

#### Transportation capacity
The table below provides details of the transportation capacity and location available to our Gas segment.

---

| | | |
|:---|:---|:---|
| <br>**Plant description** | <br>**Location** | **Design**<br>**capacity**<sup>(1)</sup> |
| Gauteng transmission network | Gauteng | 128 bscf/a |
| ROMPCO Pipeline | From Central Processing Facility (Mozambique) to Pressure Protection Station (Secunda) (865km)—From Mozambique to Secunda and Sasolburg | 191 bscf/a |
| Secunda, Witbank and Middelburg pipeline | South Africa | 11 bscf/a |
| Transnet Pipeline transmission pipeline | South Africa | 23 bscf/a |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Nameplate capacity represents the total saleable production capacity. Due to the integrated nature of these facilities, the requirement for regular statutory maintenance shutdowns and market conditions, actual saleable volumes will be less than the nameplate capacity.

#### Fuels—Plants and facilities

#### Our facilities in South Africa
Our main manufacturing facilities are located at Secunda. Additionally, the Natref refinery, which is approximately 2 km<sup>2</sup>, is based in Sasolburg.

#### Our interests in facilities in Qatar
ORYX GTL is a gas-to-liquids plant which is approximately 1.4 km<sup>2</sup>, located at Ras Laffan Industrial City, situated along the northeast coast of Qatar.

The following table provides details of the production capacity and location of the main jointly held plants where our Fuels segment has an interest.

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| | | |
|:---|:---|:---|
| **Plant description** | **Location** | **Design capacity**<sup>(1)</sup> |
| ORYX GTL | Ras Laffan Industrial City in Qatar | 32 400 bpd (nominal) |
| Natref | Sasolburg, South Africa | 108 000 bpd (nominal) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Nameplate capacity represents the total saleable production capacity. Due to the integrated nature of these facilities, the requirement for regular statutory maintenance shutdowns and market conditions, actual saleable volumes will be less than the nameplate capacity.

[**Table of Contents**](#TOC)

#### Secunda Operations

#### Synthetic oil
Refer to "Item 4.D—Property, plants and equipment—Mining" for details on our mining properties and coal exploration techniques used during the estimation of synthetic oil reserves.

The size of Sasol's total Secunda property is approximately 79 km<sup>2</sup> with operating plants accounting for 8 km<sup>2</sup>. This forms the base for the main manufacturing facilities for our Energy and Chemicals Africa businesses.

The following table sets forth a summary of the synthetic oil equivalent average sales price and related production costs for the year shown.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** |  | **2024** |  | **2023** |
| Average sales price per barrel (rand per unit) |  | 1 363,84 |  | 1 587,98 |  | 1 599,23 |
| Average production cost per barrel (rand per unit) |  | 1 275,69 |  | 1 070,21 |  | 1 050,50 |
| Production (millions of barrels) |  | 28,9 |  | 32,5 |  | 32,5 |

---

#### Supplemental oil and gas information
Supplemental oil and gas information: See "Item 18—Financial Statements—Supplemental Oil and Gas Information" for supplemental information relating to synthetic oil producing activities.

#### Chemicals Africa – Plants and facilities

#### Our facilities in South Africa
Our main manufacturing facilities are located in Secunda and Sasolburg. Within the Secunda property, a portion of the explosives assets are owned and operated by Enaex in association with Sasol since 1 July 2020. The size of the Sasolburg property is approximately 51 km<sup>2</sup>.

#### International Chemicals – Plants and facilities

#### Our facilities in the United States
Our operation in Lake Charles, Louisiana is our single biggest site in the US with a full size of approximately 6 km<sup>2</sup>. Within the Lake Charles site, the ethylene cracker on the west side, the linear low-density

polyethylene and the low-density polyethylene plants are owned and operated by our 50% owned LIP JV.

Further operation sites in the United States are located in Winnie and Greens Bayou in Texas, and Tucson, Arizona. Sasol decided to exit the US phenolics business in March 2025 as part of our ongoing asset optimisation initiative aimed at improving margins and longer-term competitiveness of the International Chemicals business. Shutdown and decommissioning activities of the Greens Bayou and Winnie sites in Texas are in progress, as planned.

Refer to "Item 3.D—Risk factors" and "Item 5.B—Liquidity and capital resources" for further detail on the Lake Charles facilities.

#### Our facilities in Eurasia
Our German operations are based at two locations, namely Brunsbüttel (site size approximately 1,2 million m<sup>2</sup>; plant size 500 000 m<sup>2</sup>) and Marl (site size approximately 160 000 m<sup>2</sup>; plant size 75 000 m<sup>2</sup>).

The operations in Italy are based at three locations. The primary facilities are at Augusta (site size approximately 1,36 million m<sup>2</sup>; plant size 510 000 m<sup>2</sup>) on the island of Sicily and Terranova (site size approximately 330 000 m<sup>2</sup>; plant size 160 000 m<sup>2</sup>), with a smaller site at Sarroch on the island of Sardinia.

The operations in China are based at two locations in Nanjing (Fangshui site size approximately 90 000 m<sup>2</sup>; plant size 4 000 m<sup>2</sup>; Zhaoqiaohe site size approximately 143 000 m<sup>2</sup>; plant size 3 600 m<sup>2</sup>).

Smaller operations can be found at the site Novaky in Slovakia.

The following table summarises the main production nameplate capacities of the chemicals business globally. Due to the integrated nature of these facilities, a portion of these products are used in further downstream facilities. Nameplate capacity represents the total saleable production capacity. Due to the integrated nature of these facilities, the requirement for regular statutory maintenance shutdowns and market conditions, actual saleable volumes will be less than the nameplate capacity.

[**Table of Contents**](#TOC)

#### Production capacity at 30 June 2025

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product Groups capacity**<sup>(1)</sup>  | **Product Groups capacity**<sup>(1)</sup>  | **C2-3 Olefins**<sup>(2)</sup> | **C5-8 Alpha Olefins** | **Polyolefins** <sup>(3)</sup> | **LAB** <sup>(4)</sup> **and Paraffin** <sup>(5)</sup> | **C1-5 Alcohols, Ketones and Acrylates** | **C6+ Alcohols** <sup>(6)</sup> | **Surfactants** | **EO and Derivatives** <sup>(7)</sup> | **Wax** | **Other** | **Others Description** |
| **Geographic Location** | **Main Product Divisions** <sup>(8)</sup> | **BC** | **BC** | **BC** | **DC** | **DC** | **DC** | **DC** | **DC, BC** | **DC** | **All** | **All** |
|  |  | **(ktpa)** | **(ktpa)** | **(ktpa)** | **(ktpa)** | **(ktpa)** | **(ktpa)** | **(ktpa)** | **(ktpa)** | **(ktpa)** | **(ktpa)** |  |
| **Americas** | **Americas** | **1200** | **100** | **500** | **300** |  | **300** | **300** | **300** |  | **100** |  |
| Lake Charles | Lake Charles | X | X | X | X |  | X | X | X |  | X | **Inorganics** <sup>(9)</sup> |
| Winnie/ Greens Bayou | Winnie/ Greens Bayou |  |  |  |  |  |  |  |  |  | X | **Aromatics** <sup>(10)</sup> |
| Tucson | Tucson |  |  |  |  |  |  |  |  |  | X | **Inorganics** |
| **Eurasia**  | **Eurasia**  |  |  |  | **300** |  | **400** | **700** | **300** |  | **100** |  |
| Germany | Marl  |  |  |  |  |  | X | X | X |  | X | **Aromatics** |
|  | Brunsbüttel |  |  |  |  |  | X |  |  |  | X | **Inorganics** |
| Italy | Augusta |  |  |  | X |  | X |  |  |  |  |  |
|  | Sarroch |  |  |  | X |  |  |  |  |  |  |  |
|  | Terranova |  |  |  |  |  |  | X |  |  |  |  |
| Slovakia | Novakv |  |  |  |  |  |  | X |  |  |  |  |
| China | Nanjing |  |  |  |  |  |  | X |  |  |  |  |
| **Africa** | **Africa** | **1600** | **400** | **1200** |  | **1000** | **100** |  |  | **300** | **900** | <sup>(11)</sup> |
| Secunda | Secunda | X | X | X |  | X | X |  |  |  | X | **Ammonia, Carbon** |
| Sasolburg | Sasolburg | X |  | X |  | X |  |  |  | X | X | **Ammonia, Aromatics** |
| Durban | Durban |  |  |  |  |  |  |  |  | X |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Within the individual product groupings, capacities are consolidated. Capacities are rounded to the nearest 100kt. "X" indicates that the location produces the specific product grouping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Ethylene and propylene: Predominately used for internal production of derivatives. In the Americas, this represents our historic ethylene cracker plus Sasol's 50% of our LIP JV cracker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Polyethylene, polypropylene and polyvinyl chloride. In the US, this represents Sasol's 50% share in the LIP JV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Linear alkylbenzene (**LAB**) in Eurasia partly used to produce surfactants internally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Paraffins mainly consumed for LAB production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) C6+ alcohols partly used for production of surfactants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Ethylene Oxide (**EO**) and derivatives such as Butyl Glycol Ether (**BGE**), mono ethylene glycol and Amines. Ethylene Oxide predominantly used to produce surfactants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Product divisions are Base and Differentiated Chemicals. Business divisions are split between the two product divisions with Base Chemicals falling in Base Chemicals division and Technical Formulation, Care Chemicals and Advance Materials falling in Differentiated Chemicals product division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Inorganics in Europe and the US mainly as a co-product from the Alcohol-Ziegler process, part of our Differentiated Chemicals product division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Aromatics: further processing of Secunda value chain products in Sasolburg and the US: phenol, cresylics and derivatives. Total global integrated Aromatics capacity is 100kt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Predominantly ammonia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) As part of our ongoing asset optimisation initiative aimed at improving margins and longer-term competitiveness of the International Chemicals business, Sasol made the decision to shut down our US phenolics business in Texas and mothball the US Guerbet plant in Lake Charles, the German alkylphenol site in Marl as well as the Italy hydrofluoric acid (**HF**) technology LAB plant in Augusta. Shutdown/mothballing activities are tracking per plan.

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#### ITEM 4A. UNRESOLVED STAFF COMMENTS
There are no unresolved written comments from the SEC staff regarding our periodic reports under the Exchange Act received not less than 180 days before 30 June 2025, that are considered material.

#### ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
This section should be read in conjunction with our consolidated financial statements included in "*Item 18—Financial Statements*" as at 30 June 2025 and 2024, and for the years ended 30 June 2025, 2024, and 2023, including the accompanying notes, that are included in this annual report on Form 20-F. The following discussion of operating results and the financial review and prospects as well as our consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB.

For information regarding our financial overview and external factors impacting on our business, refer to the "*Integrated Report—Performance Overview—Chief Financial Officer's statement*" as contained in Exhibit 99.3.

The discussion on the 2023 financial results has not been included as this can be found under Item 5 of our Form 20-F for the year ended 30 June 2024. Certain information contained in the discussion and analysis set forth below and elsewhere in this annual report includes forward-looking statements that involve risks and uncertainties. See "Forward-Looking Statements" and see "*Item 3.D—Risk factors*" for a discussion of significant factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in this annual report.

#### 5.A Operating results

#### Results of operations

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change**<br>**2025/2024** | **2023** | **Change**<br>**2024/2023** |
|  | **(Rand** | **(Rand** |  | **(Rand** |  |
|  | **in millions)** | **in millions)** | **(%)** | **in millions)** | **(%)** |
| Turnover  | **249 096** | **275 111** | (9) | **289 696** | (5) |
| Operating costs and expenses  | **(212 255)** | **(228 760)** | (7) | **(236 901)** | (3) |
| Remeasurement items  | **(19 645)** | **(75 414)** | (74) | **(33 898)** | (>100) |
| Equity accounted profit, net of tax | **1 623** | **1 758** | (8) | **2 623** | (33) |
| **Earnings/(loss) before interest and tax** | **18 819** | **(27 305)** | >100 | **21 520** | (>100) |
| Net finance costs | **(6 537)** | **(7 201)** | (9) | **(7 006)** | 3 |
| **Earnings/(loss) before tax** | **12 282** | **(34 506)** | >100 | **14 514** | (>100) |
| Taxation  | **(4 556)** | **(9 739)** | (53) | **(5 181)** | 88 |
| **Earnings** | **7 726** | **(44 245)** | >100 | **9 333** | (>100) |

---

#### Financial Overview 2025
&nbsp;&nbsp;&nbsp;&nbsp;● For information regarding our financial position, and an overview of our results refer to the "*Integrated Report— Performance Overview—Chief Financial Officer's statement*" as contained in Exhibit 99.3.

&nbsp;&nbsp;&nbsp;&nbsp;● For information on changes in our financial condition, and overall financial performance refer to "*Integrated Report— Performance Overview—Chief Financial Officer's statement*" as contained in Exhibit 99.3.

#### Turnover
Turnover consists of the following categories.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change**<br>**2025/2024** | **2023** | **Change**<br>**2024/2023** |
|  | **(Rand** | **(Rand** |  | **(Rand** |  |
|  | **in millions)** | **in millions)** | **(%)** | **in millions)** | **(%)** |
| Sale of products | 245 064 | 270 248 | (9) | 285 826 | (5) |
| Services rendered | 4 032 | 4 863 | (17) | 3 870 | 26 |
| **Turnover** | **249 096** | **275 111** | (9) | **289 696** | (5) |

---

The primary factors contributing to the changes in turnover were.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change** | **Change** | **Change** | **Change** |
|  | **2025/2024** | **2025/2024** | **2024/2023** | **2024/2023** |
|  | **(Rand in** |  | **(Rand in** |  |
|  | **millions)** | **(%)** | **millions)** | **(%)** |
| Turnover 2024 and 2023  | 275 111 |  | 289 696 |  |
| Exchange rate effects  | (6 326) | (2) | 15 577 | 5 |
| Product prices  | (8 474) | (3) | (31 939) | (11) |
| —crude oil  | (6 084) | (2) | (2 735) | (1) |
| —other products  | (2 390) | (1) | (29 204) | (10) |
| Net volume changes  | (11 215) | (4) | 1 778 | 1 |
| Other effects  |  |  |  |  |
| **Turnover**  | **249 096** | **(9)** | **275 111** | **(5)** |

---

#### Operating costs and expenses
Operating costs and expense consists of the following categories.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change**<br>**2025/2024** | **2023** | **Change**<br>**2024/2023** |
|  | **(Rand** | **(Rand** | **(%)** | **(Rand** | **(%)** |
|  | **in millions)** | **in millions)** |  | **in millions)** |  |
| Materials, energy and consumables used  | (129 141) | (137 957) | (6) | (152 297) | (9) |
| Selling and distribution costs  | (9 579) | (10 394) | (8) | (10 470) | (1) |
| Maintenance expenditure  | (15 524) | (15 446) | 1 | (15 076) | 2 |
| Employee-related expenditure  | (35 298) | (35 465) | (0) | (33 544) | 6 |
| Depreciation and amortisation  | (14 002) | (15 644) | (10) | (16 491) | (5) |
| Other expenses and income | (8 711) | (13 854) | (37) | (9 023) | 54 |
| **Operating costs and expenses**  | **(212 255)** | **(228 760)** | (7) | **(236 901)** | (3) |

---

*Materials, energy and consumables used.* Materials*,* energy and consumables used in 2025 amounted to R129 141 million, a decrease of R8 816 million, or 6%, compared with R137 957 million in 2024, which decreased by 9% from R152 297 million

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in 2023. The decrease in these costs between 2024 and 2025 was mainly due to lower crude oil prices because of weaker global demand growth, resulting from slower economic growth and cost saving initiatives implemented as well as R3 889 million related to compensation by Transnet for historical costs. Refer to*-"Item 4B- Business Review- Legal proceedings and other contingencies"*

*Selling and distribution costs.* These costs comprise of marketing and distribution of products, freight and customs and excise duty after the point of sale. Selling and distribution costs in 2025 amounted to R9 579 million, which represents a decrease of R815 million, or 8%, compared with R10 394 million in 2024, which decreased by R76 million, or 1%, compared with R10 470 million in 2023. The variation in these costs was mainly attributable to decreased logistical costs in our South African and International Chemicals business of R488 million and R331 million respectively due to reduced global shipping rates and benefit from optimised shipping routes and vessel utilisation, as well as a stronger rand, which was partially offset by the impact of inflation . Selling and distribution costs represented 4% of sales in 2025, 4% of sales in 2024 and 4% of sales in 2023.

*Maintenance expenditure.* Maintenance expenditure in 2025 amounted to R15 524 million, which represents an increase of R78 million, or 1%, compared with R15 446 million in 2024, which increased by R370 million, or 2%, compared with R15 076 million in 2023. Maintenance expenditure increased in 2025 compared to 2024 mainly due to inflation and increased maintenance overhauls, partially offset by cost saving initiatives, and the impact of a stronger exchange rate of R110 million.

*Employee-related expenditure.* Employee-related expenditure amounted to R35 298 million, which represents a decrease of R167 million in 2025, or <1%, compared with R35 465 million in 2024, which increased by R1 921 million, or 6%, from 2023.

This amount includes labour costs of R35 317 million (2024 — R35 579 and 2023 — R33 655 million), a share-based payment charge to the income statement of R914 million (2024 — R986 million and 2023 — R1 033 million), and costs capitalised to projects of R933 million (2024 — R1 100 million and 2023 — R1 144 million). The decrease in 2025 is mainly due to the effect of the stronger rand against foreign currencies and lower head count, partially offset by, inflation and salary increases

*Depreciation and amortisation.* Depreciation and amortisation in 2025 amounted to R14 002 million, which represents a decrease of R1 642 million or 10%, compared with R15 644 million in 2024, which decreased by R847 million or 5% compared with R16 491 million in 2023. The decrease in depreciation relates mainly to the net impact of impairments relating to the South African integrated value chain and impairment in the US Ethane value chain in 2024, partly offset by increased capitalisations during the year.

*Other expenses and income.* Other expenses and income in 2025 amounted to R8 711 million, a decrease of R5 143 million, compared to R13 854 million in 2024, which increased by R4 831 million from R9 023 million in 2023.

This amount includes:

● Exploration expenditure and feasibility costs of R509 million (2024 — R422 million and 2023 — R751 million);

● Translation losses of R897 million (2024 — R839 million losses and 2023 — R2 728 million gains);

● Insurance costs of R1 468 million (2024 — R1 190 million and 2023 — R1 091 million);

● Information technology cost of R3 467 million (2024 — R3 498 million and 2023— R3 078 million);

● Hired labour of R1 029 million (2024 — R988 million and 2023— R856 million);

● Audit remuneration of R177 million (2024 — R160 million and 2023— R141 million);

● Professional fees of R1 821 million (2024 — R2 076 million and 2023— R2 455 million);

● Gains on derivative instruments (including crude oil instruments, foreign exchange instruments, and other commodity derivatives) of R2 003 million mainly due to the group's hedging activities and embedded derivatives,

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(2023— R2 364 million and 2023— R3 287 million);and

● Decrease in rehabilitation provisions of R2 872 million (2024 — R758 million and 2023—R870 million).

Other operating income in 2025 amounted to R6 462 million, which represents an increase of R2 437 million, or 60%, compared with R4 025 million in 2024 and a decrease of R1 156 million or 22% compared with R5 181 million in 2023. The increase was mainly due to recognising R1 600 million of the settlement of Transnet proceedings in other operating income and insurance proceeds from the Chemicals America segment.

**Remeasurement items**

For information regarding the remeasurement items recognised, refer to "*Item 18—Financial Statements—Note 8 Remeasurement items affecting operating profit*".

The decrease in remeasurement items in 2025 is mainly due to the absence of significant impairment raised in the prior year relating to the US Ethane value chain

**Share of profits from equity accounted investments**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change**<br>**2025/2024** | **2023** | **Change**<br>**2024/2023** |
|  | **(Rand** | **(Rand** |  | **(Rand** |  |
|  | **in millions)** | **in millions)** | **(%)** | **in millions)** | **(%)** |
| Profit before tax | 2 607 | 2 701 | (3) | 4 035 | (33) |
| Tax | (984) | (943) | 4 | (1 412) | (33) |
| **Share of profit of equity accounted investments, net of tax** | **1 623** | **1 758** | (8) | **2 623** | (33) |
| **Remeasurement items, net of tax** | **5** | **(7)** |  | **23** |  |

---

The share of profits of equity accounted investments (net of tax) amounted to R1 623 million in 2025 as compared to R1 758 million in 2024 and R2 623 million in 2023. The decrease from 2024 to 2025 mainly relates to lower profits from ORYX GTL Limited with the higher production offset by the unfavourable macro-economic impacts and once off insurance proceeds received in the prior year in respect of the fire that occurred at the Air Separation Unit 2 during June 2022.

For information regarding the Equity accounted profits, refer to "*Item 18—Financial Statements—Note 18 Equity accounted investments*".

#### Finance costs and finance income
For information regarding finance costs incurred and finance income earned, refer to "*Item 18—Financial Statements—Note 6 Net finance costs*".

The decrease in finance costs in 2025 is mainly due to lower global interest rates.

#### Tax
The effective tax rate increased to 37% in 2025 compared to negative 28% in 2024 down from 36% in 2023. The high tax rate in 2025 was mainly as a result of non-deductible expenses incurred not deemed to be in the production of taxable income, the derecognition of a deferred tax asset previously recognised on tax losses in Italy as it is no longer considered probable that sufficient future taxable income will be available to fully utilise these losses as well as tax losses for which no deferred tax asset was raised. The low tax rate in 2024 recognising net settlement was mainly due the partial derecognition of deferred tax asset previously recognised on tax losses in the US. The effective corporate tax rate for 2025 is 37% which is ten percentage points more than the South African corporate income tax rate of 27%.

For further information regarding the tax charge, refer to "*Item 18—Financial Statements—Note 9 Taxation*".

#### Non-controlling interests
For information regarding our non-controlling interests, refer to "*Item 18—Financial Statements—Note 20 Interest in significant operating subsidiaries*".

Profits attributable to non-controlling interests in subsidiaries of R959 million in 2025 increased by R933 million, from R25 million in 2024, which was a decrease of R509 million or 95% from R534 million in 2023.

The decrease in earnings attributable to non-controlling interests in 2024 was largely attributable to decrease in the company net profit as of 30 June 2024.

#### Financial Overview 2024

#### Group results
Profit before interest and tax of R 21 520 million in 2023 decreased (>100%) by R48 824 million

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to a loss before interest and tax of R27 304 million in 2024. Revenue decreased by 9% from 2023 to 2024 mainly due to lower sales volumes, remeasurement items increased by R41 516 million from R33 898 million in 2023 to R75 414 million (loss) in 2024 which was largely due to impairment costs at Chemicals America Ethane value chain. The Chemicals Business performance was flat due to weaker global demand and associated reduction in demand of inventory by customers compared to the prior year. In 2024, oil prices averaged at US$84,74/bbl compared to US$87,34/bbl in 2023.

#### Items which materially impacted earnings before interest and tax
During 2024, earnings were impacted by the following significant items:

● a net remeasurement items loss of R75 414 million compared to a net remeasurement loss of R33 898 million in the prior year. Included in the remeasurement items is the impairment of R58 942 million relating to Chemicals America downstream ethane value chain and R7 803 million relating to Secunda liquid fuels refinery .

#### Segment review—results of operations
Reporting segments are identified in the way in which the President and Chief Executive Officer organises segments within our group for making operating decisions and assessing performance. The segment overview included below is based on our segment results. Inter-segment turnover was entered into under terms and conditions substantially similar to terms and conditions which would have been negotiated with an independent third party. Refer to Business segment information "*Item 18—Financial Statements—Segment information*" for further detail regarding turnover and EBIT per segment.

Refer also to "*Integrated Report—Preserving and maximising value creation—Our integrated value chains*" as contained in Exhibit 99.4.

#### Southern Africa Energy and Chemicals Business

#### Mining

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change**<br>**2025/2024** | **2023** | **Change**<br>**2024/2023** |
|  | **(Rand in** | **(Rand in** |  | **(Rand in** |  |
|  | **millions)** | **millions)** | **(%)** | **millions)** | **(%)** |
| External turnover | 3 640 | 3 874 | (6) | 6 386 | (39) |
| Inter-segment turnover | 26 733 | 25 002 | 7 | 21 280 | 17 |
| **Total turnover** | **30 373** | **28 876** | 5 | **27 666** | 4 |
| Operating costs and expenses<sup>(1)</sup> | (26 419) | (25 666) | 3 | (25 086) | 2 |
| **Earnings before interest and tax** | **3 954** | **3 210** | 23 | **2 580** | 24 |
| EBIT margin % | 13 | 11 |  | 9 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Operating costs and expenses net of other income including remeasurement items and depreciation.

#### Results of operations 2025 compared to 2024
Total turnover increased by 5% from R28 876 million to R30 373 million mainly due to the increase in the sales price of coal supplied to SO, partly offset by lower internal sales volumes and lower coal export revenues as a result of lower export coal prices.

Earnings before interest and tax (EBIT) increased by 23% to R3 954 million compared to the prior year. EBIT was positively impacted by the aforementioned higher turnover partially offset by higher external coal purchases and once off Isibonelo mine closure costs. The decision in quarter 3 of 2025 to temporarily close low-quality sections and increase coal purchases until the destoning plant reaches beneficial operation (BO) resulted in a 14% decrease in saleable production in quarter 4 of 2025 compared to the previous quarter. As a result, saleable production for 2025 was 7% lower than the prior year, while external coal purchases increased by 9%.

#### Results of operations 2024 compared to 2023
Total turnover increased by 4% from R27 666 million to R28 876 million mainly due to the increase in sales price of coal supplied to SO, partly offset by lower coal export revenues as a result of lower export coal prices.

Earnings before interest and tax increased by 24% to R3 210 million compared to the prior year. Mining's results were positively impacted by the aforementioned higher revenue and lower depreciation resulting from the prior year impairment of the Secunda liquid fuels refinery CGU, partially offset by higher external coal purchase prices and inflation on operating costs. Productivity of 983 t/cm/s was 3% higher than the prior year mainly due to the benefits of our ongoing full potential programme partly offset by safety related

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incidents and other operational challenges experienced during the year.

The external coal purchasing programme to supplement our own production continues to meet Secunda Operations demand and quality requirements, as well as to maintain the coal stockpile at targeted levels.

The Secunda Operations coal stockpile increased from approximately 2,0 mt at the end of the prior year, closing at 2,5 mt for the year.

For further analysis of our results refer to an "*Integrated Report—Operational performance summary*'' as contained in Exhibit 99.6.

#### Gas

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change**<br>**2025/**<br>**2024** | **2023** | **Change**<br>**2024/**<br>**2023** |
|  | **(Rand in** | **(Rand in** |  | **(Rand in** |  |
|  | **millions)** | **millions)** | **(%)** | **millions)** | **(%)** |
| External turnover | 8 421 | 8 014 | 5 | 7 234 | 11 |
| Inter-segment turnover | 4 712 | 4 144 | 14 | 4 754 | (13) |
| **Total turnover** | **13 133** | **12 158** | 8 | **11 988** | 1 |
| Operating costs and expenses<sup>(1)</sup> | (10 085) | (5 455) | 85 | (5 556) | (2) |
| **Earnings before interest and tax** | **3 048** | **6 703** | (55) | **6 432** | 4 |
| EBIT margin % | 23 | 55 |  | 54 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Operating costs and expenses net of other income including exploration costs, remeasurement items and depreciation.

#### Results of operations 2025 compared to 2024
Total turnover of R13 133 million increased by 8% compared to the prior year mainly due to higher production and higher gas prices.

Earnings before interest and tax decreased to R3 048 million from R6 703 million in the prior year largely impacted by remeasurement items arising from higher weighted average cost of capital (**WACC**) rate in Mozambique. Excluding remeasurement items, earnings before interest and tax increased by 36% driven by the aforementioned higher turnover and reduced rehabilitation provision in Mozambique. This was partially offset by translation effects and higher depreciation following the partial beneficial operation of the PSA Integrated Gas Facility in quarter 4 2024.

Remeasurement items for the year primarily include the impairment for PSA mainly due to a higher WACC (R3,1bn) and Exploration Block PT5-C due to a pause in further development (R1,2bn), together with dry well capital exploration write-off (R0,3bn). Prior year comprised of the reversal of the PSA impairment

of R1,1bn after the asset reached partial beneficial operation.

#### In Mozambique, gas production for 2025 was 1% higher than the prior year reflecting the additional PSA contribution.
The external gas sales in South Africa for 2025 were 3% lower than the prior year mainly due to planned maintenance at the central processing facility (CPF) in quarter one 2025 and the impact of the unrest in Mozambique in quarter three 2025.

#### Results of operations 2024 compared to 2023
Total turnover of R12 158 million increased by 1% compared to the prior year mainly due to higher gas sales volumes partially offset by the lower weighted average gas sales price.

Earnings before interest and tax increased to R6 703 million from R6 432 million in the prior year mainly due to the reversal of the PSA impairment, aforementioned higher revenues and translation gains partially offset by the increase in rehabilitation provisions. The reversal of the PSA impairment of R1 143 million was mainly due to the asset reaching partial beneficial operation on the IGF with production commencing on 7 May 2024, thereby enabling excess gas production to be brought forward compared to what was initially expected.

In Mozambique, the gas operations delivered a strong production performance. Production was 6% higher than the prior year supported by the additional wells brought online, resulting in increased production capacity and the early commencement of production from the PSA IGF on 7 May 2024 following the necessary approval from the government of Mozambique.

For further analysis of our results refer to "*Integrated Report—Operational performance summary*" as contained in Exhibit 99.6.

[**Table of Contents**](#TOC)

#### Fuels

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change**<br>**2025/**<br>**2024** | **2023** | **Change**<br>**2024/**<br>**2023** |
|  | **(Rand in** | **(Rand in** |  | **(Rand in** |  |
|  | **millions)** | **millions)** | **(%)** | **millions)** | **(%)** |
| External turnover | 96 026 | 116 256 | (17) | 116 235 | 0 |
| Inter-segment turnover | 2 393 | 2 608 | (8) | 2 473 | 5 |
| **Total turnover** | **98 419** | **118 864** | (17) | **118 708** | 0 |
| Operating costs and expenses<sup>(1)</sup> | (93 197) | (99 917) | (7) | (125 836) | (21) |
| **Earnings/(loss) before interest and tax** | **5 222** | **18 947** | >100 | **(7 128)** | (>100) |
| EBIT margin % | 5 | 16 |  | (6) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Operating costs and expenses net of other income including remeasurement items and depreciation.

*Results of operations 2025 compared to 2024*

Total turnover of R98 419 million decreased by 17% compared to prior year of R 118 864 million mainly due to weaker rand oil price, lower refining margins and lower sales volumes.

Earnings before interest and tax was R5 222 million for the year compared to a R18 947 million in the prior year. Excluding remeasurement items, earnings before interest and tax decreased by 40% adversely impacted by the aforementioned lower turnover, higher feedstock and utility costs and lower equity accounted earnings from ORYX GTL party offset by the reduced rehabilitation provision at Secunda Operations and the once off Transnet settlement arrangement.

The 2025 remeasurement items largely relates to the impairment of R11 831 million relating to the Secunda liquid fuels refinery CGU, R1 256 million relating to the Sasolburg liquid fuels refinery CGU which remain fully impaired. This is partly offset by R1 428 million gain on disposal of business relating to the Uzbekistan GTL (UNG). This refers to the condition agreed at the time of sale of the asset to the UNG in 2016, to recover historical contributions made on the asset once production capacity reaches 90 - 95%. This condition was triggered in June 2025. The Secunda Operations and Sasolburg liquid fuels refinery CGUs remain fully impaired resulting in the full amount of capital expenditure incurred during the year being impaired.

Secunda Operations production volumes of 6,7 mt were 4% lower than the prior year mainly due to ongoing coal quality challenges which impacted gasifier availability, as well as unplanned factory outages during the year. Natref production of 14,7 mm bbl in 2025 was 17% lower than prior year impacted by planned and unplanned outages.

ORYX GTL contributed R948 million to earnings before interest and tax compared to R1 151 million in the prior year, with the higher production offset by the unfavourable macro-economic impacts and once off insurance proceeds received in the prior year in respect of the fire that occurred at the Air Separation Unit 2 during June 2022. Production for 2025 was 72% higher than the prior year largely due to the shutdown of Train 2 in 2024. Dividends declared by ORYX GTL amounted to R 2 547 million (Sasol's share) compared to R1 112 million in the prior year.

*Results of operations 2024 compared to 2023*

Total turnover of R118 864 million remained in line with the prior year. The benefit of the stronger rand oil price and a positive refining margins was offset by, unfavourable diesel differentials and lower sales volumes.

Earnings before interest and tax was R18 947 million for the year compared to a loss before interest and tax of R7 128 million in the prior year. Excluding remeasurement items, earnings before interest and tax was in line with the prior year.

The 2024 remeasurement items largely relates to an impairment of R7 803 million relating to the Secunda liquid fuels refinery CGU and R637 million relating to the Sasolburg liquid fuels refinery CGU. The liquid fuels component of the Secunda refinery was fully impaired at 30 June 2023. At 30 June 2024, the recoverable amount of the refinery was further negatively impacted after updating feedstock and macroeconomic price assumptions mainly lower Brent crude prices and product differentials-resulting in the full amount of costs capitalised during the period to be impaired. The Sasolburg liquid fuels refinery was further impaired and remains fully impaired, mainly as a result of the forecast decrease in refining margins.

Secunda Operations production volumes of 7,0 mt were 1% higher than the prior year mainly due to a phase maintenance shutdown in 2024 relative to a total shutdown in 2023. Natref delivered an average run rate of 519 m³/h in 2024, 2% higher than the prior year due to improved refinery availability during the year.

ORYX GTL contributed R1 151 million to earnings before interest and tax compared to R2 007 million in the prior year, mainly as a result of extended shutdowns on both trains which required extensive repairs. Dividends declared by ORYX GTL amounted to R1 112 million (Sasol's share) compared to R1 671 million in the prior year.

[**Table of Contents**](#TOC)

#### Chemicals Africa

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change**<br>**2025/**<br>**2024** | **2023** | **Change**<br>**2024/**<br>**2023** |
|  | **(Rand in** | **(Rand in** | **(%)** | **(Rand in** | **(%)** |
|  | **millions)** | **millions)** |  | **millions)** |  |
| External turnover | 60 716 | 63 829 | (5) | 67 772 | (6) |
| Inter-segment turnover | 2 812 | 3 054 | (8) | 2 814 | 9 |
| **Total turnover** | **63 528** | **66 883** | **(5)** | **70 586** | (5) |
| Operating costs and expenses<sup>(1)</sup> | (58 519) | (60 593) | (4) | (52 917) | 15 |
| **Earnings before interest and tax** | **5 009** | **6 290** | **(20)** | **17 669** | **(64)** |
| EBIT margin % | 8 | 9 |  | 25 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Operating costs and expenses net of other income including remeasurement items and depreciation.

*Results of operations 2025 compared to 2024*

Total turnover decreased by 5% from R66 883 million in 2024 to R63 528 million in 2025, mainly due to lower sales volumes and stronger R/US$ exchange rate partially offset by higher average US$ basket price despite challenging global market conditions. Sales volumes were 4% lower than 2024, impacted by lower chemicals production at Secunda Operations and Sasolburg operations.

EBIT decreased by 20% to R5 009 million compared to prior year of R6 290 million. Excluding remeasurement items, EBIT decreased by 49% compared to prior year driven by the aforementioned lower revenue, higher feedstock and utility costs, depreciation and other operating costs.

Remeasurement items for 2025 of R905 million include an impairment loss relating to the Chlor-Alkali and PVC CGU (R463 million) and Wax CGU (R364 million) which remain fully impaired. This compares to the remeasurement items of R5 237 million in 2024 relating to Chlor-Alkali and PVC CGU (R645 million), Wax CGU (R524 million) and Polyethylene CGU (R4 110 million).

*Results of operations 2024 compared to 2023*

Total turnover decreased by 5% from R70 586 million in 2023 to R66 883 million in 2024, mainly due to lower US$/ton sales prices partly offset by a weaker ZAR/US$ exchange rate and slightly higher sales volumes. The average sales basket price (US$/ton) for the financial year was 13% lower compared to the prior year due to lower oil prices and weaker global demand. Sales volumes were 2% higher than 2023 mainly due to Secunda Operations phase shutdown in 2024 relative to a total shutdown in 2023.

Operating costs and expenses were 15% higher than in 2023 due to increased feedstock cost, energy costs and inflation as well as remeasurement items. The Chemicals Africa segment remeasurement items include an impairment loss of R5,2 billion related to the Chlor-Alkali and Polyvinyl chloride CGU (R645 million) and Wax CGU (R524 million) being fully impaired and the Polyethylene CGU (R4 110 million) due to lower selling prices and reduced demand. This compares to remeasurement items of R932 million in 2023 of the Wax cash CGU driven by higher future cost to procure gas, lower sales volumes and prices due to an increasingly challenging market environment. Earnings before interest and tax decreased by R11 379 million from a profit of R17 669 million in 2023 to R6 290 million in 2024, and the EBIT margin decreased from 25% to 9%. The decrease in the earnings before interest and tax was largely attributable to the increase in operating costs and lower US$/ton sales prices. The disposal of the sodium cyanide business was not concluded in 2024 due to the prohibition of the transaction by the South African Competition Commission.

For further analysis of our results refer to "*Integrated Report—Operational performance summary*" as contained in Exhibit 99.6.

#### International Chemicals Business

#### Chemicals America

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change**<br>**2025/**<br>**2024** | **2023** | **Change**<br>**2024/**<br>**2023** |
|  | **(Rand in** | **(Rand in** |  | **(Rand in** |  |
|  | **millions)** | **millions)** | **(%)** | **millions)** | **(%)** |
| External turnover | 38 246 | 41 424 | **(8)** | 44 492 | (7) |
| Inter-segment turnover | 457 | 381 | **20** | 450 | (15) |
| **Total turnover** | **38 703** | **41 805** | **(7)** | **44 942** | **(7)** |
| Operating costs and expenses<sup>(1)</sup> | (37 037) | (103 014) | >100 | (45 485) | 126 |
| **Earnings/(loss) before interest and tax** | **1 666** | **(61 209)** | **>100** | **(543)** | **(>100)** |
| EBIT margin % | 4 | (>100) |  | (1) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Operating costs and expenses net of other income.

*Results of operations 2025 compared to 2024*

Total turnover decreased by 7% from R41 805 million to R38 703 impacted by a reduction in volumes and a stronger Rand/US$ exchange rate offset by a 5% increase in sales basket price (US$/ton) driven by a stronger market price of ethylene in base chemicals and our value-over-volume strategy in differentiated chemicals.

[**Table of Contents**](#TOC)

Sales volumes for the year were 10% lower than the prior year mostly due to unplanned outages.

Operating cost and expenses decreased primarily due to the absence of remeasurement items and lower sales volumes, supported by savings from self-help measures and insurance proceeds. Remeasurement items in 2025 were immaterial compared to negative R59,7 billion in the prior year largely related to impairment losses on the Chemicals America Ethane value chain (Alcohols, Alumina, Ethylene Oxide and Ethylene Glycol) CGU (R58.9 billion) in Lake Charles.

Earnings before interest and tax of R1 666 million was more than 100% higher compared to the prior period loss before interest and tax of R61 209 million that was impacted by remeasurement items. The improvement is related to a value-over-volume approach as well as stronger Ethylene market prices which lead to improved prices, lower depreciation after the impairment in the Ethane value chain (Alcohol CGU) in 2024 and reduced operating cost and expenses.

*Results of operations 2024 compared to 2023*

Total turnover decreased by 7% from R44 942 million to R41 805 driven by lower prices, offset by slightly higher sales volumes and the weaker rand/US$ exchange rate. The average sales basket price (US$/ton) for the financial year was 14% lower compared to the prior year driven by a combination of lower oil, feedstock and energy prices, changes in product mix and continued weak demand.

Sales volumes for the year were 3% higher than the prior year largely due to the fire at the Ziegler alcohol unit in 2023. Sales volumes for Essential Care Chemicals and Advanced Materials therefore increased in 2024 compared to 2023.

Remeasurement items in 2024 of negative R59,7 billion largely related to impairment losses on of the Chemicals America Ethane value chain (Alcohols, Alumina, Ethylene Oxide and Ethylene Glycol) CGU (R58.9 billion) in Lake Charles. This compares to remeasurement items of R3,9 billion in 2023 which included the reversal of the impairment of R3,6 billion of the Tetramerization CGU and the sale of an Ethane pipeline of R0,4 billion in 2023.

Loss before interest and tax (LBIT) of R61 209 million was more than 100% higher (greater loss)

compared to the prior year loss before interest and tax of R543 million with both 2024 and 2023 years impacted by remeasurement items. Excluding remeasurement items, LBIT decreased (lower loss) by 66% compared to the prior year due to improved gross margin due to higher unit margins, stable costs despite inflation and higher sales volumes.

For further analysis of our results refer "*Integrated Report— Operational performance summary*" as contained in Exhibit 99.6.

#### Chemicals Eurasia

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Change**<br>**2025/**<br>**2024** | **2023** | **Change**<br>**2024/**<br>**2023** |
|  | **(Rand in** | **(Rand in** |  | **(Rand in** |  |
|  | **millions)** | **millions)** | **(%)** | **millions)** | **(%)** |
| External turnover | 42 047 | 41 714 | 1 | 47 577 | (12) |
| Inter-segment turnover | 524 | 487 | 8 | 617 | (21) |
| **Total turnover** | **42 571** | **42 201** | **1** | **48 194** | **(12)** |
| Operating costs and expenses<sup>(1)</sup> | (43 782) | (44 589) | (2) | (49 383) | (10) |
| **Loss before interest and tax** | **(1 211)** | **(2 388)** | **(49)** | **(1 189)** | **(>100)** |
| EBIT margin % | (3) | (6) |  | (2) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Operating costs and expenses net of other income including remeasurement items and depreciation

*Results of operations 2025 compared to 2024*

Total turnover increased by 1% from R42 201 million to R42 571 million resulting from higher prices partially offset by stronger Rand/€ exchange rate, while sales volumes slightly decreased. The average sales basket price (US$/ton) for the financial year was 8% higher compared to the prior period supported by stronger Palm Kernel Oil (**PKO**) pricing and our ongoing strategic sales initiatives.

Sales volumes are 4% lower than the prior year, driven by our deliberate value-over-volume strategy, the mothballing of the alkylphenol plant in quarter two of 2025 and the ongoing weak economic environment.

Operating costs and expenses decreased by 2%, mainly due to lower sales volumes and a stronger R/€ exchange rate. Additionally cost from inflation and cost related to the implementation of a modern ERP system were negated by savings from self-help measures.

Remeasurement items for the financial year included an impairment loss of R3,3 billion related to the Italian assets as well as the Alkylphenol plant mothballing partly offset by reversal of impairment of the China CGU of R1,2 billion whereas the prior year

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included an impairment loss for the Italy ECC CGU of R2 billion.

Loss before interest and tax decreased from R2 388 million to a loss of R1 211 million, mainly because of higher unit margins, partly offset by lower sales volumes at reduced operating costs and expenses. Depreciation was lower than the prior year related to an impairment for the Italy CGU in 2024.

*Results of operations 2024 compared to 2023*

Total turnover decreased by 12% from R48 194 million to R42 201 million resulting from lower sales prices despite higher sales volumes for the period. The average sales basket price (US$/ton) for the financial year was 19% lower compared to the prior period reflecting the decrease in feedstock and energy prices in Europe after the record-high levels resulting from the Russia-Ukraine war.

Sales volumes increased by 3% compared to the prior period.

Operating costs and expenses decreased by 10%, also reflecting a reduction in energy-, feedstock- and other operating costs, despite the absence of other income from government incentives received in the prior year in support of the record high natural gas prices.

Remeasurement items for the financial year included an impairment loss for the Italy ECC CGU (R2 billion) whereas the prior year included an impairment loss for the China ECC CGU (R0,9 billion).

Loss before interest and tax increased from R1 189 million to a loss of R2 388 million, mainly as a result of higher feedstock and energy costs suppressing margins and a negative impact from remeasurement items.

For further analysis of our results refer to "*Integrated Report— Operational performance summary*" as contained in Exhibit 99.6

#### Significant accounting policies and estimates
The preparation of our consolidated financial statements and accounting policies requires management to make estimates and assumptions that affect the reported results of our operations with management further required to select the appropriate assumptions for calculating financial estimates. By

their nature, these judgements are subject to an inherent degree of uncertainty and are based on our historical experience, terms of existing contracts, management's view on trends in the industries in which we operate and information from outside sources and experts. Actual results may differ from those estimates. Management believes that the more significant judgement and estimates relating to the accounting policies used in the preparation of Sasol's consolidated financial statements could potentially impact the reporting of our financial results and future financial performance.

We evaluate our estimates, including those relating to environmental rehabilitation and decommissioning obligations, long-lived assets, trade receivables, inventories, investments, intangible assets, income taxes, share-based payment expenses, hedges and derivatives, pension and other post-retirement benefits and contingencies and litigation on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making our judgements about carrying values of assets and liabilities that are not readily available from other sources.

The critical accounting policies for the group relate to impairment assessment of non-financial assets and environmental provisions

In addition to the items below, "Item 18—Financial Statements" is incorporated by reference.

For accounting policies and areas of judgements relating to:

● Going concern assumption, refer to "*Item 18—Financial Statements—Note 1 Statement of Compliance* ";

● Valuation of share-based payments, refer to "*Item 18—Financial Statements—Note 32 Share-based payment reserve* ";

● Impairments, refer to "*Item 18—Financial Statements—Note 8 Remeasurement items affecting operating profit* ";

● Valuation of financial instruments (including derivatives), refer to "*Item 18—Financial Statements—Note 35 Financial risk management and financial instruments* ";

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● Long-term provisions, refer "*Item 18—Financial Statements—Note 29 Long-term provisions* ";

● Post- retirement benefit obligations, refer to "*Item 18—Financial Statements—Note 31 Post-retirement benefit obligations* ";

● Useful economic lives of assets and depreciation of assets, refer to "*Item 18—Financial Statements—Note 16 Property, plant and equipment* ";

● Controlling interest in subsidiaries refer to "*Item 18—Financial Statements— Note 20 Interest in significant operating subsidiaries* ";

● Investment value in joint ventures and associates refer to "*Item 18—Financial Statements— Note 18 Equity accounted investments* ";

● Recognition of deferred tax assets and utilisation of tax losses, refer to "*Item 18—Financial Statements—Note 11 Deferred tax and Note 9 Taxation* "; and

● Determination of whether an arrangement contains a lease, incorporating optional lease periods and determining the incremental borrowing rate in accordance with IFRS 16 *Leases*, refer to *"Item 18—Financial Statements—Note 14 Leases* ".

#### Estimation of natural oil and gas reserves
In accordance with the SEC regulations, proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract hydrocarbons must be approved and must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable

time. Existing economic conditions define prices and costs at which economic producibility is to be determined. The price is the average sales price during the 12-month period prior to the reporting date (30 June), determined as an un-weighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements. Future price changes are limited to those provided by contractual arrangements in existence at year-end.

Our reported natural oil and gas reserves are estimated quantities based on SEC reporting regulations. Additionally, we require that the estimated quantities of oil and gas and related substances to be produced by a project be sanctioned by all internal and external parties to the extent necessary for the project to enter the execution phase and sufficient to allow the consequent products to be brought to market. See "Item 4.D—Property, plants and equipment".

There are numerous uncertainties inherent in estimating quantities of reserves and in projecting future rates of production, including factors which are beyond our control. The accuracy of any reserve estimate is a function of the quality of available data, engineering and geological interpretation and judgement. Estimates of oil and gas reserves therefore are subject to future revision, upward or downward, resulting from new data and current interpretation, as well as a result of improved recovery, extensions and discoveries, the purchase or sale of assets, and production. Accordingly, financial and accounting measures (such as the standardised measure of future discounted cash flows, depreciation and amortisation charges and environmental and decommissioning obligations) that are based on proved reserves are also subject to revision and change.

Refer to "Table 5—Standardised measure of discounted future net cash flows relating to proved reserves", on page G-6 for our standardised discounted future net cash flow information in respect of proved reserves for the year ended 30 June 2025 and to "Table 6—Changes in the standardised measure of discounted net cash flows", on page G-7.

#### Depreciation of natural oil and gas assets
Depreciation of mineral assets on producing oil and gas properties and property acquisition costs is based on the units-of-production method. Apart from acquisition costs, which are depreciated using estimated

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proved reserves, mineral assets are depreciated using estimated proved developed reserves.

#### Fair value estimations of financial instruments
We base fair values of financial instruments on quoted market prices of identical instruments, where available. If quoted market prices are not available, fair value is determined based on other relevant factors, including dealers' price quotations and price quotations for similar instruments traded in different markets. Fair value for certain derivatives is based on pricing models that consider current market and contractual prices for the underlying financial instruments or commodities, as well as the time value and yield curve or fluctuation factors underlying the positions. Pricing models and their underlying assumptions impact the amount and timing of unrealised gains and losses recognised, and the use of different pricing models or assumptions could produce different financial results. Refer to "Item 11—Quantitative and qualitative disclosures about market risk".

#### 5.B Liquidity and capital resources

#### Liquidity, cash flows and borrowings
Based on our funding plan, our liquidity headroom is more than US$4 billion as at 30 June 2025, with available rand- and US dollar-based funds improving as we advance with our focused management actions. We continue to assess our mix of funding instruments to ensure that we have funding from a range of sources and a balanced maturity profile. We manage our liquidity risk by effectively managing our working capital, capital expenditure and cash flows mainly from operations. We finance our capital expenditure from funds generated out of our business operations and borrowing facilities.

For information regarding our funding cash flows and liquidity, refer to "*Item 18—Financial Statements—Note 13 Long-term debt, Note 14 Leases, and Note 15 Short-term debt*" which includes an overview of our borrowing facilities and debt arrangements.

For more information regarding the impact of liquidity on our going concern assumption—refer to "*Item 18—Financial Statements—Note 35 Financial risk management*".

For information regarding the Company's cash flow requirements refer to the "*Integrated Report—*

*Performance Overview—Chief Financial Officer's statement*" as contained in Exhibit 99.3. The following table provides a summary of our cash flows for each of the three years ended 30 June 2025, 2024 and 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** |
| Net cash retained from operating activities  | **38 308** | 29 751 | 35 422 |
| Net cash used in investing activities | **(25 886)** | (30 657) | (28 234) |
| Net cash (used in) /generated by financing activities  | **(16 609)** | (6 966) | 1 188 |

---

Cash flows retained from operating activities include the following significant items.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** |
| Cash generated by operating activities  | **47 803** | 52 321 | 64 637 |
| Income tax paid  | **(7 293)** | (10 932) | (13 952) |
| Dividends paid  | **(28)** | (7 633) | (13 754) |

---

The cash generated by our operating activities is applied first to fund our operations, pay our debt and tax commitments and then to provide a return in the form of a dividend to our shareholders. The net cash retained is then invested based on our updated capital allocation framework which is aimed at driving maximum shareholder return.

*Operating activities*

Cash generated by operating activities in 2025 decreased by 9% to R47 803 million, largely attributable to a decrease in working capital and lower cash flow from operations.

For further information regarding our cash flow generation, refer to "*Integrated Report—Performance Overview—Chief Financial Officer's statement*" as contained in Exhibit 99.3.

*Investing activities*

Net cash used in investing activities decreased to R25 886 million in 2025 as compared to R30 657 million in 2024.

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Cash flows utilised in investing activities include the following significant items.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** |
| Additions to non-current assets<sup>(1)</sup> | **(25 983)** | (30 428) | (30 247) |
| Proceeds on disposals and scrappings | **372** | 129 | 799 |
| Purchase of investments | **(1 055)** | (173) | (243) |
| Proceeds from sale of investments | **946** | 69 | 156 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes additions to property, plant and equipment and other intangible assets.

For information regarding cash flows from investing activities refer to "*Integrated Report— Performance Overview—Chief Financial Officer's statement*" as contained in Exhibit 99.3.

For information regarding cash flows from additions and disposals, refer to "*Item 18—Financial Statements—Note 16 Property, plant and equipment*".

For details of our additions to non-current assets, and the projects to which these relate, refer to "*Item 18—Financial Statements—Note 16 Property, plant and equipment* ".

For details of our capital commitments refer to "*Item 18—Financial Statements—Note 16 Property, plant and equipment*".

*Financing activities*

Net cash used in financing activities was R16 609 million in 2025 as compared to R6 966 million in 2024.

The reason for the variance was mainly due to lower utilisation of the RCF of R12,834 billion.

The group's operations are financed primarily by means of its operating cash flows. Cash shortfalls are usually short term in nature and are met primarily from short-term banking facilities. Our long-term capital expansion projects are financed by a combination of floating and fixed rate long-term debt, as well as internally generated funds. A centralised treasury model enables Sasol to optimise the group's cash and borrowing facilities wherever it is required.

For information regarding our debt and funding structure, refer "*Integrated Report— Performance Overview—Chief Financial Officer's statement*" as contained in Exhibit 99.3.

#### Capital resources
Sasol Financing Limited, Sasol Financing International Limited and Sasol Financing USA LLC act as our group's financing vehicles. All our group treasury, cash management and borrowing activities are facilitated through Sasol Financing Limited, Sasol Financing International Limited and Sasol Financing USA LLC. The group executive committee (**GEC**) and senior management meet regularly, to review and, if appropriate, approve the implementation of optimal strategies for the effective management of the group's financial risk.

Our cash requirements for working capital, capital expenditures, debt service charge and acquisitions over the past three years have been primarily financed through a combination of funds generated from operations and borrowings. In our opinion, our working capital is sufficient for our present requirements.

Our debt as at 30 June comprises the following.

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** |
| Long-term debt, including current portion  | 102 645 | 117 031 | 124 068 |
| Lease liabilities, including current portion  | 17 360 | 17 437 | 16 297 |
| Short-term debt  | 666 | 566 | 79 |
| Bank overdraft  | 1 | 121 | 159 |
| Total debt  | **120 672** | **135 155** | **140 603** |
| Less cash (excluding cash restricted for use)  | (38 423) | (42 967) | (51 214) |
| Net debt | **82 249** | **92 188** | **89 389** |

---

As at 30 June 2025, we had R2 627 million (2024— R2 416 million) in cash restricted for use. Refer to "Item 18—Financial Statements—Note 25 Cash and cash equivalents" for a breakdown of amounts included in cash restricted for use.

The group has borrowing facilities with major financial institutions and debt securities of R148 133 million (2024 — R151 817 million; 2023— R184 004 million;). Of these facilities and debt instruments, R103 723 million (2024 — R118 784 million; 2023— R125 505 million;) has been utilised at year end.

Long-term debt of R102 645 million decreased by R14 386 million compared to 2024. Refer to "Item 18— Financial Statements—Note 13 Long-term debt", for a breakdown of our banking facilities and the utilisation thereof.

[**Table of Contents**](#TOC)

Included in the above-mentioned borrowing facilities is our commercial paper programme of R15 000 million with R10 566 million in available facilities at 30 June 2025 and commercial banking facilities with R7 450 million available facilities. It further includes a RCF of R35 269 million with R26 394 available to the group for further funding requirements.

The net debt: EBITDA ratio as applied to our covenant calculations as at 30 June 2025 computed to 1.5 times, which was significantly below the covenant level.

#### Financial instruments and risk
Refer to *"Item 11—Quantitative and qualitative disclosures about market risk"* for a breakdown of our liabilities summarised by fixed and floating interest rates.

#### Debt profile and covenants
The information set forth under *"Item 18—Financial Statements—Note 13 Long-term debt"* is incorporated by reference.

#### Capital commitments
Refer *"Item 18—Financial Statements—Note 16 Property, plant and equipment"*.

The discussion below includes forward-looking statements. For a discussion of factors that could cause actual results to differ from those expressed or implied in forward-looking statements, please refer to "Forward Looking Statements" above. You should not place undue reliance on forward-looking statements.

The PSA's FDP was amended and approved by the Government of Mozambique on 29 September 2020. The main objectives of the revised PSA development are to enable **CTT** gas supply, ensure economic production of the gas volumes in excess of those reserved for CTT by selling these to Sasol, optimise LPG production, optimise gas recovery by flexible development of gas reservoirs to ensure optimal field development and optimise liquids recovery. On 19 February 2021, the Board approved the FID with an estimated project cost of US$760 million. The project execution has been delinked from CTT financial close and execution commenced in quarter three of calendar year 2021. CTT financial close occurred on 8 December 2021. The PSA project's IGF achieved beneficial operation in November 2023 and the integrated gas, oil and LPG IPF schedules are tracking to plan with project cost also within approved commitments.

#### Contractual obligations/commitments.
The following significant undiscounted contractual obligations existed at 30 June 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contractual obligations** | **Total**<br>**amount** | **Within**<br>**1 year** | **More than**<br>**5 years** |
|  | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** |
| Bank overdraft | 1 | 1 | - |
| Capital commitments | 27 421 | 20 634 | - |
| Environmental and other obligations<sup>(2)</sup> | 14 637 | 1 688 | 11 522 |
| External long-term debt<sup>(1)</sup> | 127 539 | 7 237 | 17 084 |
| External short-term debt | 666 | 666 | - |
| Lease liabilities<sup>(1)</sup> | 38 780 | 3 659 | 25 285 |
| Post-retirement healthcare obligations<sup>(2)</sup> | 4 508 | 331 | 2 966 |
| Post-retirement pension obligations<sup>(2)</sup> | 8 330 | 386 | 6 476 |
| Purchase commitments<sup>(3)</sup> | 390 766 | 51 848 | 212 942 |
| **Total** | **612 648** | **86 450** | **276 275** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Include interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents discounted values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Group enters into off-take agreements as part of its normal operations which have minimum volume requirements (i.e. take or pay contracts). These purchase commitments consist primarily of agreements for procuring raw materials such as coal, gas and electricity. The most significant commitment relates to minimum off-take oxygen supply agreements for Secunda Operations of approximately R210 billion (2024: R211 billion).

In prior years, Sasol South Africa Limited (SSA), together with Air Liquide Large Industries South Africa Proprietary Limited (ALLISA), signed six Power Purchase Agreements (PPAs) for more than 600MW, with contractual terms of 20 years each, for the procurement of renewable energy from Independent Power Producers. The joint procurement of renewable energy by SSA and ALLISA is primarily aimed at the decarbonisation of the Secunda Operations site.

[**Table of Contents**](#TOC)

In 2025, Sasol further increased the total renewable energy secured (PPA and self–builds) to more than 900 MW. During 2025, 260 MW achieved financial close and the PPA with Msenge Emoyeni Wind Farm Proprietary Limited reached commercial operation. The remaining contracts are phased and will come online in the next 2 to 3 years. Furthermore, Sasol is party to long-term gas purchase agreements of approximately R25 billion (2024: R32 billion) which commits Sasol Gas (Pty) Ltd (Sasol Gas) to purchase a minimum quantity of gas until 2034

Refer to "Item 18—Financial Statements—" Note 16 Property, plant and equipment" for significant capital commitments and "Note 29 Long-term provisions".

#### 5.C Research and development, patents and licences
Refer to the *"Item 4.B—Business overview— Factors on which the business depends — Intellectual Property"* for further information research and development, patents and licences.

#### 5.D Trend information
Refer to the "*Integrated Report—Performance Overview—Chief Financial Officer's statement*" as contained in Exhibit 99.3.

#### 5.E Critical Accounting Estimates
Not Applicable

#### ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

#### 6.A Directors and senior management

#### The board of directors and senior management

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Year<br>Born** | **Position** | **Appointed to the Sasol <br>Limited Board** |
| **S Baloyi** | 1976 | Executive Director (President and Chief Executive Officer) | 1 April 2024 |
| **W P Bruns** | 1981 | Executive Director (Chief Financial Officer) | 1 September 2024 |
| **M J Cuambe** | 1962  | Independent non-executive Director | 1 June 2016 |
| **T J Cumming <sup>(1)</sup>** | 1957 | Independent non-executive Director | 1 June 2024 |
| **M B N Dube** | 1972  | Independent non-executive Director | 1 April 2018 |
| **D G P Eyton** | 1961 | Independent non-executive Director | 1 September 2024 |
| **M Flöel** | 1960  | Independent non-executive Director | 1 January 2018 |
| **K C Harper** | 1963  | Independent non-executive Director | 1 April 2020 |
| **V D Kahla** | 1970  | Executive Director | 1 November 2019 |
| **G M B Kennealy** | 1958  | Independent non-executive Director | 1 March 2017 |
| **N X Maluleke** | 1981 | Independent non-executive Director | 9 June 2025 |
| **N N A Matyumza<sup>(2)</sup>** | 1963  | Independent non-executive Director | 8 September 2014 |
| **S Subramoney** | 1958 | Independent non-executive Director | 1 March 2021 |

---

<sup>(1)</sup> Mr TJ Cumming resigned effective 6 June 2025

<sup>(2)</sup> Ms NNA Matyumza retired on 8 September 2024.

[**Table of Contents**](#TOC)

The following is biographical information on each of the persons listed above.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**S Baloyi** | &nbsp;&nbsp;**S Baloyi** |
| &nbsp;&nbsp;*Nationality:* | &nbsp;&nbsp;South African |
| &nbsp;&nbsp;*Qualifications:* | &nbsp;&nbsp;MScEng (Chemical), <br>MSc (Engineering Management), Management Programme INSEAD Business School |
| &nbsp;&nbsp;*Sasol Limited Board Committee Memberships:* | &nbsp;&nbsp;Capital Investment Committee Safety, Social and Ethics Committee |

---

Simon Baloyi was appointed President and Chief Executive Officer of Sasol Limited on 1 April 2024. Prior to his appointment, he had been Executive Vice President of Sasol's Energy Operations and Technology since 2022. He was responsible for Sasol's entire energy operations portfolio which comprised all downstream operations and related infrastructure as well as technology, projects and engineering, procurement and Sasol EcoFT. This portfolio included Sasol's operating facilities in Secunda – which are divided into a synthetic fuel and a chemicals component, as well as in Sasolburg and Ekandustria. Natref, Sasol's joint-venture inland refinery was also in his area of responsibility. Since joining Sasol in 2002, he has held various management positions in maintenance, technical and general management fields in Sasol's South African operations. He was the Vice President, Operations for Sasol Synfuels (the operations in Secunda) from 2015 to 2017, whereafter he was appointed as Vice President, Engineering, Centralised Maintenance and Operations. Subsequently he was appointed as the Senior Vice President, Secunda Chemicals Operations and Senior Vice President, Regional Operations and Asset Services prior to being appointed as Executive Vice President.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**W P Bruns** | &nbsp;&nbsp;**W P Bruns** |
| &nbsp;&nbsp;*Nationality:* | &nbsp;&nbsp;South African |
| &nbsp;&nbsp;*Qualifications:* | &nbsp;&nbsp;Bachelor of Commerce degree, (CA) SA<br>Post graduate diplomas |
| &nbsp;&nbsp;*Sasol Limited Board Committee Memberships* | &nbsp;&nbsp;Capital Investment Committee |

---

Walt Bruns was appointed executive director and Chief Financial Officer of Sasol on 1 September 2024. Prior to his appointment, he was the Chief Financial Officer of SSA including energy and chemicals. He

has been with Sasol for 16 years and has held a variety of senior management positions, including more than three years as Chief Financial Officer of Sasol's global chemicals business. Prior to Sasol, he worked for Deloitte in South Africa and the US. Mr Bruns has extensive global experience in both the chemicals and energy sectors and is a certified chartered accountant in South Africa. He holds a Bachelor of Commerce degree from the University of Stellenbosch and post graduate diplomas from the University of Cape Town.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**M J Cuambe** | &nbsp;&nbsp;**M J Cuambe** |
| &nbsp;&nbsp;*Nationality:* | &nbsp;&nbsp;Mozambican |
| &nbsp;&nbsp;*Qualifications:* | &nbsp;&nbsp;BEng<br>Post-graduate Certificate in Management Studies |
| &nbsp;&nbsp;*Sasol Limited Board Committee Memberships:* | &nbsp;&nbsp;Capital Investment Committee (Chairman)<br>Remuneration Committee<br>Nomination and Governance Committee |

---

[**Table of Contents**](#TOC)

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| | |
|:---|:---|
| &nbsp;&nbsp;Manuel Cuambe is the Managing Director of MC lnvestimentos and Consultoria. He served as the Executive Chairman and Chief Executive Officer of EDM from November 2005 to March 2012. He was the Chairman of Companhia Electrica do Zambeze, a wholly-owned subsidiary of EDM until 30 May 2016 and was a non-executive Director of Companhia de Transmissao de Mozambique, a joint venture between EDM, the Swaziland Electricity Company and Eskom, from 1998 to 2002. He served as the chairman of the executive committee of the Southern Africa Power Pool from November 2005 to April 2008 and is currently an independent non-executive director of Standard Bank Mozambique and serving as the chairman of its nominations and remunerations committee and member of its risk committee. In 2023, he was also appointed as chairman of Standard Bank Sociedade Gestora Do Fundo De Pensões, S.A, a subsidiary of Standard Bank S.A (SBM – Mozambique). | &nbsp;&nbsp;Manuel Cuambe is the Managing Director of MC lnvestimentos and Consultoria. He served as the Executive Chairman and Chief Executive Officer of EDM from November 2005 to March 2012. He was the Chairman of Companhia Electrica do Zambeze, a wholly-owned subsidiary of EDM until 30 May 2016 and was a non-executive Director of Companhia de Transmissao de Mozambique, a joint venture between EDM, the Swaziland Electricity Company and Eskom, from 1998 to 2002. He served as the chairman of the executive committee of the Southern Africa Power Pool from November 2005 to April 2008 and is currently an independent non-executive director of Standard Bank Mozambique and serving as the chairman of its nominations and remunerations committee and member of its risk committee. In 2023, he was also appointed as chairman of Standard Bank Sociedade Gestora Do Fundo De Pensões, S.A, a subsidiary of Standard Bank S.A (SBM – Mozambique). |
| &nbsp;&nbsp;**T J Cumming** | &nbsp;&nbsp;**T J Cumming** |
| &nbsp;&nbsp;*Nationality:* | &nbsp;&nbsp;South African |
| &nbsp;&nbsp;*Qualifications:* | &nbsp;&nbsp;BSc Engineering (Hons) <br>MA (Politics, Philosophy and Economics) |
| &nbsp;&nbsp;*Sasol Limited Board Committee Memberships:* | &nbsp;&nbsp;Safety, Social and Ethics Committee <br>Remuneration Committee (Chairman)<br>Nomination and Governance Committee |

---

&nbsp;&nbsp;Tim Cumming served as independent non-executive director of Sasol Limited from 1 June 2024 until his resignation was accepted by the Sasol Limited board of directors on 6 June 2025. He is the chairman of DRDGOLD Limited, a non-executive director of Sibanye-Stillwater Limited and the chairman of its remuneration committee. He is also a non-executive director of Nedgroup Investments Limited and serves as the chairman of Riscura Holdings Limited.<br>He has a wealth of experience in financial services, including periods as an executive at Old Mutual Limited, HSBC Bank plc and Allan Gray Limited. He started his career as an engineer at Anglo American Corporation of South Africa Limited. He worked on several gold and diamond mines in Southern Africa. He is the founder and executive director of Scatterlinks Proprietary Limited, a South African-based company providing leadership development services and strategic advisory services.<br>

&nbsp;&nbsp;He holds a BSc Engineering (Hons) degree from the University of Cape Town and an MA (Politics, Philosophy and Economics) degree from Oxford University.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**M B N Dube** | &nbsp;&nbsp;**M B N Dube** |
| &nbsp;&nbsp;*Nationality:* | &nbsp;&nbsp;South African |
| &nbsp;&nbsp;*Qualifications:* | &nbsp;&nbsp;BA (Human Sciences)<br>BA (Hons) (Politics)<br>MSc (Environmental Change and Management) |
| &nbsp;&nbsp;*Sasol Limited Board Committee Memberships:* | &nbsp;&nbsp;Safety, Social and Ethics Committee <br>Capital Investment Committee <br>Nomination and Governance Committee (Chairman) |

---

&nbsp;&nbsp;Muriel Dube holds a MSc in Environmental Change and Management from Oxford University. She served in, among others, roles of Director: Atmospheric Protection and Chemicals Management at the then Department of Environmental Affairs and Tourism, Chief Negotiator on behalf of the Government of the Republic of South Africa in climate change negotiations under the auspices of the United Nations Framework Convention on Climate Change, Sustainability Manager at BHP Billiton, worked as Vice President at SFM, a London-based forestry and carbon business and held various positions at Anglo American. She was an Investment Banker at Investec plc, London, Group Commercial Director at Bidvest Group and the Chief Executive of Nozala Investments. She was a non-executive director of Control Risks in London and currently serves as a director on the board of the National Wealth Fund (former UK Infrastructure Bank). She previously served as Non-executive Director of Vodacom South Africa, Bidvest Group Limited, PG Group, Bravo Brands, Fluormin plc and Enviroserve.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**D G P Eyton** | &nbsp;&nbsp;**D G P Eyton** |
| &nbsp;&nbsp;*Nationality:* | &nbsp;&nbsp;British |
| &nbsp;&nbsp;*Qualifications:* | &nbsp;&nbsp;BA Engineering<br>MA |
| &nbsp;&nbsp;*Sasol Limited Board Committee Memberships:* | &nbsp;&nbsp;Audit Committee<br>Capital Investment Committee<br>Safety, Social and Ethics Committee (Chairman)<br>Nomination and Governance Committee |

---

&nbsp;&nbsp;David Eyton was appointed as an independent non-executive director of Sasol Limited with effect from <br>

[**Table of Contents**](#TOC)

&nbsp;&nbsp;1 September 2024. He held various positions at BP Plc between 1982 and 2022. He has extensive experience in the oil and gas sector, having held various business and functional leadership roles. He provided leadership in BP's energy transition and managed BP's digital and operating management systems, corporate venture capital and research and development functions. As BP's head of technology over a period from 2008 to 2022, he was responsible for all BP's science and technology programmes aimed at climate risk mitigation, increasing energy efficiency and reducing its carbon footprint. He has been the chairman since 2023 and trustee since 2016 of the John Lyons Foundation and serves on the board of the UK Royal Academy of Engineering. David holds a BA Engineering degree from the University of Cambridge. He is a fellow of The Royal Academy of Engineering, the Institute of Materials, Minerals and Mining and the UK Institute of Directors.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**M Flöel** | &nbsp;&nbsp;**M Flöel** |
| &nbsp;&nbsp;*Nationality:* | &nbsp;&nbsp;German |
| &nbsp;&nbsp;*Qualifications:* | &nbsp;&nbsp;MSc (Chemistry)<br>PhD (Chemistry) |
| &nbsp;&nbsp;*Sasol Limited Board Committee Memberships:* | &nbsp;&nbsp;Capital Investment Committee <br>Remuneration Committee (Chairperson)<br>Safety, Social and Ethics Committee<br>Nomination and Governance Committee |

---

&nbsp;&nbsp;Martina Flöel holds a MSc in Chemistry from the University of Frankfurt and a PhD in Chemistry from the Technische Universität München (University of Munich). With 30 years' experience in the chemicals industry in roles covering chemical and process research and development, technical innovations, technologies, operations and industrial supply chain, she is a seasoned industrial leader. She concluded her executive leadership career as Managing Director and Chief Executive Officer of OXEA Holdings. She is currently a non-executive director of Synthomer Plc and previously served on the board of Carl Bechem GmbH and NESTE Corporation<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**K C Harper** | &nbsp;&nbsp;**K C Harper** |
| &nbsp;&nbsp;*Nationality:* | &nbsp;&nbsp;American |
| &nbsp;&nbsp;*Qualifications:* | &nbsp;&nbsp;BSc (Industrial Management)<br>MBA |
| &nbsp;&nbsp;*Sasol Limited Board Committee Memberships:* | &nbsp;&nbsp;Audit Committee<br>Remuneration Committee |

---

&nbsp;&nbsp;Kathy Harper is a retired Chief Financial Officer of BDP International, a leading privately-held global logistics and transportation solutions company. She has an MBA and a certificate in cyber security oversight from the National Association of Corporate Directors (**NACD**). She is the Chairman of Venator Materials PLC and also serves as a non-executive director and audit committee chairman for Modine (**NYSE MOD)** and for the American Lung Association. She has most recently served as the interim Chief Financial Officer of the Philadelphia Museum of Art. Prior to BDP she was the Chief Financial Officer of a produce freshness solutions company. She also served as the Chief Financial Officer of Tronox and the Chief Financial and Business Development Officer of Rio Tinto Diamonds and Minerals Group. She has served as an audit committee chairman for Lydall (**NYSE LDL**) and non-executive director for Richards Bay Minerals in South Africa, as well as for Hydrogen Energy, a former Rio Tinto/BP joint venture in London.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**V D Kahla** | &nbsp;&nbsp;**V D Kahla** |
| &nbsp;&nbsp;*Nationality:* | &nbsp;&nbsp;South African |
| &nbsp;&nbsp;*Qualifications:* | &nbsp;&nbsp;BA<br>LLB<br>Advanced Management Programme (MIT Sloan School of Management) |
| &nbsp;&nbsp;*Sasol Limited Board Committee Memberships:* | &nbsp;&nbsp;Safety, Social and Ethics Committee |

---

&nbsp;&nbsp;Vuyo Kahla was appointed to the GEC on 1 January 2011 and is Sasol's Executive Vice President: Commercial and Legal. He also served as the Company Secretary of Sasol Limited between 2011 and 2019, prior to his appointment as a director of Sasol Limited in November 2019. Previously he served on the group executive committee of Transnet and on the Africa executive committee of Standard Bank. He also held various roles in the Government of the Republic of South Africa, including Assistant Legal Advisor to President Nelson Mandela and Director responsible for Corporate Strategy and Transformation at the Department of Justice. He is an alumnus of the University of Cambridge's Prince of Wales Programme on Sustainability Leadership, and the chairman of the council of Rhodes University, South Africa.<br>

[**Table of Contents**](#TOC)

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| | |
|:---|:---|
| &nbsp;&nbsp;**G M B Kennealy** | &nbsp;&nbsp;**G M B Kennealy** |
| &nbsp;&nbsp;*Nationality:* | &nbsp;&nbsp;South African |
| &nbsp;&nbsp;*Qualifications:* | &nbsp;&nbsp;BCom (Accountancy)<br>BCom (Accountancy) (Hons) |
| &nbsp;&nbsp;*Sasol Limited Board Committee Memberships:* | &nbsp;&nbsp;Audit Committee (Chairman)<br>Capital Investment Committee<br>Nomination and Governance Committee |

---

&nbsp;&nbsp;Trix Kennealy qualified as a chartered accountant in 1982 and she served as the Chief Financial Officer of the South African Revenue Service from January 2009 until her retirement in December 2013. Before that she served as the Chief Operating Officer of Absa Corporate and Business Bank from 2006 to 2009. Her previous senior financial management positions were at Absa Bank, BHP Billiton South Africa, Samancor Chrome and Foodcorp. She also chaired the Accounting Standards Board in South Africa from 2012 to 2018. She is the lead independent director of the Standard Bank Group and the chairman of its audit and remuneration committees. She also serves on the board of Standard Bank of South Africa Limited.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**N X Maluleke** | &nbsp;&nbsp;**N X Maluleke** |
| &nbsp;&nbsp;*Nationality:* | &nbsp;&nbsp;South African |
| &nbsp;&nbsp;*Qualifications:* | &nbsp;&nbsp;BCom (Accounting)<br>BCom (Hons) (Accounting) <br>MBA CA(SA) |
| &nbsp;&nbsp;*Sasol Limited Board Committee Memberships* | &nbsp;&nbsp;Audit Committee <br>Safety, Social and Ethics Committee |
| &nbsp;&nbsp;<br>Xikongomelo Maluleke is a Chartered Accountant and a Certified Director®. She obtained a BCom (Accounting) degree from the University of Limpopo, a BAcc Honours and Certificate in Theory of Accounting from the University of KwaZulu-Natal and an MBA from the University of Pretoria. With over 20 years of experience across financial services, retail, and energy, Xikongomelo spent 13 years in the energy sector. She has held senior finance leadership roles at BPSA, Shell Downstream South Africa, and Lumika Renewables. During her seven years at Shell Downstream South Africa, she held various finance and strategic leadership roles and was a permanent invitee to their audit and risk Committee. Ms Maluleke was the Chief Financial Officer of Lumika Renewables (a joint venture of Reunert Limited and A.P. Moller Capital). She served on the board of directors of SSA as an appointee of the Board of Trustees of the Sasol Khanyisa Employee Share Ownership Trust. She was also a director and treasurer of the Southern African Energy Efficiency Confederation, and founded and led an ESG and sustainability advisory firm, partnering with LMT LTM Energy on decarbonisation and climate-change consulting. | &nbsp;&nbsp;<br>Xikongomelo Maluleke is a Chartered Accountant and a Certified Director®. She obtained a BCom (Accounting) degree from the University of Limpopo, a BAcc Honours and Certificate in Theory of Accounting from the University of KwaZulu-Natal and an MBA from the University of Pretoria. With over 20 years of experience across financial services, retail, and energy, Xikongomelo spent 13 years in the energy sector. She has held senior finance leadership roles at BPSA, Shell Downstream South Africa, and Lumika Renewables. During her seven years at Shell Downstream South Africa, she held various finance and strategic leadership roles and was a permanent invitee to their audit and risk Committee. Ms Maluleke was the Chief Financial Officer of Lumika Renewables (a joint venture of Reunert Limited and A.P. Moller Capital). She served on the board of directors of SSA as an appointee of the Board of Trustees of the Sasol Khanyisa Employee Share Ownership Trust. She was also a director and treasurer of the Southern African Energy Efficiency Confederation, and founded and led an ESG and sustainability advisory firm, partnering with LMT LTM Energy on decarbonisation and climate-change consulting. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**N N A Matyumza** | &nbsp;&nbsp;**N N A Matyumza** |
| &nbsp;&nbsp;*Nationality:* | &nbsp;&nbsp;South African |
| &nbsp;&nbsp;*Qualifications:* | &nbsp;&nbsp;BCom<br>BCompt (Hons)<br>CA(SA)<br>LLB |
| &nbsp;&nbsp;*Sasol Limited Board Committee Memberships:* | &nbsp;&nbsp;Audit Committee<br>Remuneration Committee  |

---

[**Table of Contents**](#TOC)

&nbsp;&nbsp;Nomgando Matyumza was an independent non-executive director of Sasol Limited from 8 September 2014 until she retired on 8 September 2024. She is an Independent non-executive director of Standard Bank Group Limited, The Standard Bank of South Africa Limited, Volkswagen South Africa (Pty) Ltd and Clicks Group Limited. She has held senior financial management and executive positions in various organisations, including South African Breweries, Transnet and Eskom. She is an ordained minister and director of the African Methodist Episcopal Church.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**S Subramoney** | &nbsp;&nbsp;**S Subramoney** |
| &nbsp;&nbsp;*Nationality:* | &nbsp;&nbsp;South African |
| &nbsp;&nbsp;*Qualifications:* | &nbsp;&nbsp;**BCompt (Hons) (Accounting Science)**<br>**CA (SA)** |
| &nbsp;&nbsp;*Sasol Limited Board Committee Memberships:* | &nbsp;&nbsp;Audit Committee <br>Remuneration Committee |

---

Stanley Subramoney has expertise in accounting and auditing and has worked for companies expanding into emerging economies. After qualifying as a chartered accountant, he was appointed audit partner at PricewaterhouseCoopers (PwC) and thereafter, Deputy Chief Executive Officer for PwC Southern Africa and member of the Southern Africa executive committee. Throughout his 27 years in the audit profession, he led complex assignments including representing the firm in several African and global organisational structures. These roles provided him with extensive international exposure with global clients. He is currently the Chief Executive Officer of Menston Holdings, a black-owned diversified investment company established in 2015 which focuses on the food and agriculture, construction and technology sectors. He is also an independent non-executive director on Nedbank Group's board and a standing invitee to its audit committee.

#### Senior management—experience
In addition to the three executive directors listed above, we have identified our senior management as the members of our GEC.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Year Born** | **Position** | **Nationality** | **Year Appointed** |
| **V Bester** | 1970 | Executive Vice President: Operations and Projects  | South African | 2024 |
| **A G M Gerber** | 1967 | Executive Vice President: International Chemicals | German | 2024 |
| **C H Herrmann** | 1973 | Executive Vice President: Marketing and Sales Energy and Chemicals Southern Africa | German | 2024 |
| **C K Mokoena** | 1965 | Executive Vice President: Human Resources & Corporate Affair | South African | 2017 |
| **S D Pillay** | 1976 | Executive Vice President: Business Building, Strategy and Technology | South African | 2024 |
| **H Wenhold** | 1965 | Executive Vice President: Mining, Risk and SHE | South African | 2023 |

---

[**Table of Contents**](#TOC)

---

| |
|:---|
| &nbsp;&nbsp;**V Bester**<br>*BScEng (Chemical) and Executive Development Programme* |
| &nbsp;&nbsp;Appointed on 1 April 2024, Mr. Victor Bester serves as Executive Vice President for Operations and Projects at Sasol. He leads the safe, sustainable, and reliable execution of Southern African operations, with a strategic focus on gas operations in Mozambique. His mandate includes driving cost-effective production strategies, optimizing asset management, and ensuring operational excellence across the region. In this pivotal leadership role, Mr. Bester also oversees Sasol's Projects and Engineering Centre of Excellence, championing the highest standards of technical assurance and project delivery across the group. With nearly three decades of experience in the oil and gas industry, Mr. Bester brings deep operational insight and strategic leadership to the role. Prior to this appointment, he held several senior positions within Sasol, and previously served as Managing Director of both the Chevron South Africa Refinery and SAPREF (South African Petroleum Refineries). These roles solidified his reputation for leading complex refining operations, driving transformation, and delivering results in high-stakes environments. |

---

---

| |
|:---|
| &nbsp;&nbsp;**A G M Gerber**<br>*Diplom-Kauffrau (MBA), Executive Development Program* |
| &nbsp;&nbsp;Ms Antje Gerber joined Sasol on 15 April 2024 and is currently the Executive Vice President: International Chemicals, responsible for Sasol's international chemicals business. She is accountable for profit and loss, maintaining safe, reliable and sustainable operations across multiple geographies, driving customer-led growth and product development. Prior to her appointment she was a President for Arxada AG, Basel Switzerland, a global specialty chemical portfolio company owned by Bain Capital and Cinven. For more than 30 years, Ms Gerber also held various other executive leadership positions in the chemicals industries and is also a member of the supervisory board of ALTANA AG, Germany. |

---

---

| |
|:---|
| &nbsp;&nbsp;**C H Herrmann**<br>*Diplom-Kaufmann (MBA)* |
| &nbsp;&nbsp;Mr Christian Herrmann was appointed as Executive Vice President, Marketing and Sales Energy and Chemicals, Southern Africa on 1 April 2024. Previously he was the Senior Vice President, Performance Solutions at Sasol. Prior to Sasol, he was the leader in the major turnaround of one of America's most iconic companies as Chief Executive Officer of Morton Salt, bringing the strong combination of financial acumen and entrepreneurial approach to improve the value of the company for owners and employees. He developed and implemented a successful business strategy to reignite the Morton Salt business and brand. Christian has a Master of Business Administration from Eberhard Karls University in Tuebingen, Germany, and a Bachelor of Business Administration from Johann Wolfgang Goethe University in Frankfurt, Germany. He is certified through the CFA Institute, USA, with Chartered Financial Analyst Designation (CFA). |

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|:---|
| &nbsp;&nbsp;**C K Mokoena**<br>*BA Honours(Human Resources Development B Social Sciences), MCom (Leadership Studies) (Cum Laude)* |
| &nbsp;&nbsp;Ms Charlotte Mokoena is responsible for the design of global human resources strategies, policies and frameworks at Sasol that enable the organisation to attract, develop and retain key talent. She also focuses on stakeholder relations. Prior to her current role, Ms Mokoena was Human Resources Executive at Tongaat Hulett Limited. She held this position from July 2013. Before this, Ms Mokoena spent 11 years at Telkom South Africa Limited, during which time she held several senior positions spanning the human resources, business consulting and customer services discipline, including Chief of Human Resource and Group Executive: Customer experience management. |

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|:---|
| &nbsp;&nbsp;**S D Pillay**<br>*BScEng (Chemical), PhD Eng (Chemical)* |
| &nbsp;&nbsp;Dr Sarushen Pillay joined the Group in 2006 and was appointed as Executive Vice President: Business Building, Strategy and Technology on 1 April 2024. During his career he held various leadership positions at most of Sasol's South African operating facilities. He has been exposed to a broad range of business activities, including roles as Technology Manager, Coal and Environmental Technology, acting Vice President, Coal and Environmental Research, Vice President, Technical Solutions/Environmental Sustainability. Prior to his current position, he was appointed as Senior Vice President, Strategy and Sustainability, Energy |

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|:---|
| &nbsp;&nbsp;**H Wenhold**<br>*B.Eng (Mechanical), MBL* |
| &nbsp;&nbsp;Mr Hermann Wenhold was appointed as the Executive Vice President, Mining, Risk and Safety, Health and Environment on 1 November 2023. Prior to his appointment to the GEC, he served in various leadership roles within the Sustainability, Safety, Health and Environment portfolios and as Senior Vice President Mining from 2022 to 2023. Mr Wenhold was awarded a Sasol bursary in 1984 and started his engineering career at Sasol in 1988, where he gained in-depth operational knowledge in reliability, cost effectiveness and safety of operations through various roles across Sasol's South African value chain, including Secunda Synfuels, Natref and Mining. Mr Wenhold was appointed as Managing Director of Sasol Mining from 2007 to 2012, and he was reappointed in this role in 2022 to lead a comprehensive business turnaround and culture transformation programme. Between 2013 and 2022, he led the Safety, Health and Environment portfolio for the Sasol Group and was later appointed as Chief Sustainability Officer and Chief Risk Officer, responsible for developing and implementing enterprise functional strategies and managing complexity in Safety, Health and Environment, Enterprise Risk Management and Sustainability. |

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#### Family relationship
There are no family relationships between any of our non-executive directors, executive directors or members of our GEC.

#### Other arrangements
None of our non-executive directors, executive directors or GEC members or other key management personnel is elected or appointed under any arrangement or understanding with any major shareholder, customer, supplier or otherwise.

#### 6.B Compensation
Refer to our Remuneration Report filed as Exhibit 99.2 for details of our directors and senior management compensation.

#### Long-term incentive plans applicable to executive directors and senior management
For details regarding our long-term incentive plans applicable to executive directors and senior management named in "Item 6.A—Directors and senior management", refer to our Remuneration Report filed as Exhibit 99.2.

**Voluntary Disclosure: Pay equity and Workforce compensation.** 

As part of our commitment to transparency, fairness, and responsible remuneration practices, we voluntarily disclose key workforce compensation metrics, including pay equity indicators, to provide stakeholders with insight into our approach to equitable pay. For details regarding this disclosure, refer to our Remuneration Report filed as Exhibit 99.2.

#### 6.C Board practices
Refer to "*Item 6.A—Directors and senior management*" for our board of directors and information with respect to their terms of office. Refer to our Remuneration Report filed as Exhibit 99.2 for details of our directors' and senior management service contracts and benefits upon termination of employment.

Refer to "*Integrated Report—Governance*" as contained in Exhibit 99.7 for details relating to our audit and remuneration committees, as well as the names of committee members, and refer to the "Terms of Reference—Audit Committee and Remuneration Committee" as contained in Exhibit 99.9.2 for summaries of the terms of reference under which these committees operate.

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#### 6.D Employees
The information set forth under "*Item 18—Financial Statements—Note 4 Employee related expenditure*" is incorporated by reference.

Remuneration of directors and key personnel is contained in the Remuneration Report, contained in Exhibit 99.2.

Our permanent workforce's geographic location composition at 30 June is presented below.

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| | | | |
|:---|:---|:---|:---|
| **Region** | **2025** | **2024** | **2023** |
|  | **Number of employees** | **Number of employees** | **Number of employees** |
| South Africa | 23 027 | 23 543 | 24 475 |
| Europe | 2 535 | 2 600 | 2 614 |
| North America | 1 155 | 1 285 | 1 327 |
| Other | 694 | 713 | 657 |
| **Total** | 27 411 | 28 141 | 29 073 |

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#### 6.E. Share ownership
Refer to our Remuneration Report filed as Exhibit 99.2 for details of share ownership of executive directors and senior management.

**6. F Disclosure of a registrant's action to recover erroneously awarded compensation**

Not applicable

#### ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

#### 7.A Major shareholders
Refer to "*Item 18—Financial Statements—Note 12 Share Capital*" for the authorised and issued share capital of Sasol Limited.

To the best of our knowledge, Sasol Limited is not directly or indirectly owned or controlled by another corporation or the government of South Africa, or any other government. We believe that no single person or entity holds a controlling interest in our securities.

In accordance with the requirements of the South African Companies Act 71 of 2008, as amended (the **Companies Act**), the following beneficial shareholdings equal to or exceeding 5% of the total issued securities during the last three years were disclosed or established from inquiries as of 30 June 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **Number of** <br>**shares** | **% of** <br>**securities** | **Number of** <br>**shares** | **% of** <br>**securities** | **Number of** <br>**shares** | **% of**<br>**securities** |
| GEPF<sup>(1)</sup> | **115 502 696** | **17.79** | **110 136 077** | **16.98** | **119 904 480** | **18.72** |
| IDC<sup>(2)</sup> | **53 266 887** | **8.2** | **53 266 887** | **8.21** | **53 266 887** | **8.31** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Government Employees Pension Fund (GEPF).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Industrial Development Corporation of South Africa Limited (IDC).

The voting rights of major shareholders do not differ from the voting rights of other shareholders.

As of 31 July 2025, 43 824 940 Sasol ordinary shares, or approximately 6.8 % of our total issued securities, were held in the form of ADRs. As of 31 July 2025, 199 record holders in the US held approximately 20.06 % of our total issued securities in the form of either Sasol ordinary shares or ADRs.

#### 7.B Related party transactions
There have been no material transactions during the most recent three years, other than as described below, nor are there proposed to be any material transactions at present to which we or any of our subsidiaries are or were a party to and in which any senior executive or director, or 10% shareholder, or any relative or spouse thereof or any relative of such spouse, who shared a home with this person, or who is a director or executive officer of any parent or subsidiary of ours, had or is to have a direct or indirect material interest. Furthermore, during our three most recent years, there has been no, and at 30 June 2025 there was no, outstanding indebtedness to us or any of our subsidiaries owed by any of our executive or independent directors or any associate thereof.

During this financial year, Sasol group of companies, in the ordinary course of business, entered into various purchase and sale transactions with associates, joint ventures and certain other related parties. The effect of these transactions is included in the financial performance and results of the Sasol group

**Amounts due to and from related parties are disclosed in the respective notes to the financial statements for the respective statement of financial position line items. Refer to "*Item 18—Financial Statements—Note 34 Related party transactions*" for further details.**

#### 7.C Interests of experts and counsel
Not applicable.

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#### ITEM 8. FINANCIAL INFORMATION

#### 8.A Consolidated statements and other financial information
Refer to *"Item 18—Financial Statements" for our financial statements, related notes and other financial information."*

#### Dividend policy
We apply a dividend policy to pay dividends calculated at 30% of Free Cash Flow when net debt (excluding leases) is sustainably below US$3bn. Free Cash Flow is measured as cash available from operating activities (from the Statement of Cash Flow) less First order capital. This represents cash flow after tax and interest but before Second order capital. Second order capital includes further debt reduction, investment in larger growth and transform projects and/or additional returns to shareholders. Second Order capital can only be allocated when net debt (excluding leases) is sustainably below US$3bn and after we have paid 30% of free cash flow as dividends to shareholders. The board of directors will retain the discretion to consider balance sheet flexibility, and prevailing market conditions in declaring dividend distributions. The board did not declare a dividend for the current year.

When we make a decision on dividends, we take a number of factors into account. These include the impact of the current volatile macro-economic environment, capital investment plans, the current strength of the Company's balance sheet, and the dividend cover range in line with our capital allocation framework.

Refer to *"Item 10.B—Memorandum and articles of association—3. Rights and privileges of holders of our securities"*.

#### Legal proceedings
For information regarding our legal proceedings refer to *"Item 4.B—Business overview—Legal proceedings and other contingencies".*

#### 8.B Significant changes
Refer to *"Item 18—Financial Statements—Note 36 Subsequent events".*

#### ITEM 9. THE OFFER AND LISTING

#### 9.A Offer and listing details
The principal trading market for our shares is the JSE. Our ADSs have been listed on the NYSE since 9 April 2003, each representing one common ordinary share of no par value, under the symbol "SSL". J.P. Morgan is acting as the depositary for our ADSs and issues our ADRs in respect of our ADSs.

#### 9.B Plan of distribution
Not applicable.

#### 9.C Markets
Refer to "*Item 9.A—Offer and listing details*" above for further information.

#### 9.D Selling shareholders
Not applicable.

#### 9.E Dilution
Not applicable.

#### 9.F Expenses of the issue
Not applicable.

#### ITEM 10. ADDITIONAL INFORMATION

#### 10.A Share capital
Not applicable.

#### 10.B Memorandum and articles of association
*1. Registration number, and object and purpose of the Company*

The Company is registered in South Africa at the Companies and Intellectual Property Commission under registration number 1979/003231/06.

Refer to "Item 10.B" of our registration statement pursuant to section 12(b) or 12(g) of the Exchange Act, filed with the SEC on 6 March 2003 (the Registration Statement) for the object and purpose of the Company. The objects and purpose are not specifically contained in the Company's constitution,

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its memorandum of incorporation (MOI). Instead, the Company has been given the powers and capacity of an individual, that is to say its powers and capacity, subject to the Companies Act, are unlimited (clause 4.1) and may do anything which the Companies Act and the JSE Listings Requirements empower it to do if so authorised by its MOI (clause 4.3).

The last time the Company's MOI was amended was on 2 December 2022 by way of a shareholders' special resolution at the Company's annual general meeting, filed on the Form S-8 Registration Statement under the Securities Act on March 2023.

See Exhibit 1.1 for the Company's latest MOI.

*2. Summary of the MOI with respect to directors*

*Director's power to vote in respect of matters in which a director has a material interest.* In terms of our MOI and the Companies Act, a director who has a personal financial interest in respect of a matter to be considered at a board of directors' meeting, or knows that a related person has a personal financial interest in the matter, may not vote on the matter and must, after giving his/her full views on the matter, recuse himself/herself from the meeting. In terms of our board of directors' charter, directors are appointed on the express agreement that they may be removed by the board of directors if and when they develop an actual or prospective material, enduring conflict of interest with the Company or another group company.

*Directors' power to vote on remuneration for themselves.* No powers are conferred by our MOI, or by any other means, on the directors who are employees of the Company, to vote on their own remuneration or in the instance of directors in the absence of a disinterested quorum of directors.

*Borrowing powers exercisable by directors.* Clause 26.2 of our MOI provides that the directors may borrow money and secure the payment or repayment thereof upon terms and conditions which they may deem fit in all respects and, in particular, through the issue of debentures which bind as security all or any part of the property of the Company, both current and future. The borrowing powers may be varied by our shareholders passing a special resolution amending the MOI to that effect.

*Age limit requirement.* There is no mandatory retirement age for directors in South African law or in our MOI.

*General qualification requirements for directors to hold shares in the Company.* There are no general qualification requirements either in South African law or in the MOI for directors to hold shares in the Company.

*3. Rights and privileges of holders of our securities*

*General*

We have ordinary shares and Sasol BEE ordinary shares in issue which rank pari passu in all respects as to voting and financial interests. The only difference between them in principle is that anyone may own ordinary shares but Sasol BEE ordinary shares may only be owned by persons who meet certain B-BBEE credentials. In order to meet such credentials such person must, inter alia, be a South African citizen.

*Dividend rights, including any time limit after which dividend entitlement lapses and an indication of the party in whose favour this entitlement operates.* In terms of our MOI, the Company may make any type of distributions, including in specie distributions and distributions of capital. Only once a dividend is declared by the board of directors, does a shareholder have a right to receive a dividend which may be enforced against the Company.

For more information regarding the payment of dividends on ordinary shares and to holders of ADRs, refer to our Registration Statement.

In terms of the Companies Act, no dividend may be paid unless it reasonably appears that the Company will satisfy the solvency and liquidity test as defined in the Companies Act immediately after completing the proposed distribution; and the board of directors, by resolution, has acknowledged that it has applied the solvency and liquidity test and has reasonably concluded that the Company's assets equal or exceed the liabilities of the Company and that the Company will be able to pay its debts as they become due in the ordinary course of business for a period of 12 months following the payment of the dividend. If the board of directors resolves that the solvency and liquidity test has been passed, the board of directors may declare a dividend but it must be paid within 120 business days, failing which it is necessary again for the

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board of directors to consider the solvency and liquidity test.

A dividend entitlement lapses if it is unclaimed by any shareholder for a period of not less than 12 years and the board of directors resolves that it be forfeited. If a dividend is forfeited, it belongs to the Company.

For further information on our dividend policy, see "Item 8.A—Consolidated statements and other financial information" and our Registration Statement.

*Voting rights including whether directors stand for re-election at staggered intervals and the impact of that arrangement where cumulative voting is permitted or required.* Each Sasol BEE ordinary share ranks *pari passu* with each ordinary share in relation to the right to vote at shareholders' meetings of the Company.

Our directors are elected by our shareholders at the annual general meeting. Broadly speaking a third of the directors retire each year in rotation but are eligible for re-election however, no director's term of office shall exceed 12 years. The election is carried out in a series of votes on the candidacy of a single individual to fill a single vacancy. For more details regarding the rotation of directors, see information provided in our Registration Statement.

For details regarding shareholders voting rights, see information provided in our Registration Statement.

*Shareholder right to share in the Company profits.* There is no absolute right for shareholders to share in profits. They are dependent upon the directors declaring dividends or other distributions.

*Rights to surplus in the event of liquidation.* The ordinary shares and the Sasol BEE ordinary shares each rank pari passu if there is a surplus on liquidation.

*Redemption provision.* There are no redemption provisions relating to the ordinary shares and the Sasol BEE ordinary shares.

*Sinking funds.* There are no sinking funds.

*Liability for further capital calls by the Company.* The Companies Act allows for partly paid shares to be issued under certain circumstances. The

Company is prohibited by our MOI from making use of these provisions.

There are no other types of capital calls which the Company could make against its shareholders.

*Discriminatory provisions against substantial shareholders.* There are no discriminatory provisions in our MOI against any holder of shares as a result of such holder owning a substantial number of shares in the Company.

*4. Changing rights of holders of shares*

In terms of our MOI, the rights attached to any shares or the conversion of any of our shares (whether issued or not) into shares of another class, may only be effected by a change to the MOI by special resolution.

If the rights, privileges or conditions of any class of shareholders will be adversely affected, then provision is made in the MOI for a separate class meeting of the holders of such class of shares. There is no such requirement in the Companies Act.

In addition, shareholders have appraisal rights under the Companies Act if we amend our MOI by altering the preferences, rights, limitations or other terms of any class of our shares in a manner that is materially adverse to the rights or interests of holders of that class of shares. If the requirements contemplated under the Companies Act for establishing an appraisal right are complied with, the shareholder concerned effectively has the right to be bought out by the Company at fair value.

*5. General meeting of shareholders including conditions of admission*

The annual general meeting is convened and held in the same manner as any other general meeting. All meetings are general meetings, save for the annual general meeting.

In terms of the Companies Act, the board of directors or any other person specified in the Company's MOI, including a shareholder/s holding not less than 10% of the voting rights attached to the shares, may call a shareholders' meeting at any time. A written and signed demand to convene a shareholders meeting must describe the specific purpose for which the meeting is proposed. The MOI only permits the board of directors or the company secretary (in lieu of the board of directors) and a shareholder/s holding not

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less than 10% of the voting rights attached to the shares, to convene a shareholders' meeting.

If the Company is unable to convene a meeting because it has no directors, then in terms of our MOI, any single shareholder entitled to vote may convene a meeting.

If the Company fails to convene a meeting in accordance with its MOI, or as required by the shareholders holding in the aggregate at least 10% of the voting rights as set out above, or within the time periods as required, any shareholder may apply to court for an order to convene a shareholders' meeting on a date and subject to such terms as a court considers appropriate.

In terms of our MOI, we are required to deliver written notice of shareholders' meetings to each shareholder and each beneficial holder (being a person whose name is not on the share register but who has the ultimate right to receive distributions or direct how the shares in question are voted or direct when the shares in question are to be disposed of) at least 15 business days before a meeting. The Companies Act also stipulates that delivery of a notice will be deemed to have taken place on the seventh calendar day following the day on which the notice was posted by way of registered post.

Before a person will be allowed to attend or participate at shareholder meetings in person or by proxy, that person must present reasonably satisfactory identification and the person presiding at the meeting must reasonably satisfy himself/herself that the right of the person to attend as shareholder or proxy has been verified. Meetings of shareholders may be attended by any person who holds shares in the Company and whose name has been entered into our securities register and any person who is entitled to exercise any voting rights in relation to the Company. Any person entitled to attend and to vote at any meeting may appoint a proxy/ies in writing to attend and to vote at such meeting on his/her/its behalf. In respect of shares which are not subject to the rules of a central securities depository, and in respect of which a person holds a beneficial interest which includes the right to vote on a matter, that beneficial holder may attend and vote on a matter at a meeting of shareholders, but only if that person's name has been entered in our register of disclosures as the holder of that beneficial interest. Shareholders who have dematerialised their shares other than on an own name basis, are required to contact their Central Securities Depository Participant,

as the case may be, for assistance to attend and vote at meetings.

In terms of our MOI, the quorum necessary for the commencement of a shareholders meeting shall be sufficient persons present at the meeting to exercise, in aggregate, at least 25% of all the voting rights that are entitled to be exercised in respect of at least one matter to be decided at the shareholders meeting but the shareholders' meeting may not begin unless at least three persons entitled to vote are present. In terms of our MOI, if the required quorum of shareholders is not present within 30 minutes from the time appointed for the meeting to begin, the meeting will be postponed to the next business day and if at such adjourned shareholders' meeting a quorum is not present within 15 minutes from the time appointed for the shareholders' meeting, then the persons entitled to vote present shall be deemed to be the requisite quorum. In terms of the Companies Act, no further notice is required of a postponed or adjourned meeting unless the location is different from that of the postponed or adjourned meeting, or is different from a location announced at the time of an adjourned meeting.

See our Registration Statement for more information with respect to the holding of an annual general meeting and the proceedings at the annual general meeting.

*6. Limitations on the rights to own shares*

Non-South African shareholders are treated no differently from South African shareholders as to the ownership of shares under the Company's MOI. However, Sasol BEE ordinary shares may only be owned by persons who must, inter alia, be South African citizens.

See our Registration Statement for more information with respect to the rights of non-South African shareholders.

*7. Provisions of the Company's MOI that would have the effect of delaying, deferring or preventing a change of control or merger or corporate restructuring*

There are no provisions in our MOI which could have the effect of delaying, deferring or preventing a change of control of the Company and that would operate only with respect to a merger, acquisition or corporate restructuring involving the Company or any of its subsidiaries, save perhaps that

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the requirement that the ownership of Sasol BEE ordinary shares is restricted to certain persons.

*8. Disclosure of ownership threshold*

The JSE Listings Requirements require a listed company to disclose in its annual financial statements the interest of any shareholder, other than a director, who, insofar as it is known to the company, is directly or indirectly beneficially interested in 5% or more of any class of the company's capital.

*9. Effect of the South African law*

With respect to items 2 through 8 above, the effect of the South African law applicable to our Company has been explained in those paragraphs.

*10. Stricter conditions imposed by the MOI than the South African law governing changes in the capital of the Company*

The requirements of our MOI are stricter than the South African law in that:

● the directors do not have the power to issue authorised shares (other than capitalisation shares) without the approval of an ordinary resolution or a special resolution being passed by the shareholders, depending on which is required by our MOI;

● the board of directors does not have the power to amend the authorisation (including increasing or decreasing the number) and classification of shares (including determining rights, limitations and preferences) which is permitted under the Companies Act, without the authority of a special resolution; and

● the permission under the Companies Act to allow rights, privileges or conditions attaching to any class of shares to vary in response to any objectively ascertainable external fact/s, is excluded under our MOI.

#### 10.C Material contracts
We do not have any material contracts, other than contracts entered into in the ordinary course of business.

#### 10.D Exchange controls
South African exchange control regulations are administered by the Financial Surveillance Department (**FSD**) of the SARB and regulate transactions involving South African residents, as defined in the Exchange Control Rulings, including natural persons and legal entities.

The following is a general outline of South African exchange controls. The comments below relate to exchange controls in force at the date of this annual report. These controls are subject to change at any time without notice. Investors should consult a professional advisor as to the exchange control implications of their particular investments.

#### Foreign financing and investments
*Foreign debt.* We, and our South African subsidiaries, require approval by the FSD to obtain foreign loans with recourse to South Africa.

Funds raised outside the Common Monetary Area (**CMA**) (which consists of South Africa, Lesotho, Namibia and eSwatini) by our non-resident subsidiaries, i.e. a non-resident for exchange control purposes, are not restricted under South African exchange control regulations and may be used for any purpose including foreign investment, as long as such use is without recourse to South Africa. We, and our South African subsidiaries, would, however, require approval by the FSD in order to provide guarantees for the obligations of any of our subsidiaries with regard to funds obtained from non-residents of the CMA.

Debt raised outside the CMA by our non-resident subsidiaries must be repaid or serviced by those foreign subsidiaries. Without approval by the FSD, we can neither use cash we earn in South Africa to repay or service such foreign debts nor can we provide security on behalf of our non-resident subsidiaries.

We may retain dividends declared by our foreign subsidiaries offshore which we may use for any purpose, without any recourse to South Africa. These funds may, subject to certain conditions, also be invested back into the CMA in the form of equity investments or loans.

*Raising capital overseas.* A listing by a South African company on any stock exchange requires prior approval by the FSD.

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Under South African exchange control regulations, we must obtain approval from the FSD regarding any capital-raising activity involving a currency other than the rand. In granting its approval, the FSD may impose conditions on our use of the proceeds of the capital-raising activity outside South Africa, including limits on our ability to retain the proceeds of this capital-raising activity outside South Africa or a requirement that we seek further approval by the FSD prior to applying any of these funds to any specific use.

*Foreign investments.* Under current exchange control regulations, we, and our South African subsidiaries, require approval, either by Authorised Dealers or the FSD to invest offshore.

Although there is no limitation placed on us with regard to the amount of funds that we can transfer from South Africa for an approved foreign investment, the FSD may, however, request us to stagger the capital outflows relating to large foreign investments in order to limit the impact of such outflows on the South African economy and the foreign exchange market.

The FSD also requires us to provide it with an annual report, which will include the results, of all our foreign subsidiaries.

#### Investment in South African companies
*Inward investment.* As a general rule, a foreign investor may invest freely in shares in a South African company. Foreign investors may also sell shares in a South African company and transfer the proceeds out of South Africa without restriction. Acquisitions of shares or assets of South African companies by non-South African purchasers are not generally subject to review by the FSD when the consideration is in cash, but may require review by the FSD in certain circumstances, including when the consideration is equity in a non-South African company or when the acquisition is financed by a loan from a South African lender.

*Dividends.* There are no exchange control restrictions on the remittance of dividends declared out of trading profits to non-residents of the CMA. However, residents of the CMA may under no circumstances have dividends paid outside the CMA without specific approval from the FSD.

*Transfer of shares and ADSs.* Under South African exchange control regulations, our shares and ADSs are freely transferable outside South Africa among persons who are not residents of the CMA. Additionally, where shares are sold on the JSE on behalf of our shareholders who are not residents of the CMA, the proceeds of such sales will be freely exchangeable into foreign currency and remittable to them. The FSD may also require a review to establish that the shares have been sold at market value and at arm's length. While share certificates held by non-resident shareholders will be endorsed with the words "non-resident", such endorsement will, however, not be applicable to ADSs held by non-resident shareholders

**10. E Taxation**

#### South African taxation

#### Corporate Income Tax
The following discussion summarises the South African (SA) tax consequences of the ownership and disposition of shares or ADSs by a US holder (as defined below). This summary is based upon current SA tax law and the convention that has been concluded between the governments of the US and SA for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains, signed on 17 February 1997 (the Treaty). In addition, this summary is based in part upon representations of the depositary (J.P. Morgan, as depositary for our ADSs), and assumes that each obligation provided for in, or otherwise contemplated by the Deposit Agreement and any related agreement, will be performed in accordance with its respective terms.

The summary of the SA tax considerations does not address the tax consequences to a US holder that is resident in SA for SA tax purposes or whose holding of shares or ADSs is effectively connected with a permanent establishment in SA through which such US holder carries on business activities. It equally does not address the scenario where the US holder is not the beneficial recipient of the dividends or returns or, where the source of the transaction is deemed to be in SA, the recipient is not entitled to the full benefits under the Treaty or, in the case of an individual who performs independent person services, who has a fixed base situated in SA.

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The statements of law set forth below are subject to any changes (which may be applied retroactively) in SA law or in the interpretation thereof by the SA tax authorities, or in the Treaty, occurring after the date hereof. Holders are strongly urged to consult their own tax advisors as to the consequences under SA, US federal, state and local, and other applicable laws, of the ownership and disposition of shares or ADSs.

#### Taxation of dividends
A dividends tax was introduced in South Africa with effect from 1 April 2012. In terms of these provisions, a dividends tax at the rate of 20% currently is levied on any dividend paid by a company to a shareholder. The liability to pay such dividends tax is on the shareholder, even though the company generally acts as a withholding agent. In the case of listed shares, the regulated intermediary (being the Central Securities Depository Participant referred to below) is liable to withhold the dividends tax.

In the absence of any renegotiation of the Treaty, the tax on the dividends paid to a US holder with respect to shares or ADSs, is limited to 5% of the gross amount of the dividends where a US corporate holder holds directly at least 10% of the voting stock of Sasol. The maximum dividends tax rate is equal to 15% of the gross amount of the dividends in all other cases. The applicable administrative forms need to be completed by the US holder and received by the regulated intermediary by the date of payment of the dividend, which is generally valid for 5 years unless there is a change in circumstances that warrant an update.

The definition of a dividend currently means any amount, other than a dividend consisting of a distribution of an asset in specie declared and paid as contemplated in section 31(3), transferred or applied by a company that is a resident (including Sasol) for the benefit or on behalf of any person in respect of any share in that company, whether that amount is transferred or applied by way of a distribution made by the company, or as consideration for the acquisition of any share in that company. It specifically excludes any amount transferred or applied by the company that results in a reduction of so-called contributed tax capital (CTC) or constitutes shares in the company or constitutes an acquisition by the company of its own securities by way of a general repurchase of securities in terms of the JSE Listings Requirements. A distinction is thus made between a general repurchase

of securities and a specific repurchase of securities. If the Company embarks upon a general repurchase of securities, the proceeds are not deemed to be a dividend whereas, in the case of a specific repurchase of securities where the purchase price is not funded out of CTC, the proceeds are likely to constitute a dividend.

#### Taxation of gains on sale or other disposition
South Africa introduced a tax on capital gains effective 1 October 2001, which applies to SA residents and only to non-residents if the sale is attributable to a permanent establishment in SA of the non-resident or if it relates to an interest in immovable property in SA. With effect from 1 October 2007, gains realised on the sale of ordinary shares are automatically deemed to be on capital account, and therefore, subject to capital gains tax, if the ordinary shares have been held for a continuous period of at least three years by the holder thereof. This deeming provision is limited to ordinary shares and does not extend to preference shares or ADSs. The meaning of the word "resident" is different for individuals and corporations and is governed by the SA Income Tax Act, 58 of 1962 (the Income Tax Act) and by the Treaty. In the event of conflict, the Treaty, which contains a tie breaker clause or mechanism to determine residency if a holder is resident in both countries, will prevail. In terms of the Income Tax Act and the Treaty, a US resident holder of shares or ADSs will not be subject to capital gains tax on the disposal of securities held as capital assets unless the securities are linked to a permanent establishment conducted in SA. In contrast, gains on the disposal of securities which are not capital in nature are usually subject to income tax. However, even in the latter case, a US resident holder will not be subject to income tax unless the US resident holder carries on business in SA through a permanent establishment situated therein. In such a case, this gain may be subject to tax in SA, but only so much as is attributable generally to that permanent establishment.

#### Dividend stripping and anti-avoidance rules relating to share buy-backs
Anti-avoidance rules relating to share buy backs and dividend stripping were strengthened effective from 19 July 2017 and subsequent years to address avoidance mechanisms utilised to erode the value of the shares through distribution of dividends prior to the disposal of shares. Such anti-avoidance dividend rules apply to situations where excessive dividends are declared prior to disposal of shares and only to the extent that such dividends are treated as

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exempt dividend therefore not subject to dividend withholding tax. Where exempt dividends qualify as extraordinary dividends, the exempt dividends are re-characterised as proceeds for capital gains tax purposes or revenue for income tax purposes resulting in an increased tax liability for the seller of the shares.

#### Securities transfer tax
With effect from 1 July 2008, a single security transfer tax of 0,25% was introduced and is applicable to all secondary transfers of shares. No securities transfer tax (STT) is payable on the issue of securities, even though it is payable on the redemption of securities. STT is payable in South Africa regardless of whether the transfer is executed within or outside South Africa. A transfer of a dematerialised share can only occur in South Africa.

A security is also defined as a depositary receipt in a company. Accordingly, STT is payable on the transfer of a depositary receipt issued by a company. Generally, the central securities depository that has been accepted as a participant in terms of the Financial Markets Act, 19 of 2012 (that commenced on 3 June 2013) is liable for the payment of the STT, on the basis that the STT is recoverable from the person to whom the security is transferred.

#### Withholding taxes
A withholding tax on interest at the rate of 15% is currently applicable. This withholding tax is reduced to zero percent in terms of the Treaty to the extent that the interest is derived and beneficially owned by a resident of the other Contracting State (i.e. state/party to a bilateral double taxation agreement). The administrative compliance obligation must be adhered to prior to the payment of the interest to benefit from the Treaty rate.

A withholding tax on royalties at the rate of 15% is currently applicable. This withholding tax is reduced to zero percent in terms of the Treaty to the extent that the royalty is derived and beneficially owned by a resident of the other Contracting State. The administrative compliance obligation must be adhered to prior to the payment of the interest to benefit from the Treaty rate.

*Transfer pricing and Base Erosion and Profit Shifting Project* 

Transfer pricing was introduced in South Africa in 1995, and the transfer pricing principles adopted largely follow the Organisation for Economic Co-operation and Development (the OECD) guidelines on transfer pricing. The main requirement is to ensure that a transaction is concluded at arm's length and that the transfer pricing between group entities is also at arm's length (also known as the 'arm's length principle').

The OECD guidelines prescribe methodologies for determining arm's length pricing which have been adopted by many countries including South Africa for their local transfer pricing regulation.

Where there is a deviation from the arm's length principle, the price charged between group entities (where one of those entities is a tax resident) which is different from what would have been concluded at an arm's length basis between unrelated persons and to tax the entity concerned is adjusted to increase the taxable income of the tax resident (also known as a primary adjustment). In addition, the adjusted amount is also deemed to be a dividend (also referred to as a secondary adjustment) that will be subject to dividend withholding tax, as well as the relevant penalties and interest are levied should such an adjustment occur.

#### United States federal income taxation
The following is a general summary of the material US federal income tax consequences of the ownership and disposition of shares or ADSs to a US holder (as defined below) that holds its shares or ADSs as capital assets. This summary is based on US tax laws, including the Internal Revenue Code of 1986, as amended, Treasury regulations, rulings, judicial decisions, administrative pronouncements, all as of the date of this annual report, and all of which are subject to change or changes in interpretation, possibly with retroactive effect. In addition, this summary is based in part upon the representations of the Depositary and the assumption that each obligation in the Deposit Agreement relating to the ADSs and any related agreement will be performed in accordance with its terms.

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US holders are strongly urged to consult their own tax advisors regarding the specific US federal, state and local tax consequences of owning and disposing of shares or ADSs in light of their particular circumstances as well as any consequences arising under the laws of any other taxing jurisdiction. In particular, US holders are urged to consult their own tax advisors regarding whether they are eligible for benefits under the Treaty.

This summary does not address all aspects of US federal income taxation that may apply to holders that are subject to special tax rules, including US expatriates, insurance companies, tax-exempt organisations, banks, financial institutions, regulated investment companies, persons subject to the alternative minimum tax or the 3.8% Medicare tax on net investment income, securities broker-dealers, traders in securities who elect to apply a mark-to-market method of accounting, persons holding their shares or ADSs as part of a straddle, hedging transaction or conversion transaction, persons who acquired their shares or ADSs pursuant to the exercise of employee stock options or similar derivative securities or otherwise as compensation, persons who directly or indirectly hold more than 10% of Sasol's shares (by vote or value), partnerships or other pass-through entities or arrangements or persons whose functional currency is not the US dollar. Such holders may be subject to US federal income tax consequences different from those set forth below.

As used herein, the term "US holder" means a beneficial owner of shares or ADSs that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a citizen or individual resident of the US for US federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a corporation (or other entity taxable as a corporation for US federal income tax purposes) created or organised in or under the laws of the US, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an estate whose income is subject to US federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a trust if a court within the US can exercise primary supervision over the administration of the trust and one or more US persons are authorised to control all substantial decisions of the trust.

If a partnership (or other entity or arrangement treated as a partnership for US federal income tax purposes) holds shares or ADSs, the tax treatment of a partner generally will depend upon the status of the partner and the activities of the partnership. A partner in a partnership that holds shares or ADSs is urged to consult its own tax advisor regarding the specific tax consequences of the ownership and disposition of the shares or ADSs.

For US federal income tax purposes, a US holder of ADSs should be treated as owning the underlying shares represented by those ADSs. The following discussion (except where otherwise expressly noted) applies equally to US holders of shares and US holders of ADSs. Furthermore, deposits or withdrawals of shares by a US holder for ADSs or ADSs for shares will not be subject to US federal income tax.

#### Taxation of distributions
Distributions (without reduction of South African withholding taxes, if any) made with respect to shares or ADSs (other than certain pro rata distributions of Sasol's capital stock or rights to subscribe for shares of Sasol's capital stock) are includible in the gross income of a US holder as foreign source dividend income on the date such distributions are received by the US holder, in the case of shares, or by the Depositary, in the case of ADSs, to the extent paid out of Sasol's current or accumulated earnings and profits, if any, as determined for US federal income tax purposes (earnings and profits). Any distribution that exceeds Sasol's earnings and profits will be treated first as a non-taxable return of capital to the extent of the US holder's tax basis in the shares or ADSs (thereby reducing a US holder's tax basis in such shares or ADSs) and thereafter as either long term or short term capital gain (depending on whether the US holder has held shares or ADSs, as applicable, for more than one year as of the time such distribution is actually or constructively received).

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The amount of any distribution paid in foreign currency, including the amount of any South African withholding tax thereon, will be included in the gross income of a US holder in an amount equal to the US dollar value of the foreign currency calculated by reference to the spot rate in effect on the date the dividend is actually or constructively received by the US holder, in the case of shares, or by the Depositary, in the case of ADSs, regardless of whether the foreign currency is converted into US dollars at such time. If the foreign currency is converted into US dollars on the date of receipt, a US holder of shares generally should not be required to recognise foreign currency gain or loss in respect of the dividend. If the foreign currency received in the distribution is not converted into US dollars on the date of receipt, a US holder of shares will have a basis in the foreign currency equal to its US dollar value on the date of receipt.

Any gain or loss recognised upon a subsequent conversion or other disposition of the foreign currency will be treated as US source ordinary income or loss. In the case of a US holder of ADSs, the amount of any distribution paid in a foreign currency ordinarily will be converted into US dollars by the Depositary upon its receipt. Accordingly, a US holder of ADSs generally will not be required to recognise foreign currency gain or loss in respect of the distribution.

Accrual basis US holders are urged to consult their own tax advisors regarding the requirements and elections available to accrual method taxpayers to determine the US dollar amount includable in income in the case of taxes withheld in a foreign currency.

Subject to certain limitations (including a minimum holding period requirement), South African dividend withholding taxes (as discussed above under "*Item 10.E—Taxation—South African taxation—Taxation of dividends*") will be treated as foreign taxes eligible for credit against a US holder's US federal income tax liability. For this purpose, dividends distributed by Sasol with respect to shares or ADSs generally will constitute foreign source "passive category income" for most US holders. The use of foreign tax credits is subject to complex conditions and limitations. In this regard, recently issued Treasury regulations impose new requirements for foreign taxes to qualify as creditable taxes for US federal income tax purposes, and as a result of these new requirements, you may be able to claim a foreign tax credit for taxes imposed by South Africa only if (i) you are eligible for, and properly elect to claim, the benefits of the Treaty; or (ii) you consistently apply a modified version of

these rules under recently issued temporary guidance and comply with specific requirements set forth in such guidance. In lieu of a credit, a US holder may instead elect to deduct any such foreign income taxes paid or accrued in the taxable year, provided that the US holder elects to deduct (rather than credit) all foreign income taxes paid or accrued for the taxable year. US holders are urged to consult their own tax advisors regarding the availability of foreign tax credits or the deductibility of foreign taxes.

Dividends paid by Sasol will not be eligible for the dividends received deduction generally allowed to US corporations in respect of dividends received from other US corporations. Certain non-corporate US holders are eligible for preferential rates of US federal income tax in respect of "qualified dividend income".

Sasol currently believes that dividends paid with respect to its shares and ADSs should constitute qualified dividend income for US federal income tax purposes (and Sasol anticipates that such dividends will be reported as qualified dividends on Form 1099 DIV delivered to US holders) if Sasol was not, in the year prior to the year in which the dividend was paid, and is not, in the year in which the dividend is paid, a Passive Foreign Investment Company (PFIC) for US federal income tax purposes. Each individual US holder of shares or ADSs is urged to consult its own tax advisor regarding the availability to such US holder of the preferential dividend tax rate in light of its own particular situation including foreign tax credit limitations with respect to any qualified dividend income paid by Sasol, as applicable.

***Sale, exchange or other taxable disposition of shares or ADSs***

Upon a sale, exchange or other taxable disposition of shares or ADSs, a US holder generally will recognise a capital gain or loss for US federal income tax purposes in an amount equal to the difference between the US dollar value of the amount realised on the disposition and the US holder's adjusted tax basis, determined in US dollars, in the shares or ADSs. Such gain or loss generally will be US source gain or loss, and generally will be treated as a long term capital gain or loss if the holder's holding period in the shares or ADSs exceeds one year at the time of disposition if Sasol was not, at any time during the holder's holding period, a PFIC, as discussed below, for US federal income tax purposes. The deductibility of capital losses is subject to significant limitations. If the US holder is an individual, long term capital gain generally is subject to US federal income tax at

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preferential rates. Each US holder of shares or ADSs is urged to consult its own tax advisor regarding the potential US tax consequences from the taxable disposition of shares or ADSs, including foreign currency implications arising therefrom and any other South African taxes imposed on a taxable disposition.

#### Passive foreign investment company considerations
A non-US corporation is a passive foreign investment company in any taxable year in which, after taking into account the income and assets of certain subsidiaries, either (a) at least 75% of its gross income is passive income or (b) at least 50% of the quarterly average of its assets is attributable to assets that produce or are held to produce passive income. Sasol believes that it should not be classified as a PFIC for US federal income tax purposes for the taxable year ended 30 June 2025. US holders are advised, however, that this conclusion is a factual determination that must be made annually and thus may be subject to change. If Sasol were to be classified as a PFIC, the tax on distributions on its shares or ADSs and on any gains realised upon the disposition of its shares or ADSs may be less favourable than as described herein. Furthermore, dividends paid by a PFIC are not "qualified dividend income" and are not eligible for the reduced rates of taxation for certain dividends. In addition, each US person that is a shareholder of a PFIC, may be required to file an annual report disclosing its ownership of shares in a PFIC and certain other information. US holders should consult their own tax advisors regarding the application of the PFIC rules (including applicable reporting requirements) to their ownership of the shares or ADSs.

#### US information reporting and backup withholding
Dividend payments made to a holder and proceeds paid from the sale, exchange, or other disposition of shares or ADSs through a US intermediary or other US paying agent may be subject to information reporting to the US Internal Revenue Service (IRS). US federal backup withholding generally is imposed on specified payments to persons who fail to furnish required information. Backup withholding will not apply to a holder who furnishes a correct taxpayer identification number or certificate of foreign status and makes any other required certification, or who is otherwise exempt from backup withholding. US persons who are required to establish their exempt status generally must provide IRS Form W-9 (Request for Taxpayer Identification Number and Certification) or applicable substitute

form. NonUS holders generally will not be subject to US information reporting or backup withholding. However, these holders may be required to provide certification of non-US status (generally on IRS Form W-8BEN, W-8BEN-E or applicable substitute form) in connection with payments received in the United States or through certain US-related financial intermediaries.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against a holder's US federal income tax liability. A holder may obtain a refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate claim for refund with the IRS and furnishing any required information.

#### Additional reporting requirements
US holders who are individuals may be required to report to the IRS on Form 8938 information relating to their ownership of foreign financial assets, such as the shares or ADSs, subject to certain exceptions (including an exception for shares or ADSs held in accounts maintained by certain financial institutions). US holders should consult their tax advisors regarding the effect, if any, of these rules on their obligations to file information reports with respect to the shares or ADSs.

#### 10.F Dividends and paying agents
Not applicable.

#### 10.G Statement by experts
Not applicable.

#### 10.H Documents on display
All reports and other information that we file with the SEC may be obtained, upon written request, from J.P. Morgan, as depositary for our ADSs at its Corporate Trust office, located at 383 Madison Avenue, Floor 11, New York, New York, 10179. These reports and other information can also be inspected without charge and copied at prescribed rates at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. These reports may also be accessed via the SEC's website (*www.sec.gov*). Also, certain reports and other information concerning us will be available for inspection at the offices of the NYSE. In addition, all the statutory records of the company and its

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subsidiaries may be viewed at the registered address of the company in South Africa.

#### 10.I Subsidiary information
Not applicable. For a list of our subsidiaries see Exhibit 8.1 to this annual report on Form 20-F.

#### 10.J Annual Report to Security Holders
Not applicable

#### ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As a group, we are exposed to various market risks associated with our underlying assets, liabilities and anticipated transactions. We continuously monitor these exposures and enter into derivative financial instruments to reduce these risks. We do not enter into derivative transactions on a speculative basis. All fair values have been determined using current market pricing models.

The principal market risks (i.e. the risk of losses arising from adverse movements in market rates and prices) to which we are exposed are:

● foreign exchange rates applicable on conversion of foreign currency

transactions as well as on conversion of assets and liabilities to rand; and

● commodity prices, mainly crude oil and chemicals prices;

Refer to "*Item 18—Financial Statements—Note 35 Financial risk management and financial instruments*" for a qualitative and quantitative discussion of the group's exposure to these market risks. The following is a breakdown of our debt arrangements, a summary of fixed versus floating interest rate exposures for operations and a break-down of derivatives. Liabilities reflect principal payments in each year.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Liabilities—notional** | **2026** | **2027** | **2028** | **2029** | **2030** | <br>**Thereafter** | <br>**Total** | **Fair**<br>**value** |
|  | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** |
| Fixed rate (Rand) |  |  |  |  |  | 1 166 | 1 166 | 1 166 |
| Average interest rate | 800% | 800% | 800% | 800% | 800% | 800% |  |  |
| Variable rate (Rand) | 912 | 1 154 | 1 254 | 1 214 |  |  | 4 534 | 4 549 |
| Average interest rate | 535% | 532% | 600% | 909% | 000% | 000% |  |  |
| Fixed Rate (US$) | 0 | 11 538 | 13 313 | 31 062 |  | 15 088 | 71 001 | 66 223 |
| Average interest rate | 613% | 629% | 672% | 666% | 550% |  |  |  |
| Variable rate (US$) |  |  | 2 428 | 3 219 | 20 666 |  | 26 313 | 26 338 |
| Average interest rate | 612% | 612% | 613% | 614% | 615% |  |  |  |
| Fixed rate (Euro) | 42 |  |  |  |  |  | 42 | 42 |
| Average interest rate | 195% | 000% | 000% | 000% | 000% | 000% |  |  |
| Variable ratio (Euro) | 667 |  |  |  |  |  | 667 | 667 |
| Average interest rate | 285% | 000% | 000% | 000% | 000% | 000% |  |  |
| **Total** | **1 621** | **12 692** | **16 995** | **35 495** | **20 666** | **16 254** | **103 723** | **98 985** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2026** | **2027** | **2028** | **2029** | **2030** | <br>**Thereafter** | **Total**<br>**Maturity** |
|  | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** |
| **Foreign Currency Derivatives—held for trading\*** |  |  |  |  |  |  |  |
| **US$** |  |  |  |  |  |  |  |
| Foreign exchange zero-cost collars  | 609 |  |  |  |  |  | 609 |
| Forward exchange contracts  | 622 |  |  |  |  |  | 622 |
| **Euro** |  |  |  |  |  |  |  |
| Foreign Exchange Contracts | 58 |  |  |  |  |  | 58 |
| **Commodity derivatives—held for trading\*** |  |  |  |  |  |  |  |
| **Crude oil** |  |  |  |  |  |  |  |
| Crude oil put options | 1 055 |  |  |  |  |  | 1 055 |
| Ethane Price |  |  |  |  |  |  |  |
| Other foreign exchange derivatives | 104 | 101 | 100 | 146 | 146 | (797) | (200) |
| Other commodity derivatives | (39) | 0 | 0 | 0 | 0 | 0 | (39) |

---

\* Held for trading derivatives are entered into in the normal course of business to mitigate our exposure to foreign exchange rates, interest rates and commodity prices. For more information relating to contract amounts, weighted average strike prices, notional amounts and weighted average pay rate refer to "Item 18—Financial Statements—Note 36 Financial risk management and financial instruments".

#### ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

#### 12.A Debt securities
Not applicable.

#### 12.B Warrants and rights
Not applicable.

#### 12.C Other securities
Not applicable.

#### 12.D American depositary shares

#### 12.D.1 Depositary name and address
J.P. Morgan Chase Bank, N.A.

383 Madison Avenue, Floor 11

New York, New York, 10179

#### 12.D.2 Description of American depositary shares
American depositary shares are evidenced by ADRs that represent the right to receive, and to exercise the beneficial ownership interests in, the number of Sasol ordinary shares specified in the form of ADRs.

Please see Exhibit 2.2 to this annual report on Form 20-F.

#### 12.D.3 Depositary fees and charges
J.P. Morgan was appointed as Sasol Limited's depositary for Sasol's ADSs, effective 6 May 2019. Prior to J.P. Morgan's appointment, the Bank of New York Mellon served as the depositary for Sasol's ADSs. Sasol's ADSs, each representing one Sasol ordinary share, are traded on the NYSE under the symbol "SSL". The ADSs are evidenced by ADRs, issued by J.P Morgan, as depositary.

As from 6 May 2019, the Deposit Agreement between J.P Morgan, Sasol Limited and its registered ADR holders, requires that ADR holders pay the following fees.

---

| | |
|:---|:---|
| **Service** | **Fees (USD)** |
| Depositing or substituting the underlying shares | Up to US$5,00 per 100 ADS |
| Receiving or distributing dividend | Up to US$0,05 per ADS |
| Selling or exercising rights | Up to US$5,00 per 100 ADS |
| Withdrawing an underlying security | Up to US$5,00 per 100 ADS |

---

In addition, all non-standard out of pocket administration and maintenance expenses, including but not limited to, any and all reasonable legal fees and disbursements incurred by the Depositary (including legal opinions, and any fees and expenses incurred by or waived to third-parties) will be paid by the company. Fees and out-of-pocket expenses for the servicing of non-registered ADR holders and for any special service(s) performed by the Depositary will be paid for by the company.

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#### 12.D.4 Depositary payments for 2025
J.P Morgan paid an amount of US$1 817 907.05 to Sasol on 4 June 2025 in respect of annual contributions.

#### ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
Not applicable.

#### ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Not applicable.

#### ITEM 15. CONTROLS AND PROCEDURES
&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Disclosure controls and procedures** 

The Company's Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of the group's disclosure controls and procedures (required by Rule 13a-15(b) under the Exchange Act) as of 30 June 2025. Based on this evaluation, the Company has concluded that its disclosure controls and procedures were ineffective as of 30 June 2025 due to the existence of certain material weaknesses in its internal control over financial reporting, as described further below.

As disclosed in our previously filed annual reports on Form 20-F, the Company has in the past identified material weaknesses in its ICFR. During the year ended 30 June 2025, management undertook and substantially completed several remediation measures to address these previously identified material weaknesses. As a result of these efforts, as of 30 June 2025, the material weakness related to ineffective IT general controls within our Eurasia segment, which was first identified in our Form 20-F for the year ended 30 June 2024 (2024 Form 20-F) has been remediated and is now closed.

Management further evaluated the Company's internal control over financial reporting during the 2025 reporting period and determined that it has made substantial progress in addressing, but has not yet fully remediated and closed the following material weaknesses identified in our 2024 Form 20-F: (i) inadequate design and implementation of risk assessment processes relating to the methodology for the process for determining of material entities for

internal control over financial reporting purposes; (ii) lack of adequate resources and understanding of the application of ICFR resulting in ineffective design and implementation of internal controls across the South African and Eurasian businesses, particularly as it pertains to the level of precision and evidence of review, including the completeness and accuracy of the information relied upon; and (iii) inadequate design and execution of controls over revenue recognition processes and supporting systems at the South African operations.

Management also identified the following additional material weaknesses over financial reporting during the 2025 reporting period: (iv) insufficient precision in determining the completeness and accuracy of information used in Southern African impairment processes; (v) ineffective IT general controls over user access and the management of changes to certain financial reporting systems for the South African operations; and (vi) ineffective design and implementation of controls related to the implementation of a new enterprise resource planning (ERP) system at an Italian subsidiary that forms part of the Chemicals Eurasia segment.

Notwithstanding these material weaknesses, management has concluded that the consolidated financial statements in this annual report on this Form 20-F present fairly, in all material respects, our financial position, results of operations and cash flows as of and for the periods presented in accordance with IFRS, as issued by the IASB.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Management's annual report on internal control over financial reporting** 

The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act as amended. Under Section 404 of the Sarbanes-Oxley Act, management must assess the effectiveness of the Company's internal control over financial reporting as of the end of each financial year and report, based on that assessment, whether the Company's internal control over financial reporting is effective.

The Company's internal control over financial reporting is a process designed by, or under the supervision of, the Chief Executive Officer and Chief Financial Officer, and effected by the Company's board of directors, management and other personnel, to provide reasonable assurance as to the reliability of the

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Company's financial reporting and the preparation of financial statements for external purposes in accordance with international financial reporting standards. It includes those policies and procedures that:

&nbsp;&nbsp;&nbsp;&nbsp;i. pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;ii. provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorisations of our management and directors; and

&nbsp;&nbsp;&nbsp;&nbsp;iii. provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even effective processes of internal control over financial reporting can provide only reasonable assurance with respect to the reliability of financial reporting and preparation of financial statements for external purposes. Management assessed the effectiveness of the Company's internal control over financial reporting as of 30 June 2025 using the criteria set forth by the Committee of Sponsoring Organisations of the Treadway Commission (COSO) in "Internal Control—Integrated Framework (2013)".

Based on its assessment, management has determined that the Company's internal control over financial reporting is ineffective as of 30 June 2025 due to the existence of the material weaknesses described below.

***Material weaknesses in Internal Control over Financial Reporting.***

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

***Previously identified material weaknesses not yet fully resolved***

&nbsp;&nbsp;&nbsp;&nbsp;*i.* *Inadequate design and implementation of risk assessment processes relating to the methodology for the process for determining material entities for internal control over financial reporting purposes.* 

As disclosed as a material weakness in our 2024 Form 20-F, management identified weaknesses over the methodology for scoping and evaluating entities across the group for internal control over financial reporting purposes. Management also concluded that existing documented processes and internal control over financial reporting risk assessments were not performed in a timely manner and that the Company's current risk assessment framework and related documentation processes are insufficient.

&nbsp;&nbsp;&nbsp;&nbsp;*ii.* *Lack of adequate resources and understanding of the application of ICFR resulting in ineffective design and implementation of internal controls across the South African and Eurasian businesses particularly as it pertains to the level of precision and evidence of review, including the completeness and accuracy of the information relied upon.* 

Management identified a material weakness, previously disclosed in our 2024 Form 20-F, due to a lack of adequate resources and understanding of the application of internal control over financial reporting that resulted in the ineffective design and implementation of business process and system reliant internal controls across the South African and Eurasian businesses to mitigate material misstatements as result of: (i) the lack of documented, standardized control processes that are sufficiently detailed to ensure information used in the execution of controls is accurate and complete and that automated system functionality operates as intended; (ii) the lack of a standardized process requirements and procedures for documenting evidence that controls are being executed to the requisite level of precision; and (iii) the failure to maintain records reflecting such evidence. The impact of this material weakness is pervasive to the company's internal control over financial reporting of the South African and Eurasian businesses.

These material weaknesses resulted in no material misstatements in the 2025 financial statements, however, a reasonable possibility exists that material

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misstatements in the Company's financial statements will not be prevented or detected on a timely basis.

***Previously identified material weakness (scope expanded)***

&nbsp;&nbsp;&nbsp;&nbsp;*iii.* *Inadequate design and execution of controls over revenue recognition processes and supporting systems at the South African operations* 

As previously disclosed, management identified a material weakness during financial year 2024 with respect to the operation of controls in relation to the treatment of consignment stock in Sasol Oil which resulted in the non-elimination of interdivisional sales due to inadequate management oversight.

As part of the financial reporting process for financial year 2025, management performed a risk assessment which identified additional deficiencies across processes and systems that enable revenue recognition within the South African businesses. These deficiencies were mainly due to a lack of controls ensuring the completeness and accuracy of volume and pricing information through system interfaces. Consequently, the scope of the deficiency has been expanded from the consignment inventory within Sasol Oil to the revenue recognition processes across the entire South African business.

The previously disclosed overstatement of revenue and materials, energy and consumable within Sasol Oil was caused by the inadequate design and execution of controls over revenue recognition processes and supporting systems at the South African businesses and was corrected prior to the issuance of the Company's consolidated financial statements for the year ended 30 June 2024.

This material weakness resulted in no material misstatements in the 2025 financial statements, however, a reasonable possibility exists that material misstatements in the Company's financial statements will not be prevented or detected on a timely basis.

***Newly identified material weaknesses***

Management identified additional material weaknesses in 2025. These material weaknesses resulted in no material misstatements in the 2025 financial statements, however, a reasonable possibility exists that material misstatements in the Company's

financial statements will not be prevented or detected on a timely basis. These identified material weaknesses are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;*iv.* *Insufficient precision in determining the completeness and accuracy of information used in Southern African impairment processes* 

Management concluded that the controls designed and implemented across the Southern African impairment processes, with respect to financial and operational information and assumptions input, required greater precision to ensure the completeness and accuracy of information used for impairment assessments and to prevent or detect a material misstatement.

&nbsp;&nbsp;&nbsp;&nbsp;*v.* *Ineffective IT general controls over user access and the management of changes to certain financial reporting systems for the South African operations.* 

Management identified a material weakness related to ITGC affecting the South African businesses, specifically concerning the implementation of controls related to access and the management of changes to ERP and other financial reporting systems. Even though management found no instances of unauthorized access or system changes, it nonetheless concluded that the controls over the financial reporting systems that support the South African businesses exhibited internal control design deficiencies based on: (i) inadequate design of controls to restrict privileged access to certain financial reporting systems; (ii) inadequate resources to execute controls; and (iii) lack of adequate controls to prevent unauthorised system changes.

&nbsp;&nbsp;&nbsp;&nbsp;*vi.* *Ineffective design and implementation of controls related to the implementation of a new ERP system at an Italian subsidiary that forms part of the Chemicals Eurasia segment.* 

Management identified a material weakness that arose from a new ERP system implementation, initiated in 2025, specifically relating to project governance over (i) the design of effective controls over the ERP implementation to ensure appropriate data conversion and data integrity; (ii) the provision of sufficient end user training and guidance documentation to our employees to ensure effective system operation and execution of

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responsibilities; and (iii) testing of comprehensive set of scenarios as part of user acceptance testing to verify system technical performance.

**(c)** **Attestation report of the registered public accounting firm**

Our independent registered public accounting firm, KPMG Inc, who audited the consolidated financial statements included in this Annual Report on Form 20-F, issued an adverse opinion on the effectiveness of the Company's internal control over financial reporting. KPMG Inc's report appears on page F-2 of this annual report on Form 20-F.

**(d)** **Changes in internal control over financial reporting**

***Closure of previously identified material weakness on ineffective IT general controls in Chemicals Eurasia segment.***

In 2024 management identified a material weakness related to information technology general controls (ITGC) in the Chemicals Eurasia segment, specifically concerning the implementation of controls related to access to enterprise resource planning (ERP) systems, which should be restricted.

Throughout the year, management updated procedures related to both general and privileged user access, provided comprehensive personnel training, and revised control documentation. Following the implementation of these remedial actions, management has determined that the remedial actions implemented during the year were successful and, as of 30 June 2025, this material weakness has been remediated and is considered closed.

***Remediation measures on open material weaknesses***

The Company is committed to ensuring a strong internal control environment. To that end, management, with the oversight from our Audit Committee, made considerable progress in remediating the material weaknesses previously identified and continue to execute the remaining remedial actions in order to fully remediate the underlying causes that gave rise to the material weaknesses.

The Company is actively advancing the implementation of its remedial actions, having already successfully introduced, and in some instances completed several remedial measures to address the

material weaknesses identified as of 30 June 2025. These include:

● **Risk Assessment Principles Updated:** The Company's risk assessment framework has been revised to enhance the identification and management of financial reporting risks. This includes guidance on evaluating both quantitative and qualitative factors, specifying trigger events for risk assessments, referencing COSO principles, and addressing process-level risks.

● **Scoping Methodology Enhanced:** Updated standards and guidelines for scoping methodology have been implemented to ensure more comprehensive consideration of all assessment criteria. Further improvements through the system enablement of our scoping process and other enhancements are ongoing.

● **Improved SOX Sustainment Strategy**: The Company's SOX sustainment strategy has been updated to incorporate materiality principles and reinforce thorough alignment with COSO guidelines. Additionally,

● **SOX Committee Established:** A dedicated SOX Committee has been established in support of the audit committee, tasked with delivering management oversight and ensuring quality assurance on all SOX-related activities.

● **Control Standards and Guidelines:** Management has updated the standards and guidelines in relation to how control attributes should be documented and data extracted from systems to ensure that controls are executed effectively.

● **Sasol Oil Interdivisional sales:** Robust internal controls have been designed and implemented to ensure the elimination of interdivisional sales within Sasol Oil, with closure dependent on the control having operated for a sufficient period of time.

● **System enhancements:** The Company is currently enhancing its internal control over financial reporting system solution by implementing systemized scoping and framework compliance capabilities. These improvements will facilitate consistent and detailed scoping on a timely basis and support

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proactive monitoring of compliance with the COSO framework as outlined in the system.

● **Documentation of processes:** The review and update of documented financial reporting processes for the South African and Eurasian businesses is progressing as planned, with approximately half of the process flows documentation completed to date. This initiative will be implemented throughout the upcoming financial year and includes the development and update of controls to address issues identified during the review. The assessment will also encompass the processes and systems that are implemented to support revenue recognition in South Africa.

● **Upskilling of employees:** Employees have received targeted training during the 2025 financial year incorporating new and advanced principles to deepen their understanding of ICFR requirements, particularly regarding the level of precision and the requirements for evidencing execution of controls, including ensuring the completeness and accuracy of information used. This has resulted in an overall improvement in control execution during the current financial year as evidenced through a reduction in findings of shortcomings in the areas covered in the training. Additional training is scheduled for the 2026 financial year to further reinforce the principles established during the 2025 financial year training.

● **Ensuring Adequacy of Resources:** External resources and consultants were engaged during the year to support remedial actions, while the SOX compliance organizational structure was reviewed and certain resources have been deployed, with the deployment of further resources being ongoing. The evaluation of the resources required to enable SOX compliance across the business is progressing, to ensure we have available sufficient resources to support risk assessment, monitoring and control execution for the financial reporting processes.

● **Southern African impairment processes:** A system solution has been developed to ensure proper approval of cash flow and allocation inputs within the integrated value chain impairment model. This solution supports the

accurate allocation of cash flow and asset value data through various businesses that form part of the Southern African integrated value chain towards the appropriate cash generating units. It also facilitates the consistent calculation and allocation of long-term cash flow impacts based on key sustainability assumptions, and delivers the final impairment results for all Southern African cash generating units. This solution has underwent successful testing during the 2024 financial year affirming its reliability. Additional improvements are currently underway to expand on these positive outcomes. A plan is being developed to further improve the impairment processes that feed into the system solution, including (i) a review of the end-to-end process to standardise and simplify this complex and highly integrated process; (ii) the development of a detailed instructions and guidance on the relevant procedures to align expectations on the level of precision required; and (iii) consider other enhancements to ensure the completeness and accuracy of inputs into the impairment process.

● **South African IT General Controls:** Management will review and strengthen IT general controls regarding user access and management of change in South Africa, informed by the results achieved from the Chemicals Eurasia's remediation. Additionally, the team will assess resource requirements and further develop expertise to ensure compliance with SOX standards as they pertain to the South African IT control framework.

Similar instances of inadequate control over access were identified in our 2024 Form 20-F in connection with our Eurasia operations, and have since been remediated. See *"— Changes in internal control over financial reporting – Closure of previously identified material weakness on ineffective IT general controls in Chemicals Eurasia segment"* above.

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● **ERP implementation:** Enhance the plan for the further deployment of the global International Chemicals ERP system, incorporating insights gained from the Italy business pilot implementation which had been selected as a pilot due to its contained scope and representation of end-to-end processes. This enhancement includes improved project governance by (i) enhancing system readiness through expanded testing scenarios; (ii) embedding SOX controls in the user acceptance testing process over the ERP solution; (iii) elevating the quality and comprehensiveness of personnel training and guidance documentation; and (iv) reinforcing protocols, controls and procedures related to data validation and migration.

We believe our actions will be effective in remediating the above noted material weaknesses, and we continue to devote significant time and attention to ensuring the proper implementation of these remedial measures. As we continue to evaluate and work to improve our internal control over financial reporting, we may take additional measures to address these control deficiencies, or we may modify certain of the remediation measures described above. The material weaknesses will not be considered remediated until we have completed designing and implementing the longer-term remediation efforts, the applicable remedial controls have been in operation for a sufficient period of time, and management has concluded, through testing, that these controls are operating effectively.

See *"Risk Factors – Our shareholders might lose confidence in our financial and other public reporting if we continue to identify material weaknesses, and fail to maintain an effective system of internal controls over financial reporting which in turn may adversely affect our share price"*

Except for the identification of the material weaknesses and the remediation procedures implemented by the Company described above, there have been no changes in the Company's internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rule 13(a) - 15 during the year ended 30 June 2025 that have materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting.

#### Item 16.A AUDIT COMMITTEE FINANCIAL EXPERT
Our nomination and governance committee is satisfied that all members of the audit committee have the requisite financial expertise to serve as members of the Audit Committee, and our board of directors has determined Ms GMB Kennealy, appointed as the chairman of the audit committee with effect from 1 September 2021, to be a financial expert within the meaning of the Sarbanes-Oxley Act.

#### Item 16.B CODE OF ETHICS
The Sasol's code of conduct (the **Code of Conduct**) adopts a behaviour-based approach which reinforces the importance of linking our day-to-day actions to Sasol's values and culture. The Code of Conduct is further underpinned by policies and guidance notes to enhance its everyday application. The Code of Conduct applies to all Sasol employees and directors worldwide, except as otherwise stated in the Code of Conduct. Joint venture companies and associated companies are encouraged to adopt similar principles.

The Code of Conduct is available on our website. The website address is: https://www.sasol.com/esg/ethics/sasol-code-of-conduct

This website is not incorporated by reference in this annual report.

We operate an independent ethics -line through external advisors where reports can be made telephonically, via e-mail or from the website. The confidential and anonymous ethics line provides an impartial facility for all stakeholders to report alleged deviations from ethical behaviour, as well as breaches of our Code of Conduct, Sasol policies or regulatory requirements, including fraud and unsafe behaviour, environmental misconduct or human rights abuses. Our Code of Conduct and related policies guide our interactions with all government representatives.

Our Code of Conduct prohibits contributions from Sasol to political parties or government officials since these may be interpreted as an inducement for future beneficial treatment, and interference in the democratic process.

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#### Item 16.C PRINCIPAL ACCOUNTANT FEES AND SERVICES
The following table sets forth the aggregate audit and audit related fees, tax fees and all other fees billed by our principal accountants, KPMG for 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**Audit**<br>**fees** | **Audit-**<br>**related**<br>**fees** <sup>(2)</sup> | <br>**Tax**<br>**fees** <sup>(2)</sup> | **All**<br>**other**<br>**fees** <sup>(2)</sup> | <br>**Total** |
|  | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** |
| **2025(1)** | **160** | **7** |  | **4** | **171** |
| 2024(1) | **145** | **7** |  | **3** | **155** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In respect of our audit committee approval process, all non-audit and audit fees paid to KPMG in 2025 and 2024 have been pre-approved by the audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The audit committee approved non-audit services of 7 % (2024: 7%) in relation to statutory audit fee.

Audit fees consist of fees billed for the annual audit of the Company's consolidated financial statements, review of the group's internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act and the audit of statutory financial statements of the Company's subsidiaries, including fees billed for assurance and related services that are reasonably related to the performance of the audit or reviews of the Company's financial statements that are services that only an external auditor can reasonably provide.

Audit related fees consist of the review of documents filed with regulatory authorities, consultations concerning financial accounting and reporting standards, review of security controls and operational effectiveness of systems, due diligence related to acquisitions and employee benefit plan audits.

Tax fees include fees billed for tax compliance services, including assistance in the preparation of original and amended tax returns; tax consultations, such as assistance in connection with tax audits and appeals; tax advice relating to acquisitions, transfer pricing, and requests for rulings or technical advice from tax authorities; and tax planning services and expatriate tax compliance, consultation and planning services.

All other fees consist of fees billed which are not included under audit fees, audit related fees or tax fees.

#### Audit Committee approval policy
In accordance with our audit committee pre-approval policy, all audit and non-audit services performed for us by our independent accountants were approved by the audit committee of our board of directors, which concluded that the provision of such services by the independent accountants was compatible with the maintenance of that firm's independence in the conduct of its auditing functions.

In terms of our policy, non-audit services not exceeding R2 million that fall into the categories set out in the pre-approval policy, do not require pre-approval by the audit committee, but are pre-approved by the Senior Vice President: Financial Controlling and Governance. All non-audit services exceeding R2 million are pre-approved by the Chief Financial Officer. The audit committee is notified twice a year of services approved within this threshold.

The total aggregate amount of non-audit fees in any one financial year must be less than 20% of the total audit fees for Sasol's annual audit engagement, unless otherwise directed by the audit committee. In addition, services to be provided by the independent accountants that are not within the category of approved services must be approved by the audit committee prior to engagement, regardless of the service being requested and the amount, but subject to the restriction above.

Requests or applications for services that require specific separate approval by the audit committee are required to be submitted to the audit committee by both management and the independent accountants and must include a detailed description of the services to be provided and a joint statement confirming that the provision of the proposed services does not impair the independence of the independent accountants.

No work was performed by persons other than the principal accountant's employees on the principal accountant's engagement to audit Sasol Limited's financial statements for 2025.

#### Item 16.D EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not applicable.

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#### Item 16.E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Period** | <br>**Total**<br>**number of**<br>**ordinary**<br>**shares**<br>**repurchased** | <br>**Average**<br>**price**<br>**paid**<br>**per**<br>**share** | <br>**Shares**<br>**cancelled**<br>**under the share**<br>**repurchase**<br>**scheme** | **Total**<br>**number of**<br>**shares**<br>**purchased**<br>**as part of**<br>**publicly**<br>**announced**<br>**programmes** | **Maximum**<br>**number of**<br>**shares**<br>**that may**<br>**yet be**<br>**purchased**<br>**under the**<br>**programmes** |
| **For the year ended 30 June 2025** |  |  |  |  |  |
| 2024-07-01 to 2025-06-30 |  |  |  |  |  |

---

#### Item 16.F CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

#### Not applicable

#### Item 16.G CORPORATE GOVERNANCE
Sasol maintains a primary listing of its ordinary shares and Sasol BEE ordinary shares on the Johannesburg Stock Exchange operated by the JSE and a listing of ADRs on the NYSE. We have compared our corporate governance practices to those for domestic US companies listed on the NYSE and confirm that we comply substantially with such NYSE corporate governance standards and there were no significant differences at 30 June 2025.

Refer to "Integrated Report—Governance" as contained in Exhibit 99.7, for further details of our corporate governance practices.

#### Item 16.H MINE SAFETY DISCLOSURE
Not applicable.

**Item 16. I DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

**Item 16. J INSIDER TRADING POLICIES**

The Company has adopted an insider trading policy (the **Policy**) that aims to ensure compliance with applicable insider trading laws, rules, regulations and applicable listing requirements. The Policy governs the purchase, sale and other dispositions of Sasol's securities by directors, senior management and employees.

Refer to "*Insider Trading Policy and procedures*" as contained in Exhibit 11.1, for further details of our insider trading policy.

**Item 16. K CYBERSECURITY**

**Risk Management and Strategy**

Sasol considers cybersecurity as a top risk and has strong governance and assurance management processes in place to provide oversight over the following:

● Identification and understanding of the risk;

● Implementation of preventative and corrective controls;

● Execution and monitoring of mitigating controls;

● Governance, assurance, and reporting of the process's efficacy; and

● Analysis and improvement of the overall process maturity.

To further support this, our governance uses multiple levels of assurance by segregated parties, starting with the (i) level 1 & 2 risk perspective which focuses on assurance activities performed by employees and management within the function, (ii) level 3 performed by independent internal audit function, (iii) level 4 which is done by external independent assurance providers and finally (iv) level 5 which is completed by the GEC and the board of directors. In addition, several penetration, red-teaming, and simulation exercises are performed annually.

Refer to *"Item 3.D. Risks related to information technology"* on cybersecurity risks

In terms of framework, we align with the NIST CSF framework and have a well-defined Incident response plan that is tested and improved quarterly. We make use of threat intelligence, penetration testing, red-teaming, third party risk management and vulnerability management to reduce our attack surface in addition to several mechanisms for detecting and responding to anomalies. We have a team of in-house and external cybersecurity experts to detect, protect, respond and remediate cyber threats. The Chief Information Officer (CIO) and Head of Cybersecurity are responsible for reporting to the GEC and the audit committee through the Information Management executive committee on the prevention, detection,

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mitigation and remediation of all threats and cybersecurity incidents.

Sasol has not experienced a cybersecurity incident that had a material impact on our business strategy, operations, or financial reporting in the last financial year. Despite this, we are cognisant of the fact that cyber-attacks are increasing in volume and sophistication and we continuously strive to improve our cyber security posture.

**Governance**

The Information Management and Digital functions report to the Audit Committee, which is a sub-committee of the board of directors of Sasol Limited. The Audit Committee oversees the main cybersecurity risk for Sasol. A member of board of directors with relevant IT experience oversees the effectiveness of the cyber security strategy, major projects, security incidents and controls. There is a process through the Sasol GEC to inform the board of directors/Audit Committee members of potential cyber threats, potential incidents and incidents on a quarterly basis.

**Leading Cyber Management**

The member of the board of directors responsible for Information Management is Executive Vice President Commercial and Legal, who is supported by the Group's appropriately experienced CIO who has a BCom information systems and MBA with more than 20 years' experience in IT leadership, and 32 years Sasol working experience, and Head of Cyber Security with a qualification in computer science and 28 years' experience in IT in various disciplines. For a description of the risks from cybersecurity threats that may materially affect our Company and how they may do so, see *"Item 3. D. Risk Factors - We may face the risk of data breaches or attempts to disrupt critical information and operational technology services, which may adversely impact our operations and business continuity".*

#### Item 17. FINANCIAL STATEMENTS
Sasol is furnishing financial statements pursuant to the instructions of Item 18 of Form 20-F.

#### Item 18. FINANCIAL STATEMENTS
The following consolidated financial statements, together with the auditors' report of

PricewaterhouseCoopers Inc. (PCAOB ID No. 1308) for 2023 and KPMG Inc (PCAOB ID No. 1025) for 2024 and 2025 are filed as part of this annual report on Form 20-F:

#### Index to Consolidated Financial Statements for the years ended 30 June 2025, 2024 and 2023

---

| | |
|:---|:---|
| [Report of the Independent Registered Public Accounting Firm (PwC)](#Report_of_Independent_1) | F-1 |
| [Report of the Independent Registered Public Accounting Firm (KPMG)](#Report_of_Independent_2) | F-2 |
| Consolidated Financial Statements\* |  |
| [**Supplemental Oil and Gas Information (Unaudited)** Prepared according to ASC 932](#SUPPLEMENTALOILANDGASINFORMATIONunaudite). | G-1 |

---

\* Refer to "Item 18—Financial Statements" which have been incorporated by reference.

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#### Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Sasol Limited

#### Opinion on the Financial Statements
We have audited the accompanying consolidated income statement and statements of comprehensive income, changes in equity and cash flows of Sasol Limited and its subsidiaries (the "Company") for the year ended 30 June 2023 including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the results of operations and cash flows of the Company for the year ended 30 June 2023 in conformity with IFRS Accounting Standards (Accounting Standards) and Interpretations of those standards, as issued by the International Accounting Standards Board.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers Inc.

Johannesburg, Republic of South Africa

1 September 2023, except for the effects of the revision discussed in Note 1.1 (not presented herein) to the consolidated financial statements appearing under Item 18 of the Company's 2024 Annual Report on Form 20-F, as to which the date is 6 September 2024.

We served as the Company's auditor from 2013 to 2023.

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors of Sasol Limited

*Opinion on Internal Control Over Financial Reporting*

We have audited Sasol Limited and subsidiaries*'* (the Group) internal control over financial reporting as of 30 June 2025 based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, because of the effect of the material weaknesses, described below, on the achievement of the objectives of the control criteria, the Group has not maintained effective internal control over financial reporting as of 30 June 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Group as of 30 June 2025 and 2024, the related consolidated income statement, consolidated statements of comprehensive income, changes in equity and cash flows for each of the years in the two-year period ended 30 June 2025, and the related notes (collectively, the consolidated financial statements), and our report dated 29 August 2025 expressed an unqualified opinion on those consolidated financial statements.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. Material weaknesses related to the following have been identified and included in management's assessment:

● Inadequate design and implementation of risk assessment processes relating to the methodology for the process for determining material entities for internal control over financial reporting purposes ;

● Lack of adequate resources and understanding of the application of internal controls over financial reporting (ICFR) resulting in ineffective design and implementation of internal controls across the South African and Eurasian businesses, particularly as it pertains to the level of precision and evidence of review, including the completeness and accuracy of the information relied upon

● Inadequate design and execution of controls over revenue recognition processes and supporting systems at the South African operations

● Insufficient precision in determining the completeness and accuracy of information used in Southern African impairment processes

● Ineffective IT general controls over user access and the management of changes to certain financial reporting systems for the South African operations

● Ineffective design and implementation of controls related to the implementation of a new ERP system at an Italian subsidiary that forms part of the Chemicals Eurasia segment.

The material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2025 consolidated financial statements, and this report does not affect our report on those consolidated financial statements.

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*Basis for Opinion*

The Group's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying *Management's annual report on internal control over financial reporting*. Our responsibility is to express an opinion on the Group's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

*Definition and Limitations of Internal Control Over Financial Reporting*

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG Inc.

Johannesburg, Republic of South Africa

29 August 2025

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors of Sasol Limited

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statement of financial position of Sasol Limited and subsidiaries (the Group) as of 30 June 2025 and 2024, the related consolidated income statement, consolidated statements of comprehensive income, changes in equity, and cash flows for each of the years in the two-year period ended 30 June 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of 30 June 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended 30 June 2025, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Group's internal control over financial reporting as of 30 June 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated 29 August 2025 expressed an adverse opinion on the effectiveness of the Group's internal control over financial reporting.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*Critical Audit Matters*

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

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*Impairment assessment of non-financial assets related to certain cash generating units*

As discussed in Notes 16 and 14 to the consolidated financial statements, the Group's consolidated property, plant and equipment and right of use assets at 30 June 2025 amount to R 158 041 million and R 11 834 million, respectively, a portion of which related to certain cash generating units ("CGUs") in some of which management recognised an impairment of R 21 801 million. As discussed in Note 8, the Group assesses property, plant and equipment and right of use assets for impairment indicators at each reporting date or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The recoverable amount of the assets assessed for impairment is determined based on an estimate of the recoverable amount for the cash generating units, using a discounted cash flow model that requires management to estimate the present value of future cash flows, discounted using a suitable discount rate.

We identified the evaluation of the impairment assessment of the Group's consolidated property, plant and equipment and right of use assets related to certain Southern African and US Chemicals CGUs as a critical audit matter. Minor changes to certain assumptions would have had a significant effect on the determination of the recoverable amounts. There was a high degree of auditor judgment involved in evaluating certain assumptions applied in the discounted cash flow models, specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· long-term average: USD/ZAR exchange rate, brent crude oil price, US ethane & ethylene chemical prices and certain other chemical prices used in the assessment of the recoverable amount used in the assessment of the recoverable amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Weighted average cost of capital (" WACC ") rates for South Africa, Mozambique and the US

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Forecast sales volumes and gross margins for the US Chemicals CGUs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· impact of the proposed Carbon tax legislation on the Southern Africa Integrated Value Chain (" SA IVC ") cash flow assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· impact of implementing the Group ' s Emissions Reduction Roadmap (" ERR ") on the SA IVC cash flow assumptions

The following are the primary procedures we performed to address this critical audit matter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we performed sensitivity analyses over the key assumptions, as defined above, used to determine the recoverable amount to assess the impact of changes in those assumptions on the recoverable amounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we compared the forecasted cash flows related to certain Southern African and US Chemicals CGUs used in the recoverable amount analysis against actual past performance and previous forecasts in order to assess the Group ' s ability to forecast its cash flows

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we evaluated the appropriateness of the impact of management ' s ERR adjustments on the value-in-use calculations through the following procedures: we held discussions with management and evaluated whether the emissions reduction roadmap adjustments are reasonable by assessing their consistency with management ' s approved plans and publicly available information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we involved valuation professionals with specialised skills and knowledge, who assisted the audit team in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· evaluating the Group ' s WACC rates USD/ZAR exchange rate, Brent crude oil price, US ethane & ethylene, and certain other chemical prices by comparing with publicly available data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· developing an expectation of the US Chemicals CGU ' s revenue growth rates and gross margins based on comparable market information and comparing those rates to those rates used by management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We also involved taxation professionals, with specialised skills and knowledge, who assisted in evaluating the reasonableness of the impact of the estimated carbon tax rate on the impairment assessments by comparing the carbon tax assumptions made by management with the requirements of the latest Carbon tax legislation in South Africa.

*Evaluation of the environmental provisions related to certain sites within South Africa and Mozambique*

As discussed in note 29 of the consolidated financial statements, the Group has recorded environmental provisions of R 14 112 million as of 30 June 2025, a portion of which relates to certain sites within South Africa and Mozambique. The environmental obligation includes estimated costs for the rehabilitation of coal mining, oil, gas, and petrochemical sites. In accordance with the Group's published environmental policy and applicable legislation, the provision for environmental rehabilitation is recognised when the obligation arises, representing the estimated cash flows in the period in which the obligation is settled.

We identified the evaluation of the environmental provisions related to certain sites within South Africa and Mozambique as a critical audit matter. This matter required especially challenging, subjective and complex auditor judgement, including specialised skills and knowledge in evaluating the Group's environmental provision related to these sites, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The selection of methods to estimate the closure costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certain management adjustments made to unit cost estimates

The following are the primary procedures we performed to address this critical audit matter:

We involved environmental rehabilitation professionals, with specialised skills and knowledge, who assisted us in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· evaluating of the closure and rehabilitation plans applicable regulatory and legislative requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· evaluating of the methodology used by the Group ' s internal and external experts against industry practice and our understanding of the business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· assessing of the reasonableness of the cost estimates against the closure and rehabilitation plan.

/s/ KPMG Inc.

We have served as the Group's auditor since 2024

Johannesburg, Republic of South Africa

29 August 2025

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**SUPPLEMENTAL OIL AND GAS INFORMATION (unaudited)**

In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Section 932, "Extractive Industries—Oil and Gas", and regulations of the SEC, this section provides supplemental oil and gas information separately about our natural oil and gas exploration and production operations, as managed by ROAS, which forms part of our Gas segment; and about our coal mining operations and the conversion of coal reserves to synthetic oil, as managed by our Mining segment and Secunda Operations.

#### NATURAL OIL AND GAS
The supplemental information provided below relates to our natural oil and gas operations, which are managed by ROAS.

Tables 1 through to 3 present historical information pertaining to costs incurred for property acquisitions, exploration and development, capitalised costs, and results of operations. Table 4 presents estimates of proved developed and proved undeveloped reserves (which are not supplemental). Tables 5 and 6 present information on the standardised measure of estimated discounted future net cash flows related to proved reserves and changes therein.

#### TABLE 1—COSTS INCURRED FOR PROPERTY ACQUISITION, EXPLORATION, AND DEVELOPMENT ACTIVITIES
The table below presents the costs incurred, during the last three years, in natural oil and gas property acquisition, exploration and development activities, whether capitalised or charged to income directly.

---

| | |
|:---|:---|
|  | **Natural Oil and Gas (Rand in millions)** |
|  | **Total Mozambique** |
| **Year ended 30 June 2023** |  |
| Acquisition of proved properties |  |
| Acquisition of unproved properties |  |
| Exploration | 1 4555 |
| Development | 4 1865 |
| Total costs incurred | 5 6420 |
| **Year ended 30 June 2024** |  |
| Acquisition of proved properties |  |
| Acquisition of unproved properties | **—** |
| Exploration | 1942 |
| Development | 6 0180 |
| Total costs incurred | 6 2122 |
| **Year ended 30 June 2025** |  |
| Acquisition of proved properties |  |
| Acquisition of unproved properties | **—** |
| Exploration | **1 1452** |
| Development | **2 1148** |
| Total costs incurred | **3 2600** |

---

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#### TABLE 2—CAPITALISED COSTS RELATING TO OIL AND GAS PRODUCING ACTIVITIES
The table below summarises the aggregate amount of property, plant and equipment and intangible assets relating to natural oil and gas exploration and production activities, and the aggregate amount of the related depreciation and amortisation.

---

| | |
|:---|:---|
|  | **Natural Oil and Gas (Rand in millions)** |
|  | **Mozambique** |
| **Year ended 30 June 2023** |  |
| Proved properties | 24 6359 |
| &nbsp;&nbsp;Producing wells and equipment | 11 8303 |
| &nbsp;&nbsp;Non-producing wells and equipment | 12 8056 |
| Unproved properties | 2 4290 |
| Capitalised costs | 27 0649 |
| Accumulated depreciation and valuation allowances | (10 5241) |
| Net book value | 16 5408 |
| **Year ended 30 June 2024** |  |
| Proved properties | 31 0130 |
| &nbsp;&nbsp;Producing wells and equipment | 12 7164 |
| &nbsp;&nbsp;Non-producing wells and equipment | 18 2966 |
| Unproved properties | 3 1845 |
| Capitalised costs | 34 1975 |
| Accumulated depreciation and valuation allowances | (9 6934) |
| Net book value | 24 5040 |
| **Year ended 30 June 2025** |  |
| Proved properties | **35 4889** |
| &nbsp;&nbsp;Producing wells and equipment | **14 3216** |
| &nbsp;&nbsp;Non-producing wells and equipment | **21 1673** |
| Unproved properties | **3 9855** |
| Capitalised costs | **39 4744** |
| Accumulated depreciation and valuation allowances | **(17 3855)** |
| Net book value | **22 0889** |

---

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#### TABLE 3—RESULTS OF OPERATIONS FOR OIL AND GAS PRODUCING ACTIVITIES
The results of operations for natural oil and gas producing activities are summarised in the table below.

---

| | |
|:---|:---|
|  | **Natural Oil and Gas (Rand in millions)** |
|  | **Mozambique** |
| **Year ended 30 June 2023** |  |
| Sales to unaffiliated parties | 1 0056 |
| Transfers to affiliated parties | 5 5326 |
| Total revenues | 6 5382 |
| Production costs<sup>(1)</sup> | (2709) |
| Foreign currency translation losses | (1469) |
| Exploration expenses | (1 1924) |
| Farm-out gains | &nbsp;&nbsp;&nbsp;&nbsp;2698 |
| Valuation provision<sup>(2)</sup> | (1 6005) |
| Depreciation | (3200) |
| Operating profit | 3 2773 |
| Tax<sup>(3)</sup> | (1 1737) |
| Results of operations | 2 1036 |
| **Year ended 30 June 2024** |  |
| Sales to unaffiliated parties | 1 0188 |
| Transfers to affiliated parties | 5 4560 |
| Total revenues | 6 4748 |
| Production costs<sup>(1)</sup> | (1 8121) |
| Foreign currency translation losses | 3067 |
| Exploration expenses | (2528) |
| Valuation provision<sup>(2)</sup> | 8825 |
| Depreciation | (4951) |
| Operating profit | 5 1040 |
| Tax<sup>(3)</sup> | (1 0092) |
| Results of operations | 4 0948 |
| **Year ended 30 June 2025** |  |
| Sales to unaffiliated parties | **9830** |
| Transfers to affiliated parties | **6 2316** |
| Total revenues | **7 2146** |
| Production Costs<sup>(1)</sup> | **(6035)** |
| Foreign currency translation gains | **399** |
| Exploration expenses | **(5101)** |
| Valuation provision <sup>(2)</sup> | **(5 4552)** |
| Depreciation | **(9897)** |
| Operating profit | **(3040)** |
| Tax<sup>(3)</sup> | **(5348)** |
| Results of operations | **(8388)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Production cost includes the asset retirement obligation movement of R681 million (2024: (R583 million) and 2023: R866 million) for the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Valuation provision includes an impairment of R3 142 million (2024: (R1 143 million) and 2023: None) related to the Pande-Temane PSA asset, impairment of exploration assets of R1 251 million (2024 and 2023: None) and R934 million (2024: R134 million and 2023: R1 601 million) related to the integrated value chain impairment assessment allocation.

(3)Taxation includes the impact of non-deductible impairments on exploration assets.

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#### TABLE 4—PROVED RESERVE QUANTITY INFORMATION
The table below summarises the proved developed and proved undeveloped reserves of natural oil and gas, as at 30 June 2025 and the two previous years, along with volumes produced during the year. The table also presents the changes in the proved reserves and the reasons for the changes, over the last three years.

As at 30 June 2025, the total proved reserve estimate for natural oil and gas is 100,5 million barrels in oil equivalent terms (6 000 standard cubic feet of natural gas is equivalent to 1 barrel of oil and 1 tonne of LPG is equivalent to 11,6 barrels of oil).

---

| | | | |
|:---|:---|:---|:---|
|  | **Crude oil and condensate**<sup>(2)</sup> | **Natural gas**<sup>(2)</sup> | **Oil equivalent**<sup>(2)</sup> |
|  | **Mozambique**<sup>(1)</sup> | **Mozambique**<sup>(1)</sup> | **Mozambique**<sup>(1)</sup> |
|  | **Millions of barrels** | **Billions of cubic feet** | **Equivalent, Millions of barrels** |
| **Balance at 30 June 2022** | 52 | 8137 | 1408 |
| Revisions |  | 121 | 20 |
| Extensions/discoveries | 02 | 175 | 31 |
| Production | (02) | (1138) | (191) |
| **Balance at 30 June 2023** | 52 | 7295 | 1268 |
| Revisions | (13) | 04 | (13) |
| Improved recovery |  | 167 | 27 |
| Production | (02) | (1206) | (202) |
| **Balance at 30 June 2024** | 37 | 6260 | 1080 |
| Revisions | **(01)** | **409** | **67** |
| Improved recovery | **—** | **304** | **51** |
| Production | **(02)** | **(1152)** | **(193)** |
| **Balance at 30 June 2025** | **34** | **5821** | **1005** |
| **Proved developed reserves** |  |  |  |
| At 30 June 2023 | 08 | 5447 | 916 |
| At 30 June 2024 | 06 | 4299 | 723 |
| **At 30 June 2025** | **07** | **3969** | **669** |
| **Proved undeveloped reserves** |  |  |  |
| At 30 June 2023 | 44 | 1848 | 352 |
| At 30 June 2024 | 31 | 1961 | 357 |
| **At 30 June 2025** | **27** | **1852** | **336** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Natural oil and gas production in Mozambique in 2022 and 2023 originated from the single operational Pande-Temane PPA field and in 2024 and 2025 from Pande-Temane PPA and Pande-Temane PSA, which comprises more than 15% of our total proved reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Volumes presented in this table are after deduction of royalty taken in kind. They include LPG quantities.

[**Table of Contents**](#TOC)

#### Preparation of reserve estimates
To ensure ROAS's internal estimates of natural oil and gas reserves are appropriate, are accurately disclosed and are compliant with current SEC regulations and FASB requirements, ROAS has established and maintains an estimation system comprising guidelines, procedures and standards, which are subject to review by suitably experienced independent external consultants, and a set of internal controls, which are in accordance with the requirements of the Sarbanes-Oxley Act. The internal controls cover, among other matters, the segregation of duties between the asset teams which prepare the reserve estimates and, the corporate reserves team which maintains the system and assures the estimates. The controls also include confirmation that the members of the corporate reserves team are appropriately qualified and experienced and that their compensation arrangements are not materially affected by the reserves.

The internal estimation process includes a review of all estimated future production rates and future capital and operating costs to ensure that the assumptions, data, methods and procedures are appropriate; a review of the technologies used in the process to determine reliability; and arrangements to validate the economic assumptions and to ensure that only accurate, complete and consistent data are used in the estimation of reserves.

The technical person within ROAS who is primarily responsible for overseeing the internal preparation of natural oil and gas reserves estimates is the Senior Manager: Corporate Reserves and Technical Assurance. The incumbent holds an MSc in Applied Mathematics with distinction and has 36 years' experience in oil and gas exploration and production activities with 33 years' experience in reserves estimation. The corporate authority accountable for the internal process, the control environment and the engagement of independent qualified reserves evaluators (if any) is the ROAS Senior Vice President under guidance of the ROAS Hydrocarbon Resource Committee.

The definitions of categories of natural oil and gas reserves used in this disclosure are consistent with those set forth in the Regulations:

*Proved reserves of oil and gas*—Those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract hydrocarbons must be approved and must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. Additionally, Sasol requires that natural oil and gas reserves will be produced by a "project sanctioned by all internal and external parties".

Existing economic conditions define prices and costs at which economic producibility is to be determined. The price is the average sales price during the 12-month period prior to the ending date of the period covered by the report, determined as an un-weighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements. Future price changes are limited to those provided by contractual arrangements in existence at year-end. At the reporting date, product sales prices were determined by existing contracts for the majority of Sasol's natural oil and gas reserves. Costs comprise development and production expenditure, assessed in real terms, applicable to the reserves class being estimated. Depending upon the status of development proved reserves of oil and gas are subdivided into "Proved Developed Reserves" and "Proved Undeveloped Reserves".

*Proved developed reserves*—Those proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods (or in which the cost of the required equipment is relatively minor compared to the cost of a new well) and through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.

*Proved undeveloped reserves*—Those proved reserves that are expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required before production can commence.

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#### Definitions of Changes to Proved Reserves
The definitions of the changes to Proved Reserves estimates used in this disclosure are consistent with FASB ASC 932-235-50-5.

#### TABLE 5—STANDARDISED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED RESERVES
The standardised measures of discounted future net cash flows, relating to natural oil and gas proved reserves for the last three years, are shown in the table below.

---

| | |
|:---|:---|
|  | **Natural Oil and Gas (Rand in millions)** |
|  | **Mozambique** |
| **Year ended 30 June 2023** |  |
| Future cash inflows | 54 4541 |
| Future production costs | (14 9335) |
| Future development costs | (17 4744) |
| Future income taxes | (8 0917) |
| Undiscounted future net cash flows | 13 9545 |
| 10% annual discount for timing of estimated cash flows | (4 8730) |
| Standardised measure of discounted future net cash flows | 9 0815 |
| **Year ended 30 June 2024** |  |
| Future cash inflows | 43 2348 |
| Future production costs | (16 0607) |
| Future development costs | (11 3724) |
| Future income taxes | (4 3318) |
| Undiscounted future net cash flows | 11 4699 |
| 10% annual discount for timing of estimated cash flows | (1 9540) |
| Standardised measure of discounted future net cash flows | 9 5159 |
| **Year ended 30 June 2025** |  |
| Future cash inflows | **40 5105** |
| Future production costs | **(12 4441)** |
| Future development costs | **(9 8252)** |
| Future income taxes | **(4 9640)** |
| Undiscounted future net cash flows | **13 2772** |
| 10% annual discount for timing of estimated cash flows | **(1 6654)** |
| Standardised measure of discounted future net cash flows | **11 6118** |

---

#### Standardised measure of discounted future net cash flows
The standardised measure of discounted future net cash flows, relating to the proved reserves in the table above, are calculated in accordance with the requirements of FASB ASC Section 932-235. Future cash inflows are computed by applying the prices used in estimating proved reserves to the year-end quantities of those reserves. Future development and production costs are computed by applying the costs used in estimating proved reserves. Future income taxes are computed by applying the appropriate year-end statutory tax rates, with consideration of future tax rates already legislated, to the future pre-tax net cash flows relating to the reserves, less the tax basis of the properties involved. The future income tax expenses therefore give effect to the tax deductions, tax credits and allowances relating to the reserves.

Discounted future net cash flows are the result of subtracting future development and production costs and future income taxes from the cash inflows. A discount rate of 10 percent a year is applied to reflect the timing of the future net cash flows relating to the reserves.

[**Table of Contents**](#TOC)

The information provided here does not represent management's estimate of the expected future cash flows or value of the properties. Estimates of reserves are imprecise and will change over time as new information becomes available. Moreover, probable and possible reserves along with other classes of resources, which may become proved reserves in the future, are excluded from the calculations. The valuation prescribed under FASB ASC Section 932 requires assumptions as to the timing and amount of future development and production costs. The calculations are made as of 30 June each year and should not be relied upon as an indication of the company's future cash flows or value of natural oil and gas reserves.

#### TABLE 6—CHANGES IN THE STANDARDISED MEASURE OF DISCOUNTED NET CASH FLOWS
The changes in standardised measure of discounted future net cash flows, relating to the Proved Reserves are shown in the table below.

---

| | |
|:---|:---|
|  | **Natural Oil and Gas (Rand in millions)** |
|  | **Total Mozambique** |
| **Present value at 30 June 2022** | 5 4289 |
| Net changes for the year | 3 6526 |
| &nbsp;&nbsp;&nbsp;Sales and transfers of oil and gas produced net of production costs | (5 6084) |
| &nbsp;&nbsp;&nbsp;Development costs incurred | 6 7791 |
| &nbsp;&nbsp;&nbsp;Net change due to current reserves estimates from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revisions | (3867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discoveries | 1 4360 |
| &nbsp;&nbsp;&nbsp;Others |  |
| &nbsp;&nbsp;&nbsp;Net changes in prices and costs related to future production | 4 4438 |
| &nbsp;&nbsp;&nbsp;Changes in estimated future development costs | (4 3616) |
| &nbsp;&nbsp;&nbsp;Accretion of discount | 1 0129 |
| &nbsp;&nbsp;&nbsp;Net change in income tax | (1 4107) |
| &nbsp;&nbsp;&nbsp;Net change due to exchange rate | 1 7482 |
| **Present value at 30 June 2023** | 9 0815 |
| Net changes for the year | 4344 |
| &nbsp;&nbsp;&nbsp;Sales and transfers of oil and gas produced net of production costs | (4 5320) |
| &nbsp;&nbsp;&nbsp;Development costs incurred | 7 7163 |
| &nbsp;&nbsp;&nbsp;Net change due to current reserves estimates from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revisions | (1 5139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improved recovery | 2 1681 |
| &nbsp;&nbsp;&nbsp;Others |  |
| &nbsp;&nbsp;&nbsp;Net changes in prices and costs related to future production | (5 5033) |
| &nbsp;&nbsp;&nbsp;Changes in estimated future development costs | (1 4967) |
| &nbsp;&nbsp;&nbsp;Accretion of discount | 1 5125 |
| &nbsp;&nbsp;&nbsp;Net change in income tax | 2 6499 |
| &nbsp;&nbsp;&nbsp;Net change due to exchange rate | (5665) |
| **Present value at 30 June 2024** | 9 5159 |
| Net changes for the year | **2 0959** |
| &nbsp;&nbsp;&nbsp;Sales and transfers of oil and gas produced net of production costs | **(4 8020)** |
| &nbsp;&nbsp;&nbsp;Development costs incurred | **3 0553** |
| &nbsp;&nbsp;&nbsp;Net change due to current reserves estimates from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revisions | **1 0345** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improved recovery | **2 3446** |
| &nbsp;&nbsp;&nbsp;Net changes in prices and costs related to future production | **8225** |
| &nbsp;&nbsp;&nbsp;Changes in estimated future development costs | **(8966)** |
| &nbsp;&nbsp;&nbsp;Accretion of discount | **1 2909** |
| &nbsp;&nbsp;&nbsp;Net change in income tax | **(4079)** |
| &nbsp;&nbsp;&nbsp;Net change due to exchange rate | **3454** |
| **Present value at 30 June 2025** | **11 6118** |

---

[**Table of Contents**](#TOC)

#### SYNTHETIC OIL

#### TABLE 1—COSTS INCURRED FOR PROPERTY ACQUISITION, EXPLORATION, AND DEVELOPMENT ACTIVITIES
The table below provides the costs incurred during the year in synthetic oil property acquisition, exploration and development activities, whether capitalised or charged to income directly.

---

| | | | |
|:---|:---|:---|:---|
| | **Synthetic oil—South Africa** | **Synthetic oil—South Africa** | **Synthetic oil—South Africa** |
| | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** |
| <br>**Year ended 30 June** | **2025** | **2024** | **2023** |
| Acquisition of proved properties |  |  |  |
| Exploration | **1226** | 1087 | 1051 |
| Development | **2 7789** | 2 2863 | 2 3412 |
| Total costs incurred | **2 9015** | 2 3950 | 2 4463 |

---

#### TABLE 2—CAPITALISED COSTS RELATING TO SYNTHETIC OIL ACTIVITIES
The table below summarises the aggregate amount of property, plants and equipment and intangible assets relating to synthetic oil and production activities, and the aggregate amount of the related depreciation and amortisation.

---

| | | | |
|:---|:---|:---|:---|
| | **Synthetic oil—South Africa** | **Synthetic oil—South Africa** | **Synthetic oil—South Africa** |
| | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** |
| <br>**Year ended 30 June** | **2025** | **2024** | **2023** |
| Proved properties | **130 1830** | 125 9154 | 120 2676 |
| &nbsp;&nbsp;Producing wells and equipment | **129 5326** | 125 2650 | 119 6172 |
| &nbsp;&nbsp;Non-producing wells and equipment | **6504** | 6504 | 6504 |
| Unproved properties | **960** | 1443<br><sup>(1)</sup> | 158 |
| Capitalised costs | **130 2790** | 126 0597 | 120 2834 |
| Accumulated depreciation, amortisation and valuation allowances | **(111 2938)** | (105 8946) | (97 6359) |
| Net book value | **18 9852** | 20 1651 | 22 6475 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Increase relates to prior period error of R128 million not included in unproven properties in prior years, this was not quantitatively material and not adjusted in prior years.

#### TABLE 3—RESULTS OF OPERATIONS FOR SYNTHETIC OIL ACTIVITIES
The results of operations for synthetic oil activities are summarised in the table below.

---

| | | | |
|:---|:---|:---|:---|
| | **Synthetic oil—South Africa** | **Synthetic oil—South Africa** | **Synthetic oil—South Africa** |
| | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** |
| <br>**Year ended 30 June** | **2025** | **2024** | **2023** |
| Sales to unaffiliated parties | **—** |  |  |
| Transfers to affiliated parties | **57 9240** | 71 5236 | 72 2242 |
| Total revenues | **57 9240** | 71 5236 | 72 2242 |
| Production costs | **(36 9174)** | (34 8129) | (34 1533) |
| Foreign currency translation (losses)/gains | **98** | (104) | (514) |
| Exploration expenses | **(442)** | (421) | (281) |
| Depreciation, amortisation and valuation provisions | **(8 9682)** | (12 5714) | (32 2601) |
| Operating profit/(loss) | **12 0040** | 24 0868 | 5 7313 |
| Tax | **(2167)** | (5 4704) | 3931 |
| Results of operations | **11 7873** | 18 6164 | 6 1244 |

---

[**Table of Contents**](#TOC)

#### TABLE 4—PROVED RESERVE QUANTITY INFORMATION

#### Proved reserves
The table below summarises proved developed and proved undeveloped reserves of synthetic oil as at 30 June, for the last three years. As at 30 June 2025, the total proved reserve estimate for synthetic oil is 920,9 million barrels in oil equivalent terms.

---

| | | | |
|:---|:---|:---|:---|
|  | **Synthetic oil—South Africa** | **Synthetic oil—South Africa** | **Synthetic oil—South Africa** |
|  | **(Millions of barrels)** | **(Millions of barrels)** | **(Millions of barrels)** |
|  | **2025** | **2024** | **2023** |
| Opening balance | **1 0246** | 1 0432 | 1 0812 |
| Revisions | **(748)** | 139 | (54) |
| Extensions/discoveries | **—** | **—** |  |
| Production | **(289)** | (325) | (325) |
| **Balance at 30 June** | **9209** | 1 0246 | 1 0433 |
| **Proved developed reserves** | **9209** | 1 0246 | 1 0433 |
| **Proved undeveloped reserves** | **—** | **—** |  |

---

#### TABLE 5—STANDARDISED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED RESERVES

---

| | | | |
|:---|:---|:---|:---|
| | **Synthetic oil—South Africa** | **Synthetic oil—South Africa** | **Synthetic oil—South Africa** |
| | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** |
| <br>**Year ended 30 June** | **2025** | **2024** | **2023** |
| Future cash inflows<sup>(1)</sup> | **1 234 4334** | 1 558 5315 | 1 655 4241 |
| Future production costs | **(887 0743)** | (850 8195) | (879 6077) |
| Future development costs | **(220 9115)** | (253 8126) | (257 5790) |
| Future income taxes | **(34 1408)** | (122 5528) | (139 9241) |
| Undiscounted future net cash flows | **92 3068** | 331 3466 | 378 3133 |
| 10% annual discount for timing of estimated cash flows | **(62 2674)** | (201 5190) | (242 0238) |
| Standardised measure of discounted future net cash flows | **30 0394** | 129 8276 | 136 2895 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Decrease mainly due to weakening outlook on average sales price per barrel resulting from lower global oil prices and strengthening of the rand against the US dollar.

The standardised measure of discounted future net cash flows, relating to the proved reserves in the table above, are calculated in accordance with the requirements of FASB ASC Section 932-235.

[**Table of Contents**](#TOC)

#### TABLE 6—CHANGES IN THE STANDARDISED MEASURE OF DISCOUNTED NET CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
|  | **Synthetic oil—South Africa** | **Synthetic oil—South Africa** | **Synthetic oil—South Africa** |
|  | **(Rand in millions)** | **(Rand in millions)** | **(Rand in millions)** |
|  | **2025** | **2024** | **2023** |
| Present value—opening balance | **129 8276** | 136 2895 | 134 2351 |
| Net changes for the year | **(99 7882)** | (6 4619) | 2 0544 |
| &nbsp;&nbsp;Sales and transfers of oil and gas produced net of production costs | **(21 0065)** | (36 7108) | (38 0709) |
| &nbsp;&nbsp;Development costs incurred | **8 2820** | 7 2380 | 8 9446 |
| &nbsp;&nbsp;Revisions | **9201** | 13 6587 | (23 0741) |
| &nbsp;&nbsp;Extensions | **—** |  |  |
| &nbsp;&nbsp;Net changes in prices and costs related to future production | **(131 4730)** | (52 5784) | (49 2611) |
| &nbsp;&nbsp;Changes in estimated future development costs | **10 5905** | 3 2252 | (22 1539) |
| &nbsp;&nbsp;Accretion of discount | **11 9328** | 12 2614 | 12 5106 |
| &nbsp;&nbsp;Net change in income tax | **41 3214** | 6 9250 | 3 8674 |
| &nbsp;&nbsp;Net change due to exchange rate | **(20 3555)** | 39 5190 | 109 2918 |
| **Present value at 30 June** | **30 0394** | 129 8276 | 136 2895 |

---

#### Standardised measure of discounted future net cash flows
The standardised measure of discounted future net cash flows, relating to the proved reserves in the table above, are calculated in accordance with the requirements of FASB ASC Section 932-235. Future cash inflows are computed by applying the prices used in estimating proved reserves to the year-end quantities of those reserves. Future development and production costs are computed by applying the costs used in estimating proved reserves. Future income taxes are computed by applying the appropriate year-end statutory tax rates, with consideration of future tax rates already legislated, to the future pre-tax net cash flows relating to the reserves, less the tax basis of the properties involved. The future income tax expenses therefore give effect to the tax deductions, tax credits and allowances relating to the reserves.

Discounted future net cash flows are the result of subtracting future development and production costs and future income taxes from the cash inflows. A discount rate of 10 percent a year is applied to reflect the timing of the future net cash flows relating to the reserves. The information provided here does not represent management's estimate of the expected future cash flows or value of the properties. Estimates of reserves are imprecise and will change over time as new information becomes available. Moreover, probable and possible reserves along with other classes of resources, which may become proved reserves in the future, are excluded from the calculations. The valuation prescribed under FASB ASC Section 932 requires assumptions as to the timing and amount of future development and production costs. The calculations are made as of 30 June each year and should not be relied upon as an indication of the companies' future cash flows or value of synthetic oil reserves.

[**Table of Contents**](#TOC)

#### ITEM 19. EXHIBITS

---

| | |
|:---|:---|
| 1.1 | [Memorandum of incorporation of Sasol Limited](ssl-20250630xex1d1.htm) |
| 2.1 | The amount of long-term debt securities issued by Sasol Limited and its subsidiaries authorised under any given instrument does not exceed 10% of the total assets of Sasol Limited and its subsidiaries on a consolidated basis. Sasol Limited hereby agrees to furnish to the SEC a copy of any such instrument upon its request. |
| 2.2 | [Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934](ssl-20250630xex2d2.htm) |
| 4.1 | [Long-Term Incentive Plan](ssl-20250630xex4d1.htm)  |
| 4.2 | [Trust Deed constituting the Sasol Khanyisa Employee Share Ownership Plan\*](https://www.sec.gov/Archives/edgar/data/314590/000110465922096355/ssl-20220630xex4d2.htm) |
| 8.1 | [List of significant subsidiaries and significant jointly controlled entities](ssl-20250630xex8d1.htm) |
| 11.1 | [Insider Trading policy](ssl-20250630xex11d1.htm) |
| 12.1 | [Certification of Simon Baloyi, President and Chief Executive Officer of Sasol Limited, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ssl-20250630xex12d1.htm) |
| 12.2 | [Certification of Walt Bruns, Chief Financial Officer of Sasol Limited, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ssl-20250630xex12d2.htm) |
| 13.1 | [Certification of Simon Baloyi, President and Chief Executive Officer of Sasol Limited, and Walt Bruns, Chief Financial Officer of Sasol Limited, pursuant to 18 US C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ssl-20250630xex13d1.htm) |
| 15.1 | [Consent of independent registered public accounting firm—PwC](ssl-20250630xex15d1.htm) |
| 15.2 | [Consent of independent registered public accounting firm—KPMG](ssl-20250630xex15d2.htm) |
| 96.1 | [Mining Technical Report](ssl-20250630xex96d1.htm) |
| 97.1 | [Clawback Policy](ssl-20250630xex97d1.htm) |
| 99.1 | [Sasol Limited Consolidated Annual Financial Statements](ssl-20250630xex99d1.htm) |
| 99.2 | [Sasol Limited Remuneration Report](ssl-20250630xex99d2.htm) |
| 99.3 | [Integrated Report—Performance Overview—Chief Financial Officer's Statement](ssl-20250630xex99d3.htm)  |
| 99.4 | [Integrated Report—Our integrated value chains](ssl-20250630xex99d4.htm) |
| 99.5 | [Integrated Report— Strategic direction](ssl-20250630xex99d5.htm) |
| 99.6 | [Integrated Report—Operational performance summary](ssl-20250630xex99d6.htm)  |
| 99.7 | [Integrated Report—Governance](ssl-20250630xex99d7.htm) |
| 99.9.1 | [Sasol Limited Board Charter](ssl-20250630xex99d91.htm) |
| 99.9.2 | [Terms of reference—Audit Committee](ssl-20250630xex99d92.htm) |
| 99.9.3 | [Terms of reference—Remuneration Committee (Included in Exhibit 99.9.2)\*\*](https://www.sec.gov/Archives/edgar/data/314590/000110465924097550/ssl-20240630xex99d92.htm) |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema |
| 101.CAL | Inline XBRL Taxonomy Extension Schema Calculation Linkbase |
| 101.DEF | Inline XBRL Taxonomy Extension Schema Definition Linkbase |
| 101.LAB | Inline XBRL Taxonomy Extension Schema Label Linkbase |
| 101.PRE | Inline XBRL Taxonomy Extension Schema Presentation Linkbase |
| 104 | Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Previously Filed with Company's Form 20-F on 31<sup>st</sup> August 2022

\*\* Previously Filed with Company's Form 20-F on 6<sup>th</sup> September 2024

[**Table of Contents**](#TOC)

![Graphic](ssl-20250630x20f033.jpg)

[**Table of Contents**](#TOC)

![Graphic](ssl-20250630x20f034.jpg)

[**Table of Contents**](#TOC)

![Graphic](ssl-20250630x20f035.jpg)

[**Table of Contents**](#TOC)

SIGNATURE

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | |
|:---|:---|:---|
|  |  | SASOL LIMITED<br>By:/s/ SIMON BALOYI |
| Date:  | 29 August 2025 | Simon Baloyi |
|  |  | *President and Chief Executive Officer* |
|  |  | Walt Bruns |
|  |  | *Chief Financial Officer* |

---

## Exhibit 1.1

**Exhibit 1.1**

Republic of South Africa

Companies Act, 2008

**MEMORANDUM OF INCORPORATION**

Name of company: Sasol Limited

Registration No.: 1979/003231/06

This MOI was adopted by Special Resolution passed on 2 December 2022 in substitution for the existing memorandum of incorporation of the Company.

![Graphic](ssl-20250630xex1d1001.jpg)

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Clause number and description** | **Clause number and description** | **Page**  |
| 1. | INTERPRETATION  | 4 |
| 2. | CALCULATION OF BUSINESS DAYS  | 7 |
| 3. | PUBLIC COMPANY  | 7 |
| 4. | POWERS AND CAPACITY OF THE COMPANY  | 7 |
| 5. | AMENDMENTS TO THE MOI | 8 |
| 6. | THE MAKING OF RULES | 8 |
| 7. | AUTHORISED SECURITIES, PREFERENCES, RIGHTS AND OTHER SHARE TERMS | 8 |
| 8. | AUTHORITY TO ISSUE SECURITIES | 10 |
| 9. | PRE-EMPTION ON ISSUE OF EQUITY SECURITIES | 11 |
| 10. | CERTIFICATES EVIDENCING ISSUED SECURITIES, UNCERTIFICATED SECURITIES AND SECURITIES REGISTER | 11 |
| 11. | PROHIBITION AGAINST THE COMPANY TAKING ANY LIEN | 17 |
| 12. | LISTINGS ON OTHER EXCHANGES  | 17 |
| 13. | COMMISSION | 17 |
| 14. | TRANSFER OF SECURITIES | 18 |
| 15. | TRANSMISSION OF SECURITIES BY OPERATION OF LAW | 18 |
| 16. | FINANCIAL YEAR END  | 19 |
| 17. | ACCOUNTING RECORDS AND FINANCIAL STATEMENTS  | 19 |
| 18. | AUDIT COMMITTEE  | 20 |
| 19. | AUDITOR | 21 |
| 20. | SHAREHOLDERS MEETINGS  | 22 |
| 21. | RECORD DATE  | 32 |
| 22. | DIRECTORS AND ALTERNATE DIRECTORS, ELECTION, RETIREMENT AND VACANCIES | 33 |
| 23. | CESSATION OF OFFICE AS DIRECTOR OR ALTERNATE DIRECTOR | 37 |
| 24. | REMUNERATION OF DIRECTORS AND ALTERNATE DIRECTORS AND MEMBERS OF BOARD COMMITTEES | 38 |
| 25. | FINANCIAL ASSISTANCE FOR DIRECTORS AND PRESCRIBED OFFICERS AND THEIR RELATED AND INTER-RELATED PARTIES | 39 |

---

![Graphic](ssl-20250630xex1d1002.jpg)

Approved by Special Resolution passed on 2 December 2022

------

---

| | | |
|:---|:---|:---|
| 26. | GENERAL POWERS AND DUTIES OF DIRECTORS | 39 |
| 27. | BOARD COMMITTEES | 40 |
| 28. | PERSONAL FINANCIAL INTERESTS OF DIRECTORS AND PRESCRIBED OFFICERS AND MEMBERS OF BOARD COMMITTEES | 41 |
| 29. | PROCEEDINGS OF DIRECTORS | 43 |
| 30. | VALIDITY OF ACTS OF DIRECTORS | 46 |
| 31. | PRESCRIBED OFFICERS  | 46 |
| 32. | APPOINTMENT OF COMPANY SECRETARY | 46 |
| 33. | DISTRIBUTIONS  | 47 |
| 34. | LOSS OF DOCUMENTS | 50 |
| 35. | NOTICES | 50 |
| 36. | INDEMNITY  | 51 |
| 37. | REPURCHASE OF SECURITIES | 53 |
| 38. | WINDING-UP  | 53 |
| 39. | CONTACT DETAILS  | 54 |
| 40. | RIGHTS, PRIVILEGES AND RESTRICTIONS ATTACHING TO THE SASOL BEE ORDINARY SHARES | 54 |
| Schedule 1 – Definitions in the Companies Act | Schedule 1 – Definitions in the Companies Act | 55 |
| Schedule 2 – Ineligible / disqualified in terms of section 69(7) and (8) of the Companies Act read with Regulation 39(3) | Schedule 2 – Ineligible / disqualified in terms of section 69(7) and (8) of the Companies Act read with Regulation 39(3) | 61 |
| Schedule 3 – Prescribed methods of delivery in the Regulations | Schedule 3 – Prescribed methods of delivery in the Regulations | 62 |
| Schedule 4 – Terms which govern Holders of Sasol BEE Ordinary Shares | Schedule 4 – Terms which govern Holders of Sasol BEE Ordinary Shares | 66 |

---

![Graphic](ssl-20250630xex1d1002.jpg)

Approved by Special Resolution passed on 2 December 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **INTERPRETATION** 

In this MOI, -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.words that are defined in the Companies Act (which are contained in Schedule 1 for easy reference but which do not form part of this MOI for purposes of interpretation) but not defined in this MOI will bear the same meaning in this MOI as in the Companies Act read where necessary with definitions in the Listings Requirements. For ease of reading, such terms have been capitalised in this MOI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.unless the context otherwise requires –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1. "**Companies Act**" means the Companies Act, 2008, as amended or any legislation which replaces it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2. "**Company**" means Sasol Limited (or by whatever other name it may be known from time to time), registration number 1979/003231/06, being a pre-existing Public Company incorporated under the Companies Act, 1973;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3. "**Company Secretary**" means the secretary of the Company appointed in terms of section 86 as contemplated in clause 32;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4. "**Deliver**" means deliver in the manner in which the Company is entitled to give notice or deliver documents in accordance with clause 35 (*Notices*), the Companies Act and the Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5. "**Electronic Address**" means any address or contact number furnished to the Company by the Holder or holder of Beneficial Interests in the Securities of the Company to which the Company can send Electronic Communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6. "**Equity Securities**" means equity securities as defined in the Listings Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.7. "**Financial Markets Act**" means the Financial Markets Act, 2012, as amended or any legislation which replaces it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.8. "**Holder**" means the registered holder of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.9. "**Ineligible or Disqualified**" means ineligible or disqualified as contemplated in the Companies Act (a list of which is in Schedule 2 for easy reference but which does not form part of this MOI for purposes of interpretation) or as contemplated in clause 23.1.11 which shall apply not only to Directors and Alternate Directors

![Graphic](ssl-20250630xex1d1002.jpg)

Approved by Special Resolution passed on 2 December 2022

------

but also to members of Board committees and members of Audit committees and Prescribed Officers and the Company Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.10. "**JSE**" means the exchange operated by JSE Limited, (Registration No. 2005/022939/06) (or any other name by which it may be known in the future) or its successor body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.11. "**Listings Requirements**" means the listings requirements of the JSE from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.12. "**MOI**" means this Memorandum of Incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.13. "**Ordinary Share**" means no par value ordinary Shares in the Company's Share capital, listed on the JSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.14. "**Participant**" means a depository institution accepted by a Central Securities Depository as a participant in the Financial Markets Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.15. "**Regulations**" means regulations published pursuant to the Companies Act from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.16. "**Sasol BEE Ordinary Shares**" means no par value Shares in the Company's Share capital designated as "Sasol BEE Ordinary Shares", having the rights, privileges and restrictions set out in clause 40;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.17. "**Uncertificated Securities**" means securities as defined in the Financial Markets Act which are by virtue of the Companies Act transferable without a written instrument and are not evidenced by a certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.18. "**Writing**" includes Electronic Communication but as regards any Holder entitled to vote, only to the extent that such Holder has notified the Company of an Electronic Address and "**Written**" shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. any reference to an enactment is to that enactment as at the date on which this MOI is adopted and as amended or re-enacted from time to time and includes any subordinate legislation made from time to time under such enactment. Any reference to a particular section in an enactment is to that section as at the date on which this MOI is adopted, and as amended or re-enacted from time to time and/or an equivalent measure in an enactment, provided that if as a result of such amendment or re-enactment, the specific requirements of a section referred to in this MOI are changed, the relevant provision of this MOI shall be read also as if it had been amended as necessary, without the necessity for an actual amendment;

![Graphic](ssl-20250630xex1d1002.jpg)

Approved by Special Resolution passed on 2 December 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. to the extent that any provisions of this MOI are based on any unalterable provisions of the Companies Act or the Regulations and any of those unalterable provisions are amended, the Board is authorised to amend this MOI to reflect such amendments (which amendments will apply to the Company by operation of law), in addition to its rights to amend the MOI in terms of section 17, and in so doing eliminate the risk that if there is a conflict between any provision of this MOI and the unalterable provisions of the Companies Act or the Regulations, as amended, the relevant provision of this MOI will be void to the extent that it contravenes, or is inconsistent with the amended unalterable provisions of the Companies Act or the Regulations, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. if any of the provisions of this MOI have been included as a consequence of the Company's obligations under the Listings Requirements and the JSE –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1. amends and relaxes any of those Listings Requirements, this MOI shall be read with reference to such relaxed standard/s;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2. deletes any of those Listings Requirements, this MOI shall be read as if those provisions of the MOI had been deleted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. references to Holders represented by proxy shall include Holders entitled to vote represented by an agent appointed under a general or special power of attorney;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. references to Holders entitled to vote Present at a Meeting or acting in Person shall include Juristic Persons represented by a duly authorised representative or acting in the manner prescribed in the Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. all references to "section/s" in this MOI refer to the sections of the Companies Act unless the context indicates otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.the headings are for reference purposes only and shall not affect the interpretation of this MOI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10. words in the singular number shall include the plural, and words in the plural number shall include the singular, words importing the masculine gender shall include the female gender, and words importing Persons shall include created entities (corporate or not);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11. if any term is defined within the context of any particular clause in the MOI, the term so defined, unless it is clear from the clause in question that the term so defined has limited application to the relevant clause, shall bear the meaning ascribed to it for all purposes in terms of this MOI, notwithstanding that that term has not been defined in this interpretation provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12. save to the extent that item 4(4) of Schedule 3 may permit this MOI to prevail, if the provisions of this MOI are in any way inconsistent with the provisions of the Companies Act, the

![Graphic](ssl-20250630xex1d1002.jpg)

Approved by Special Resolution passed on 2 December 2022

------

provisions of the Companies Act shall prevail, and this MOI shall be read in all respects subject to the Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13. in respect of the Sasol BEE Ordinary Shares, if there is a conflict between the rights, privileges and restrictions set out in clause and the remainder of this MOI, the provisions of clause 40 will prevail;–

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14. the rule of construction that a contract shall be interpreted against the party responsible for the drafting or preparation of the contract, shall not apply to this MOI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15. if and for so long as the Company might be a Wholly-owned Subsidiary, nothing shall be read or interpreted as removing or restricting the rights granted to such a company in terms of section 57(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **CALCULATION OF BUSINESS DAYS** 

When a particular number of Business Days is provided for between the happening of one event and another, the number of days must be calculated by —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. excluding the day on which the first such event occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.including the day on or by which the second event is to occur; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.excluding any public holiday (gazetted in South Africa from time to time), Saturday or Sunday that falls on or between the days contemplated in clauses 2.1 and 2.2 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **PUBLIC COMPANY** 

The Company is a Public Company as it is not a Private Company or a State-Owned Company or a Personal Liability Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **POWERS AND CAPACITY OF THE COMPANY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.The Company has the powers and capacity of an Individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. No Special Resolution may be put to Holders to ratify any action by the Company or the Directors that is inconsistent with any limit, restriction or qualification regarding the purposes, powers or activities of the Company, or the authority of the Directors to perform an act on behalf of the Company, if that action was contrary to the Listings Requirements, unless otherwise agreed with the JSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. Notwithstanding the omission from this MOI of any provision to that effect, the Company may do anything which the Companies Act and the Listings Requirements empower it to do if so authorised by its MOI.

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Approved by Special Resolution passed on 2 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.The following corporate actions shall be undertaken in accordance with the Listings Requirements –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1.issues of Securities (including options) for cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2.repurchases of Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3.alterations of authorised Securities and rights attaching to classes of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **AMENDMENTS TO THE MOI** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.Save for correcting errors substantiated as such from objective evidence or which are self evident errors (including, but without limitation *ejusdem generis*, spelling, punctuation, reference, grammar or similar defects) in the MOI, which the Board is empowered to do, and the circumstances contemplated in clauses 1.4 and 1.5, all other amendments of the MOI shall be effected in accordance with section 16(1) and a Special Resolution passed by the relevant Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.If errors in the MOI are corrected as referred to in clause 5.1, the Board shall either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1.publish a copy of any such correction effected by the Board on the Company's website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2.furnish Shareholders with Written notice of such correction effected by the Board, within 14 (fourteen) days after filing the notice of alteration with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **THE MAKING OF RULES** 

The Directors' power to make, amend or repeal Rules as contemplated in section 15(3) is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **AUTHORISED SECURITIES, PREFERENCES, RIGHTS AND OTHER SHARE TERMS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.The Company is authorised to issue -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1. 1 127 690 590 (one billion one hundred and twenty seven million six hundred and ninety thousand five hundred and ninety) Ordinary Shares of no par value (which includes Ordinary Shares already issued at any time), each Ordinary Share having associated with it 1 (one) vote as contemplated in clauses 20.5.7 and 20.5.8, which shall have Voting Rights in respect of every matter that may be decided by voting and which shall rank after all other classes of Shares in the Company which do not rank *pari passu* with the Ordinary Shares as regards Distributions, but save as aforesaid shall be entitled to receive the net assets of the Company upon its liquidation;

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Approved by Special Resolution passed on 2 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2. 158 331 335 (one hundred and fifty eight million three hundred and thirty one thousand three hundred and thirty five) Sasol BEE Ordinary Shares of no par value (which includes Sasol BEE Ordinary Shares already issued at any time) which shall have the rights, privileges and restrictions set out in clause 40 and each of which having associated with it 1 (one) vote as contemplated in clauses 20.5.7 and 20.5.8, which shall have Voting Rights in respect of every matter that may be decided by voting and which shall rank after all other classes of Shares in the Company which do not rank *pari passu* with the Sasol BEE Ordinary Shares as regards Distributions, but save as aforesaid shall be entitled to receive the net assets of the Company upon its liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. The Board shall not have the power to amend the authorisation (including increasing or decreasing the number) and classification of Shares (including determining rights, limitations and preferences) as contemplated in section 36(2)(b) or 36(3), unless any amendment to the authorisation and classification of Shares has been approved by Special Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. Preferences, rights, limitations or other terms of any class of Shares may not be varied in response to any objectively ascertainable external fact or facts as contemplated in sections 37(6) and (7) and no resolution may be proposed to Shareholders to include in the rights attaching to any Shares the variation of the preferences, rights, limitations or other terms attaching to those Shares in response to any objectively ascertainable external fact or facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.All Securities of a class shall rank *pari passu* in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. No rights, privileges or conditions for the time being attached to any class of Securities of the Company nor any interests of that class of Securities may (unless otherwise provided by the terms of issue of the Securities of that class) whether or not the Company is being wound up, be varied in any manner adverse to the Holders of that class of Securities, nor may any variations be made to the rights, privileges or conditions of any class of Securities, such that the interests of another class of Securities is adversely affected unless, the consent in Writing of the Holders of not less than 75% (seventy five per cent) of the issued Securities of that adversely affected class has been obtained, or a Special Resolution has been passed by the Holders of that adversely affected class of Securities with the support of more than 75% (seventy five per cent) of the Voting Rights exercised on the Special Resolution at a separate meeting of the Holders of that class. The provisions of this MOI relating to Shareholders Meetings shall *mutatis mutandis* apply to any such separate meeting except that –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.1. the necessary quorum shall be 3 (three) Holders Present at the Shareholders Meeting entitled to Exercise at least 50% (fifty per cent) of the Voting Rights on that matter, at the time the matter is called on the agenda; and

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Approved by Special Resolution passed on 2 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.2. if at any adjourned meeting of such Holders, the required quorum contemplated in clause 7.5.1 is not present, those Persons entitled to vote who are Present at the Shareholders Meeting shall be a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.Notwithstanding any implication in this MOI to the contrary, the Board may not authorise any financial assistance by the Company in connection with the subscription for or purchase of its Securities or those of a Related or Inter-Related company without complying with section 44(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **AUTHORITY TO ISSUE SECURITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.The Board shall not have the power to issue authorised Securities (other than as contemplated in clause 8.4) without the prior approval contemplated in clause 8.2 and the approval of the JSE (where necessary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.As regards the issue of –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1. Shares contemplated in sections 41(1) and (3) or as contemplated in Listings Requirement 5.50, the Board shall not have the power to allot or issue same without the prior approval of a Special Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2.Shares, other than those contemplated in clause 8.2.1, and other Securities including options in respect thereof, the Board shall not have the power to allot or issue same without the prior approval of an Ordinary Resolution,

provided that such issue has been approved by the JSE. No special privileges may be granted to secured and unsecured debt instruments as contemplated in section 43(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. Any such approval in terms of clause 8.2, may be in the form of a general authority to the Directors, whether conditional or unconditional, to allot or issue any such Securities contemplated in clauses 8.1 and 8.2.2 in their discretion, or in the form of a specific authority in respect of any particular allotment or issue of such Securities contemplated in clauses 8.2.1 and 8.2.2. Such authority shall endure for the period provided in the Ordinary or Special Resolution in question but may be revoked by Ordinary Resolution or Special Resolution, as the case may be, at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. The Shareholders may approve by Ordinary Resolution for the Board to issue, or the Board (without the prior approval of an Ordinary Resolution) may issue, capitalisation Shares or offer a cash payment *in lieu* of awarding a capitalisation Share in accordance with section 47.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.No Shares of a class which is listed may be issued other than as fully paid.

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Approved by Special Resolution passed on 2 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.If the Shareholders at any time approve the establishment of a Share incentive scheme that approval constitutes authority given to the Board to issue Shares pursuant to such scheme, subject to any maximum ceiling on the number of Shares to be issued imposed by the Shareholders in approving the scheme. A Special Resolution is required to approve a Share incentive scheme that does not constitute an Employee Share Scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **PRE-EMPTION ON ISSUE OF EQUITY SECURITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.Equity Securities in the Company which are authorised but unissued and which are intended to be issued for cash, shall be offered to the existing Holders by way of a rights offer *pro rata* to the Voting Power of that Shareholder's Voting Rights immediately before the offer was made, with a reasonable time allowed to subscribe, unless -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1.the approvals contemplated in clause 8.1 have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2.a capitalisation issue, an issue for an acquisition of assets (including another company) or an issue for the purposes of an Amalgamation or Merger, is to be undertaken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3.the Equity Securities are to be issued in terms of option or Conversion rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.4.the Equity Securities are to be issued to an approved Share incentive scheme or employees of the Company who are participants under an approved Share incentive scheme or pursuant to an approved Share incentive scheme,

provided that if any fraction of an Equity Security will have to be issued, that allocation of Equity Securities will be rounded down to the nearest whole number (unless the JSE has granted a ruling to permit otherwise) resulting in an allocation of a whole Equity Security and a cash payment for the fraction as determined in terms of the Listings Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.After the expiration of the time within which the offer may be accepted, or on the receipt of an intimation from the Person to whom the offer is made that he declines to accept the Equity Securities offered, the Board may, subject to clause 9.1, issue such Equity Securities in such manner as they think most beneficial to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **CERTIFICATES EVIDENCING ISSUED SECURITIES, UNCERTIFICATED SECURITIES AND SECURITIES REGISTER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.The Securities issued by the Company may either be certificated (that is evidenced by a certificate) or uncertificated in which case the Company must not issue certificates evidencing or purporting to evidence title to those Securities. When any new Securities are to be issued by the Company, the subscriber shall, subject to the Companies Act, be entitled to elect

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Approved by Special Resolution passed on 2 December 2022

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whether all or part of the Securities offered to him shall be in certificated or uncertificated form. Each original certificate issued to a Holder in certificated form shall be issued without charge, but for every subsequent certificate issued in respect of the same Securities to the same Holder, the Directors shall be entitled, as they may deem fit, to require a charge in settlement of the reasonable costs included in such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. The Company shall convert its share register into a Securities Register with effect from the Effective Date which shall reflect -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1.the number of Securities authorised and the number available to be issued and the date of authorisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2.the total number of Securities of a class that have been issued, re-acquired or surrendered to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3.the number of Securities of a class that are held in uncertificated form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.4.the number of Securities of that class that are the subject of options or conversion rights which, if exercised, would require Securities of that class to be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.5.in the case of uncertificated Securities, a unique identifying number of the Person to, from or by whom the Securities were issued, re-acquired or surrendered, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.6.details of any unlisted Securities issued by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. As soon as practicable after -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1. issuing any Securities the Company must enter or cause to be entered in its Securities Register, in respect of every class of Securities evidenced by certificates that it has issued —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1.1. the names and addresses and identity numbers of the Persons to whom the Securities were issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1.2. those Persons' Electronic Addresses who have furnished them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1.3. the number and class of Securities issued to each of them, the date of issue, distinguishing numbers and the subscription Consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1.4. the total number of Securities of a class held by any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1.5. the date on which any such Securities were issued or transferred to the Holder, and the date on which any such Securities were

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Approved by Special Resolution passed on 2 December 2022

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transferred by the Holder or by operation of law to another Person or re-acquired by or surrendered to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1.6. the number of, and prescribed circumstances relating to, any Securities –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1.6.1.that have been placed in trust as contemplated in section 40(6)(d) by reason of not having been fully paid for; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1.6.2.whose transfer has been restricted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1.7. as regards debt instruments as contemplated in section 43 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1.7.1.the number of those Securities still in issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1.7.2.the names and addresses of the Holders of the Securities and any holders of a Beneficial Interest in the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1.8. the total number of uncertificated Securities from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2.the re-acquisition or surrender of any Securities the Company must enter or cause to be entered in its Securities Register, in respect of Securities re-acquired or surrendered –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2.1. the date on which the Securities were re-acquired by, or surrendered to, the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2.2. the distinguishing number or numbers of any certificated Securities re-acquired or surrendered to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2.3. the Consideration for which the Securities were re-acquired by, or surrendered to, the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2.4. the name of the Person from or by whom the Securities were re-acquired or surrendered, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3. transferring any Securities, the Company must enter or cause to be entered in its Securities Register, in respect of Securities evidenced by certificates that it has transferred -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3.1. the name and address of the transferee;

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Approved by Special Resolution passed on 2 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3.2. the description of the Securities, or interest transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3.3. the date of the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3.4. the value of any Consideration still to be received by the Company on each Security or interest, in the case of a transfer of Securities the subscription price for which has not been fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3.5. any other information contemplated in clause 10.3.1, any reference to issue being read as a reference to transfer,

provided that such entry may only be made if the transfer –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3.6. is evidenced by a proper instrument of transfer that has been Delivered to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3.7. was effected by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.4. any disclosures to the Company of any Beneficial Interests in respect of Securities evidenced by certificates, the Company must enter or cause to be entered in its Securities Register, a record of all such disclosures, including the following information for any Securities in respect of which a disclosure was made –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.4.1. the name and unique identifying number of the Holder of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.4.2. the number, class and the distinguishing numbers of the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.4.3. for each Person who holds a Beneficial Interest in the Securities, the extent of the Person's Interest in the Securities, together with that Person's –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.4.3.1.name and unique identity number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.4.3.2.business, residential or postal address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.4.3.3.Electronic Address if available;

and any other information prescribed in terms of the Companies Act from time to time. If the Company has uncertificated Securities at any time it shall comply with the provisions of sections 52 and 53 and in particular shall enter

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or cause to be entered in its Securities Register the total number of such uncertificated Securities from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. In the case of the death of any one or more of the joint Holders of any Securities, the remaining Holder whose name then appears first in the Securities Register shall be recognised by the Company as being the only Person entitled to such Securities, subject to clause 15, but nothing herein contained shall exempt the estate of a deceased joint Holder from any liability in respect of Securities held jointly by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. Securities certificates shall be issued in such manner and form as the Directors shall from time to time prescribe save that they must -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1.state on the face –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1.1. the name of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1.2. the name of the Person to whom the Securities were issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1.3. the number and class of Shares and the designation of the series, if any, evidenced by that certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1.4. any restriction on the transfer of the Securities (which are not listed on the JSE) evidenced by that certificate;

be signed by either two Directors or the Company Secretary and one Director by autographic, mechanical or electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. Each class of Shares, and any other Securities, must be distinguished by an appropriate numbering system. If all of the Company's Shares rank equally for all purposes, and are therefore not distinguished by a numbering system each certificate issued in respect of those Shares must be distinguished by a numbering system and if the Share has been transferred, the certificate must be endorsed with a reference number or similar device that will enable each preceding Holder of the Share in succession to be identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7.Each Holder shall be entitled to 1 (one) certificate for all the Securities of a particular class registered in his name, or to several certificates, each for a part of such Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8. A certificate for Securities registered in the names of 2 (two) or more Persons shall be Delivered to the Person first named in the Securities Register and Delivery of a certificate for Securities to that Person shall be a sufficient Delivery to all joint Holders. In the case of the death of any one or more of the joint Holders of any Securities, the remaining Holder whose name then appears first in the Securities Register shall be recognised by the Company as being the only Person entitled to such certificate or any new certificate issued *in lieu* thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9. If a certificate for Securities is defaced, lost or destroyed, it may be renewed, on such terms, as to evidence and indemnity and payment of such fee as the Board, a Director authorised by the Board, or the Company Secretary, thinks fit, and (in case of defacement) on Delivery of the old certificate or share warrant to bearer to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10. A Person:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10.1.acquires the rights associated with any particular Securities of the Company when that Person's name is entered in the Company's Securities Register as a Person to whom those Securities have been issued or transferred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10.2. ceases to have the rights associated with any particular Securities of the Company when the transfer to another Person, re-acquisition by the Company, or surrender to the Company of those Securities has been entered in the Company's Securities Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11. After receiving a notice from a Central Securities Depository or Participant that a Holder who wishes to withdraw all or part of the uncertificated Securities held by that Person in an uncertificated Securities Register, and obtain a certificate in respect of those withdrawn Securities, the Company must:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11.1.immediately enter the relevant Person's name and details of that Person's holding of Securities in the Securities Register and indicate on the Securities Register that the Securities so withdrawn are no longer held in uncertificated form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11.2. within 10 (ten) Business Days, or 20 (twenty) Business Days in the case of a Holder who is not resident within South Africa –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11.2.1. prepare and Deliver to the relevant Person a certificate in respect of the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11.2.2. notify the Central Securities Depository that the Securities are no longer held in uncertificated form,

and may charge the Holder a reasonable fee to cover the actual costs of issuing a certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12. If the Company issues Securities and is not granted a listing for such Securities or if, for any reason, certain Securities are delisted, the share certificates for those Securities must be held in trust and stamped with the words "unlisted securities" and may only be released by the Company with the written permission of the JSE.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **PROHIBITION AGAINST THE COMPANY TAKING ANY LIEN** 

The Company shall not be entitled to take any lien over any Securities issued by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **LISTINGS ON OTHER EXCHANGES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.The Company may seek listings on such Exchanges as the Directors may consider appropriate from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. For so long as the Securities of the Company are listed on any Exchange in addition to the JSE -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1.if the listing on the JSE is the primary listing and if the Company is obliged to obtain the approval of the JSE in regard to any matter, it shall be obliged also to obtain the consent at the same time of any other Exchanges on which any of its Securities are listed to the extent that the listings requirements of those other Exchanges require the Company to obtain such consent/s;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2.the Company will comply with:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2.1. the most stringent of the same or a similar type of listings requirements of all the Exchanges on which its Securities are listed, to the extent that the listings requirements of those other Exchanges require the Company to comply with their listings requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2.2. any legislation which is applicable to the Company as a consequence of any of its Securities being listed on a particular Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **COMMISSION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. The Company may pay commission not exceeding 10% (ten per cent) of the subscription price at which Securities of the Company are issued to any Person, in consideration of him subscribing or agreeing to subscribe, whether absolutely or conditionally, for any securities or of him procuring or agreeing to procure subscriptions, whether absolute or conditional, for any Securities, and such commission may be paid or may agreed to be paid out of the profits, whether current or in reserve or transferred or out of profits. Any such commission may be paid in full or in part in fully paid-up Securities of the Company, provided that such commission, or any part thereof, may not be paid without prior authorisation by Ordinary Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.Should all or any part of the Securities of the Company being offered for subscription be or become underwritten, the provisions of section 100(6) shall be complied with.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **TRANSFER OF SECURITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.The Ordinary Shares are freely transferrable, but the Sasol BEE Ordinary Shares are subject to the restrictions on transfer set out in clause 40 read with Schedule 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. The transfer of any Securities which are certificated shall be implemented in accordance with section 51 using the then common form of transfer (which shall be in Writing) or in such manner as the Board may from time to time decide. Every instrument of transfer shall be signed by the transferor and left at the transfer office of the Company at which it is presented for registration, accompanied by the certificate of the Securities to be transferred, and or such other evidence as the Company may require to prove the title of the transferor or his rights to transfer the Securities. All instruments of transfer which are registered shall be held by the Company, but any deed of transfer which the Board may refuse to register shall be returned on demand to the Person who lodged it (except in the case of fraud).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3. All authorities to sign transfer deeds granted by Holders for the purpose of transferring Securities that may be lodged, produced or exhibited with or to the Company at any of its transfer offices shall as between the Company and the grantor of such authorities, be taken and deemed to continue and remain in full force and effect, and the Company may allow the same to be acted upon until such time as express notice in Writing of the revocation of the same shall have been given and lodged at the Company's transfer offices at which the authority was lodged, produced or exhibited. Even after the giving and lodging of such notices the Company shall be entitled to give effect to any instruments signed under the authority to sign, and certified by any officer of the Company, as being in order before the giving and lodging of such notice. The Company shall not be bound to allow the exercise of any act or matter by an agent of the Holder, unless a duly certified copy of that agent's authority is produced and lodged with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4. The certificated Securities Register may, upon notice being given by advertisement in the South African Government Gazette and a newspaper circulating in the district in which the office of the Company is situated, be closed during such time as the Board thinks fit, not exceeding in the whole 60 (sixty) days in each year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **TRANSMISSION OF SECURITIES BY OPERATION OF LAW** 

Subject to the laws relating to securities transfer tax upon or in respect of the estates of deceased Persons and the administration of the estates of insolvent and deceased Persons and Persons under disability -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.the parent or guardian or curator of any Holder who is a minor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.the trustee of an insolvent Holder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3.the liquidator of a body corporate Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4.the tutor or curator of a Holder under disability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5.the executor or administrator of the estate of a deceased Holder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.any other Person becoming entitled to any Securities held by a Holder by any lawful means other than transfer in terms of this MOI, shall, upon production of such evidence as may be required by the Directors, have the right either-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.to exercise the same rights and to receive the same Distributions and other advantages to which he would be entitled if he were the Holder of the Securities registered in the name of the Holder concerned; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8. himself to be registered as the Holder in respect of those Securities and to make such transfer of those Securities as the Holder concerned could have made, but the Board shall have the same right to decline or suspend registration as they would have had in the case of a transfer of the Securities by the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **FINANCIAL YEAR END** 

The financial year end of the Company is 30 June.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **ACCOUNTING RECORDS AND FINANCIAL STATEMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1. The Company shall maintain the necessary Accounting Records which shall be kept at its Registered Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2. The Company shall prepare its Financial Statements in accordance with the Companies Act, Listings Requirements and the International Financial Reporting Standards and shall have its annual Financial Statements audited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3. The Directors shall from time to time determine at what times and places (save in the case of Accounting Records which shall be accessible from the Registered Office) and under what conditions, subject to the requirements of the Regulations, the Holders and holders of Beneficial Interests not being Directors are entitled to inspect and take copies of the records referred to in section 26(1). No Shareholder (not being a Director) shall have any right to inspect any Accounting Records or book or document of the Company except as permitted in terms of the Companies Act or with the prior approval of an Ordinary Resolution or with the authority of the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4.Access to any other information in addition to the records referred to in section 26(1), which the Holders and holders of Beneficial Interests are not expressly entitled to inspect in terms of the Companies Act or Regulations, will be subject to the provisions of the Promotion of Access to Information Act, 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5. Subject to the provisions of the Promotion of Access to Information Act, 2000, apart from the Holders and holders of Beneficial Interests, no other Person shall be entitled to inspect any of the documents of the Company (other than the Securities Register and the register of Directors) unless expressly authorised by the Company Secretary (or his nominee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6.The Company shall notify the Holders and the holders of Beneficial Interests of the publication of any annual Financial Statements of the Company, setting out the steps required to obtain a copy of those Financial Statements. If a Holder or holder of Beneficial Interests demands a copy of the annual Financial Statements, the Company shall make same available to such Holder / holder of Beneficial Interests free of charge. The Company may provide any Person with a summary of any particular Financial Statements in accordance with section 29(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **AUDIT COMMITTEE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1. For so long as the Companies Act requires the Company to have an Audit committee, the Company must elect an Audit committee in terms of the Companies Act, each member of which must be a Person who satisfies the criteria set out in section 94(4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2. The Board must appoint an Individual to fill any vacancy on the Audit committee within 40 (forty) Business Days after the vacancy arises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.The Audit committee's duties are set out in the Companies Act and the terms of reference applicable to the Audit committee (which terms of reference are approved by the Board from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4.The Company must pay all expenses reasonably incurred by its Audit committee, including, if the Audit committee considers it appropriate, the fees of any consultant or specialist engaged by the Audit committee to assist it in the performance of its functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5. No Person shall be elected as a member of the Audit committee, if he is Ineligible or Disqualified and any such election shall be a nullity. A Person placed under probation by a court must not serve as a member of the Audit committee unless the order of court so permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6. A member of the Audit committee shall cease to hold office as such immediately he –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6.1. becomes Ineligible or Disqualified in terms of the Companies Act; and / or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6.2.ceases to be a Director.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7. The Board, from time to time, may prescribe general qualifications for an Individual to serve as a member of the Audit committee in addition to the requirements of the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **AUDITOR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.The Company shall appoint in accordance with the Companies Act, an Auditor that satisfies the requirements prescribed in the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2. The Auditor shall fulfil the duties set out in the Companies Act and the terms of reference of the Company's Audit committee and –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.1.has the right of access at all times to the accounting records and all books and documents of the Company, and is entitled to require from the Directors or Prescribed Officers any information and explanations necessary for the performance of the Auditor's duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.2.if the Company is a Holding Company, has the right of access to all current and former financial statements of any Subsidiary and is entitled to require from the Directors or Prescribed Officers of the Company or Subsidiary any information and explanations in connection with any such statements and in connection with the Accounting Records, books and documents of the Subsidiary as necessary for the performance of the Auditor's duties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.3.is entitled to –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.3.1. attend any Shareholders Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.3.2. receive all notices of and other communications relating to any Shareholders Meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.3.3. be heard at any Shareholders Meeting on any part of the business of the meeting that concerns the Auditor's duties or functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.4.may not perform any services for the Company –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.4.1. that would place the Auditor in a conflict of interest as prescribed or determined by the Independent Regulatory Board for Auditors in terms of section 44(6) of the Auditing Profession Act; or 19.2.4.2. as may be prescribed by the Audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3. The provisions of clauses 32.4 and 32.5 apply *mutatis mutandis* to the Auditor.

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Approved by Special Resolution passed on 2 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **SHAREHOLDERS MEETINGS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.**Convening of Shareholders Meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1.The Company shall convene an Annual General Meeting once in every calendar year within 6 (six) months of the Company's financial year-end, but no more than 15 (fifteen) months after the date of the previous Annual General Meeting, which must, at a minimum, provide for the following business to be transacted –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1.1. presentation of –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1.1.1. the Directors' report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1.1.2. Audited Financial Statements for the immediately preceding financial year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1.1.3.an Audit committee report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1.2. election of Directors, to the extent required by the Companies Act or the MOI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1.3. election of an Audit committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1.4. appointment of an Auditor for the ensuing year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1.5. any matters raised by Holders, with or without advance notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.2.The Company shall hold a Shareholders Meeting in order to consider one or more resolutions and shall not permit resolution/s that could be voted on at a Shareholders Meeting to be dealt with in accordance with section 60 by Written resolutions of those Persons entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.3.The Company must hold a Shareholders Meeting at any time that the Board is required by the Companies Act or the MOI to refer a matter to Holders entitled to vote for decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.4.Each resolution shall be expressed with sufficient clarity and specificity and accompanied by sufficient information / explanatory material to enable a Person who is entitled to vote on the resolution to determine whether to participate in the Shareholders Meeting, if applicable, and to seek to influence the outcome of the vote on the resolution. Once a resolution has been approved, it may not be challenged or impugned on the ground that it did not comply with the aforegoing.

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Approved by Special Resolution passed on 2 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.5.The following Persons may convene a Shareholders Meeting –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.5.1. the Board or the Company Secretary, to the extent that the Board is unable to do so or has authorised him to do so; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.5.2. a Shareholder/s holding not less than 10% (ten per cent) of the Voting Rights attached to the Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.5.3. if the Company has no Directors, any single Holder entitled to vote, whenever he thinks fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.6.A Shareholders Meeting must be convened if one or more Written and signed demands for such a Shareholders Meeting is/are Delivered to the Company, and –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.6.1. each such demand describes the specific purpose for which the Shareholders Meeting is proposed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.6.2. in aggregate, demands for substantially the same purpose are made and signed by the Holders at the earliest time specified in any of those demands, of at least 10% (ten per cent) of the Voting Rights entitled to be exercised in relation to the matter proposed to be considered at the Shareholders Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.7. Every Shareholders Meeting shall be held at the time and where the Board or Company Secretary determines from time to time. The authority of the Company to conduct a Shareholders Meeting entirely by Electronic Communication, or to provide for participation in a Shareholders Meeting by Electronic Communication so long as the Electronic Communication employed satisfies the requirements prescribed in the Companies Act and/or the Regulations, is not limited or restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.**Notice of Shareholders Meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.1.The Holder of any Securities which are in certificated form and thus not subject to the rules of Strate as the Central Securities Depository in which any Person has a Beneficial Interest must Deliver to each such Person –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.1.1. a notice of any Shareholders Meeting of the Company at which those Securities may be voted within 2 (two) Business Days after receiving such a notice from the Company; and

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Approved by Special Resolution passed on 2 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.1.2. a proxy appointment to the extent of that Person's Beneficial Interest, if the Person so demands in compliance with section 56(11).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.2.A Shareholders Meeting shall be called by at least 15 (fifteen) Business Days' notice Delivered by the Company to all Holders entitled to vote or otherwise entitled to receive notice and at the same time to the JSE. An announcement shall also be made on SENS. The notice convening an Annual General Meeting shall designate the meeting as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.3.Shareholders entitled to request that a resolution be proposed shall bear the cost of any notice furnished to Shareholders in relation to that resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.4.A Holder entitled to vote, who is Present at a Shareholders Meeting –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.4.1. is regarded as having received or waived notice of the Shareholders Meeting if at least the required minimum notice was given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.4.2. has a right to –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.4.2.1. allege a Material defect in the form of notice for a particular item on the agenda for the Shareholders Meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.4.2.2. participate in the determination whether to waive the requirements for notice, if less than the required minimum notice was given, or to ratify a defective notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.4.3. except to the extent set out in clause 20.2.4.2 is regarded to have waived any right based on an actual or alleged Material defect in the notice of the Shareholders Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.5.A notice of a Shareholders Meeting must be in Writing, in plain language and must include –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.5.1. the date, time and place for the Shareholders Meeting, and the Record Date for the Shareholders Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.5.2. the general purpose of the Shareholders Meeting, and any specific purpose contemplated in clause 20.1.5, if applicable;

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Approved by Special Resolution passed on 2 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.5.3. in the case of the Annual General Meeting a summarised form of the Financial Statements to be presented and directions for obtaining a copy of such complete annual Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.5.4. a copy of any proposed resolution of which the Company has received notice, and which is to be considered at the Shareholders Meeting, and a notice of the percentage of Voting Rights that will be required for that resolution to be adopted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.5.5. a reasonably prominent statement that –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.5.5.1. a Holder entitled to attend and vote at the Shareholders Meeting shall be entitled to appoint a proxy to attend, participate in, speak and vote at the Shareholders Meeting in the place of the Holder entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.5.5.2.a proxy need not be a Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.5.5.3. a Holder entitled to vote may appoint more than 1 (one) proxy to exercise Voting Rights attached to different Securities held by that Holder entitled to vote in respect of any Shareholders Meeting and may appoint more than 1 (one) proxy to exercise Voting Rights attached to different Securities held by the Holder which entitle him to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.5.5.4.the proxy may not delegate the authority granted to him as proxy to another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.5.5.5.participants in a Shareholders Meeting are required to furnish satisfactory identification in terms of section 63(1) in order to reasonably satisfy the Person presiding at the Shareholders Meeting that the right of that Person to participate and vote, either as a Shareholder, or as a proxy for a Shareholder, has been reasonably verified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.5.5.6. participation in the Shareholders Meeting by Electronic Communication is available, and provide any necessary information to enable Holders entitled to vote or their proxies to access the available

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Approved by Special Resolution passed on 2 December 2022

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medium or means of Electronic Communication and advise that access to the medium or means of Electronic Communication is at the expense of the Holder entitled to vote or proxy, except to the extent that the Company determines otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.6.A Shareholders Meeting may proceed notwithstanding a Material defect in the giving of the notice, subject to clause 20.2.7, only if every Person who is entitled to exercise Voting Rights in respect of each item on the agenda of the Shareholders Meeting is Present at the Shareholders Meeting and votes to approve the ratification of the defective notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.7. If a Material defect in the form or manner of giving notice of a Shareholders Meeting relates only to one or more particular matters on the agenda for the Shareholders Meeting –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.7.1. any such matter may be severed from the agenda, and the notice remains valid with respect to any remaining matters on the agenda; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.7.2. the Shareholders Meeting may proceed to consider a severed matter, if the defective notice in respect of that matter has been ratified in terms of clause 20.2.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.8. An immaterial defect in the form or manner of Delivering notice of a Shareholders Meeting, or an accidental or inadvertent failure in the Delivery of the notice to any particular Holder to whom it was addressed does not invalidate any action taken at the Shareholders Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.**Quorum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.1.Business may be transacted at any Shareholders Meeting only while a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.2.The quorum necessary for the commencement of a Shareholders Meeting shall be sufficient Persons Present at the Shareholders Meeting to exercise, in aggregate, at least 25% (twenty five per cent) of all of the Voting Rights that are entitled to be exercised in respect of at least one matter to be decided at the Shareholders Meeting but –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.2.1. the Shareholders Meeting may not begin unless at least 3 (three) Persons entitled to vote are Present;

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Approved by Special Resolution passed on 2 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.2.2. if the Company is a Subsidiary of a company, those constituting the quorum must include its Holding Company present in Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.3.A matter to be decided at the Shareholders Meeting may not begin to be considered unless those who fulfilled the quorum requirements of clause 20.3.2, continue to be Present. If a resolution is proposed to meet the Listings Requirements, notwithstanding that the Holders of Securities not listed on the JSE shall be entitled to be counted in the quorum as a matter of law, they shall not be taken into account for the purposes of determining whether or not the quorum requirements of the JSE have been attained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.4.If within 30 (thirty) minutes from the time appointed for the Shareholders Meeting to commence, a quorum is not present, or if the quorum requirements in clause 20.3.3 cannot be achieved for any one or more matters, the Shareholders Meeting shall be postponed, without motion, vote or further notice, subject to clause 20.3.7, to the next Business Day, and if at such adjourned Shareholders Meeting a quorum is not present within 15 (fifteen) minutes from the time appointed for the Shareholders Meeting, then the Person/s entitled to vote Present shall be deemed to be the requisite quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.5. A Shareholders Meeting, or the consideration of any matter being debated at the Shareholders Meeting, may be adjourned from time to time without further notice on a motion supported by Persons entitled to exercise, in aggregate, a majority of the Voting Rights –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.5.1. held by all of the Persons who are Present at the Shareholders Meeting at the time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.5.2. that are entitled to be exercised on at least one matter remaining on the agenda of the Shareholders Meeting, or on the matter under debate, as the case may be.

Such adjournment shall be to the next Business Day at a fixed time and place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.6. A Shareholders Meeting may be adjourned until further notice (in which case a further notice shall be Delivered to Holders), as agreed at a Shareholders Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.7. No further notice is required to be Delivered by the Company of a Shareholders Meeting that is postponed or adjourned as contemplated in clause 20.3.4, unless the location or time for the Shareholders Meeting is different from –

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Approved by Special Resolution passed on 2 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.7.1. the location or time of the postponed or adjourned Shareholders Meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.7.2. a location or time announced at the time of adjournment, in the case of an adjourned Shareholders Meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.7.3. the location or time for the postponed or adjourned Shareholders Meeting as specified in the notice for the Shareholders Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.8. The notice for the Shareholders Meeting can specify –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.8.1. one location for the Shareholders Meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.8.2. the same or a different location for the postponed or adjourned Shareholders Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.9. No other business shall be transacted at any adjourned meeting other than the business left unfinished at the Shareholders Meeting at which the adjournment took place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4.**Chairman**

The chairman, if any, of the Board shall preside as chairman at every Shareholders Meeting. If there is no such chairman, or if at any Shareholders Meeting he is not present within 10 (ten) minutes after the time appointed for holding the Shareholders Meeting or is unwilling to act as chairman, the Directors shall select a Director present at the Shareholders Meeting, or if no Director is present at the Shareholders Meeting, or if all the Directors present decline to take the chair, the Persons entitled to vote shall select one of their number which is Present to be chairman of the Shareholders Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.**Voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.1.At any Shareholders Meeting a resolution put to the vote shall be decided on a show of hands, unless before or on the declaration of the result of the show of hands a poll shall be demanded by –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.1.1. the chairman;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.1.2. not less than 5 (five) Persons having the right to vote on that matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.1.3. a Person/s entitled to exercise not less than 1/10 <sup>th</sup> (one tenth) of the

total Voting Rights entitled to vote on that matter; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.1.4. Person/s entitled to vote at a Shareholders Meeting and holding not less than 1/10 <sup>th</sup> (one tenth) of the issued Share capital of the Company,

and, unless a poll is so demanded, a declaration by the chairman that a resolution has, on a show of hands been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in the minute book of the Company, shall be conclusive evidence of the fact, without proof of the number or proportion of the votes recorded in favour of, or against, such resolution. No objection shall be raised as to the admissibility of any vote except at the Shareholders Meeting or adjourned Shareholders Meeting at which the vote objected to is or may be given or tendered. Every vote not disallowed at such Shareholders Meeting shall be valid for all purposes. Any such objection shall be referred to the chairman of the Shareholders Meeting, whose decision shall be final and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.2.If a poll is duly demanded it shall be taken in such manner as the chairman directs save that it shall be taken forthwith, and the result of the poll shall be deemed to be the resolution of the Shareholders Meeting at which the poll was demanded. Scrutineers may be appointed by the chairman to declare the result of the poll, and if appointed their decision shall be deemed to be the resolution of the Shareholders Meeting at which the poll is demanded. The demand for a poll shall not prevent the continuation of a Shareholders Meeting for the transaction of any business other than the question upon which the poll has been demanded. The demand for a poll may be withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.3.In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of the Shareholders Meeting at which the show of hands takes place, or at which the poll is demanded, shall not be entitled to a second or casting vote in addition to the vote or votes to which he is entitled as a Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.4.A minute of resolutions and proceedings at Shareholders Meetings made in one of the minute books of the Company, if signed by the chairman of that Shareholders Meeting to which it relates, or by any Person appointed by the Directors to sign same in his stead, or by the chairman of the next succeeding Shareholders Meeting, shall be accepted as evidence of the facts therein stated. A report of the proceedings of any Shareholders Meeting may be circulated or advertised at the Company's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.5.Any Person entitled to a Security in terms of clause 15 (*Transmission of Securities by Operation of Law*) may vote at any Shareholders Meeting in respect thereof in the same manner as if he were the Holder of that Security: provided that (except

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where the Directors have previously accepted his right to vote in respect of that Security) at least 24 (twenty four) hours (excluding Saturdays, Sundays and public holidays) before the time of holding the Shareholders Meeting at which he proposes to vote, he shall have satisfied the Directors that he is entitled to exercise the right referred to in clause 15 (*Transmission of Securities by Operation of Law*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.6. Every resolution of Shareholders is either an Ordinary Resolution or a Special Resolution. An Ordinary Resolution, save to the extent expressly provided in respect of a particular matter contemplated in this MOI, shall require to be adopted with the support of more than 50% (fifty per cent) of the Voting Rights exercised on the resolution. A Special Resolution shall require to be adopted with the support of at least 75% (seventy five per cent) of the Voting Rights exercised on the resolution. For so long as the Company is listed on the JSE, if any of the Listings Requirements require an ordinary resolution to be passed with a 75% (seventy five per cent) majority, the resolution shall instead be required to be passed by a Special Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.7. Subject to clause 20.5.9, on a show of hands a Person entitled to vote Present at the Meeting shall have only 1 (one) vote, irrespective of the number of Voting Rights that Person would otherwise be entitled to Exercise. A proxy shall irrespective of the number of Holders of Securities entitled to vote he represents have only 1 (one) vote on a show of hands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.8. On a poll every Person entitled to vote who is Present at the Meeting shall have 1 (one) vote for every Share held by him . On a poll, a Shareholder who is entitled to more than 1 (one) vote need not, if he votes, use all his votes or use all his votes in the same manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.9.Save for the Holders of Ordinary Shares and any special Shares created for the purposes of black economic empowerment in terms of the Broad-Based Black Economic Empowerment Act, 2003 and the Codes of Good Practice on Black Economic Empowerment (including the Sasol BEE Ordinary Shares), any other Holders of Securities shall not be entitled to vote on any resolution taken by the Company other than as specified in the Listings Requirements, in which case, their votes may not carry any special rights or privileges and they shall be entitled to 1 (one) vote for each Share that they hold, provided that their total Voting Rights may not be more than 24.99% (twenty four comma ninety nine per cent) of the total Voting Rights of all Persons entitled to vote on such resolution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.10.If a resolution is proposed to meet the Listings Requirements, notwithstanding that the Holders of Securities not listed on the JSE shall be entitled to vote thereon as a matter of law, their votes shall not be taken into account for the purposes of determining whether or not the Listings Requirements have been attained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.11.Where there are joint Holders of Shares, any one of such joint Holders may vote at any Shareholders Meeting in respect of such Shares, either in Person or by proxy, as if he were solely entitled thereto; but if more than one of such joint Holders are Present at a Meeting the vote of the Person whose name appears first in the Securities Register in respect of such Shares, whether in Person or by proxy, shall be accepted to the exclusion of the votes of the other joint Holders. Several executors or administrators of a deceased Shareholder in whose name Shares are registered, shall, for the purpose of this clause, be deemed to be joint Holders thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.12.A Person who holds a Beneficial Interest in any Securities may vote in a matter at a Shareholders Meeting, without a proxy only to the extent that –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.12.1. the Beneficial Interest includes the right to vote on the matter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.12.2. the Person's name is on the Company's register of disclosures as the holder of a Beneficial Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.**Proxies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.1.No form appointing a proxy shall be valid after the expiration of 1 (one) year from the date when it was signed unless the proxy itself provides for a longer or shorter duration but it may be revoked at any time. The appointment is revocable unless the proxy appointment expressly states otherwise, and may be revoked by cancelling it in Writing, or making a later inconsistent appointment of a proxy, and Delivering a copy of the revocation instrument to the proxy, and to the Company. The appointment is suspended at any time and to the extent that the Holder entitled to vote chooses to act directly and in Person in the exercise of any rights as a Holder entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.2.The form appointing a proxy and the power of attorney or other authority, if any, under which it is signed or a notarially certified copy of such power or authority shall be Delivered to the Company or any Person which it has identified in the notice of meeting as being a Person to whom proxies may be delivered on behalf of the Company, 24 (twenty four) hours (excluding Saturdays, Sundays and public holidays) prior to the time scheduled for the commencement of the

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Shareholders Meeting (or such shorter period as permitted in the discretion of the Board, chairman or Company Secretary (or his nominee)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.3.A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the death or mental disorder of the principal or revocation of the proxy or of the authority under which the proxy was executed, or the transfer of the Securities in respect of which the proxy is given, provided that no intimation in Writing of such death, insanity, revocation or transfer as aforesaid shall have been received by the Company at its Registered Office before the commencement of the Shareholders Meeting or adjourned Shareholders Meeting at which the proxy is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.4.Subject to the provisions of the Companies Act, a form appointing a proxy may be in any form determined by the Company Secretary (or his nominee) provided that it is in Writing, which form shall be supplied by the Company upon request by a Holder entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.5.If a proxy is received duly signed but with no indication as to how the Person named therein should vote on any resolution, the proxy may vote or abstain from voting as he sees fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **RECORD DATE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1.The Board shall determine the Record Date in accordance with the Companies Act, the applicable rules of the Central Securities Depository and the Listings Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.If, at any time, the Board fails to determine a Record Date, the Record Date for the relevant matter is –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.1.in the case of dividends a date subsequent to the declaration date or confirmation of the dividend, whichever is the later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.2.10 (ten) Business Days before the date on which the action or event is scheduled to occur, in the case of a Shareholders Meeting and in any other case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.If required in terms of the Companies Act and/or the Regulations, the Company will publish a

notice of a Record Date for any matter by –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.1.Delivering a copy to each Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.2.posting a conspicuous copy of the notice –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.2.1. at its principal office;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.2.2. on its website, if it has one; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.2.3. on any automated system of disseminating information maintained by the JSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **DIRECTORS AND ALTERNATE DIRECTORS, ELECTION, RETIREMENT AND VACANCIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.**Number of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.1. The minimum number of Directors shall be 10 (ten) and the maximum 16 (sixteen), provided a maximum of 5 (five) salaried employees of the Company may simultaneously hold the office of Director. This restriction shall not apply to Alternate Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.2.Any failure by the Company at any time to have the minimum number of Directors, does not limit or negate the authority of the Board, or invalidate anything done by the Board or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.**Rotation of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.1. At the Annual General Meeting held in each calendar year 1/3 (one third) of the Directors, or if their number is not a multiple of 3 (three), then the number nearest to, but not less than 1/3 (one third) (excluding those Directors appointed in terms of clause 22.4) shall retire from office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.2.The Directors who have been longest in office since their last election shall retire at each Annual General Meeting. As between Directors of equal seniority, the Directors to retire shall, in the absence of agreement, be selected from among them in alphabetical order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.3. Notwithstanding anything herein contained, if, at the date of any Annual General Meeting, a non-executive Director –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.3.1. has held office for a period of 5 (five) years since his last election, which election took place prior to 25 November 2016, he shall retire at such Meeting, either as one of the non-executive Directors to retire in terms of clause 22.2.1 read with clause 22.2.2 or in terms of this clause; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.3.2. has held office for a period of 9 (nine) years since his first election, which election took place on or after 25 November 2016, he shall retire at such Meeting, either as one of the non-executive Directors to retire in terms of clause 22.2.1, read with clause 22.2.2 or in terms

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of this clause, provided that the Board may nominate such Director for re-election by the Shareholders for additional periods of one year at a time, but that no Director's term of office shall exceed 12 (twelve) years.

A retiring non-executive Director shall act as a Director throughout the Annual General Meeting at which he retires. Retiring non-executive Directors may be re-elected, provided they are eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.**Election of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.1. A Shareholder shall be entitled to nominate by Written notice to the Company any Person as a Director (and an Alternate Director thereto) for election by Shareholders in terms of clause 22.3.8. Such Written notice must –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.1.1. be submitted to the Company Secretary by no later than the end of the 1 <sup>st</sup> (first) week in September each year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.1.2. include written confirmation from the Person to be nominated that he agrees to be nominated as Director and consents to serve as a Director should he be elected in terms of clause 22.3.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.2. The Directors shall, within the minimum and maximum limits stipulated in clause 22.1, determine the number of Directors, provided that there shall be 15 (fifteen) Directors until such time as the Directors determine another number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.3. Each of the Directors and the Alternate Directors, other than a Director contemplated in clause 22.4, shall be elected (which in the case of a vacancy arising shall take place at the next Annual General Meeting), in accordance with clause 22.3.8. Nominations of Persons to be elected as Alternate Directors at a particular Annual General Meeting in accordance with clause 22.3.8 will only be accepted by the Company if the Board has resolved to permit the election of any Alternate Directors at that particular Annual General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.4.An Alternate Director shall serve in the place of 1 (one) or more Director/s named in the resolution appointing or electing him, as the case may be, during the Director's/s' absence or inability to act as Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.5. If a Person is an Alternate Director to more than 1 (one) Director or if an Alternate Director is also a Director, he shall have a separate vote, on behalf of each Director he is representing in addition to his own vote, if any.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.6.Alternate Directors will cease to hold office if the Director (who he serves in place of during that Director's absence or inability to act as Director) ceases to be a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.7.There are no general qualifications prescribed by the Company for a Person to serve as a Director or an Alternate Director in addition to the requirements of the Companies Act. The Board with the assistance of the "Nomination, Governance, Social and Ethics Committee" must make recommendations to the Holders regarding the suitability of Persons nominated for election as Directors, taking into account their past performance and contribution, if applicable. A brief *curriculum vita* of each Person standing for election or re-election as a Director at a Meeting or the Annual General Meeting, must accompany the notice of the Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.8.In any election of Directors and Alternate Directors, the election is to be conducted as follows –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.8.1. a series of votes of those entitled to exercise votes regarding such election, each of which is on the candidacy of a single individual to fill a single vacancy, with the series of votes continuing until all vacancies on the Board at that time have been filled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.8.2. in each vote to fill a vacancy –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.8.2.1. each Voting Right entitled to be exercised may be exercised once; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.8.2.2. the vacancy is filled only if a majority of the Voting Rights exercised support the candidate, but if the number of Persons nominated for election exceeds the number of vacancies, the vacancies will be filled by those Persons who receive the highest number of votes in excess of a majority of the Voting Rights exercised in support of each of the candidates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3.9.No Person shall be appointed or elected as a Director or Alternate Director, if he is Ineligible or Disqualified in terms of the Companies Act and Regulations and any such appointment or election shall be a nullity. A Person placed under probation by a court must not serve as a Director or an Alternate Director unless the order of court so permits.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4. **Vacancies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4.1. Any vacancy occurring on the Board may be filled on a temporary basis by the Board with a Person who satisfies the requirements for election as a Director and is subject to all of the liabilities of any other Director, but so that the total number of the Directors shall not at any time exceed the maximum number fixed, if any, but the Individual so elected shall cease to hold office at the termination of the first Shareholders Meeting to be held after the appointment of such Individual as a Director unless he is elected at such Shareholders Meeting (and for the avoidance of doubt, if the first Shareholders Meeting held after his appointment is the Annual General Meeting, his ceasing to hold office at that Annual General Meeting shall not constitute a retirement by rotation and accordingly he shall not be included in the 1/3 (one third) of the non-executive Directors retiring from office at that Annual General Meeting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4.2. Should the number of Directors fall below the number fixed by or pursuant to this MOI as the minimum, the remaining Directors must, as soon as possible, and, in any event, not later than 3 (three) months from the date that the number of Directors falls below the minimum, fill the vacancies or call a Shareholders Meeting for the purpose of filling the vacancies. A failure by the Company to have the minimum number of Directors during the 3 (three) month period does not limit or negate the authority of the Board or invalidate anything done by the Board. After the expiry of the 3 (three) month period, the remaining Directors shall only be permitted to act for the purpose of filling vacancies or calling Shareholders Meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4.3.If there is no Director able and willing to act, then –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4.3.1. any Holder entitled to exercise Voting Rights in the election of a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4.3.2. the Company Secretary, may convene a Shareholders Meeting for the purpose of electing Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.**Record of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.1.The Company shall maintain a record of its Directors, including, in respect of each Director, that Person's -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.1.1. full name, and any former names;

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Approved by Special Resolution passed on 2 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.1.2. identity number or, if the Person does not have an identity number, the Person's date of birth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.1.3. nationality and passport number, if the Person is not a South African; 22.5.1.4. occupation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.1.5. date of their most recent election or appointment as Director of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.1.6. name and registration number of every other company or foreign company of which the Person is a director, and in the case of a foreign company, the nationality of that company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.1.7. the address for service for that Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.1.8. any professional qualifications and experience of the Director, to the extent necessary to enable the Company to comply with the requirement that at least one–third of the members of the Company's Audit committee at any particular time must have academic qualifications, or experience in economics, law, corporate governance, finance, accounting, commerce, industry, public affairs or human resource management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.2.With respect to each past Director, the Company must retain the information in terms of clause 22.5.1 for 7 (seven) years after the past Director retired from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **CESSATION OF OFFICE AS DIRECTOR OR ALTERNATE DIRECTOR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.A Director or Alternate Director shall cease to hold office as such –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.1.immediately he becomes Ineligible or Disqualified or the Board resolves to remove him on such basis and in the latter case the Director / Alternate Director has not within the permitted period filed an application for review or has filed such an application but the court has not yet confirmed the removal (during which period he/she shall be suspended);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.2.when his term of office contemplated in clauses 22.2, 22.3 and 22.4 expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.3.when he dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.4.when he resigns by Written notice to the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.5.if there are more than 3 (three) Directors in office and if the Board determines that he has become incapacitated to the extent that the Person is unable to perform the functions of a Director, and is unlikely to regain that capacity within a reasonable time, and the Director / Alternate Director has not within the permitted period filed an application for review or has filed such an application but the court has not yet confirmed the removal (during which period he shall be suspended);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.6.if he is declared delinquent by a court, or placed on probation under conditions that are inconsistent with continuing to be a Director of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.7.if he is removed by Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.8.if there are more than 3 (three) Directors in office and if he is removed by resolution of the Board for being negligent or derelict in performing the functions of a Director or having an interest that conflicts with the interests of the Company, and the Director / Alternate Director has not within the permitted period filed an application for review or has filed such an application but the court has not yet confirmed the removal (during which period he shall be suspended);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.9.if he files a petition for the surrender of his estate or an application for an administration order, or if he commits an act of insolvency as defined in the insolvency law for the time being in force, or if he makes any arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.10.if he is otherwise removed in accordance with any provisions of this MOI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.11.if he is absent from meetings of the Directors for 6 (six) consecutive months without leave of the Directors and is not at any such meeting during such 6 (six) consecutive months represented by an Alternate Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. **REMUNERATION OF DIRECTORS AND ALTERNATE DIRECTORS AND MEMBERS OF BOARD COMMITTEES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1. The Directors or Alternate Directors or members of Board committees shall be entitled to such remuneration for their services as Directors or Alternate Directors or members of Board Committees, the basis of which must be approved from time to time by Special Resolution within the previous 2 (two) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2. In addition, the Directors and Alternate Directors shall be entitled to be reimbursed by the Company for all reasonable expenses incurred in travelling to and from meetings of the Directors and Holders, and the members of the Board committees shall be entitled to all reasonable expenses in travelling to and from meetings of the members of the Board

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committees, as determined by a disinterested quorum of Directors. The Company may pay or grant any type of remuneration contemplated in sections 30(6)(b) to (g) to any executive Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.To the extent permitted in terms of the Companies Act, Listings Requirements or the listings requirements of any Exchange on which the Securities of the Company are listed in addition to the JSE, a Director may be employed –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.1.in any other capacity in the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.2.as a director or employee of a company controlled by, or itself a Subsidiary of, the Company, and in that event, his appointment and remuneration in respect of such other office must be determined by a disinterested quorum of Directors of the Company in clause 24.3.1 or the company referred to in clause 24.3.2, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. **FINANCIAL ASSISTANCE FOR DIRECTORS AND PRESCRIBED OFFICERS AND THEIR RELATED AND INTER-RELATED PARTIES** 

The Board's powers to provide direct or indirect financial assistance as contemplated in section 45(2) are not limited in any manner, provided all the requirements in section 45 have been met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. **GENERAL POWERS AND DUTIES OF DIRECTORS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.The powers granted to the Directors in terms of section 66(1) are not limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.The Directors may borrow money and secure the payment or repayment thereof upon terms and conditions which they may deem fit in all respects and, in particular, through the issue of debentures which bind as security all or any part of the property of the Company, both current and future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3.The Board must appoint a president and chief executive officer and a chief financial officer, both of whom shall be directors (provided always that the number of Directors so appointed as the holders of any such executive office, including a chairman who holds an executive office, but not a chairman who is a non-executive Director, shall at all times comply with clause 22.1.1) at such remuneration (whether by way of salary or commission, or participation in profits or partly in one way and partly in another) and generally on such terms it may think fit, and it may be made a term of his appointment that he be paid a pension, gratuity or other benefit on his retirement from office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.4.The Board may from time to time remove or dismiss a Director from any executive office referred to in clause 26.3 and appoint another or others in his or their place or places at such

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remuneration and on such terms as it may think fit. A Director appointed in an executive office is subject to the same provisions as to retirement by rotation and removal from office as other Directors of the Company. If the president and chief executive officer or the chief financial officer for any reason ceases to hold office as Director, he shall *ipso facto* immediately cease to be the president and chief executive officer or the chief financial officer, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.5.The Board may from time to time entrust to and confer upon a president and chief executive officer, chief financial officer, manager or Director holding a similar executive office any of the powers vested in the Directors as it may think fit for a period of time and to be exercised for general or specific objects and upon such terms and with such restrictions as it may think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.6.The Directors may exercise the Voting Rights attached to the shares in any other company held or owned by the Company in all respects in the manner in which they deem fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. **BOARD COMMITTEES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1.The Directors may appoint any number of Board committees and –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1.1.constitute such committees –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1.1.1. as required in terms of the Companies Act, Listings Requirements and the listings requirements of any Exchange on which the Securities of the Company are listed in addition to the JSE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1.1.2. as recommended in terms of any applicable code of good corporate governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1.2.delegate to such committees any authority of the Board, subject to the delegations of authority set out in the terms of reference applicable to each committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2. The members of any such committees may include Persons who are not Directors, but such Persons shall not be able to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.3. A Director may be appointed to more than one Board Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4. No Person shall be appointed as a member of a Board committee, if he is Ineligible or Disqualified and any such appointment shall be a nullity. A Person placed under probation by a court must not serve as a member of a Board committee unless the order of court so permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.5. The Board, from time to time, may prescribe general qualifications for an Individual to serve as a member of a Board committee in addition to the requirements of the Companies Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.6. A member of a Board committee shall cease to hold office as such immediately he becomes Ineligible or Disqualified in terms of the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.7.Committees of the Board may consult with or receive advice from any Person, provided that the prior written consent of the Company Secretary to any such consultation with, or request for advice from, any such Person has been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.8. Meetings and other proceedings of a committee of the Board consisting of more than 1 (one) member shall be governed by the provisions of this MOI regulating the meetings and proceedings of Directors in so far as they are applicable thereto and are not substituted by terms of reference provided for by the Board in terms of clause 27.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.9.The composition of such committees, a brief description of their mandates, the number of meetings held and other relevant information must be disclosed in the annual report of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. **PERSONAL FINANCIAL INTERESTS OF DIRECTORS AND PRESCRIBED OFFICERS AND MEMBERS OF BOARD COMMITTEES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1. For the purposes of this clause 28 (Personal Financial Interests of Directors and Prescribed Officers and Members of Board Committees), -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1.1."Director" includes an Alternate Director, a Prescribed Officer, and a Person who is a member of a committee of the Board, irrespective of whether or not the Person is also a member of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1.2."Related Person" when used in reference to a Director, has the meaning set out in section 1, but also includes a second company of which the Director or a Related Person is also a Director, or a close corporation of which the Director or a Related Person is a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2. This clause 28 (*Personal Financial Interests of Directors and Prescribed Officers and Members of Board Committees*) shall not apply to a Director in respect of a decision that may generally affect –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2.1.all of the Directors in their capacity as Directors, but in that case all the Directors shall act in accordance with and as if section 75(3) were applicable unless the Directors are acting pursuant to an authorisation given by the Holders for the Directors to make a decision within certain thresholds, relating to their capacity as Directors; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2.2.a class of Persons, despite the fact that the Director is one member of that class of Persons, unless the only members of the class are the Director or Persons Related or Inter-related to the Director. In such event the Director shall be treated as not having a Personal Financial Interest, unless the class is predominantly made up of Directors and Persons Related or Inter-related to such Directors and in the circumstances the conflict of the Director requires the provisions of this clause 28 (*Personal Financial Interests of Directors and Prescribed Officers and Members of Board Committees*) to apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3. If despite the Listings Requirements, there is only 1 (one) Director in office at any time, and since the Company is listed and that Director cannot as a result hold all of the Beneficial Interests of all of the issued Securities of the Company, that Director may not -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3.1. approve or enter into any agreement in which the Director or a Related Person has a Personal Financial Interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3.2. as a Director, determine any other matter in which the Director or a Related Person has a Personal Financial Interest,

unless the agreement or determination is approved by an Ordinary Resolution after the Director has disclosed the nature and extent of that Personal Financial Interest to those entitled to vote on such Ordinary Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4. At any time, a Director may disclose any Personal Financial Interest in advance, by delivering to the Board, or Holders (if the circumstances contemplated in clause 28.3 prevail), a notice in Writing setting out the nature and extent of that Personal Financial Interest, to be used generally by the Company until changed or withdrawn by further Written notice from that Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.5. If, in the reasonable view of the other non-conflicted Directors, a Director or the Related Person in respect of such Director acts in competition with the Company relating to the matter to be considered at the meeting of the Board, the Director shall only be entitled to such information concerning the matter to be considered at the meeting of the Board as shall be necessary to enable the Director to identify that such Personal Financial Interest exists or continues to exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.6. If a Director (whilst the circumstances contemplated in clause 28.3 are not applicable), has a Personal Financial Interest in respect of a matter to be considered at a meeting of the Board, or Knows that a Related Person has a Personal Financial Interest in the matter, that Director must comply with the requirements set out in section 75(5).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.7. If a Director acquires a Personal Financial Interest in an agreement or other matter in which the Company has a Material interest, or Knows that a Related Person has acquired a Personal Financial Interest in the matter, after the agreement or other matter has been approved by the Company, the Director must promptly disclose to the Board, or to the Holders entitled to vote (if the Company is a company contemplated in clause 28.3), the nature and extent of that Personal Financial Interest, and the material circumstances relating to the Director or Related Person's acquisition of that Personal Financial Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.8. A decision by the Board, or a transaction or agreement approved by the Board, or by the Holders (if the Company is a company contemplated in clause 28.3), is valid despite any Personal Financial Interest of a Director or Person Related to the Director, only if –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.8.1. it was approved following the disclosure of the Personal Financial Interest in the manner contemplated in this clause 28 (*Personal Financial Interests of Directors and Prescribed Officers and Members of Board Committees*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.8.2. despite having been approved without disclosure of that Personal Financial Interest, it has been ratified by an Ordinary Resolution following disclosure of that Personal Financial Interest or has been declared to be valid by a court.

29.**PROCEEDINGS OF DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1.**Convening of Directors Meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1.1. A Director authorised by the Board (or the Company Secretary on the request of a Director authorised by the Board) –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1.1.1. may, at any time, call a meeting of the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1.1.2. must call a meeting of the Directors if required to do so by at least –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1.1.2.1. 25% (twenty five per cent) of the Directors, in the case of a Board that has at least 12 (twelve) members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1.1.2.2. 2 (two) Directors, in any other case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1.2. The Board may meet together for the despatch of business, adjourn and otherwise regulate its meetings as its thinks fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1.3. All meetings shall be held at the place determined by the chairman and in the absence of the chairman, shall be held where the Company's Registered Office is for the time being situated. A meeting of Directors may be conducted by

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Electronic Communication and any of the Directors may participate in a meeting by Electronic Communication provided that the Electronic Communication facility employed ordinarily enables all Persons participating in that meeting to communicate concurrently with each other without an intermediary, and to participate effectively in the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.**Notice of Directors Meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.1. The Directors may determine what period of notice shall be given of meetings of Directors and may determine the means of giving such notice which may include telephone, telefax or Electronic Communication. For matters requiring urgent resolution by the Directors, notice of meetings may be given by telephone or Electronic Communication. It shall be necessary to give notice of a meeting of Directors to all Directors (including Alternate Directors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.2. If all of the Directors –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.2.1. acknowledge actual receipt of the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.2.2. are present at a meeting of the Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.2.3. waive notice of the meeting,

the meeting may proceed even if the Company failed to give the required notice of that meeting, or there was a defect in the giving of the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3.**Quorum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3.1. The quorum for a Directors' meeting is 5 (five) Directors of which not less than 3 (three) Directors shall be non-executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3.2. A meeting of Directors at which a quorum is present shall be authorised to exercise all or any of the powers and authorities which vest in the Directors or which may be exercised by them in terms of this MOI or the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.4.**Chairman**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.4.1. The Directors may elect a chairman, vice-chairman and/or lead independent non-executive Director of their meetings and determine the period for which they are to hold office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.4.2. If no chairman, vice-chairman or lead independent non-executive Director is elected, or if at any meeting the chairman or vice-chairman have given notice of

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their inability to be present at the meeting, or such chairman or vice-chairman is not present within 5 (five) minutes after the time appointed for holding it, or the chairman or vice-chairman is present at the Directors meeting but is unwilling to act as chairman, the Directors present may choose one of their number to be chairman of the meeting. If an interim vacancy in the office of chairman, vice- chairman or lead independent non-executive Director arises, the Directors may elect a chairman, vice-chairman or lead independent non-executive Director, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5.**Voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5.1. Each Director has 1 (one) vote on a matter before the Board and a majority of the votes cast on a resolution is sufficient to approve that resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5.2. In the case of a tied vote the chairman may not cast a deciding vote and the matter being voted on fails.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5.3. The Company must keep minutes of the meetings of the Board, and any of its committees as prescribed in the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5.4. Resolutions adopted by the Board –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5.4.1. must be dated and sequentially numbered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5.4.2. are effective as of the date of the resolution, unless the resolution states otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5.5. Any minutes of a meeting, or a resolution, or any extract therefrom, signed by the chairman of the meeting, or by the chairman of the next meeting of the Board, or by any Person authorised by the Board to sign same in his stead, or by any 2 (two) Directors, are/is evidence of the proceedings of that meeting, or adoption of that resolution, as the case may be without the necessity for further proof of the facts stated. The Company Secretary or his authorised nominee may sign an extract from the minutes of a Board meeting, or a resolution, which shall constitute evidence of the proceedings of that meeting, or adoption of that resolution, as the case may be without the necessity for further proof of the facts stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5.6. A Written resolution shall be as valid and effectual as if it had been passed at a meeting of the Directors duly called and constituted, provided that each Director who is able to receive notice, has received notice of the matter to be decided. For the purposes hereof a Written resolution means a resolution passed other than at a meeting of Directors, in respect of which, subject to clause 29.5.3, a majority

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of Directors (for which purpose one or more Alternate Directors shall be entitled to sign a round robin resolution if one or more Directors are not able to sign or timeously return a signed copy of the resolution, and without his vote/s the requisite majority cannot be achieved), voted in favour by signing in Writing a resolution in counterparts or otherwise. Any such resolution may consist of one or more documents, with the same form and contents, which in aggregate have been signed by the required number of Directors or Alternate Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. **VALIDITY OF ACTS OF DIRECTORS** 

As regards all persons dealing in good faith with the Company, all acts of a Director shall be valid notwithstanding any defect that may afterwards be discovered in his appointment or election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. **PRESCRIBED OFFICERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1. No Person shall act as a Prescribed Officer, if he is Ineligible or Disqualified. A Person placed under probation by a court must not consent to be appointed to an office or undertake any functions which would result in him being a Prescribed Officer nor act in such office nor undertake any such functions unless the order of court so permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2. A Prescribed Officer shall cease to hold office immediately after he becomes Ineligible or Disqualified in terms of the Companies Act or the Company's employment policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. **APPOINTMENT OF COMPANY SECRETARY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1. The Directors must appoint the Company Secretary from time to time, who –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1.1. shall be a permanent resident of South Africa and remain so while serving as Company Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1.2. shall have the requisite knowledge of, or experience in, any law relevant to or affecting the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1.3. may be a Juristic Person subject to the following –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1.3.1. every employee of that Juristic Person who provides company secretary services, or partner and employee of that partnership, as the case may be, is not Ineligible or Disqualified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1.3.2. at least 1 (one) employee of that Juristic Person, or one partner or employee of that partnership, as the case may be, satisfies the requirements in clauses 32.1.1 and 32.1.2;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2. Within 60 (sixty) Business Days after a vacancy arises in the office of Company Secretary, the Board must fill the vacancy by appointing a Person whom the Board considers to have the requisite knowledge and experience. A change in the membership of a Juristic Person or partnership that holds office as Company Secretary does not constitute a vacancy in the office of Company Secretary, if the Juristic Person or partnership continues to satisfy the requirements of clause 32.1.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3. If at any time a Juristic Person or partnership holds office as Company Secretary of the Company –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3.1. the Juristic Person or partnership must immediately notify the Board if the Juristic Person or partnership no longer satisfies the requirements of clause 32.1.3, and is regarded to have resigned as Company Secretary upon giving that notice to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3.2. the Company is entitled to assume that the Juristic Person or partnership satisfies the requirements of clause 32.1.3, until the Company has received a notice contemplated in clause 32.3.1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3.3. any action taken by the Juristic Person or partnership in performance of its functions as Company Secretary is not invalidated merely because the Juristic Person or partnership had ceased to satisfy the requirements of clause 32.1.3 at the time of that action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.4. The Company Secretary may resign from office by giving the Company 1 (one) month's Written notice or less than that with the prior Written approval of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.5. If the Company Secretary is removed from office by the Board, the Company Secretary may, by giving Written notice to that effect to the Company by not later than the end of the financial year in which the removal took place, require the Company to include a statement in its annual Financial Statements relating to that financial year, not exceeding a reasonable length, setting out the Company Secretary's contention as to the circumstances that resulted in the removal. The Company must include this statement in the Directors' report in its annual Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. **DISTRIBUTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1. The Company –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1.1. may make Distributions from time to time, provided that –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1.1.1. any such Distribution –

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1.1.1.1. is pursuant to an existing legal obligation of the Company, or a court order; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1.1.1.2. the Board, by resolution, has authorised the Distribution in accordance with the Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1.1.2. it reasonably appears that the Company will satisfy the Solvency and Liquidity Test immediately after completing the proposed Distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1.1.3. the Board, by resolution, has acknowledged that it has applied the Solvency and Liquidity Test and reasonably concluded that the Company will satisfy the Solvency and Liquidity Test immediately after completing the proposed Distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1.1.4. no obligation is imposed, if it is a distribution of capital, that the Company is entitled to require it to be subscribed again;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1.1.5. any payment to Shareholders which is not *pro rata* to all Shareholders will be regarded as a specific payment and will require the Company to obtain the approval of its Shareholders at a Shareholders Meeting, which approval is not required in respect of cash dividends paid out of retained income, scrip dividends or capitalisation issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1.1.6. where the underlying Securities are unlisted when the Company effects a Distribution *in specie* by way of an unbundling (either by way of *pro rata* or specific payment) or where such Securities become unlisted as a result of the unbundling, Shareholder approval is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1.2. must before incurring any debt or other obligation for the benefit of any Holders, comply with the requirements in clause 33.1.1,

and must complete any such Distribution fully within 120 (one hundred and twenty) Business Days after the acknowledgement referred to in clause 33.1.1, failing which it must again comply with the aforegoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.2. No notice of change of address or instructions as to payment received less than 3 (three) Business Days before the date of payment of the dividend of other Distribution shall become effective until after the dividend or other Distribution has been made, unless the Board so determines at the time the dividend or other Distribution is approved.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.3. All unclaimed Distributions as contemplated in this clause -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.3.1. will be held for a period of 3 (three) years without the Company being entitled to use same; and may be invested or otherwise be made use of by the Directors for the benefit of the Company until claimed, without the payment of interest, provided that any dividend or other Distribution remaining unclaimed for a period of not less than 12 (twelve) years from the date on which it became payable may be forfeited by resolution of the Directors for the benefit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.3.2. After the expiry of the 3 (three) year period referred to in clause 33.3.1, may be invested or otherwise be made use of by the Directors for the benefit of the Company,

without the payment of interest, provided that any dividend or other Distribution remaining unclaimed for a period of not less than 12 (twelve) years from the date on which it became payable may be forfeited by resolution of the Directors for the benefit of the Company and upon the passing of such resolution the Holders concerned shall no longer have any claim against the Company in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.4. The Company shall be entitled at any time to delegate its obligations in respect of unclaimed dividends or other unclaimed Distributions, to any one of the Company's bankers from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.5. Where Shareholders reside outside South Africa, the Directors are empowered, subject to applicable law, to make Distributions in another appropriate currency and in such case to determine the date upon which and the exchange rate at which the Distributions shall be converted into that other currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.6. If any problem arises in connection with a Distribution, the Directors may settle same as they deem fit, and in particular may determine the value in respect of a Distribution *in specie* of the assets forming part thereof, and may determine to make cash payments as necessary, and may vest any such assets in trustees upon such trust for the Persons entitled to the Distribution as they deem fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.7. If several Persons are registered as the joint Holders of any Security, any one of such Persons may give valid receipts for all the Distributions in respect of such Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.8. Each Holder shall provide the Company with his banking details in Writing and notify the Company in Writing of any changes to such banking details. A Distribution will be paid by electronic funds transfer or otherwise as the Board may from time to time decide. Proof of payment shall be sent to the Electronic Address of the Holder entitled thereto or to any other address requested by him in the case of joint Holders to that one of them named first in the

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Securities Register in respect of such joint Holding, and such proof of payment exempts the Company of liability in respect of such dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. **LOSS OF DOCUMENTS** 

The Company shall not be responsible for the loss in transmission of any document sent through the post either to the registered address of any Holder or to any other address requested by the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. **NOTICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.1. The Company may give notices, documents, records or statements by personal delivery to the Holder or holder of Beneficial Interests or by sending them prepaid through the post or by transmitting them by fax or by Electronic Communication to such Person's last known address. The Company must give notice of:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.1.1. any Shareholders Meeting in the manner referred to in clause 35.1 to each Person entitled to vote at such Shareholders Meeting, other than proxies and Persons entitled to vote at such Shareholders Meeting who have elected not to receive such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.1.2. availability of a document, record or statement to the Holder or holder of Beneficial Interests in the manner prescribed in the Companies Act and/or the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.2. Any Holder or holder of Beneficial Interests who/which has furnished an Electronic Address to the Company, by doing so:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.2.1. authorises the Company to use Electronic Communication to give notices, documents, records or statements to him; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.2.2. confirms that same can conveniently be printed by the Holder / holder of the Beneficial Interests within a reasonable time and at a reasonable cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.3. A Holder or Person entitled to Securities (or his executor) shall be bound by every notice in respect of the Securities Delivered to the Person who was, at the date on which that notice was Delivered, shown in the Securities Register or established to the satisfaction of the Directors (as the case may be) as the Holder of or Person entitled to the Securities, notwithstanding that the Holder or Person entitled to Securities may then have been dead or may subsequently have died or have been or become otherwise incapable of acting in respect of the Securities, and notwithstanding any transfer of the Securities was not registered at that date. The Company shall not be bound to enter any Person in the Securities Register as

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entitled to any Securities until that Person gives the Company an address for entry on the Securities Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.4. If joint Holders are registered in respect of any Securities or if more than 1 (one) Person is entitled to Securities, all notices shall be given to the Person named first in the Securities Register in respect of the Securities, and notice so Delivered shall be sufficient notice to all the Holders of or Persons entitled to or otherwise interested in the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.5. The Company shall not be bound to use any method of giving notice, documents, records or statements or notices of availability of the aforegoing, contemplated in the Regulations in respect of which provision is made for deemed delivery, but if the Company does use such a method, the notice, document, record or statement or notice of availability of the aforegoing shall be deemed to be delivered on the day determined in accordance with Table CR3 in the Regulations (which is included as Schedule 3 for easy reference but which does not form part of this MOI for purposes of interpretation). In any other case, when a given number of days' notice or notice extending over any period is required to be given (which are not Business Days which shall be calculated in accordance with clause 2 (*Calculation of Business Days*)), the provisions of clause 2 (*Calculation of Business Days*) shall also be applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.6. The holder of a Share warrant to bearer shall not, unless it be otherwise expressed in the warrant, be entitled in respect thereof to notice of any Shareholders Meeting or otherwise, except by way of advertisement in a Johannesburg daily newspaper, provided that where a branch Securities Register or transfer office has been established, such advertisement shall also be inserted in at least 1 (one) daily newspaper circulating in the district in which any branch Securities Register or transfer office is located, for at least 7 (seven) days. Any notice given by advertisement shall be deemed to have been delivered on the first day when the newspaper containing such advertisement shall be published.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.7. As regards the signature of an Electronic Communication by a Holder, it shall be in such form as the Directors may specify to demonstrate that the Electronic Communication is genuine, or failing any such specification by the Directors, subject to section 13 of the Electronic Communications and Transactions Act, it shall be constituted by the Holder indicating in the Electronic Communication that it is the Holder's intention to use the Electronic Communication as the medium to indicate the Holder's approval of the information in, or the Holder's signature of the document in or attached to, the Electronic Communication which contains the name of the Holder sending it in the body of the Electronic Communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. **INDEMNITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.1. For the purposes of this clause 36 (*Indemnity*), "Director" includes a former Director, an Alternate Director, a Prescribed Officer, a Person who is a member of a committee of the

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Approved by Special Resolution passed on 2 December 2022

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Board, irrespective of whether or not the Person is also a member of the Board and a member of the Audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2. The Company may:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2.1. not directly or indirectly pay any fine that may be imposed on a Director, or on a Director of a Related company, as a consequence of that Director having been convicted of an offence in terms of any national legislation unless the conviction was based on strict liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2.2. advance expenses to a Director to defend litigation in any proceedings arising out of the Director's service to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2.3. directly or indirectly indemnify a Director for:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2.3.1. any liability, other than in respect of:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2.3.1.1. any liability arising in terms of section 77(3)(a), (b) or (c) or from wilful misconduct or wilful breach of trust on the part of the Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2.3.1.2. any fine contemplated in clause 36.2.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2.3.2. any expenses contemplated in clause 36.2.2, irrespective of whether it has advanced those expenses, if the proceedings:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2.3.2.1. are abandoned or exculpate the Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2.3.2.2. arise in respect of any other liability for which the Company may indemnify the Director in terms of clause 36.2.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3. The Company may purchase insurance to protect:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3.1. a Director against any liability or expenses contemplated in clause 36.2.2 or 36.2.3; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3.2. the Company against any contingency including but not limited to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3.2.1. any expenses:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3.2.1.1. that the Company is permitted to advance in accordance with clause 36.2.2; or

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Approved by Special Resolution passed on 2 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3.2.1.2. for which the Company is permitted to indemnify a Director in accordance with clause 36.2.3.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3.2.2. any liability for which the Company is permitted to indemnify a Director in accordance with clause 36.2.3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.4. The Company is entitled to claim restitution from a Director or of a Related company for any money paid directly or indirectly by the Company to or on behalf of that Director in any manner inconsistent with section 78.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.5. Subject to the provisions of this MOI, no Director is liable for the acts, receipts, neglect or default of any other Director, or for joining, for the sake of conformity, in any receipt or other act, or for loss or expense suffered or incurred by the Company as a result of the insufficiency or deficiency of title to any property acquired by order of the Directors for and on behalf of the Company, or for the insufficiency or deficiency of any security in or upon which any of the money of the Company shall be invested, or for any loss or damage arising from the bankruptcy, insolvency or unlawful act of any Person with whom money or Securities were deposited, or for any loss or damage occasioned by any error of judgement or oversight on his part, or for any other loss, damage or misfortune of whatever nature which occurred in the execution of the duties of his office or in relation thereto, unless same occurred in consequence of his own negligence, neglect, breach of duty or disregard of a trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. **REPURCHASE OF SECURITIES** 

Subject to clause 39.5, the Company is authorised to repurchase its Securities subject to compliance with the Companies Act and the Listings Requirements, including for the purposes of an odd-lot offer as contemplated in the Listings Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. **WINDING-UP** 

Upon winding-up, any part of the assets of the Company remaining after the payment of the debts and liabilities of the Company and the costs of liquidation, including Securities of other companies, may:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.1. with the sanction of a Special Resolution, be divided *in specie* among the Shareholders in proportion to the number of Shares respectively held by each of them, provided that the provisions of this MOI shall be subject to the rights of the Holders of Securities issued upon special conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.2. with the same sanction, be vested in trustees for the benefit of such Shareholders, and the liquidation of the Company may be finalised and the Company dissolved.

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Approved by Special Resolution passed on 2 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. **CONTACT DETAILS** 

The Holder of any class of Shares in the issued Share capital of the Company consents to the release by his Participant, Broker, Nominee Company, and/or Agent, as the case may be, of all his contact details to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. **RIGHTS, PRIVILEGES AND RESTRICTIONS ATTACHING TO THE SASOL BEE ORDINARY SHARES** 

The Sasol BEE Ordinary Shares will rank *pari passu* with the Ordinary Shares in the capital of the Company, save that for so long as the Sasol BEE Ordinary Shares are listed on an exchange licensed pursuant to the Financial Markets Act, or such shorter period as may be determined by the Company in its sole and absolute discretion and notified in one national South African newspaper and, if the Sasol BEE Ordinary Shares are then listed on the JSE, on the Securities Exchange News Service (i.e. the "**Empowerment Period**"), the Sasol BEE Ordinary Shares shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.1. be beneficially owned by and registered in the name of a BEE Compliant Person (as defined in the JSE Listings Requirements); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.2. have the rights, privileges and restrictions set out in Schedule 4.

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Approved by Special Resolution passed on 2 December 2022

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**Schedule 1** **- Definitions in the Companies Act**

"**accounting records**" means information in written or electronic form concerning the financial affairs of a company as required in terms of this Act including, but not limited to, purchase and sales records, general and subsidiary ledgers and other documents and books used in the preparation of financial statements;<sup>1</sup>

"**alternate director**" means a person elected or appointed to serve, as the occasion requires, as a member of the board of a company in substitution for a particular elected or appointed director of that company;

"**amalgamation or merger**" means a transaction, or series of transactions, pursuant to an agreement between two or more companies, resulting in-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* the formation of one or more new companies, which together hold all of the assets and liabilities that were held by any of the amalgamating or merging companies immediately before the implementation of the agreement, and the dissolution of each of the amalgamating or merging companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* the survival of at least one of the amalgamating or merging companies, with or without the formation of one or more new companies, and the vesting in the surviving company or companies, together with any such new company or companies, of all of the assets and liabilities that were held by any of the amalgamating or merging companies immediately before the implementation of the agreement;

"**annual general meeting**" means the meeting of a public company required by section 61(7);

"**audit**" has the meaning set out in the Auditing Profession Act, but does not include an "independent review" of annual financial statements, as contemplated in section 30(2)(b)(ii)(bb);

"**Auditing Profession Act**" means the Auditing Profession Act, 2005 (Act No. 26 of 2005);

"**auditor**" has the meaning set out in the Auditing Profession Act;

"**beneficial interest**", when used in relation to a company's securities, means the right or entitlement of a person, through ownership, agreement, relationship or otherwise, alone or together with another person to—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* receive or participate in any distribution in respect of the company's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* exercise or cause to be exercised, in the ordinary course, any or all of the rights attaching to the company's securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* dispose or direct the disposition of the company's securities, or any part of a distribution in respect of the securities,

but does not include any interest held by a person in a unit trust or collective investment scheme in terms of the Collective Investment Schemes Act, 2002 (Act No. 45 of 2002);

"**board**" means the board of directors of a company;

"**business days**" has the meaning determined in accordance with section 5(3);

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<sup>1</sup> Regulation 25(3) contains requirements as to what the accounting records must include.

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"**central securities depository**" has the meaning set out in section 1 of the Securities Services Act, 2004 (Act No. 36 of 2004);

"**Commission**" means the Companies and Intellectual Property Commission established by section 185;

"**company**" means a juristic person incorporated in terms of this Act, a domesticated company, or a juristic person that, immediately before the effective date —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* was registered in terms of the —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* Companies Act, 1973 (Act No. 61 of 1973), other than as an external company as defined in that Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* Close Corporations Act, 1984 (Act No. 69 of 1984), if it has subsequently been converted in terms of Schedule 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* was in existence and recognised as an 'existing company' in terms of the Companies Act, 1973 (Act No. 61 of 1973); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* was deregistered in terms of the Companies Act, 1973 (Act No. 61 of 1973), and has subsequently been re-registered in terms of this Act;

"**Competition Act**", means the Competition Act, 1998 (Act No. 89 of 1998);

"**consideration**", means anything of value given and accepted in exchange for any property, service, act, omission or forbearance or any other thing of value, including-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any money, property, negotiable instrument, securities, investment credit facility, token or ticket;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any labour, barter or similar exchange of one thing for another; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other thing, undertaking, promise, agreement or assurance, irrespective of its apparent or intrinsic value, or whether it is transferred directly or indirectly;

"**convertible**" when used in relation to any securities of a company, means securities that may, by their terms, be converted into other securities of the company, including—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* any non-voting securities issued by the company and which will become voting securities—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the happening of a designated event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the holder of those securities so elects at some time after acquiring them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* options to acquire securities to be issued by the company, irrespective of whether those securities may be voting securities, or non-voting securities contemplated in paragraph *(a)*;

"**director**" means a member of the board of a company, as contemplated in section 66, or an alternate director of a company and includes any person occupying the position of a director or alternative director, by whatever name designated.

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"**distribution**" means a direct or indirect—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* transfer by a company of money or other property of the company, other than its own shares, to or for the benefit of one or more holders of any of the shares or to the holder of a beneficial interest in any such shares, of that company or of another company within the same group of companies, whether—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the form of a dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as a payment in lieu of a capitalisation share, as contemplated in section 47;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as consideration for the acquisition—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(aa)* by the company of any of its shares, as contemplated in section 48; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(bb)* by any company within the same group of companies, of any shares of a company within that group of companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) otherwise in respect of any of the shares of that company or of another company within the same group of companies, subject to section 164(19);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* incurrence of a debt or other obligation by a company for the benefit of one or more holders of any of the shares of that company or of another company within the same group of companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* forgiveness or waiver by a company of a debt or other obligation owed to the company by one or more holders of any of the shares of that company or of another company within the same group of companies,

but does not include any such action taken upon the final liquidation of the company;

"**effective date**", with reference to any particular provision of this Act, means the date on which that provision came into operation in terms of section 225;

"**electronic communication**" has the meaning set out in section 1 of the Electronic Communications and Transactions Act;

"**Electronic Communications and Transactions Act**" means the Electronic Communications and Transactions Act, 2002 (Act No. 25 of 2002);

"**exchange**" when used as a noun, has the meaning set out in section 1 of the Securities Services Act, 2004 (Act No. 36 of 2004);

"**exercise**", when used in relation to voting rights, includes voting by proxy, nominee, trustee or other person in a similar capacity;

"**external company**" means a foreign company that is carrying on business, or non-profit activities, as the case may be, within the Republic, subject to section 23(2);

"**financial statemen**t" includes—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* annual financial statements and provisional annual financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* interim or preliminary reports;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* group and consolidated financial statements in the case of a group of companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d)* financial information in a circular, prospectus or provisional announcement of results, that an actual or prospective creditor or holder of the company's securities, or the Commission, Panel or other regulatory authority, may reasonably be expected to rely on;

"**group of companies**" means a holding company and all of its subsidiaries;

"**holding company**", in relation to a subsidiary, means a juristic person that controls that subsidiary as a result of any circumstances contemplated in section 2(2)(a) or 3(1)(a);

"**individual**" means a natural person;

"**inter-related**", when used in respect of three or more persons, means persons who are related to one another in a linked series of relationships, such that two of the persons are related in a manner contemplated in section 2(1) and one of them is related to the third in any such manner, and so forth in an unbroken series;

"**juristic person**" includes—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* a foreign company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* a trust, irrespective of whether or not it was established within or outside the Republic;

"**knowing**", "**knowingly**" or "**knows**", when used with respect to a person, and in relation to a particular matter, means that the person either—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Had actual knowledge of the matter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Was in a position in which the person reasonably ought to have—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) had actual knowledge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) investigated the matter to an extent that would have provided the person with actual knowledge; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) taken other measures which, if taken, could reasonably be expected to have provided the person with actual knowledge of the matter;

"**material**" when used as an adjective, means significant in the circumstances of a particular matter, to a degree that is-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of consequence in determining the matter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) might reasonably affect a person's judgement or decision-making in the matter;

"**nominee**" has the meaning set out in section 1 of the Securities Services Act, 2004 (Act No. 36 of 2004);

"**ordinary resolution**" means a resolution adopted with the support of more than 50% of the voting rights exercised on the resolution, or a higher percentage as contemplated in section 65(8) —

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* at a shareholders meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* by holders of the company's securities acting other than at a meeting, as contemplated in section 60;

"**person**" includes a juristic person;

"**personal financial interest**", when used with respect to any person—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* means a direct material interest of that person, of a financial, monetary or economic nature, or to which a monetary value may be attributed; but

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* does not include any interest held by a person in a unit trust or collective investment scheme in terms of the Collective Investment Schemes Act, 2002 (Act No. 45 of 2002), unless that person has direct control over the investment decisions of that fund or investment;

"**prescribed officer**" means a person who, within a company, performs any function that has been designated by the Minister in terms of section 66(10);

"**present at a meeting**" means to be present in person, or able to participate in the meeting by electronic communication, or to be represented by a proxy who is present in person or able to participate in the meeting by electronic communication;

"**private company**" means a profit company that—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* is not a public, personal liability or state-owned company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* satisfies the criteria set out in section 8(2)(b);

"**profit company**" means a company incorporated for the purpose of financial gain for its shareholders;

"**public company**" means a profit company that is not a state-owned company, a private company or a personal liability company;

"**record date**" means the date established under section 59 on which a company determines the identity of its shareholders and their shareholdings for the purposes of this Act;

"**registered auditor**" has the meaning set out in the Auditing Profession Act;

"**registered office**" means the office of a company, or of an external company, that is registered as required by section 23;

"**related**", when used in respect of two persons, means persons who are connected to one another in any manner contemplated in section 2(1)(a) to section (c*)*;

"**rules**" and "**rules of a company**" means any rules made by a company as contemplated in section 15(3) to (5);

"**securities**" means any shares, debentures or other instruments, irrespective of their form or title, issued or authorised to be issued by a profit company;

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"**securities register**" means the register required to be established by a profit company in terms of section 50(1);

"**share**" means one of the units into which the proprietary interest in a profit company is divided;

"**shareholder**", subject to section 57(1), means the holder of a share issued by a company and who is entered as such in the certificated or uncertificated securities register, as the case may be;

"**shareholders meeting**", with respect to any particular matter concerning a company, means a meeting of those holders of that company's issued securities who are entitled to exercise voting rights in relation to that matter;

"**solvency and liquidity test**" means the test set out in section 4 (1);

"**special resolution**" means—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* in the case of a company, a resolution adopted with the support of at least 75% of the voting rights exercised on the resolution, or a different percentage as contemplated in section 65(10) -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at a shareholders meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by holders of the company's securities acting other than at a meeting, as contemplated in section 60; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* in the case of any other juristic person, a decision by the owner or owners of that person, or by another authorised person, that requires the highest level of support in order to be adopted, in terms of the relevant law under which that juristic person was incorporated;

"**subsidiary**" has the meaning determined in accordance with section 3;

"**voting power**", with respect to any matter to be decided by a company, means the voting rights that may be exercised in connection with that matter by a particular person, as a percentage of all such voting rights;

"**voting rights**", with respect to any matter to be decided by a company, means -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the rights of any holder of the company's securities to vote in connection with that matter, in the case of a profit company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the rights of a member to vote in connection with the matter, in the case of a non-profit company;

"**voting securities**", with respect to any particular matter, means securities that—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* carry voting rights with respect to that matter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* are presently convertible to securities that carry voting rights with respect to that matter.

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**Schedule 2** **- Ineligible / disqualified in terms of section 69(7) and (8) of the Companies Act read with Regulation 39(3)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A Person is ineligible to be a Director if the Person –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. is a Juristic Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. is an unemancipated minor, or is under a similar legal disability; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. does not satisfy any qualification set out in the MOI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A person is disqualified to be a Director if –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. a court has prohibited that Person to be a Director, or declared the Person to be delinquent in terms of section 162, or in terms of section 47 of the Close Corporations Act, 1984 (Act No. 69 of 1984); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. the Person –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1. is an unrehabilitated insolvent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2. is prohibited in terms of any public regulation to be a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3. has been removed from an office of trust, on the grounds of misconduct involving dishonesty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4. has been convicted, in the Republic or elsewhere, and imprisoned without the option of a fine, or fined more than R1 000,00 (one thousand rand), for theft, fraud, forgery, perjury or an offence –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4.1. involving fraud, misrepresentation or dishonesty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4.2. in connection with the promotion, formation or management of a company, or in connection with any act contemplated in subsection (2) or (5); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4.3. under the Companies Act, the Insolvency Act, 1936 (Act No. 24 of 1936), the Close Corporations Act, 1984, the Competition Act, the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001), the Securities Services Act, 2004 (Act No. 36 of 2004), or Chapter 2 of the Prevention and Combating of Corruption Activities Act, 2004 (Act No. 12 of 2004).

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**Schedule 3** **- Prescribed methods of delivery in the Regulations**

---

| | | |
|:---|:---|:---|
| **Person to whom the document is to be delivered** | **Method of delivery** | **Date and Time of Deemed delivery** |
| Any Person  | By faxing the notice or a certified copy of the document to the Person, if the Person has a fax number;  | On the date and at the time recorded by the fax receiver, unless there is conclusive evidence that it was delivered on a different date or at a different time.  |
|  | By sending the notice or a copy of the document by electronic mail, if the Person has an Electronic Address;  | On the date and at the time recorded by the computer used by the Company, unless there is conclusive evidence that it was delivered on a different date or at a different time.  |
|  | By sending the notice or a certified copy of the document by registered post to the Person's last known address;  | On the 7th (seventh) day following the day on which the notice or document was posted as recorded by a post office, unless there is conclusive evidence that it was delivered on a different day.  |
|  | By any other means authorised by the High Court; or  | In accordance with the order of the High Court.  |
|  | By any other method allowed for that Person in terms of the following rows of this Table.  | As provided for that method of delivery.  |
| Any natural Person  | By handing the notice or a certified copy of the document to the Person, or to any representative authorised in Writing to accept service on behalf of the Person;  | On the date and at the time recorded on a receipt for the delivery.  |
|  | By leaving the notice or a certified copy of the document at the Person's place of residence or business with any other Person who is apparently at least 16 (sixteen) years old and in charge of the premises at the time;  | On the date and at the time recorded on a receipt for the delivery.  |

---

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---

| | | |
|:---|:---|:---|
| **Person to whom the document is to be delivered**  | **Method of delivery** | **Date and Time of Deemed delivery** |
|  | By leaving the notice or a certified copy of the document at the Person's place of employment with any Person who is apparently at least 16 (sixteen) years old and apparently in authority.  | On the date and at the time recorded on a receipt for the delivery.  |
| A company or similar body corporate  | By handing the notice or a certified copy of the document to a responsible employee of the company or body corporate at its registered office or its principal place  | On the date and at the time recorded on a receipt for the delivery.  |
|  | If there is no employee willing to accept service, by affixing the notice or a certified copy of the document  | On the date and at the time sworn to by affidavit of the Person who affixed the document, unless there is conclusive  |
|  | to the main door of the office or place of business.  | evidence that the document was affixed on a different date or at a different time.  |
| The state or a province  | By handing the notice or a certified copy of the document to a responsible employee in any office of the State Attorney.  | On the date and at the time recorded on a receipt for the delivery.  |
| A municipality  | By handing the notice or a certified copy of the document to the town clerk, assistant town clerk or any Person acting on behalf of that Person.  | On the date and at the time recorded on a receipt for the delivery.  |

---

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---

| | | |
|:---|:---|:---|
| **Person to whom the document is to be delivered**  | **Method of delivery** | **Date and Time of Deemed delivery** |
| A trade union  | By handing the notice or a certified copy of the document to a responsible employee who is apparently in charge of the main office of the union or for the purposes of section 13(2), if there is a union office within the magisterial district of the firm required to notify its employees, in terms of the Regulations at that office.  | On the date and at the time recorded on a receipt for the delivery.  |
|  | If there is no person willing to accept service, by affixing a certified copy of the notice or document to the main door of that office.  | On the date and at the time sworn to by affidavit of the Person who affixed the document, unless there is conclusive evidence that the document was affixed on a different date or at a different time.  |
| Employees of the Company  | By fixing the notice or certified copy of the document, in a prominent place in the workplace where it can be easily read by employees.  | On the date and at the time sworn to by affidavit of the Person who affixed the document, unless there is conclusive evidence that the document was affixed on a different date or at a different time.  |
| A partnership, firm or association  | By handing the notice or a certified copy of the document to a Person who is apparently in charge of the premises and apparently at least 16 (sixteen) years of age, at the place of business of the partnership, firm or association;  | On the date and at the time recorded on a receipt for the delivery.  |

---

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------

---

| | | |
|:---|:---|:---|
| **Person to whom the document is to be delivered**  | **Method of delivery** | **Date and Time of Deemed delivery** |
|  | If the partnership, firm or association has no place of business, by handing the notice or a certified copy of the document to a partner, the owner of the firm, or the chairman or secretary of the managing or other controlling body of the association, as the case may be.  | On the date and at the time recorded on a receipt for the delivery.  |

---

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**Schedule 4** **- Terms which govern Holders of Sasol BEE Ordinary Shares**

1.**INTRODUCTION AND INTERPRETATION**

In this Schedule 4 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. capitalised terms used but not defined herein will bear the same meanings as in clause 1 of the MOI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. the following terms shall have the following meanings -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1. "**BEE Certificate**" means an original or copy of a certificate issued by a verification agency accredited by the accreditation body contemplated in the Codes, certifying that the person identified in the certificate is a BEE Compliant Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2. "**BEE Compliant Person**" means as interpreted by the courts, from time to time –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2.1. as regards a natural person, one who falls within the ambit of the definition of "black people" in the Codes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2.2. as regards a Juristic Person having a shareholding or similar members' interests, one who falls within the ambit of the definitions of B-BBEE controlled company or B-BBEE owned company, as defined in the Codes, using the flow-through principle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2.3. as regards any other entity, any entity similar to a B-BBEE controlled company or B-BBEE owned company using the flow- through principle which would enable the issuer of Securities owned or controlled by such entity to claim points attributable to the entity's ownership of the Securities pursuant to the Codes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3. "**BEE Verification Agent**" means the Company itself, or an agent appointed from time to time by the Company in its sole discretion, conducting the BEE Verification Process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4. "**BEE Verification Process**" means the verification of a potential purchaser of Sasol BEE Ordinary Shares by the BEE Verification Agent, with a view to determining whether such potential purchaser -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4.1. is a BEE Compliant Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4.2. has been advised of the necessary restrictions, limitations and requirements applicable to such Sasol BEE Ordinary Shares from

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time to time in order to achieve the continued ownership of Sasol BEE Ordinary Shares by BEE Compliant Persons as set out in the MOI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4.3. has accepted the prevailing terms and conditions of the Company's BEE ownership scheme as set out in the MOI, and has completed and/or signed all documents required in terms of such ownership scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5. "**BEE Verified Person**" means any person who has been verified by the BEE Verification Agent as a BEE Compliant Person in the BEE Verification Process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6. "**Beneficial Owner**" means, in respect of the Sasol BEE Ordinary Shares, the person or entity to whom the risks and rewards of ownership are attributable which is typically evidenced by -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6.1. the right or entitlement to receive any dividend payable in respect of those Sasol BEE Ordinary Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6.2. the right to exercise or cause to be exercised in the ordinary course of events, any or all of the voting, conversion, redemption or other rights attached to those Sasol BEE Ordinary Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6.3. the right to dispose of or direct the disposition of those Sasol BEE Ordinary Shares, or any part of a distribution in respect of those Sasol BEE Ordinary Shares and to have the benefit of the proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.7. "**Company's Nominee**" means the Sasol Khanyisa Warehousing Trust, IT Reference Number: 001293/2018(G) or such other warehousing or facilitation trust as the Company may appoint from time to time, in its discretion, to acquire Sasol BEE Ordinary Shares in the circumstances contemplated in These Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.8. "**Codes**" means the Broad-Based Black Economic Empowerment Codes of Good Practice gazetted under the Broad-Based Black Economic Empowerment Act, 2003;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.9. "**Custodian**" means a custodian of the Sasol BEE Ordinary Shares appointed by the Company from time to time, in its discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.10. "**Effective Date**" means the date on which These Terms take effect, which date will be determined by the Company, at its sole discretion, and announced to the Holders of the Sasol BEE Ordinary Shares in one national South African newspaper and on Stock Exchange News Service of the JSE;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.11. "**Empowerment Period**" the period for so long as the Sasol BEE Ordinary Shares are listed on an exchange licensed pursuant to the Financial Markets Act, 2012 (or any replacement legislation), or such shorter period as may be determined by the Company in its sole and absolute discretion and notified in one national South African newspaper and, if the Sasol BEE Ordinary Shares are then listed on the JSE, on the Securities Exchange News Service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.12. "**Encumbrance**" means any encumbrance or any other arrangement which has a similar effect as the granting of security and "**Encumber**" shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.13. "**Forced Sale Value**" means as regards –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.13.1. Sasol BEE Ordinary Shares which were subscribed for and/or acquired at any time during the period from 7 September 2008, when the Sasol BEE Ordinary Shares were first allotted and issued, to 7 February 2011, being the date on which the Sasol BEE Ordinary Share were first listed on the JSE, and which have since 7 February 2011 continued to be held in certificated form, the 5 (five) day volume weighted average price of a Sasol Ordinary Share, subject to an appropriate adjustment in the event of any corporate action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.13.2. any other Sasol BEE Ordinary Shares, the 5 (five) day volume weighted average price of a Sasol BEE Ordinary Share, being the total value of the Sasol BEE Ordinary Shares traded for that period divided by the total number of the Sasol BEE Ordinary Shares traded for that period. In the event of any corporate action, the value will be adjusted appropriately if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.14. "**Off Market**" means a sale of Sasol BEE Ordinary Shares other than on an exchange licensed pursuant to the Financial Markets Act, 2012 (or any replacement legislation) on which the Sasol BEE Ordinary Shares are then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.15. "**Own Name Client**" means a person whose own name is on the main register of the Company and in whom/which the benefits of the bundle of rights attaching to dematerialised Sasol BEE Ordinary Shares so registered in his/her/its name vest, which is typically evidenced by one or more of the following -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.15.1. the right or entitlement to receive any dividend or interest payable in respect of those Sasol BEE Ordinary Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.15.2. the right to exercise or cause to be exercised in the ordinary course of events, any or all of the voting, conversion, redemption or other rights attached to those Sasol BEE Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.15.3. the right to dispose or direct the disposition of those Sasol BEE Ordinary Shares, or any part of a distribution in respect of those Sasol BEE Ordinary Shares and to have the benefit of the proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.16. "**Sell**" means sell or otherwise dispose of or transfer (including, but without limiting the generality of the aforegoing, by way of donation or dividend or distribution of assets) and "**Sale**" and "**Sold**" shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.17. "**These Terms**" means the provisions of this Schedule 4, which must be read with the provisions of clause 40 of the MOI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.18. "**Transfer Secretaries**" means a transfer secretary selected by Sasol from time to time in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. Any reference in These Terms to a Holder of Sasol BEE Ordinary Shares shall -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1. if a Holder of Sasol BEE Ordinary Shares is liquidated or sequestrated, as the case may be, be applicable also to and binding upon the liquidator or trustee of such Holder of Sasol BEE Ordinary Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2. if a Holder of Sasol BEE Ordinary Shares is a natural person who dies, be applicable also to and binding upon the executor of such Holder's estate.

2.**APPLICATION AND COMING INTO EFFECT OF THESE TERMS**

Notwithstanding the date of filing of the MOI (including These Terms) with the Companies and Intellectual Property Commission, These Terms shall come into effect on the Effective Date and will apply to the Holders of the Sasol BEE Ordinary Shares for the duration of the Empowerment Period.

3.**OWNERSHIP OF SASOL BEE ORDINARY SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. For purposes of ensuring that the rights, privileges and restrictions attaching to the Sasol BEE Ordinary Shares as set out in these Terms and clause 40 of the MOI are binding on all Beneficial Owners of Sasol BEE Ordinary Shares –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1. as regards Sasol BEE Ordinary Shares which are held in –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.1. certificated form, the Holder shall be the Beneficial Owner and *vice versa*;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.2. dematerialised form, they shall only be registered in the name of the Beneficial Owner as an Own Name Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2. to the extent that on the 30 <sup>th</sup> (thirtieth) day prior to the Effective Date any dematerialised Sasol BEE Ordinary Shares are not registered in the name of the Beneficial Owner as an Own Name Client, the Holder authorises the Company, at the Company's own cost, to register the Sasol BEE Ordinary Shares in the name of the Beneficial Owner as Own Name Client instead of them being registered in the name of the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The mere updating by the Company of its Securities Register pursuant to clause 3.1.2 shall not be construed as confirmation by the Company that all the Beneficial Owners are BEE Compliant Persons, and the Company shall, notwithstanding the aforementioned, be entitled to verify whether or not any Beneficial Owner is a BEE Compliant Person.

4.**DEMATERIALISATION AND RE-MATERIALISATION OF SASOL BEE ORDINARY SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Any Holder of Sasol BEE Ordinary Shares who holds any of his/her/its shares in certificated agrees that the share certificate/s in respect of such shares shall continue to be held in custody by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. If a Holder of Sasol BEE Ordinary Shares who/which holds any of his/her/its shares in certificated form at any time wishes to dematerialise his/her/its Sasol BEE Ordinary Shares -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1. he/she/it shall give written notice to that effect to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2. he/she/it authorises the Custodian to –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2.1. release the share certificate/s in respect of the Sasol BEE Ordinary Shares being dematerialised to the Transfer Secretaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2.2. sign, to the extent necessary, any documents as may be necessary to give effect to the dematerialisation contemplated in clause 4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3. any proof-of-participation or other similar statement issued by the Company to any Holder of Sasol BEE Ordinary Shares which are held in materialised form and accordingly obliged to be held in safe custody, will cease to be of any force or effect from the date on which his/her/its Sasol BEE Ordinary Shares are dematerialised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. If any Holder of Sasol BEE Ordinary Shares who holds any of his/her/its Sasol BEE Ordinary Shares in dematerialised form wishes at any time to hold any of such shares in materialised form, he/she/it -

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1. shall give written notice to that effect to the Company and his/her/its central securities depository participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2. authorises the Transfer Secretaries to deliver the share certificates to be held in custody by the Custodian.

5.**CUSTODIAN AND TRANSFER SECRETARIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. Each Holder who holds his/her/its Sasol BEE Ordinary Shares in materialised form agrees that -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. at his/her/its own risk, the share certificate/s in respect of his/her/its Sasol BEE Ordinary Shares will be deposited with and will be held on his/her/its behalf by the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2. in addition to any express provisions in the MOI, the Holder will be bound by those parts of any agreement which Sasol concludes with the Custodian relating to the Custodian holding the share certificates and which are standard in the market, provided that he/she/it will not in any way be liable for any fees of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. If the Holder holds his/her/its Sasol BEE Ordinary Shares in materialised form Encumbers any of his/her/its Sasol BEE Ordinary Shares in accordance with the requirements of clause 8, the Custodian will hold the share certificate/s on behalf of the person in whose favour the Holder gives the Encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. The Holder's share certificate/s will be released by the Custodian to the Transfer Secretaries for purposes of implementing any transfer of his/her/its Sasol BEE Ordinary Shares as is permitted in terms of -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1. the MOI; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2. any agreement providing for an Encumbrance complying with clause 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. Subject to clause 9.1, if the transferee contemplated in clause 5.3 wishes to hold the Sasol BEE Ordinary Shares in certificated from, the Transfer Secretaries will issue a new share certificate to the new owner of the Sasol BEE Ordinary Shares which shall be deposited with the Custodian. To the extent that the Holder has not Sold all of his/her/its Sasol BEE Ordinary Shares, a new share certificate in respect of such Sasol BEE Ordinary Shares which have not been Sold will be redeposited with the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. After the Empowerment Period, the Holder's share certificate will be posted by the Custodian to his/her/its address for service selected at the time of acquiring/subscribing for and/or otherwise receiving the Sasol BEE Ordinary Shares, at the Holder's own risk.

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6.**WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. Each Holder of Sasol BEE Ordinary Shares warrants in favour of the Company that -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1. he/she/it is a BEE Compliant Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2. he/she/it is the Beneficial Owner of such Sasol BEE Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3. the warranty provided in –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3.1. clause 6.1.1 is and will be true from the date that the Holder acquires/subscribes for and/or otherwise receives Sasol BEE Ordinary Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3.2. clause 6.1.2 is and will be true from the Effective Date,

and will continue to be true for so long as such Holder holds Sasol BEE Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4. any information provided by him/her/it to the Company regarding whether he/she/it is a BEE Compliant Person will be true and complete unless the Holder advises the Company in writing to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. All the warranties given in clause 6.1 are material and the Company will rely on the truth and completeness of such warranties.

7.**UNDERTAKINGS**

Each Holder of Sasol BEE Ordinary Shares undertakes -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. that he/she/it is a BEE Compliant Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. at his/her/its own cost, to provide the Company within 30 (thirty) days of its written request to such Holder, with -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1. if the Holder is a natural person, any documentation reasonably required by the Company and/or its BEE Verification Agent in order to satisfy itself that such Holder is a BEE Compliant Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2. if the Holder is not a natural person, a BEE Certificate which is unexpired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. not to Sell his/her/its Sasol BEE Ordinary Shares or any rights or interest therein during the Empowerment Period to anyone who is not a BEE Verified Person.

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8.**PLEDGES AND OTHER ENCUMBRANCES**

Holders of Sasol BEE Ordinary Shares may pledge or otherwise Encumber or cause the pledging or Encumbrance of his/her/its Sasol BEE Ordinary Shares subject to compliance with the requirement that each such Holder acknowledges that in order to ensure that those Sasol BEE Ordinary Shares are held only by BEE Compliant Persons, he/she/it is only permitted to Encumber or record the Encumbrance of those Sasol BEE Ordinary Shares, provided that -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. if the security is realised, those Sasol BEE Ordinary Shares must only be Sold to a BEE Verified Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. the terms of the agreement in respect of such Encumbrance shall expressly provide that if the security is realised those Sasol BEE Ordinary Shares must only be Sold to a BEE Verified Person and such Holder shall procure that a copy of such agreement in respect of such Encumbrance is delivered to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **PROVISIONS APPLICABLE TO OFF MARKET TRANSFERS OF SASOL BEE ORDINARY SHARES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. If a Holder of Sasol BEE Ordinary Shares Sells any Sasol BEE Ordinary Shares or causes any of such shares to be Sold Off Market other than to the Company's Nominee, such Holder shall be obliged to ensure that the person to whom/which those Sasol BEE Ordinary Shares are Sold, being an Own Name Client in whose name those Sasol BEE Ordinary Shares are to be registered, is in fact a BEE Verified Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. Each Holder of Sasol BEE Ordinary Shares undertakes not to permit the Sale Off Market of any Sasol BEE Ordinary Shares or any rights or interests therein, nor to instruct the central securities depository participant or anyone else, to effect transfer or permit the transfer of those Sasol BEE Ordinary Shares to any person who/which is not a BEE Verified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **OBLIGATION ON THE HOLDER OF SASOL BEE ORDINARY SHARES TO PROCURE TRANSFER OF SASOL BEE ORDINARY SHARES** 

If the Company's Nominee is the acquirer of Sasol BEE Ordinary Shares in terms of These Terms, the Holder of Sasol BEE Ordinary Shares will be obliged within 10 (ten) days after receipt of notice from the Company, to effect transfer of the Sasol BEE Ordinary Shares out of the account in the Holder's own name into an account in the name of the Company's Nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **FORCED SALE IN THE EVENT OF AN OCCURRENCE OF A BREACH EVENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. If a Holder of Sasol BEE Ordinary Shares at any time -

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1. misrepresented that he/she/it is a BEE Compliant Person or has in any way committed a breach of any of the warranties given by him/her/it and set out in These Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2. breached any of his/her/its obligations set out in clauses 6, 7, 8 or 9 of These Terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3. made a fraudulent or untrue statement regarding whether he/she/it is a BEE Compliant Person in any documents provided by him/her/it to the Company,

("**Breach Event**"), the Holder shall be obliged to immediately notify the Company of the occurrence of such Breach Event in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. At any time after learning of the occurrence of a Breach Event, the Company shall be entitled (but shall not be obliged) to buy (or to nominate the Company's Nominee to buy) from the Holder his/her/its Sasol BEE Ordinary Shares by giving such Holder written notice, in which event a Sale of those Sasol BEE Ordinary Shares shall be deemed to have been concluded on the following terms and conditions –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1. those Sasol BEE Ordinary Shares shall be acquired with effect from the day prior to the date of the occurrence of the Breach Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2. the purchase price of those Sasol BEE Ordinary Shares shall be the Forced Sale Value thereof calculated as at the date of the occurrence of the relevant Breach Event discounted by 25% (twenty five percent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3. the purchase price as calculated in terms of clause 11.2.2 less an amount equal to the amount of dividends paid by the Company to the Holder for his/her/its benefit after the occurrence of a Breach Event, shall, -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3.1. if the Sasol BEE Ordinary Shares are held in materialised form, be payable against delivery of the transfer form for such Sasol BEE Ordinary Shares. If the Company (or the Company's Nominee) has not received the requisite transfer form within 3 (three) days from the date when the Company (or the Company's Nominee) givessuch Holder the written notice contemplated in clause 11.2, then the Holder agrees that the Company (or the Company's Nominee) is irrevocably and in *rem suam* authorised and appointed as his/her/its attorney and agent to sign the necessary transfer forms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3.2. if the Sasol BEE Ordinary Shares are held in dematerialised form, be payable against the registration of those shares in the name of the Company's Nominee, if the Company's Nominee acquires those

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Sasol BEE Ordinary Shares, or upon the cancellation of those Sasol BEE Ordinary Shares if the Company buys back those Sasol BEE Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4. those Sasol BEE Ordinary Shares and claims, if any, shall be purchased *voetstoots* and without any warranties or representations of any nature whatsoever, save that –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4.1. the Holder is an Own Name Client in whose name those Sasol BEE Ordinary Shares are registered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4.2. no person has any right of any nature whatsoever to acquire those Sasol BEE Ordinary Shares.

12.**DEATH**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. If a Holder of Sasol BEE Ordinary Shares is a natural person who dies, then –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1. the Company (or the Company's Nominee) shall not have the right to buy the Sasol BEE Ordinary Shares which were held by such Holder pursuant to clause 11 even though those Sasol BEE Ordinary Shares as a result may then be held in breach of the requirements of These Terms, unless clause 12.1.3 applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2. instead of having to do so immediately, the executor of the Holder's estate shall have 180 (one hundred and eighty) days commencing on the date of such Holder's death, to -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2.1. transfer the Sasol BEE Ordinary Shares to such Holders' heir/s provided that such heir/s is/are a BEE Verified Person/s ; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2.2. Sell the Sasol BEE Ordinary Shares to any BEE Verified Person,

and the executor of the Holder's estate shall be obliged to take whatever steps are necessary in order to effect any such transfer or Sale of the Sasol BEE Ordinary Shares, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3. if the executor of the Holder's estate has not complied with his/her/its obligations in clause 12.1.2 as regards Sasol BEE Ordinary Shares, the Company shall be entitled, but shall not be obliged to buy (or to nominate the Company's Nominee to buy) from the executor of such Holder's estate those Sasol BEE Ordinary Shares by written notice to the executor, in which event a Sale of those Sasol BEE Ordinary Shares shall be deemed to have been concluded on the following terms and conditions -

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3.1. those Sasol BEE Ordinary Shares shall be acquired with effect from the day prior to the date of such Holder's death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3.2. the purchase price of those Sasol BEE Ordinary Shares shall be the Forced Sale Value thereof calculated as at the date of the written notice from the Company to the executor of the Holder's estate discounted by 5% (five percent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3.3. the purchase price as calculated in terms of clause 12.1.3.2, less an amount equal to the amount of dividends paid by the Company to the Holder for his/her benefit while the executor of his/her estate was in breach of clause 12.1.2, shall –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3.3.1. if the Sasol BEE Ordinary Shares are held in materialised form, be payable against delivery of the transfer form for such Sasol BEE Ordinary Shares. If the Company (or the Company's Nominee) has not received the requisite transfer form within 7 (seven) days from the date when the Company (or the Company's Nominee) gives the executor the notice contemplated in clause 12.1.3, the Holder agrees that the Company (or the Company's Nominee) is irrevocably and in *rem suam* authorised and appointed as the Holder's attorney and agent, or that of his/her executor, to sign the necessary transfer forms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3.3.2. if the Sasol BEE Ordinary Shares are held in dematerialised form, be payable against the registration of those Sasol BEE Ordinary Shares in the name of the Company's Nominee or upon the cancellation of those Sasol BEE Ordinary Shares if the Company buys back those Sasol BEE Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3.4. those Sasol BEE Ordinary Shares shall be purchased *voetstoots* and without any warranties or representations of any nature whatsoever, save that –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3.4.1. the Holder is an Own Name Client in whose name those Sasol BEE Ordinary Shares are registered; and

![Graphic](ssl-20250630xex1d1002.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3.4.2. no person has any right of any nature whatsoever to acquire those Sasol BEE Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. If the Holder is not a natural person and any of its shareholders, members, participants or beneficiaries die, as a result of which, the Holder is no longer a BEE Compliant Person, then -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1. neither the Company (nor the Company's Nominees) shall have the right to buy the Sasol BEE Ordinary Shares pursuant to clause 11 even though those Sasol BEE Ordinary Shares as a result may now be held in breach of the requirements of These Terms unless clause 12.2.3 applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2. instead of having to remedy the breach caused by the death immediately, the Holder shall have 180 (one hundred and eighty) days commencing on the date of the death to Sell the Sasol BEE Ordinary Shares to a BEE Verified Person and shall be obliged to take whatever steps are necessary to give effect to any such Sale of the Sasol BEE Ordinary Shares by effecting transfer of the Sasol BEE Ordinary Shares out of the account in the name of the Holder into an account in the name of the registered shareholder of that BEE Verified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3. if the Sasol BEE Ordinary Shares have not been Sold or the breach caused by the death has not otherwise been remedied within 180 (one hundred and eighty) days commencing on the date of the death in question, the Company shall be entitled, but shall not be obliged to buy from the Holder those Sasol BEE Ordinary Shares by giving such Holder written notice, in which event a Sale of those Sasol BEE Ordinary Shares shall be deemed to have been concluded on the following terms and conditions –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3.1. those Sasol BEE Ordinary Shares shall be acquired with effect from the day prior to the date of the death in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3.2. the purchase price of those Sasol BEE Ordinary Shares shall be the Forced Sale Value thereof calculated as at the date of the written notice from the Company (or the Company's Nominee) to the Holder discounted by 5% (five percent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3.3. the purchase price as calculated in terms of clause 12.2.3.2, less an amount equal to the amount of dividends paid by the Company to the Holder for its benefit during the period in which the Holder has been in breach of clause 12.2.2, shall, -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3.3.1. if the Sasol BEE Ordinary Shares are held in materialised form, be payable against delivery of the

![Graphic](ssl-20250630xex1d1002.jpg)

------

transfer form for such Sasol BEE Ordinary Shares. If the Company (or the Company's Nominee) has not received the requisite transfer form within 7 (seven) days from the date when the Company (or the Company's Nominee) gives the written notice contemplated in clause 12.2.3, then the Holder agrees that the Company (or the Company's Nominee) is irrevocably and in *rem suam* authorised and appointed as the its attorney and agent to sign the necessary transfer forms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3.3.2.if the Sasol BEE Ordinary Shares are held in materialised form, be payable against the registration of those Sasol BEE Ordinary Shares in the name of the Company's Nominee or upon the cancellation of those Sasol BEE Ordinary Shares if the Company buys back those Sasol BEE Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3.4. those Sasol BEE Ordinary Shares and claims, if any, shall be purchased *voetstoots* and without any warranties or representations of any nature whatsoever, save that –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3.4.1. the Holder is an Own Name Client in whose name those Sasol BEE Ordinary Shares are registered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3.4.2. no person has any right of any nature whatsoever to acquire those Sasol BEE Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. If there is any conflict between the provisions of this 12 and the more general provisions of clause 11, the provisions of clause 12 shall prevail.

13.**INVOLUNTARY INSOLVENCY/LIQUIDATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. If a Holder of Sasol BEE Ordinary Shares is a natural person who is involuntarily sequestrated (whether provisionally or finally), then -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1. the Company (or the Company's Nominees) shall not have the right to buy the Sasol BEE Ordinary Shares pursuant to clause 11 even though those Sasol BEE Ordinary Shares as a result may now be held in breach of the requirements of These Terms unless clause 13.1.3 applies;

![Graphic](ssl-20250630xex1d1002.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2. instead of having to do so immediately, the trustee shall have 180 (one hundred and eighty) days commencing on the date of such Holder's provisional sequestration, to Sell the Sasol BEE Ordinary Shares to any BEE Verified Person, subject to compliance with clause 9, and the trustee shall be obliged to take such steps, in order to give effect to any such Sale of the Sasol BEE Ordinary Shares by effecting transfer of the Sasol BEE Ordinary Shares out of the account in his/her name into an account in the name of the registered shareholder of that BEE Verified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3. If the trustee has not complied with its obligations in clause 13.1.2 as regards Sasol BEE Ordinary Shares, the Company shall be entitled, but shall not be obliged to buy (or to nominate the Company's Nominee to buy) from such trustee those Sasol BEE Ordinary Shares by written notice to the trustee, in which event a Sale of those Sasol BEE Ordinary Shares shall be deemed to have been concluded on the following terms and conditions –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3.1. those Sasol BEE Ordinary Shares shall be acquired with effect from the day prior to the Holder's provisional sequestration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3.2. the purchase price of those Sasol BEE Ordinary Shares shall be the Forced Sale Value thereof calculated as at the date of the written notice from the Company (or the Company's Nominee) to the trustee, discounted by 5% (five percent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3.3. the purchase price as calculated in terms of clause 13.1.3.2, less an amount equal to the amount of dividends paid by the Company to the Holder while the trustee was in breach of clause 13.1.2, shall, -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3.3.1. if the Sasol BEE Ordinary Shares are held in materialised form, be payable against delivery of the transfer form for such Sasol BEE Ordinary Shares. If the Company (or the Company's Nominee) has not received the requisite transfer form within 7 (seven) days from the date when the Company (or the Company's Nominee) gives the trustee the written notice contemplated in clause 13.1.3, then the Holder agrees that the Company (or the Company's Nominee) is irrevocably and in *rem suam* authorised and appointed as his/her attorney and agent to sign the necessary transfer forms;

![Graphic](ssl-20250630xex1d1002.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3.3.2. if the Sasol BEE Ordinary Shares are held in dematerialised form, against the registration of those Sasol BEE Ordinary Shares in the name of the Company's Nominee or upon the cancellation of those Sasol BEE Ordinary Shares if the Company buys back those Sasol BEE Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.4. those Sasol BEE Ordinary Shares and claims, if any, shall be purchased *voetstoots* and without any warranties or representations of any nature whatsoever, save that –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.4.1. the Holder is an Own Name Client in whose name those Sasol BEE Ordinary Shares are registered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.4.2. no person has any right of any nature whatsoever to acquire those Sasol BEE Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. If a Holder of Sasol BEE Ordinary Shares is not a natural person and either the Holder or any of its shareholders, members, participants or beneficiaries are involuntarily liquidated (provisionally or finally), as a result of which such Holder is no longer a BEE Compliant Person, then –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.1. the Company shall not have the right to buy the Sasol BEE Ordinary Shares pursuant to clause 11 even though those Sasol BEE Ordinary Shares as a result may now be held in breach of the requirements of These Terms unless clause 13.2.4 applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.2. if it is not possible for the breach to be remedied, the liquidator of such Holder or the Holder itself (if any of its shareholders, members, participants or beneficiaries are involuntarily liquidated), as the case may be, can Sell the Sasol BEE Ordinary Shares to a BEE Verified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.3. instead of having to do so immediately, the liquidator of such Holder or the Holder itself, as the case may be shall have 180 (one hundred and eighty) days commencing on the date of the provisional liquidation of the Holder or any of its shareholders, members, participants or beneficiaries to Sell the Sasol BEE Ordinary Shares to any BEE Verified Person and the liquidator of the Holder shall instruct such Holder to take whatever steps are necessary, and the Holder shall be obliged to take such steps, in order to effect any such Sale of the Sasol BEE Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4. If the Sasol BEE Ordinary Shares have not been Sold or the breach caused by the liquidation has not otherwise been remedied within 180 (one hundred and

![Graphic](ssl-20250630xex1d1002.jpg)

------

eighty) days commencing on the date of the involuntary liquidation of the Holder or of any of its shareholders, members, participants or beneficiaries, the Company shall be entitled, but shall not be obliged to buy (or to nominate the Company's Nominee to buy) from the Holder of those Sasol BEE Ordinary Shares by giving the liquidator of such Holder or the Holder itself written notice, in which event a Sale of those Sasol BEE Ordinary Shares shall be deemed to have been concluded on the following terms and conditions –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4.1. those Sasol BEE Ordinary Shares shall be acquired with effect from the day prior to the provisional liquidation of the Holder or any of such Holder's shareholders, members, participants or beneficiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4.2. the purchase price of those Sasol BEE Ordinary Shares shall be the Forced Sale Value thereof calculated as at the date of the written notice from the Company (or the Company's Nominee) to the liquidator of the Holder or the Holder itself, as the case may be, discounted by 5% (five percent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4.3. the purchase price as calculated in terms of clause 13.2.4.2, less an amount equal to the amount of dividends paid by the Company to the Holder for its benefit while the liquidator of such Holder or the Holder itself, as the case may be was in breach of clause 13.2.2, shall, –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4.3.1. if the Sasol BEE Ordinary Shares are held in materialised form, be payable against delivery of the transfer form for such Sasol BEE Ordinary Shares. If the Company (or the Company's Nominee) has not received the requisite transfer form within 7 (seven) days from the date when the Company (or the Company's Nominee) gives the written notice contemplated in clause 13.2.4, then the Holder agrees that the Company (or the Company's Nominee) is irrevocably and in *rem suam* authorised and appointed as its attorney and agent to sign the necessary transfer forms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4.3.2. if the Sasol BEE Ordinary Shares are held in dematerialised form, against the registration of those Sasol BEE Ordinary Shares in the name of the Company's Nominee or upon the cancellation of those Sasol BEE Ordinary Shares if the Company buys back those Sasol BEE Ordinary Shares;

![Graphic](ssl-20250630xex1d1002.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4.4. those Sasol BEE Ordinary Shares and claims, if any, shall be purchased *voetstoots* and without any warranties or representations of any nature whatsoever, save that –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4.4.1. the Holder is an Own Name Client in whose name those Sasol BEE Ordinary Shares are registered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4.4.2. no person has any right of any nature whatsoever to acquire those Sasol BEE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. 13.3. If there is any conflict between the provisions of this clause 13 and the more general provisions of clause 11, the provisions of clause 13 shall prevail.

14.**SECURITIES TRANSFER TAX**

Securities transfer tax shall be borne by the Company or the Company's Nominee, if it is the purchaser of the Sasol BEE Ordinary Shares contemplated in These Terms.

15.**CUSTODY AND MANDATE AGREEMENT FOR SASOL BEE ORDINARY SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. Each Holder of Sasol BEE Ordinary Shares who subscribes for and/or acquires and/or otherwise receives transfer of the Sasol BEE Ordinary Shares in dematerialised form, and who does not appoint a Participant, shall be deemed to have appointed the Participant selected at the relevant time by the Company, but shall be entitled to replace such Participant at any time thereafter with a different Participant selected by him/her/it provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. the Holder concludes an agreement in respect of the Sasol BEE ordinary Shares for which his selected Participant will be providing securities services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. the Holder procures that a copy of such agreement in respect of such securities services is delivered to the Company.

![Graphic](ssl-20250630xex1d1002.jpg)

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## Exhibit 2.2

**Exhibit 2.2**

**DESCRIPTION OF SECURITIES REGISTERED UNDER SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 (THE "EXCHANGE ACT")**

As of 30 June 2025, Sasol Limited ("Sasol") had the following series of securities registered pursuant to Section 12(b) of the Exchange Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbols** | **Name of each exchange on which registered** |
| American Depositary Shares | SSL | New York Stock Exchange |
| Ordinary Shares of no par value | SSL | New York Stock Exchange |
| 4.375% Notes due 2026 | SOLJL  | New York Stock Exchange |
| 6.500% Notes due 2028 | SOLJL  | New York Stock Exchange |
| 5.500% Notes due 2031 | SOLJL | New York Stock Exchange |

---

Sasol is the issuer of the ordinary shares and the ordinary shares represented by the American Depositary Shares, as described below. The $650,000,000 4.375% Notes due 2026 (the "2026 Notes"), the $750,000,000 6.500% Notes due 2028 (the "2028 Notes"), and the $850,000,000 5.500% Notes due 2031 (the "2031 Notes") were issued by Sasol Financing USA LLC ("Sasol USA"), a wholly owned subsidiary of Sasol. Sasol is a guarantor of each of the 2026 Notes, the 2028 Notes, and the 2031 Notes.

Sasol's ordinary shares ("Sasol ordinary shares") are described in [*—Description of Ordinary Shares—*], Sasol's American Depositary Shares ("ADSs") are described below under [*—Description of American Depositary Shares—*] and the debt securities of Sasol Financing International Plc, a wholly owned subsidiary of Sasol ("Sasol Financing") and Sasol USA are described below under "[*—Description of Debt Securities—*].

Capitalized terms used but not defined herein have the meanings given to them in Sasol's Annual Report on Form 20-F for the fiscal year ended 30 June 2025 (the "2025 Form 20-F"). Terms that are defined below retain such definitions solely for purposes of the relevant description of securities.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Description of Ordinary Shares** 

Refer to Sasol's 2025 Form 20F, Item 10B.3 (Rights and privileges of holders of our securities).

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Description of American Depositary Shares** 

**DESCRIPTION OF AMERICAN DEPOSITARY SHARES**

**American Depositary Receipts**

The ADRs are issued by JPMorgan Chase Bank, N.A. ("JPMorgan"), as depositary. Each ADS represents an ownership interest in a designated number of shares which are deposited with the custodian, as agent of the depositary, under the deposit agreement among ourselves, the depositary, holders of ADRs, and all beneficial owners of an interest in the ADSs evidenced by ADRs from time to time.

The depositary's office is located at 383 Madison Avenue, Floor 11, New York, NY 10179.

Each ADS represents one share. The ADS to share ratio is subject to amendment as provided in the form of ADR (which may give rise to fees contemplated by the form of ADR). In the future, each ADS will also represent any securities, cash or other property deposited with the depositary but which they have not distributed directly to you.

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A beneficial owner is any person or entity having a beneficial ownership interest ADSs. A beneficial owner need not be the holder of the ADR evidencing such ADS. If a beneficial owner of ADSs is not an ADR holder, it must rely on the holder of the ADR(s) evidencing such ADSs in order to assert any rights or receive any benefits under the deposit agreement. A beneficial owner shall only be able to exercise any right or receive any benefit under the deposit agreement solely through the holder of the ADR(s) evidencing the ADSs owned by such beneficial owner. The arrangements between a beneficial owner of ADSs and the holder of the corresponding ADRs may affect the beneficial owner's ability to exercise any rights it may have.

An ADR holder shall be deemed to have all requisite authority to act on behalf of any and all beneficial owners of the ADSs evidenced by the ADRs registered in such ADR holder's name for all purposes under the deposit agreement and ADRs. The depositary's only notification obligations under the deposit agreement and the ADRs is to registered ADR holders. Notice to an ADR holder shall be deemed, for all purposes of the deposit agreement and the ADRs, to constitute notice to any and all beneficial owners of the ADSs evidenced by such ADR holder's ADRs.

Unless certificated ADRs are specifically requested, all ADSs will be issued on the books of our depositary in book-entry form and periodic statements will be mailed to you which reflect your ownership interest in such ADSs. In our description, references to American depositary receipts or ADRs shall include the statements you will receive which reflect your ownership of ADSs.

You may hold ADSs either directly or indirectly through your broker or other financial institution. If you hold ADSs directly, by having an ADS registered in your name on the books of the depositary, you are an ADR holder. This description assumes you hold your ADSs directly. If you hold the ADSs through your broker or financial institution nominee, you must rely on the procedures of such broker or financial institution to assert the rights of an ADR holder described in this section. You should consult with your broker or financial institution to find out what those procedures are.

As an ADR holder or beneficial owner, we will not treat you as a shareholder of ours and you will not have any shareholder rights. The law of the Republic of South Africa governs shareholder rights. Because the depositary or its nominee will be the shareholder of record for the shares represented by all outstanding ADSs, shareholder rights rest with such record holder. Your rights are those of an ADR holder or of a beneficial owner. Such rights derive from the terms of the deposit agreement entered into among us, the depositary and all holders and beneficial owners from time to time of ADRs issued under the deposit agreement and, in the case of a beneficial owner, from the arrangements between the beneficial owner and the holder of the corresponding ADRs. The obligations of the depositary and its agents are also set out in the deposit agreement. Because the depositary or its nominee will actually be the registered owner of the shares, you must rely on it to exercise the rights of a shareholder on your behalf.

The deposit agreement and the ADSs are governed by New York law. Under the deposit agreement, by holding an ADS or an interest therein, ADR holders and beneficial owners each irrevocably agree that any legal suit, action or proceeding against or involving us or the depositary, arising out of or based upon the deposit agreement, the ADSs, the ADRs or the transactions contemplated thereby, may be instituted in a state or federal court in New York, New York, irrevocably waive any objection which you may have to the laying of venue of any such proceeding, and irrevocably submit to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

The following is a summary of what we believe to be the material terms of the deposit agreement. Notwithstanding this, because it is a summary, it may not contain all the information that you may otherwise deem important. For more complete information, you should read the entire deposit agreement and the form of ADR which contains the terms of your ADSs. You can read a copy of the deposit agreement which is filed as an exhibit to the registration statement on Form F-6, which is available on the SEC's website at http://www.sec.gov.

**Share Dividends and Other Distributions**

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***How will I receive dividends and other distributions on the shares underlying my ADSs?***

We may make various types of distributions with respect to our securities. The depositary has agreed that, to the extent practicable, it will pay to you the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, after converting any cash received into U.S. dollars (if it determines such conversion may be made on a reasonable basis) and, in all cases, making any necessary deductions provided for in the deposit agreement. The depositary may utilize a division, branch or affiliate of JPMorgan to direct, manage and/or execute any public and/or private sale of securities under the deposit agreement. Such division, branch and/or affiliate may charge the depositary a fee in connection with such sales, which fee is considered an expense of the depositary. You will receive these distributions in proportion to the number of underlying securities that your ADSs represent.

Except as stated below, the depositary will deliver such distributions to ADR holders in proportion to their interests in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Cash.* The depositary will distribute any U.S. dollars available to it resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof (to the extent applicable), on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution being impermissible or impracticable with respect to certain registered ADR holders, and (iii) deduction of the depositary's and/or its agents' expenses in (1) converting any foreign currency to U.S. dollars to the extent that it determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner. If exchange rates fluctuate during a time when the depositary cannot convert a foreign currency, you may lose some or all of the value of the distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Shares.* In the case of a distribution in shares, the depositary will issue additional ADRs to evidence the number of ADSs representing such shares. Only whole ADSs will be issued. Any shares which would result in fractional ADSs will be sold and the net proceeds will be distributed in the same manner as cash to the ADR holders entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Rights to receive additional shares.* In the case of a distribution of rights to subscribe for additional shares or other rights, if we timely provide evidence satisfactory to the depositary that it may lawfully distribute such rights, the depositary will distribute warrants or other instruments in the discretion of the depositary representing such rights. However, if we do not timely furnish such evidence, the depositary may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o sell such rights if practicable and distribute the net proceeds in the same manner as cash to the ADR holders entitled thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o if it is not practicable to sell such rights by reason of the non-transferability of the rights, limited markets therefor, their short duration or otherwise, do nothing and allow such rights to lapse, in which case ADR holders will receive nothing and the rights may lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Other Distributions.* In the case of a distribution of securities or property other than those described above, the depositary may either (i) distribute such securities or property in any manner it deems equitable and practicable or (ii) to the extent the depositary deems distribution of such securities or property not to be equitable and practicable, sell such securities or property and distribute any net proceeds in the same way it distributes cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Elective Distributions.* In the case of a dividend payable at the election of our shareholders in cash or in additional shares, we will notify the depositary at least 30 days prior to the proposed distribution stating

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whether or not we wish such elective distribution to be made available to ADR holders. The depositary shall make such elective distribution available to ADR holders only if (i) we shall have timely requested that the elective distribution is available to ADR holders, (ii) the depositary shall have determined that such distribution is reasonably practicable and (iii) the depositary shall have received satisfactory documentation within the terms of the deposit agreement including any legal opinions of counsel that the depositary in its reasonable discretion may request. If the above conditions are not satisfied, the depositary shall, to the extent permitted by law, distribute to the ADR holders, on the basis of the same determination as is made in the local market in respect of the shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional shares. If the above conditions are satisfied, the depositary shall establish procedures to enable ADR holders to elect the receipt of the proposed dividend in cash or in additional ADSs. There can be no assurance that ADR holders generally, or any ADR holder in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of shares.

If the depositary determines in its discretion that any distribution described above is not practicable for the purpose of effecting such distribution with respect to any specific registered ADR holder entitled thereto, the depositary may choose any method of distribution that it deems practicable for such ADR holder, including the distribution of foreign currency, securities or property, or it may retain such items, without paying interest on or investing them, on behalf of the ADR holder as deposited securities, in which case the ADSs will also represent the retained items.

Any U.S. dollars will be distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the depositary in accordance with its then current practices.

The depositary is not responsible if it fails to determine that any distribution or action is lawful or reasonably practicable.

There can be no assurance that the depositary will be able to convert any currency at a specified exchange rate or sell any property, rights, shares or other securities at a specified price, nor that any of such transactions can be completed within a specified time period. All purchases and sales of securities will be handled by the depositary in accordance with its then current policies, which are currently set forth in the "Depositary Receipt Sale and Purchase of Security" section of https://www.adr.com/Investors/FindOutAboutDRs, the location and contents of which the depositary shall be solely responsible for.

**Deposit, Withdrawal and Cancellation**

***How does the depositary issue ADSs***

The depositary will issue ADSs if you or your broker deposit shares or evidence of rights to receive shares with the custodian and pay the fees and expenses owing to the depositary in connection with such issuance.

Shares deposited in the future with the custodian must be accompanied by certain delivery documentation and shall, at the time of such deposit, be registered in the name of JPMorgan Chase Bank, N.A., as depositary for the benefit of holders of ADRs or in such other name as the depositary shall direct.

The custodian will hold all deposited shares (including those being deposited by or on our behalf in connection with the offering to which this prospectus relates) for the account and to the order of the depositary, in each case for the benefit of ADR holders. ADR holders and beneficial owners thus have no direct ownership interest in the shares and only have such rights as are contained in the deposit agreement. The custodian will also hold any additional securities, property and cash received on or in substitution for the deposited shares. The deposited shares and any such additional items are referred to as "deposited securities".

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Deposited securities are not intended to, and shall not, constitute proprietary assets of the depositary, the custodian or their nominees. Beneficial ownership in deposited securities is intended to be, and shall at all times during the term of the deposit agreement continue to be, vested in the beneficial owners of the ADSs representing such deposited securities. Notwithstanding anything else contained herein, in the deposit agreement, in the form of ADR and/or in any outstanding ADSs, the depositary, the custodian and their respective nominees are intended to be, and shall at all times during the term of the deposit agreement be, the record holder(s) only of the deposited securities represented by the ADSs for the benefit of the ADR holders. The depositary, on its own behalf and on behalf of the custodian and their respective nominees, disclaims any beneficial ownership interest in the deposited securities held on behalf of the ADR holders.

Upon each deposit of shares, receipt of related delivery documentation and compliance with the other provisions of the deposit agreement, including the payment of the fees and charges of the depositary and any taxes or other fees or charges owing, the depositary will issue an ADR or ADRs in the name or upon the order of the person entitled thereto evidencing the number of ADSs to which such person is entitled. All of the ADSs issued will, unless specifically requested to the contrary, be part of the depositary's direct registration system, and a registered holder will receive periodic statements from the depositary which will show the number of ADSs registered in such holder's name. An ADR holder can request that the ADSs not be held through the depositary's direct registration system and that a certificated ADR be issued.

***How do ADR holders cancel an ADS and obtain deposited securities?***

When you turn in your ADR certificate at the depositary's office, or when you provide proper instructions and documentation in the case of direct registration ADSs, the depositary will, upon payment of certain applicable fees, charges and taxes, deliver the underlying shares to you or upon your written order. Delivery of deposited securities in certificated form will be made at the custodian's office. At your risk, expense and request, the depositary may deliver deposited securities at such other place as you may request.

The depositary may only restrict the withdrawal of deposited securities in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● temporary delays caused by closing our transfer books or those of the depositary or the deposit of shares in connection with voting at a shareholders' meeting, or the payment of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the payment of fees, taxes and similar charges; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● compliance with any U.S. or foreign laws or governmental regulations relating to the ADRs or to the withdrawal of deposited securities.

This right of withdrawal may not be limited by any other provision of the deposit agreement.

**Record Dates**

The depositary may, after consultation with us if practicable, fix record dates (which, to the extent applicable, shall be as near as practicable to any corresponding record dates set by us) for the determination of the registered ADR holders who will be entitled (or obligated, as the case may be):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to receive any distribution on or in respect of deposited securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to give instructions for the exercise of voting rights at a meeting of holders of shares, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to pay the fee assessed by the depositary for administration of the ADR program and for any expenses as provided for in the ADR,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to receive any notice or to act or be obligated in respect of other matters, all subject to the provisions of the deposit agreement.

**Voting Rights**

***How do I vote?***

If you are an ADR holder and the depositary asks you to provide it with voting instructions, you may instruct the depositary how to exercise the voting rights for the shares which underlie your ADSs. Subject to the next sentence, as soon as practicable after receiving notice from us of any meeting at which the holders of shares are entitled to vote, or of our solicitation of consents or proxies from holders of shares, the depositary shall fix the ADS record date in accordance with the provisions of the deposit agreement, provided that if the depositary receives a written request from us and at least 30 days prior to the date of such vote or meeting, the depositary shall, at our expense, distribute to the registered ADR holders a "voting notice" stating (i) final information particular to such vote and meeting and any solicitation materials, (ii) that each ADR holder on the record date set by the depositary will, subject to any applicable provisions of South African law, be entitled to instruct the depositary as to the exercise of the voting rights, if any, pertaining to the deposited securities represented by the ADSs evidenced by such ADR holder's ADRs and (iii) the manner in which such instructions may be given, including instructions for giving a discretionary proxy to a person designated by us. Each ADR holder shall be solely responsible for the forwarding of voting notices to the beneficial owners of ADSs registered in such ADR holder's name. There is no guarantee that ADR holders and beneficial owners generally or any holder or beneficial owner in particular will receive the notice described above with sufficient time to enable such ADR holder or beneficial owner to return any voting instructions to the depositary in a timely manner.

Following actual receipt by the ADR department responsible for proxies and voting of ADR holders' instructions (including, without limitation, instructions of any entity or entities acting on behalf of the nominee for DTC), the depositary shall, in the manner and on or before the time established by the Depositary for such purpose, endeavour to vote or cause to be voted the deposited securities represented by the ADSs evidenced by such ADR holders' ADRs in accordance with such instructions insofar as practicable and permitted under the provisions of or governing deposited securities.

Holders are strongly encouraged to forward their voting instructions to the depositary as soon as possible. Voting instructions will not be deemed received until such time as the ADR department responsible for proxies and voting has received such instructions, notwithstanding that such instructions may have been physically received by the depositary prior to such time. The depositary will not itself exercise any voting discretion in respect of deposited securities. The depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the deposited securities, for the manner in which any such vote is cast, including, without limitation, any vote cast by a person to whom the depositary is required to grant a discretionary proxy, or for the effect of any such vote. Notwithstanding anything contained in the deposit agreement or any ADR, the depositary may, to the extent not prohibited by any law, rule or regulation or the rules and/or requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of deposited securities, distribute to the registered holders of ADRs a notice that provides such holders with, or otherwise publicizes to such holders, instructions on how to retrieve such materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials).

There is no guarantee that you will receive voting materials in time to instruct the depositary to vote and it is possible that you, or persons who hold their ADSs through brokers, dealers or other third parties, will not have the opportunity to exercise a right to vote.

**Reports and Other Communications**

***Will ADR holders be able to view our reports?***

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The depositary will make available for inspection by ADR holders at the offices of the depositary and the custodian the deposit agreement, the provisions of or governing deposited securities, and any written communications from us which are both received by the custodian or its nominee as a holder of deposited securities and made generally available to the holders of deposited securities.

Additionally, if we make any written communications generally available to holders of our shares, and we furnish copies thereof (or English translations or summaries) to the depositary, it will distribute the same to registered ADR holders.

**Fees and Expenses**

***What fees and expenses will I be responsible for paying?***

The depositary may charge each person to whom ADSs are issued, including, without limitation, issuances against deposits of shares, issuances in respect of share distributions, rights and other distributions, issuances pursuant to a stock dividend or stock split declared by us or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or deposited securities, and each person surrendering ADSs for withdrawal of deposited securities or whose ADSs are cancelled or reduced for any other reason, $5.00 for each 100 ADSs (or any portion thereof) issued, delivered, reduced, cancelled or surrendered. The depositary may sell (by public or private sale) sufficient securities and property received in respect of a share distribution, rights and/or other distribution prior to such deposit to pay such charge.

The following additional charges shall also be incurred by the ADR holders, the beneficial owners, by any party depositing or withdrawing shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by us or an exchange of stock regarding the ADSs or the deposited securities or a distribution of ADSs), whichever is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a fee of U.S.$0.05 or less per ADS held (i) upon which any cash distribution is made pursuant to the deposit agreement or (ii) in the case of an elective cash/stock dividend, upon which a cash distribution or an issuance of additional ADSs is made as a result of such elective dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● an aggregate fee of U.S.$0.05 or less per ADS per calendar year (or portion thereof) for services performed by the depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against holders of ADRs as of the record date or record dates set by the depositary during each calendar year and shall be payable in the manner described in the next succeeding provision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a fee for the reimbursement of such fees, charges and expenses as are incurred by the depositary and/or any of its agents (including, without limitation, the custodian and expenses incurred on behalf of ADR holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with the servicing of the shares or other deposited securities, the sale of securities (including, without limitation, deposited securities), the delivery of deposited securities or otherwise in connection with the depositary's or its custodian's compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against ADR holders as of the record date or dates set by the depositary and shall be payable at the sole discretion of the depositary by billing such ADR holders or by deducting such charge from one or more cash dividends or other cash distributions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a fee for the distribution of securities (or the sale of securities in connection with a distribution), such fee being in an amount equal to the $0.05 per ADS issuance fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities (treating all such securities as if they were shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the depositary to those ADR holders entitled thereto;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● stock transfer or other taxes and other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● SWIFT, cable, telex and facsimile transmission and delivery charges incurred at your request in connection with the deposit or delivery of shares, ADRs or deposited securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● transfer or registration fees for the registration of transfer of deposited securities on any applicable register in connection with the deposit or withdrawal of deposited securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in connection with the conversion of foreign currency into U.S. dollars, JPMorgan Chase Bank, N.A. shall deduct out of such foreign currency the fees, expenses and other charges charged by it and/or its agent (which may be a division, branch or affiliate) so appointed in connection with such conversion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● fees of any division, branch or affiliate of the depositary utilized by the depositary to direct, manage and/or execute any public and/or private sale of securities under the deposit agreement.

JPMorgan Chase Bank, N.A. and/or its agent may act as principal for such conversion of foreign currency. For further details see https://www.adr.com.

We will pay all other charges and expenses of the depositary and any agent of the depositary (except the custodian) pursuant to agreements from time to time between us and the depositary.

The right of the depositary to receive payment of fees, charges and expenses survives the termination of the deposit agreement, and shall extend for those fees, charges and expenses incurred prior to the effectiveness of any resignation or removal of the depositary.

The fees and charges described above may be amended from time to time by agreement between us and the depositary.

The depositary may make available to us a set amount or a portion of the depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as we and the depositary may agree from time to time. The depositary collects its fees for issuance and cancellation of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions, or by directly billing investors, or by charging the book-entry system accounts of participants acting for them. The depositary will generally set off the amounts owing from distributions made to holders of ADSs. If, however, no distribution exists and payment owing is not timely received by the depositary, the depositary may refuse to provide any further services to ADR holders that have not paid those fees and expenses owing until such fees and expenses have been paid. At the discretion of the depositary, all fees and charges owing under the deposit agreement are due in advance and/or when declared owing by the depositary.

**Payment of Taxes**

ADR holders or beneficial owners must pay any tax or other governmental charge payable by the custodian or the depositary on any ADS or ADR, deposited security or distribution. If any taxes or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf of the custodian or the depositary with respect to any ADR, any deposited securities represented by the ADSs evidenced thereby or any distribution thereon, such tax or other governmental charge shall be paid by the ADR holder thereof to the depositary and by holding or having held an ADR or any ADSs evidenced thereby, the ADR holder and all beneficial owners thereof, and all prior ADR holders and beneficial owners thereof, jointly and severally, agree to indemnify, defend and save harmless each of the depositary and its agents in respect of such tax or other governmental charge. Each

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ADR holder and beneficial owner of the ADSs evidenced thereby, and each prior ADR holder and beneficial owner thereof (collectively, the "Tax Indemnitors"), by holding or having held an ADR or an interest in ADSs, the ADR holder thereof (and prior ADR holder thereof) acknowledges and agrees that the depositary shall have the right to seek payment of amounts owing from any one or more Tax Indemnitor(s) as determined by the depositary in its sole discretion, without any obligation to seek payment from any other Tax Indemnitor(s). If an ADR holder owes any tax or other governmental charge, the depositary may (i) deduct the amount thereof from any cash distributions, or (ii) sell deposited securities (by public or private sale) and deduct the amount owing from the net proceeds of such sale. In either case the ADR holder remains liable for any shortfall. If any tax or governmental charge is unpaid, the depositary may also refuse to effect any registration, registration of transfer, split-up or combination of deposited securities or withdrawal of deposited securities until such payment is made. If any tax or governmental charge is required to be withheld on any cash distribution, the depositary may deduct the amount required to be withheld from any cash distribution or, in the case of a non- cash distribution, sell the distributed property or securities (by public or private sale) in such amounts and in such manner as the depositary deems necessary and practicable to pay such taxes and distribute any remaining net proceeds or the balance of any such property after deduction of such taxes to the ADR holders entitled thereto.

As an ADR holder or beneficial owner, you will be agreeing to indemnify us, the depositary, its custodian and any of our or their respective officers, directors, employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained.

**Reclassifications, Recapitalizations and Mergers**

If we take certain actions that affect the deposited securities, including (i) any change in par value, split-up, consolidation, cancellation or other reclassification of deposited securities or (ii) any distributions of shares or other property not made to holders of ADRs or (iii) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all of our assets, then the depositary may choose to, and shall if reasonably requested by us:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● amend the form of ADR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● distribute additional or amended ADRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● distribute cash, securities or other property it has received in connection with such actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sell any securities or property received and distribute the proceeds as cash; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● none of the above.

If the depositary does not choose any of the above options, any of the cash, securities or other property it receives will constitute part of the deposited securities and each ADS will then represent a proportionate interest in such property.

**Amendment and Termination**

***How may the deposit agreement be amended?***

We may agree with the depositary to amend the deposit agreement and the ADSs without your consent for any reason. ADR holders must be given at least 30 days' notice of any amendment that imposes or increases any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, SWIFT, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or otherwise prejudices any substantial existing right of ADR holders or beneficial owners. Such notice need not describe in detail the specific amendments effectuated thereby, but must identify to ADR holders and beneficial owners a

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means to access the text of such amendment. If an ADR holder continues to hold an ADR or ADRs after being so notified, such ADR holder and any beneficial owner are deemed to agree to such amendment and to be bound by the deposit agreement as so amended. No amendment, however, will impair your right to surrender your ADSs and receive the underlying securities, except in order to comply with mandatory provisions of applicable law.

Any amendments or supplements which (i) are reasonably necessary (as agreed by us and the depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act of 1933 or (b) the ADSs or shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by ADR holders, shall be deemed not to prejudice any substantial rights of ADR holders or beneficial owners. Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the deposit agreement or the form of ADR to ensure compliance therewith, we and the depositary may amend or supplement the deposit agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the deposit agreement in such circumstances may become effective before a notice of such amendment or supplement is given to ADR holders or within any other period of time as required for compliance.

Notice of any amendment to the deposit agreement or form of ADRs shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the ADR holders identifies a means for ADR holders and beneficial owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the SEC's, the depositary's or our website or upon request from the depositary).

***How may the deposit agreement be terminated?***

The depositary may, and shall at our written direction, terminate the deposit agreement and the ADRs by mailing notice of such termination to the registered holders of ADRs at least 30 days prior to the date fixed in such notice for such termination; provided, however, if the depositary shall have (i) resigned as depositary under the deposit agreement, notice of such termination by the depositary shall not be provided to registered ADR holders unless a successor depositary shall not be operating under the deposit agreement within 60 days of the date of such resignation, and (ii) been removed as depositary under the deposit agreement, notice of such termination by the depositary shall not be provided to registered holders of ADRs unless a successor depositary shall not be operating under the deposit agreement on the 60th day after our notice of removal was first provided to the depositary.

After the date so fixed for termination, the depositary and its agents will perform no further acts under the deposit agreement or the ADRs, except to receive and hold (or sell) distributions on deposited securities and deliver deposited securities being withdrawn. As soon as practicable after the date so fixed for termination, the depositary shall use its reasonable efforts to sell the deposited securities and shall thereafter (as long as it may lawfully do so) hold in an account (which may be segregated or unsegregated account) the net proceeds of such sales, together with any other cash then held by it under the deposit agreement, without liability for interest, in trust for the pro rata benefit of the holders of ADRs not theretofore surrendered. After making such sale, the depositary shall be discharged from all obligations in respect of the deposit agreement and the ADR, except to account for such net proceeds and other cash.

**Limitations on Obligations and Liability to ADR holders**

***Limits on our obligations and the obligations of the depositary; limits on liability to ADR holders and holders of ADSs***

Prior to the issue, registration, registration of transfer, split-up, combination, or cancellation of any ADRs, or the delivery of any distribution in respect thereof, and from time to time in the case of the production of proofs as described below, we or the depositary or its custodian may require:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration of transfers of shares or other deposited securities upon any applicable register and (iii) any applicable fees and expenses described in the deposit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the production of proof satisfactory to it of (i) the identity of any signatory and genuineness of any signature and (ii) such other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial or other ownership of any securities, compliance with applicable law, regulations, provisions of or governing deposited securities and terms of the deposit agreement and the ADRs, as it may deem necessary or proper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● compliance with such regulations as the depositary may establish consistent with the deposit agreement.

The issuance of ADRs, the acceptance of deposits of shares, the registration, registration of transfer, split-up or combination of ADRs or the withdrawal of shares, may be suspended, generally or in particular instances, when the ADR register or any register for deposited securities is closed or when any such action is deemed advisable by the depositary; provided that the ability to withdraw shares may only be limited under the following circumstances: (i) temporary delays caused by closing transfer books of the depositary or our transfer books or the deposit of shares in connection with voting at a shareholders' meeting, or the payment of dividends, (ii) the payment of fees, taxes, and similar charges, and (iii) compliance with any laws or governmental regulations relating to ADRs or to the withdrawal of deposited securities.

The deposit agreement expressly limits the obligations and liability of the depositary, ourselves and our respective agents, provided, however, that no disclaimer of liability under the Securities Act of 1933 is intended by any of the limitations of liabilities provisions of the deposit agreement. The deposit agreement provides that each of us, the depositary and our respective agents will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● incur no liability to holders or beneficial owners of ADRs if any present or future law, rule, regulation, fiat, order or decree of the United States, the Republic of South Africa or any other country or jurisdiction, or of any governmental or regulatory authority or securities exchange or market or automated quotation system, the provisions of or governing any deposited securities, any present or future provision of our charter, any act of God, war, terrorism, nationalization, expropriation, currency restrictions, work stoppage, strike, civil unrest, revolutions, rebellions, explosions, computer failure or circumstance beyond our, the depositary's or our respective agents' direct and immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with, any act which the deposit agreement or the ADRs provide shall be done or performed by us, the depositary or our respective agents (including, without limitation, voting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● incur no liability to holders or beneficial owners of ADRs by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or things which by the terms of the deposit agreement it is provided shall or may be done or performed or any exercise or failure to exercise discretion under the deposit agreement or the ADRs including, without limitation, any failure to determine that any distribution or action may be lawful or reasonably practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not incur or assume any liability to holders or beneficial owners of ADRs if it performs its obligations under the deposit agreement and ADRs without gross negligence or wilful misconduct and the depositary shall not be a fiduciary or have any fiduciary duty to holders or beneficial owners of ADRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in the case of the depositary and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities, the ADSs or the ADRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in the case of us and our agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities or the ADRs, which in our or our agents'

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opinion, as the case may be, may involve it in expense or liability, unless indemnity satisfactory to us or our agent, as the case may be against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be requested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not be liable to holders or beneficial owners of ADRs for any action or inaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting shares for deposit, any registered holder of ADRs, any other person believed by it to be competent to give such advice or information, or in the case of the depositary only, us; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by it to be genuine and to have been signed, presented or given by the proper party or parties.

Neither the depositary nor its agents have any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities, the ADSs or the ADRs. We and our agents shall only be obligated to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities, the ADSs or the ADRs, which in our opinion may involve us in expense or liability, if indemnity satisfactory to us against all expense (including fees and disbursements of counsel) and liability is furnished as often as may be required. The depositary and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the deposit agreement, any registered holder or holders of ADRs, any ADRs or otherwise related to the deposit agreement or ADRs to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators. The depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system. Furthermore, the depositary shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any custodian that is not a branch or affiliate of JPMorgan.

Notwithstanding anything to the contrary contained in the deposit agreement or any ADRs, the depositary shall not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the custodian except to the extent that any registered ADR holder has incurred liability directly as a result of the custodian having (i) committed fraud or wilful misconduct in the provision of custodial services to the depositary or (ii) failed to use reasonable care in the provision of custodial services to the depositary as determined in accordance with the standards prevailing in the jurisdiction in which the custodian is located. The depositary and the custodian(s) may use third party delivery services and providers of information regarding matters such as pricing, proxy voting, corporate actions, class action litigation and other services in connection with the ADRs and the deposit agreement, and use local agents to provide extraordinary services such as attendance at annual meetings of issuers of securities. Although the depositary and the custodian will use reasonable care (and cause their agents to use reasonable care) in the selection and retention of such third party providers and local agents, they will not be responsible for any errors or omissions made by them in providing the relevant information or services. The depositary shall not have any liability for the price received in connection with any sale of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed sale.

The depositary has no obligation to inform ADR holders or beneficial owners about the requirements of the laws, rules or regulations or any changes therein or thereto of any country or jurisdiction or of any governmental or regulatory authority or any securities exchange or market or automated quotation system.

Additionally, none of us, the depositary or the custodian shall be liable for the failure by any registered holder of ADRs or beneficial owner therein to obtain the benefits of credits or refunds of non-U.S. tax paid against such ADR holder's or beneficial owner's income tax liability. The depositary is under no obligation to provide the ADR holders and beneficial owners, or any of them, with any information about our tax status. Neither we nor

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the depositary shall incur any liability for any tax or tax consequences that may be incurred by registered ADR holders or beneficial owners on account of their ownership or disposition of ADRs or ADSs.

Neither the depositary nor its agents will be responsible for any failure to carry out any instructions to vote any of the deposited securities, for the manner in which any such vote is cast, including, without limitation, any vote cast by a person to whom the depositary is required to grant a discretionary proxy, or for the effect of any such vote. The depositary may rely upon instructions from us or our counsel in respect of any approval or license required for any currency conversion, transfer or distribution. The depositary shall not incur any liability for the content of any information submitted to it by us or on our behalf for distribution to ADR holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the deposited securities, for the validity or worth of the deposited securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the deposit agreement or for the failure or timeliness of any notice from us. The depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the depositary or in connection with any matter arising wholly after the removal or resignation of the depositary.

Neither us, the depositary nor any of its agents shall be liable for any indirect, special, punitive or consequential damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity (including, without limitation holders or beneficial owners of ADRs and ADSs), whether or not foreseeable and regardless of the type of action in which such a claim may be brought.

No provision of the deposit agreement or the ADRs is intended to constitute a waiver or limitation of any rights which an ADR holder or any beneficial owner may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.

The depositary and its agents may own and deal in any class of securities of our company and our affiliates and in ADRs.

**Disclosure of Interest in ADSs**

To the extent that the provisions of or governing any deposited securities may require disclosure of or impose limits on beneficial or other ownership of, or interests in, deposited securities, other shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure or limits, you as ADR holders or beneficial owners agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable instructions we may provide in respect thereof.

**Books of Depositary**

The depositary or its agent will maintain a register for the registration, registration of transfer, combination and split-up of ADRs, which register shall include the depositary's direct registration system. Registered holders of ADRs may inspect such records at the depositary's office at all reasonable times, but solely for the purpose of communicating with other ADR holders in the interest of the business of our company or a matter relating to the deposit agreement. Such register may be closed at any time or from time to time, when deemed expedient by the depositary or, in the case of the issuance book portion of the ADR Register, when reasonably requested by the Company solely in order to enable the Company to comply with applicable law.

The depositary will maintain facilities for the delivery and receipt of ADRs.

**Appointment**

In the deposit agreement, each registered holder of ADRs and each beneficial owner, upon acceptance of any ADSs or ADRs (or any interest in any of them) issued in accordance with the terms and conditions of the deposit agreement will be deemed for all purposes to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● be a party to and bound by the terms of the deposit agreement and the applicable ADR or ADRs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● appoint the depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the deposit agreement and the applicable ADR or ADRs, to adopt any and all procedures necessary to comply with applicable laws and to take such action as the depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the deposit agreement and the applicable ADR and ADRs, the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● acknowledge and agree that (i) nothing in the deposit agreement or any ADR shall give rise to a partnership or joint venture among the parties thereto, nor establish a fiduciary or similar relationship among such parties, (ii) the depositary, its divisions, branches and affiliates, and their respective agents, may from time to time be in the possession of non-public information about us, ADR holders, beneficial owners and/or their respective affiliates, (iii) the depositary and its divisions, branches and affiliates may at any time have multiple banking relationships with us, ADR holders, beneficial owners and/or the affiliates of any of them, (iv) the depositary and its divisions, branches and affiliates may, from time to time, be engaged in transactions in which parties adverse to us or ADR holders or beneficial owners may have interests, (v) nothing contained in the deposit agreement or any ADR(s) shall (A) preclude the depositary or any of its divisions, branches or affiliates from engaging in such transactions or establishing or maintaining such relationships, or (B) obligate the depositary or any of its divisions, branches or affiliates to disclose such transactions or relationships or to account for any profit made or payment received in such transactions or relationships, (vi) the depositary shall not be deemed to have knowledge of any information held by any branch, division or affiliate of the depositary and (vii) notice to an ADR holder shall be deemed, for all purposes of the deposit agreement and the ADRs, to constitute notice to any and all beneficial owners of the ADSs evidenced by such ADR holder's ADRs. For all purposes under the deposit agreement and the ADRs, the ADR holders thereof shall be deemed to have all requisite authority to act on behalf of any and all beneficial owners of the ADSs evidenced by such ADRs.

**Governing Law**

The deposit agreement, the ADSs and the ADRs are governed by and construed in accordance with the internal laws of the State of New York. In the deposit agreement, we have submitted to the non-exclusive jurisdiction of the courts of the State of New York and appointed an agent for service of process on our behalf. Any action based on the deposit agreement, the ADSs, the ADRs or the transactions contemplated therein or thereby may be instituted by the depositary against us in any competent court in the Republic of South Africa and/or the United States.

Under the deposit agreement, by holding an ADR or an interest therein, ADR holders and beneficial owners each irrevocably agree that any legal suit, action or proceeding against or involving us or the depositary, arising out of or based upon the deposit agreement, the ADSs, the ADRs or the transactions contemplated thereby, may only be instituted in a state or federal court in New York, New York, and by holding an ADS or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

**Jury Trial Waiver**

In the deposit agreement each party thereto (including, for avoidance of doubt, each holder and beneficial owner and/or holder of interests in ADSs and ADRs) irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any suit, action or proceeding against the depositary and/or us directly or indirectly arising out of or relating to the shares or other deposited securities, the ADSs or the ADRs, the deposit agreement or any transaction contemplated therein, or the breach thereof (whether based on contract, tort, common law or any other theory), including any claim under the U.S. federal securities laws.

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If we or the depositary were to oppose a jury trial demand based on such waiver, the court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable state and federal law, including whether a party knowingly, intelligently and voluntarily waived the right to a jury trial. The waiver to right to a jury trial of the deposit agreement is not intended to be deemed a waiver by any holder or beneficial owner of ADSs of the Company's or the depositary's compliance with the U.S. federal securities laws and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Description of Debt Securities** 

The 2026 Notes, the 2028 Notes and the 2031 Notes set forth on the cover page to the 2025 Form 20-F were issued by Sasol USA and guaranteed by Sasol.

Each of these series of notes was issued pursuant to an effective registration statement and a related base prospectus and prospectus supplement setting forth the terms of the relevant series of notes and related guarantees.

The 2026 Notes, the 2028 Notes and the 2031 Notes were issued under the indenture, dated as of 27 September 2018, amongst Sasol USA as issuer, Sasol Limited as guarantor and Citibank, N.A. as trustee, as modified by an agreement of resignation, appointment and acceptance dated as of 5 August 2020 by and among the Sasol USA, Sasol, Citibank, N.A., as resigning trustee and Wilmington Savings Fund Society, FSB, as successor trustee (the "2018 Indenture").

The following table sets forth the dates of the registration statements, dates of the base prospectuses and date of issuance for each relevant series of notes (the "Notes").

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| | | | |
|:---|:---|:---|:---|
| **Title of each class** | **Registration Statement** | **Date of Base Prospectus** | **Date of Issuance** |
| 6.500% Notes due 2028 | 333-227263-01 | 10 September 2018 | 27 September 2018 |
| 4.375% Notes due 2026 and 5.500% Notes due 2031 | 333-227263 | 10 September 2018 | 18 March 2021 |

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The following description of our Notes is a summary and does not purport to be complete and is qualified in its entirety by the full terms of the relevant Noes. For a complete description of the terms and provisions of the Notes, refer to the 2018 Indenture filed as an exhibit to Sasol's Registration Form F-3 (333-227263) filed with the SEC on 10 September 2018.

**DESCRIPTION OF THE 2028 NOTES**

This section describes the specific financial and legal terms of the 6.500% notes due 2028 under the 2018 Indenture. The following description is a summary of material provisions of the notes and the 2018 Indenture and does not purport to be complete. Except where the context clearly refers to Sasol Limited ("Sasol"), references to "we", "us" and "our" in this section refer to Sasol Financing USA LLC ("Sasol USA"). References to "holder", "you" and "your" in this section refers to holders of the notes.

**General**

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The notes were issued under the indenture among Sasol USA, Sasol as guarantor and Citibank, N.A. as trustee, as modified by an agreement of resignation, appointment and acceptance dated as of 5 August 2020 by and among the Sasol Financing, Sasol, Citibank, N.A., as resigning trustee and Wilmington Savings Fund Society, FSB, as successor trustee. Book-entry interests in the notes will be issued in minimum denominations of $200,000 and in integral multiples of $1,000 in excess thereof. Interest on the notes will be computed on the basis of a 360-day year of twelve 30-day months. The indenture is, and the notes and the guarantee will be, governed by the laws of the State of New York.

The 2028 Notes were initially be issued in an aggregate principal amount of $750,000,000 and mature on 27 September 2028. The 2028 Notes bear interest at a rate of 6.500% per annum, payable semi-annually in arrears on 27 March and 27 September of each year, commencing 27 March 2019. The regular record dates for the notes are every March 15 and September 15 of each year.

If any scheduled interest payment date is not a business day, Sasol USA will pay interest on the next business day, but interest on that payment will not accrue during the period from and after the scheduled interest payment date. If the scheduled maturity date or date of redemption or repayment is not a business day, Sasol may pay interest and principal and premium, if any, on the next succeeding business day, but interest on that payment will not accrue during the period from and after the scheduled maturity date or date of redemption or repayment.

A "**business day**" means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York City or in the City of London.

The notes are unsecured and unsubordinated indebtedness of Sasol USA and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding. The notes are or will be effectively subordinated to any of Sasol USA's existing and future secured debt, to the extent of the value of the assets securing such debt.

The trustee's corporate trust office in New York City is designated as the principal paying agent. Sasol USA may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

**Further Issuances**

Sasol USA may, without the consent of the holders of the notes, issue additional notes of a series having the same ranking and same interest rate, maturity date, redemption terms and other terms as the notes except for the price to the public and issue date, provided, however, that such additional notes that have the same CUSIP, ISIN, Common Code or other identifying numbers as the notes offered hereunder must be fungible with such notes for US federal income tax purposes. Any such additional notes, together with the notes, will constitute a single series of securities under the 2018 Indenture and are included in the definition of "notes" in this section where the context requires. There is no limitation on the amount of notes or other debt securities that Sasol USA may issue under the 2018 Indenture.

**Optional Redemption**

Prior to 27 June 2028 (the "2028 Notes Par Call Date"), the relevant series of notes will be redeemable as a whole or in

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part, at the option of Sasol USA or Sasol at any time and from time to time, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes, assuming for such purpose that the 2028 Notes were called on the 2028 Notes Par Call Date (exclusive of interest accrued and unpaid to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus the Make-whole Spread, plus, in each case, accrued and unpaid interest thereon to, but not including, the date of redemption. Further instalments of interest on the notes to be redeemed that are due and payable on the interest payment dates falling on or prior to a redemption date shall be payable on the interest payment date to the registered holders as of the close of business on the relevant regular record date according to the notes and the 2018 Indenture.

On or after the 2028 Notes Par Call Date for the 2028 Notes, the notes will be redeemable in whole (but not in part), at the option of Sasol USA or Sasol at any time, at a redemption price equal to 100% of the principal amount of such notes plus, in each case, accrued and unpaid interest thereon to, but not including, the date of redemption.

"**Treasury Rate**" means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

"**Comparable Treasury Issue**" means the US Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the notes, assuming for such purpose that the 2028 Notes mature on the 2028 Notes Par Call Date.

"**Independent Investment Banker**" means one of the Reference Treasury Dealers appointed by Sasol USA.

"**Comparable Treasury Price**" means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if Sasol USA obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

"**Reference Treasury Dealer**" means each of Citigroup Global Markets Inc., J.P. Morgan Securities plc, Merrill Lynch, Pierce, Fenner & Smith Incorporated or their respective affiliates that are primary US government securities dealers and two other primary US government securities dealers in New York City selected by Sasol USA, and their respective successors; provided, however, that if any of the foregoing or their affiliates shall cease to be a primary US government securities dealer in New York City, Sasol USA shall substitute therefor another such primary US government securities dealer.

"**Reference Treasury Dealer Quotations**" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by Sasol USA, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to Sasol USA by such Reference Treasury Dealer at 3:30 p.m. New York City time on the third business day preceding such redemption date.

"**Make-whole Spread**" means 50 basis points.

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Sasol USA will give notice to each holder of notes to be redeemed of any redemption that Sasol USA or Sasol propose to make at least 10 days, but not more than 60 days, before the redemption date or request that the trustee send such notice of redemption to each holder of notes to be redeemed in the name of Sasol USA and at its expense. If fewer than all of the notes are to be redeemed, the notes to be redeemed shall be selected in accordance with DTC procedures.

Unless Sasol USA or Sasol defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the notes or portions thereof called for redemption.

**Optional Tax Redemption**

We or the guarantor may redeem the guaranteed debt securities at our option in whole but not in part at any time (except in the case of debt securities that have a variable rate of interest, which may be redeemed on any interest payment date), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we or the guarantor would be required to pay additional amounts, as a result of any change in the tax laws or treaties (including the official application or interpretation thereof) of a Taxing Jurisdiction or, in the case of a treaty, to which a Taxing Jurisdiction is a party that, in the case of any of us, becomes effective on or after the date of issuance of that series (or, in the case of a successor, that becomes effective after the date such successor becomes such, or, in the case of assumption by the guarantor, the date of such assumption), as explained below under "—Payment of Additional Amounts ", or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● there is a change in the official application or interpretation of a treaty to which a Taxing Jurisdiction is a party, this change is proposed and becomes effective on or after a date on which one of our affiliates borrows money from us, and because of the change this affiliate would be required to deduct or withhold tax on payments to us to enable us to make any payment of principal, premium, if any, or interest.

In both of these cases, however, we will not be permitted to redeem the debt securities if we can avoid either the payment of additional amounts, or deductions or withholding, as the case may be, by using reasonable measures available to us. For the avoidance of doubt, reasonable measures shall not include changing our jurisdiction of incorporation.

Except in the case of outstanding original issue discount debt securities, which may be redeemed at the redemption price specified by the terms of the debt securities, the redemption price will be equal to the principal amount plus accrued interest to the date of redemption.

**Change of Control Repurchase Event**

If a change of control repurchase event occurs in respect of the notes of a series, unless either Sasol USA or Sasol has exercised its right to redeem in whole the then-outstanding notes as described under "—Optional Redemption" or "—Optional Tax Redemption" above, Sasol USA will be required to make an offer to each holder of the notes of a series to repurchase all or any part (in minimal denominations of $200,000 and integral multiples of $1,000 in excess thereof) of that holder's notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the notes repurchased plus any accrued and unpaid interest on the notes repurchased to, but not including, the date of repurchase. Within 30 days following any change of control repurchase event or, at the Sasol USA's option, prior to any change of control, but after the public announcement of the proposed change of control, Sasol USA will mail a notice to each holder, with a copy to the trustee, describing the transaction or transactions that constitute or may constitute the change of control repurchase event and offering to repurchase the notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law. The notice shall, if mailed prior to the date of consummation of the change of control, state that the offer to purchase is conditioned on a change of control repurchase event occurring on or prior to the payment date specified in the notice. Holders of the notes electing

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to have their notes purchased pursuant to a change of control repurchase event offer will be required to surrender their notes, with the form entitled "Option of Holder to Elect Purchase" on the reverse of the note completed, to the paying agent at the address specified in the notice, or transfer their notes to the paying agent by book-entry transfer pursuant to the applicable procedures of the paying agent, prior to the close of business on the third business day prior to the repurchase payment date. Sasol USA will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the notes as a result of a change of control repurchase event. To the extent that the provisions of any applicable securities or corporate laws or regulations conflict with the change of control repurchase event provisions of the notes, Sasol USA will comply with the applicable securities or corporate laws and regulations and will not be deemed to have breached its obligations under the change of control repurchase event provisions of the notes by virtue of such conflict.

On the repurchase date following a change of control repurchase event, Sasol USA will, to the extent lawful:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) accept for payment all notes or portions of the notes properly tendered pursuant to Sasol USA' offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) deposit with the paying agent an amount equal to the aggregate purchase price in respect of all the notes or portions of the notes properly tendered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) deliver or cause to be delivered to the trustee the notes properly accepted, together with an officers' certificate stating the aggregate principal amount of notes being purchased by Sasol USA.

The paying agent will promptly mail to each holder of notes properly tendered the purchase price for the notes (or make payment through the depositary), and the trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new note equal in principal amount to any unpurchased portion of any notes surrendered; provided, however, that each new note will be in a minimum principal amount of $200,000 and integral multiples of $1,000 in excess thereof.

Sasol USA will not be required to make an offer to repurchase the notes issued by it upon a change of control repurchase event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by Sasol USA and such third party purchases all notes properly tendered and not withdrawn under its offer.

For purposes of the foregoing discussion of a repurchase at the option of holders, the following definitions are applicable:

"**change of control**" means the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger, scheme of arrangement, amalgamation or consolidation), in one or a series of related transactions, of all or substantially all of the assets of Sasol and its subsidiaries taken as a whole to any "person" (as that term is used in Section 13(d)(3) of the Exchange Act) other than to Sasol or one of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the consummation of any transaction (including, without limitation, any merger, scheme of arrangement, amalgamation or consolidation) the result of which is that any "person" (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a subsidiary of Sasol) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of Sasol's voting stock or other voting stock into which Sasol's voting stock is reclassified, consolidated, exchanged or changed measured by voting power rather than number of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Sasol consolidates with, or merges with or into, or enters into a scheme of arrangement with or amalgamates with, any "person" (as that term is used in Section 13(d)(3) of the Exchange Act), or any person consolidates with, or merges with or into, or enters into a plan or arrangement with, Sasol, in any such event pursuant to a transaction in which any of the outstanding voting stock of Sasol or such other person is converted into or exchanged for cash, securities or other property, other than any such

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transaction where the shares of the voting stock of Sasol outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the voting stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the adoption of a plan relating to the liquidation or dissolution of Sasol.

Notwithstanding the foregoing, a transaction will not be deemed to involve a change of control if (1) Sasol becomes a direct or indirect wholly owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of Sasol's voting stock immediately prior to that transaction or (B) immediately following that transaction, no "person" (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the voting stock of such holding company.

The definition of change of control includes a phrase relating to the direct or indirect sale, lease, transfer, conveyance or other disposition of "all or substantially all" of Sasol and its subsidiaries' assets taken as a whole. Although there is a limited body of case law interpreting the phrase "substantially all", there is no precise established definition of the phrase under applicable law. Accordingly, the ability of a holder of notes to require Sasol USA to repurchase such holder's notes as a result of a sale, lease, transfer, conveyance or other disposition of less than all of Sasol's and its subsidiaries' assets taken as a whole to another person or group may be uncertain. Holders may not be entitled to require Sasol Financing to purchase their notes in certain circumstances involving a significant change in the composition of the board of directors of Sasol, including in connection with a proxy contest, where the board of directors of Sasol initially publicly opposes the election of a dissident slate of directors, but subsequently approves such directors for the purposes of the 2018 Indenture governing the notes. This may result in a change in the composition of the board of directors of Sasol that, but for such subsequent approval, would have otherwise constituted a change of control under the terms of the 2018 Indenture governing the notes.

"**change of control repurchase event**" means the occurrence of both a change of control and a rating event.

"**investment grade**" means a rating of Baa3 or better by Moody's (or its equivalent under any successor rating categories of Moody's); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); and the equivalent investment grade credit rating from any additional rating agency or rating agencies selected by Sasol as a replacement rating agency or replacement ratings agencies.

"**Moody's**" means Moody's Investors Service, Inc., a subsidiary of Moody's Corporation, and its successors.

"**rating agency**" means each of Moody's and S&P; provided, however, that if either Moody's or S&P ceases to rate the notes or fails to make a rating of the notes publicly available for reasons outside of Sasol's control, Sasol may select (as certified by a resolution of Sasol's board of directors) a "nationally recognized statistical rating organization" within the meaning of Section 3(a)(62) of the Exchange Act, as a replacement agency for Moody's or S&P, or both of them, as the case may be.

"**rating category**" means (i) with respect to S&P, any of the following categories: BBB, BB, B, CCC, CC, C and D (or equivalent successor categories) and (ii) with respect to Moody's, any of the following categories: Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories). In determining whether the rating of the notes has decreased by one or more gradations, gradations within rating categories (+ and – for S&P; 1, 2 and 3 for Moody's; or the equivalent gradations for another rating agency) shall be taken into account (e.g., with respect to S&P, a decline in a rating from BB+ to BB, as well as from BB– to B+, will constitute a decrease of one gradation).

"**rating date**" means the date that is 60 days prior to the earlier of (1) the occurrence of a change of control; or (2) the public notice of the intention by Sasol to effect a change of control.

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"**rating event**" means the occurrence of the events in (A) or (B) of this definition on any date during the 60-day period (which period shall be extended so long as the rating of the notes is under publicly announced consideration for a possible downgrade by any of the rating agencies) after the earlier of (1) the occurrence of a change of control; or (2) the public notice of the intention by Sasol to effect a change of control if (A) the notes are rated on the ratings date by each rating agency as investment grade, the rating of the notes shall be reduced so that the notes are rated below investment grade by at least one rating agency, or (B) the notes are rated on the ratings date below investment grade by at least one rating agency, the rating of the notes by at least one rating agency shall be reduced by one or more gradations (including gradations within rating categories, as well as between rating categories). Notwithstanding the foregoing, a rating event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular change of control (and thus shall not be deemed a rating event for purposes of the definition of change of control repurchase event hereunder) if (i) the rating agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the trustee or Sasol in writing at its request that the reduction was the result, in whole or in part, of the applicable change of control (whether or not the applicable change of control shall have occurred at the time of the rating event) or (ii) the rating of the notes by the rating agency making the reduction in rating to which this definition would otherwise apply is within the relevant 60-day period subsequently upgraded to an investment grade rating.

"**S&P**" means Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

"**voting stock**" of any specified "person" (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

The change of control repurchase event feature of the notes may in certain circumstances make more difficult or discourage a sale or takeover of Sasol and, thus, the removal of incumbent management. Subject to the limitations discussed below, Sasol could, in the future, enter into certain transactions, including acquisitions, refinancings or other recapitalizations, that would not constitute a change of control repurchase event under the notes, but that could increase the amount of indebtedness outstanding at such time or otherwise affect Sasol's capital structure or credit ratings on the notes. Restrictions on Sasol's ability to incur liens are contained in the covenants as described under "—Limitation on Liens" below.

Sasol USA may not have sufficient funds to repurchase all the notes upon a change of control repurchase event.

**Payment of Additional Amounts**

We will pay all amounts of principal of, and any premium and interest on, any debt securities, and all payments pursuant to the guarantee shall be made, without deduction or withholding for any taxes, assessments or other charges imposed by the government of South Africa, the United States or any other jurisdiction where we or the guarantor are organized or tax resident or in which we are treated as being engaged in a trade or business, as the case may be, or the government of a jurisdiction in which a successor to any of us, as the case may be, is organized or tax resident ("Taxing Jurisdiction"). If deduction or withholding of any of these charges is required by a Taxing Jurisdiction, we (or the guarantor) will pay any additional amounts necessary to make the net amount paid to the affected holders equal the amount the holders would have received in the absence of the deduction or withholding. However, these "additional amounts" will not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any tax, assessment or other governmental charge imposed by any government of any jurisdiction other than a Taxing Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any tax, assessment or other governmental charge that is only payable because either:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o some present or former connection exists between the holder or beneficial owner of the debt security and a Taxing Jurisdiction other than as a result of holding a note or enforcing its rights thereunder (including, but not limited to, the holder or beneficial owner of the debt security being or having been a citizen, resident or national thereof, or being or having been present or engaged in business therein, or having or having had a permanent establishment therein); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the holder presented the debt security for payment more than 30 days after the date on which the relevant payment becomes due or was provided for, whichever is later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any estate, inheritance, gift, sale, transfer, personal property, value added, excise or similar tax, duty, assessment or other governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any tax, assessment or other governmental charge that is payable other than by deduction or withholding from a payment on the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any tax, assessment or other governmental charge that is imposed or withheld due to the holder or beneficial owner of the debt security failing to accurately comply with a request from us either to provide information concerning the beneficial owner's nationality, residence or identity or make any claim or to satisfy any information or reporting requirement, if the completion of either is required by statute, treaty, regulation or administrative practice of the Taxing Jurisdiction as a precondition to exemption from the applicable governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any tax, assessment or other governmental charge imposed, deducted or withheld pursuant to section 1471(b) of the U.S. Internal Revenue Code of 1986, as amended (the "Code") or otherwise imposed pursuant to sections 1471 through 1474 of the Code, in each case, as of the date of issuance (and any amended or successor version that is substantively comparable), any current or future regulations or agreements thereunder, official interpretations thereof or similar law or regulation implementing an intergovernmental agreement relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any tax, assessment or other governmental charge imposed by reason of the holder's past or present status as a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding company with respect to the United States or as a corporation that accumulates earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any tax, assessment or other governmental charge imposed on interest received by (1) a 10% shareholder (as defined in section 871(h)(3)(B) of Code, and the regulations promulgated thereunder) of Sasol USA or (2) a controlled foreign corporation that is related to Sasol USA within the meaning of section 864(d)(4) of the Code, or (3) a bank receiving interest described in section 881(c)(3)(A) of the Code, to the extent such tax, assessment or other governmental charge would not have been imposed but for the holder's status as described in clauses (1) through (3) of this bullet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in the case of a holder that is a U.S. Person (as defined below), the amount of any withholding tax or deduction, or any similar tax, imposed by the United States or a political subdivision thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any combination of the withholdings, taxes, assessments or other governmental charges described above.

Additionally, additional amounts shall not be paid with respect to any payment to a holder who is a fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner of such payment would not have been entitled to such additional amounts had it been the holder.

The prospectus supplement will describe any additional circumstances under which additional amounts will not be paid with respect to guaranteed debt securities.

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**Limitation on Liens**

Sasol covenants in the 2018 Indenture that it will not, nor will it permit any "Restricted Subsidiary" to, create, incur, issue, assume or guarantee any indebtedness for money borrowed ("Debt") if such Debt is secured by any mortgage, security interest, pledge, lien or other similar encumbrance (a "lien" or "liens") upon any "Principal Property" of it or any Restricted Subsidiary or any shares of stock of or debt owed to any Restricted Subsidiary, whether owned at the date of the 2018 Indenture or thereafter acquired, without effectively securing the securities issued under the 2018 Indenture equally and ratably with or prior to the secured Debt. See further below for definitions of "Restricted Subsidiary" and "Principal Property".

This lien restriction will not apply to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens on property, shares of stock or indebtedness of any corporation existing at the time it becomes a subsidiary of Sasol provided that any such lien was not created in contemplation of becoming a subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens on property or shares of stock existing at the time of acquisition thereof or to secure the payment of all or any part of the purchase price thereof or all or part of the cost of the improvement, construction, alteration or repair of any building, equipment or facilities or of any other improvements on, all or any part of the property or to secure any Debt incurred prior to, at the time of, or within 12 months after, in the case of shares of stock, the acquisition of such shares and, in the case of property, the later of the acquisition, the completion of construction (including any improvements, alterations or repairs on an existing property) or the commencement of commercial operation of such property, which Debt is incurred for the purpose of financing all or any part of the purchase price thereof or all or part of the cost of improvement, construction, alteration or repair thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens on any Principal Property or on shares of stock or indebtedness of any Restricted Subsidiary, to secure all or any part of the cost of exploration, drilling, development, improvement, construction, alteration or repair of any part of the Principal Property or to secure any Debt incurred to finance or refinance all or any part of such cost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens existing at the date of the 2018 Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens that secure debt owing by a Restricted Subsidiary to Sasol or any subsidiary of Sasol;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens on property owned or held by any corporation or on shares of stock or indebtedness of any corporation, in either case existing at the time such corporation is merged into or consolidated or amalgamated with Sasol or a Restricted Subsidiary, or at the time of a sale, lease or other disposition of the properties of a corporation as an entirety or substantially as an entirety to Sasol or a Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens arising by operation of law (other than by reason of default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens to secure Debt incurred in the ordinary course of business and maturing not more than 12 months from the date incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens arising pursuant to the specific terms of any license, joint operating agreement, unitization agreement or other similar document evidencing the interest of Sasol or a Restricted Subsidiary in any mine or any oil or gas producing property or related facilities (including pipelines), provided that any such lien is limited to such interest;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens on any Principal Property or on shares of stock or indebtedness of any Restricted Subsidiary in relation to which Project Finance Indebtedness (as defined below) has been incurred, to secure that Project Finance Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens created in accordance with normal practice to secure Debt of Sasol whose main purpose is the raising of finances under any options, futures, swaps, short sale contracts or similar or related instruments which relate to the purchase or sale of securities, commodities or currencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any liens referred to above, or of any Debt secured thereby; provided that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement, and that such extension, renewal or replacement lien shall be limited to all or any part of the same property, shares of stock or indebtedness that secured the lien extended, renewed or replaced (plus improvements on such property), or property received or shares of stock issued in substitution or exchange therefor.

In addition, the lien restriction does not apply to Debt secured by a lien, if the Debt, together with all other Debt secured by liens on Principal Property of Sasol or any Restricted Subsidiary (not including permitted liens described above) and the Attributable Debt (generally defined as the discounted present value of net rental payments, but excluding payments on *bona fide* operating leases) associated with Sale and Lease Back Transactions entered into after our first issuance of debt securities under the 2018 Indenture (but not including "Sale and Lease Back Transactions" pursuant to which debt has been retired), does not exceed a certain percentage of the consolidated net tangible assets of Sasol and its consolidated subsidiaries, as shown on the audited consolidated balance sheet prepared in accordance with International Financial Reporting Standards. The specific percentage will be determined at the time we issue any debt and will be described in the applicable prospectus supplement.

The following types of transactions shall not be deemed to create Debt secured by a lien:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the sale or other transfer, by way of security or otherwise, of (a) coal, oil, gas or other minerals in place or at the wellhead or a right or license granted by any governmental authority to explore for, drill, mine, develop, recover or get such coal, oil, gas or other minerals (whether such license or right is held with others or not) for a period of time until, or in an amount such that, the purchaser will realize therefrom a specified amount of money (however determined) or a specified amount of such coal, oil, gas or other minerals, or (b) any other interest in property of the character commonly referred to as a "production payment"; "royalty" or "stream"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens on property in favour of the United States or any state thereof, or the Republic of South Africa, or any other country, or any political subdivision of any of the foregoing, or any department, agency or instrumentality of the foregoing, to secure partial, progress, advance or other payments pursuant to the provisions of any contract or statute including, without limitation, liens to secure indebtedness of the pollution control or industrial revenue bond type, or to secure any indebtedness incurred for the purpose of financing all or any part of the purchase price or cost of construction of the property or acquisition of equipment subject to such liens.

The term "Restricted Subsidiary" is defined in the 2018 Indenture to mean any wholly owned subsidiary of Sasol which owns a Principal Property, unless the subsidiary is primarily engaged in the business of a finance company and any other subsidiary designated as a "Restricted Subsidiary" in the applicable prospectus supplement.

The term "Principal Property" is defined in the 2018 Indenture to mean (a) oil or gas producing property (including leases, rights or other authorizations to conduct operations over any producing property), (b) any refining or manufacturing plant, (c) any mine, mineral deposit or processing plant, or (d) any building, pipeline, structure, dam or other facility, together with the land upon which it is erected and fixtures comprising a part thereof, in

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each case whose net book value exceeds a certain percentage of consolidated net tangible assets of Sasol, unless the board of directors of Sasol thinks that the property is not of material importance to its overall business or that the portion of a property in question is not of material importance to the rest of such property. The specific percentage will be determined at the time we issue any debt and will be described in the applicable prospectus supplement.

The term "Project Finance Indebtedness" is defined in the 2018 Indenture to mean any indebtedness incurred in relation to any asset for the purposes of financing the whole or any part of the acquisition, creation, construction, expansion, operation, improvement or development of such asset where the financial institution(s) or other persons to whom such indebtedness is owed (and any trustees or other agents therefor) has or have recourse to (i) the applicable project borrower (where such project borrower is formed solely or principally for the purpose of the relevant project) and any or all of its rights and assets and/or (ii) such asset (or any derivative asset thereof) but, in either case, does not or do not have recourse to Sasol or any of its subsidiaries other than in respect of (a) Sasol's or such subsidiary's interests in the equity or indebtedness of the applicable project borrower or the interests of Sasol or any other of its subsidiaries in the equity or indebtedness of any subsidiary that holds, directly or indirectly, interests in the equity or indebtedness of the applicable project borrower, (b) the rights of the applicable project borrower under any contract with Sasol or any of its other subsidiaries, (c) obligations of Sasol or such subsidiary pursuant to completion or performance guarantees or price support, cost overrun support or other support obligations, in each case, in connection with the relevant project or (d) claims for indemnity or damages arising from breach of representations or covenants made by Sasol or such subsidiary to such financial institution or other person.

**Limitation on Sale and Lease Back Transactions**

Sasol covenants in the 2018 Indenture that it will not, nor will it permit any Restricted Subsidiary, to enter into any arrangement with any party providing for the leasing to it or any Restricted Subsidiary of any Principal Property (except for temporary leases for a term, including renewals, of not more than three years) which has been or is to be sold by it or the Restricted Subsidiary to the party (a "Sale and Lease Back Transaction"), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Attributable Debt (generally defined as the discounted present value of net rental payments, but excluding payments on bona fide operating leases) of the Sale and Lease Back Transaction, together with the Attributable Debt of all other Sale and Lease Back Transactions entered into since the first issuance of debt securities under the 2018 Indenture and the aggregate principal amount of its debt secured by liens on Principal Property of Sasol or any Restricted Subsidiary or any shares of stock of or debt owed to any Restricted Subsidiary (but excluding debt secured by permitted liens bulleted under "—Limitation on Liens" above, and excluding Sale and Lease Back Transactions pursuant to which debt has been retired) would not exceed a certain percentage of the consolidated net tangible assets of Sasol, as shown on the audited balance sheet prepared in accordance with International Financial Reporting Standards, which percentage will be determined at the time we issue any debt and will be described in the applicable prospectus supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sasol or the Restricted Subsidiary would be entitled to incur debt secured by a lien on the Principal Property to be leased without securing the securities issued under the 2018 Indenture, as described in the bullet points under "—Limitation on Liens" above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sasol applies an amount equal to the fair value of the Principal Property that is the subject of a Sale and Leaseback Transaction to the retirement of the securities, or to the retirement of long-term indebtedness of Sasol or a Restricted Subsidiary that is not subordinated to the debt securities issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sasol enters into a bona fide commitment to expend for the acquisition or improvement of a Principal Property an amount at least equal to the fair value of the Principal Property leased.

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In addition, the limitation on sale and leaseback transactions does not apply if attributable debt (generally defined as the discounted present value of net rental payments, but excluding payments on bona fide operating leases) associated with the sale and lease back transaction, together with the attributable debt of all other sale and lease back transactions entered into after this first issuance of debt securities under the 2018 Indenture and the aggregate principal amount of Sasol's debt secured by liens on Principal Property of Sasol or any restricted subsidiary (but not including permitted liens described under "—Limitation on Liens", and sale and lease back transactions pursuant to which debt has been retired) would not exceed 15% of the consolidated net tangible assets of Sasol and its consolidated subsidiaries (as set forth on the most recent balance sheet but, in any event, as of a date within 150 days of the date of determination) prepared in accordance with IFRS.

**Events of Default**

You will have special rights if an Event of Default occurs in respect of the debt securities of your series and is not cured, as described later in this subsection.

*What Is an Event of Default?* Unless we specify otherwise in the applicable prospectus supplement, the term "Event of Default" in respect of the debt securities of your series means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● failure to pay the principal of, or any premium on, a debt security of that series on its due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● failure to pay interest or additional amounts on a debt security of that series within 30 days of its due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● failure to deposit any sinking fund payment in respect of debt securities of that series on its due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we or the guarantor remain in breach of a covenant in respect of debt securities of that series for 90 days after we receive a written notice of default stating we are in breach. The notice must be sent by either the trustee or holders of at least 25 percent of the principal amount of debt securities of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we or the guarantor file for bankruptcy or certain other events of bankruptcy, insolvency or reorganization occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the guarantee ceases to be in full force and effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any other Event of Default in respect of debt securities of that series described in the prospectus supplement occurs.

An Event of Default for a particular series of debt securities does not necessarily constitute an Event of Default for any other series of debt securities issued under the 2018 Indenture. The trustee may withhold notice to the holders of debt securities of any default, except in the payment of principal or interest, if it considers the withholding of notice to be in the interests of the holders of the affected series.

*Remedies if an Event of Default Occurs.* If an Event of Default has occurred and has not been cured, the trustee or the holders of at least 25 percent in principal amount of the debt securities of the affected series may declare the entire principal amount of all the debt securities of that series to be due and immediately payable. This is called a declaration of acceleration of maturity. A declaration of acceleration of maturity may be cancelled by the holders of at least a majority in principal amount of the debt securities of the affected series.

Except in cases of default, where the trustee has some special duties, the trustee is not required to take any action under the 2018 Indenture at the request of any holders unless the holders offer the trustee protection from expenses and liability (called an "indemnity") satisfactory to the trustee. If an indemnity reasonably satisfactory to the trustee is provided, the holders of a majority in principal amount of the outstanding debt securities of the relevant series may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any

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remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default.

Before you are allowed to bypass the trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the debt securities, the following must occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● you must give your trustee written notice that an Event of Default has occurred and remains uncured

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the holders of at least 25 percent in principal amount of all outstanding debt securities of the relevant series must make a written request that the trustee take action because of the default and must offer indemnity to the trustee reasonably satisfactory to the trustee against the cost and other liabilities of taking that action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the holders of a majority in principal amount of the debt securities of the relevant series must not have given the trustee a direction inconsistent with the above notice.

However, you are entitled at any time to bring a lawsuit for the payment of money due on your debt securities on or after the due date.

Holders of a majority in principal amount of the debt securities of the affected series may waive any past defaults other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the payment of principal, any premium or interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in respect of a covenant that cannot be modified or amended without the consent of each holder.

BOOK-ENTRY AND OTHER INDIRECT HOLDERS SHOULD CONSULT THEIR BANKS OR BROKERS FOR INFORMATION ON HOW TO GIVE NOTICE OR DIRECTION TO OR MAKE A REQUEST OF THE TRUSTEE AND HOW TO DECLARE OR CANCEL AN ACCELERATION.

Each year, we and the guarantor will furnish to the trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the 2018 Indenture and the debt securities, or else specifying any default.

**Merger or Consolidation**

Under the terms of the 2018 Indenture, each of Sasol USA and Sasol is generally permitted to consolidate or merge with another entity. In addition, each of Sasol USA and Sasol is also permitted to sell all or substantially all of its assets to another entity. However, neither Sasol USA nor Sasol may take any of these actions unless all the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● where Sasol USA (or Sasol, as the case may be) merges out of existence or sells its assets, the resulting or acquiring entity must agree to be legally responsible for the notes (or the guarantee, as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● immediately after giving effect to the merger or sale of assets, no default on the debt securities shall have occurred and be continuing; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sasol USA (or Sasol or the acquiring entity, as the case may be) must deliver certain certificates and documents to the trustee.

**Modification or Waiver**

There are three types of changes we can make to the 2018 Indenture and the debt securities issued under the 2018 Indenture.

***Changes Requiring Your Approval***

First, there are changes that we cannot make to your debt securities without your specific approval. Following is a list of those types of changes unless we specify otherwise in the applicable prospectus supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● change the stated maturity of the principal of (or premium, if any) or interest on a debt security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● reduce any amounts due on a debt security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● reduce the amount of principal payable upon acceleration of the maturity of a security following a default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● adversely affect any right of repayment at the holder's option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● change the place or currency of payment on a debt security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● impair your right to sue for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● adversely affect any right to convert or exchange a debt security in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● reduce the percentage in principal amount of holders of debt securities whose consent is needed to modify or amend the 2018 Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● reduce the percentage in principal amount of holders of debt securities whose consent is needed to waive compliance with certain provisions of the 2018 Indenture or to waive certain defaults under the 2018 Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● modify any other aspect of the provisions of the 2018 Indenture dealing with modification and waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● change any obligation to pay additional amounts, as explained above under "—Payment of Additional Amounts ".

***Changes Not Requiring Approval***

The second type of change does not require any vote by the holders of the debt securities. This type is limited to clarifications and certain other changes that would not adversely affect holders of the outstanding debt securities in any material respect. We also do not need any approval to make any change that affects only debt securities to be issued under the 2018 Indenture after the change takes effect.

***Changes Requiring Majority Approval***

Any other change to the 2018 Indenture or the debt securities would require the following approval unless we specify otherwise in the applicable prospectus supplement:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if the change affects only one series of debt securities, it must be approved by the holders of a majority in principal amount of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if the change affects more than one series of debt securities, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose.

In each case, any resolution passed or decision taken at any meeting of the holders of a series of debt securities must be in writing.

The holders of a majority in principal amount of any series of debt securities issued under the 2018 Indenture may waive our and the guarantor's compliance with some of our covenants in the 2018 Indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under "—Changes Requiring Your Approval".

***Further Details Concerning Voting***

We will generally be entitled to set any day as a record date for the purpose of determining the holders of outstanding securities that are entitled to vote or take other action under the 2018 Indenture. If we set a record date for a vote or other action to be taken by holders of one or more series, that vote or action may be taken only by persons who are holders of outstanding securities of those series on the record date, and the vote or other action must be taken within eleven months following the record date. Unless otherwise specified in the applicable prospectus supplement, the holder of a debt security will be entitled to one vote for each $1,000 principal amount of the debt security that is outstanding and held by it. Debt securities will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. Debt securities will also not be eligible to vote if they have been fully defeased as described later under "—Defeasance—Full Defeasance".

BOOK-ENTRY AND OTHER INDIRECT HOLDERS SHOULD CONSULT THEIR BANKS OR BROKERS FOR INFORMATION ON HOW APPROVAL MAY BE GRANTED OR DENIED IF WE SEEK TO CHANGE THE 2018 INDENTURE OR THE DEBT SECURITIES OR REQUEST A WAIVER.

**Sinking Fund**

The notes of each series will not be entitled to the benefit of a sinking fund.

**Defeasance**

The following provisions will be applicable to the notes.

***Covenant Defeasance***

Under current U.S. federal tax law, we or the guarantor can make the deposit described below and be released from some of the restrictive covenants in the 2018 Indenture under which a particular series was issued. This is called "covenant defeasance". In that event, you would lose the protection of those restrictive covenants but would gain the protection of having cash and U.S. government securities set aside in trust to repay your debt securities. In order to achieve covenant defeasance, we must do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we must deposit in trust for the benefit of all holders of the debt securities of the particular series a combination of cash and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the debt securities of the particular series on their various due dates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the "covenant defeasance" must not otherwise result in a breach of the 2018 Indenture or any of our or the guarantor's material agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● no Event of Default must have occurred and remain uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we must deliver to the trustee a legal opinion of our counsel confirming that, under current federal income tax law, we may make the above deposit without causing you to be taxed on the debt securities of the particular series any differently than if we did not make the deposit and just repaid the debt securities of the particular series ourselves at maturity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we must deliver to the trustee a legal opinion and officer's certificate, each stating that all conditions precedent to "covenant defeasance" under the 2018 Indenture have been met.

If we accomplish covenant defeasance, you can still look to us for repayment of the debt securities if there is a shortfall in the trust deposit or the trustee is prevented from making payment. In fact, if one of the remaining Events of Default occurred (such as our bankruptcy) and the debt securities became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall.

***Full Defeasance***

Under certain circumstances as described below, we or the guarantor can legally release ourselves from all payment and other obligations on the debt securities of a particular series (called "full defeasance") if we put in place the following arrangements for you to be repaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we must deposit in trust for the benefit of all holders of the debt securities of the particular series a combination of cash and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the debt securities of the particular series on their various due dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the "full defeasance" must not otherwise result in a breach of the 2018 Indenture or any of our or the guarantor's material agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● no Event of Default must have occurred and remain uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we must deliver to the trustee a legal opinion confirming that there has been a change in current federal tax law or an IRS ruling that lets us make the above deposit without causing you to be taxed on the debt securities of the particular series any differently than if we did not make the deposit and just repaid the debt securities of the particular series ourselves at maturity. Under current U.S. federal tax law, the deposit and our legal release from the debt securities of the particular series would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your debt securities and you would recognize gain or loss on the debt securities at the time of the deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we must deliver to the trustee an opinion of counsel and an officer's certificate, each stating that all conditions precedent to "full defeasance" under the 2018 Indenture have been met.

If we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the debt securities. You could not look to us for repayment in the unlikely event of any shortfall.

**Listing**

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The notes of each series are listed on the New York Stock Exchange.

**Guarantee**

Sasol fully and unconditionally guarantees the debt securities issued by Sasol USA under a guarantee of the payment of principal of, and any premium, interest and "additional amounts" on, these debt securities when due, whether at maturity or otherwise. Sasol has obtained the approval of the SARB to provide this guarantee.

**DESCRIPTION OF THE 2026 AND 2031 NOTES**

This section describes the specific financial and legal terms of the 4.375% notes due 2026 and the 5.500% notes due 2031 under the 2018 Indenture. The following description is a summary of material provisions of the notes and the 2018 Indenture and does not purport to be complete. Except where the context clearly refers to Sasol Limited ("Sasol"), references to "we", "us" and "our" in this section refer to Sasol Financing USA LLC ("Sasol USA"). References to "holder", "you" and "your" in this section refers to holders of the notes.

**General**

The notes were issued under the 2018 Indenture. Book-entry interests in the notes will be issued in minimum denominations of $200,000 and in integral multiples of $1,000 in excess thereof. Interest on the notes will be computed on the basis of a 360-day year of twelve 30-day months. The 2018 Indenture is, and the notes and the guarantee will be, governed by the laws of the State of New York.

The 2026 Notes were initially issued in an aggregate principal amount of $650,000,000 and mature on 18 September 2026. The 2026 Notes bear interest at a rate of 4.375% per annum, payable semi-annually in arrears on 18 March and 18 September of each year, commencing 18 September 2021. The regular record dates for the notes are every 1 March and 15 September of each year.

The 2031 Notes were initially be issued in an aggregate principal amount of $850,000,000 and mature on 18 March 2031. The 2031 Notes bear interest at a rate of 5.500% per annum, payable semi-annually in arrears on 18 March and 18 September of each year, commencing 18 September 2021. The regular record dates for the notes are every 1 March and 1 September of each year.

If any scheduled interest payment date is not a business day, Sasol USA will pay interest on the next business day, but interest on that payment will not accrue during the period from and after the scheduled interest payment date. If the scheduled maturity date or date of redemption or repayment is not a business day, Sasol may pay interest and principal and premium, if any, on the next succeeding business day, but interest on that payment will not accrue during the period from and after the scheduled maturity date or date of redemption or repayment.

A "**business day**" means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York City, Wilmington, Delaware or in London, England.

The notes are unsecured and unsubordinated indebtedness of Sasol USA and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding. The notes are or will be effectively subordinated to any of Sasol USA's existing and future secured debt, to the extent of the value of the assets securing such debt.

The trustee's corporate trust office in Wilmington, Delaware is designated as the principal paying agent. Sasol USA may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

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**Further Issuances**

Sasol USA may, without the consent of the holders of the notes, issue additional notes of a series having the same ranking and same interest rate, maturity date, redemption terms and other terms as the notes except for the price to the public and issue date, provided, however, that such additional notes that have the same CUSIP, ISIN, Common Code or other identifying numbers as the notes offered hereunder must be fungible with such notes for US federal income tax purposes. Any such additional notes, together with the notes, will constitute a single series of securities under the 2018 Indenture and are included in the definition of "notes" in this section where the context requires. There is no limitation on the amount of notes or other debt securities that Sasol USA may issue under the 2018 Indenture.

**Optional Redemption**

Prior to 18 August 2026 (the "2026 Notes Par Call Date") for the 2026 Notes and prior to 18 December 2030 (the "2031 Notes Par Call Date") for the 2031 Notes, the relevant series of notes will be redeemable as a whole or in part, at the option of Sasol USA or Sasol at any time and from time to time, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes, assuming for such purpose that the 2026 Notes were called on the 2026 Notes Par Call Date and the 2031 Notes were called on the 2031 Notes Par Call Date (exclusive of interest accrued and unpaid to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus the Make-whole Spread, plus, in each case, accrued and unpaid interest thereon to, but not including, the date of redemption. Further instalments of interest on the notes to be redeemed that are due and payable on the interest payment dates falling on or prior to a redemption date shall be payable on the interest payment date to the registered holders as of the close of business on the relevant regular record date according to the notes and the 2018 Indenture.

On or after the 2026 Notes Par Call Date for the 2026 Notes and on or after the 2031 Notes Par Call Date for the 2031 Notes, the relevant series of notes will be redeemable in whole (but not in part), at the option of Sasol USA or Sasol at any time, at a redemption price equal to 100% of the principal amount of such series of notes plus, in each case, accrued and unpaid interest thereon to, but not including, the date of redemption.

"**Treasury Rate**" means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

"**Comparable Treasury Issue**" means the US Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the notes, assuming for such purpose that the 2026 Notes mature on the 2026 Notes Par Call Date and the 2031 Notes mature on the 2031 Notes Par Call Date.

"**Independent Investment Banker**" means one of the Reference Treasury Dealers appointed by Sasol USA.

"**Comparable Treasury Price**" means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if Sasol USA obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

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"**Reference Treasury Dealer**" means each of BofA Securities Inc., Citigroup Global Markets Inc, Mizuho International plc, a Primary Treasury Dealer (as defined below) selected by MUFG Securities EMEA plc or their respective affiliates that are primary US government securities dealers (a "Primary Treasury Dealer") and two other Primary Treasury Dealers in New York City, selected by Sasol USA, and their respective successors; provided however, that if any of the foregoing or their affiliates shall cease to be a Primary Treasury Dealer in New York Citi, Sasol USA shall substitute therefor another such Primary Treasury Dealer.

"**Reference Treasury Dealer Quotations**" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by Sasol USA, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to Sasol USA by such Reference Treasury Dealer at 3:30 p.m. New York City time on the third business day preceding such redemption date.

"**Make-whole Spread**" means 50 basis points.

Sasol USA will give notice to each holder of notes to be redeemed of any redemption that Sasol USA or Sasol propose to make at least 10 days, but not more than 60 days, before the redemption date or request that the trustee send such notice of redemption to each holder of notes to be redeemed in the name of Sasol USA and at its expense. If fewer than all of the notes are to be redeemed, the notes to be redeemed shall be selected in accordance with DTC procedures.

Unless Sasol USA or Sasol defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the notes or portions thereof called for redemption.

**Optional Tax Redemption**

We or the guarantor may redeem each series of guaranteed debt securities at our option in whole but not in part at any time (except in the case of debt securities that have a variable rate of interest, which may be redeemed on any interest payment date), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we or the guarantor would be required to pay additional amounts, as a result of any change in the tax laws or treaties (including the official application or interpretation thereof) of a Taxing Jurisdiction or, in the case of a treaty, to which a Taxing Jurisdiction is a party that, in the case of any of us, becomes effective on or after the date of issuance of that series (or, in the case of a successor, that becomes effective after the date such successor becomes such, or, in the case of assumption by the guarantor, the date of such assumption), as explained above under "—Payment of Additional Amounts", or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● there is a change in the official application or interpretation of a treaty to which a Taxing Jurisdiction is a party, this change is proposed and becomes effective on or after a date on which one of our affiliates borrows money from us, and because of the change this affiliate would be required to deduct or withhold tax on payments to us to enable us to make any payment of principal, premium, if any, or interest.

In both of these cases, however, we will not be permitted to redeem a series of debt securities if we can avoid either the payment of additional amounts, or deductions or withholding, as the case may be, by using reasonable measures available to us. For the avoidance of doubt, reasonable measures shall not include changing our jurisdiction of incorporation.

Except in the case of outstanding original issue discount debt securities, which may be redeemed at the redemption price specified by the terms of that series of debt securities, the redemption price will be equal to the principal amount plus accrued interest to the date of redemption.

**Change of Control Repurchase Event**

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If a change of control repurchase event occurs in respect of the notes of a series, unless either Sasol USA or Sasol has exercised its right to redeem in whole the then-outstanding notes as described under "—Optional Redemption" or "—Optional Tax Redemption" above, Sasol USA will be required to make an offer to each holder of the notes of a series to repurchase all or any part (in minimal denominations of $200,000 and integral multiples of $1,000 in excess thereof) of that holder's notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the notes repurchased plus any accrued and unpaid interest on the notes repurchased to, but not including, the date of repurchase. Within 30 days following any change of control repurchase event or, at the Sasol USA's option, prior to any change of control, but after the public announcement of the proposed change of control, Sasol USA will mail a notice to each holder, with a copy to the trustee, describing the transaction or transactions that constitute or may constitute the change of control repurchase event and offering to repurchase the notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law. The notice shall, if mailed prior to the date of consummation of the change of control, state that the offer to purchase is conditioned on a change of control repurchase event occurring on or prior to the payment date specified in the notice. Holders of the notes electing to have their notes purchased pursuant to a change of control repurchase event offer will be required to surrender their notes, with the form entitled "Option of Holder to Elect Purchase" on the reverse of the note completed, to the paying agent at the address specified in the notice, or transfer their notes to the paying agent by book-entry transfer pursuant to the applicable procedures of the paying agent, prior to the close of business on the third business day prior to the repurchase payment date. Sasol USA will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the notes as a result of a change of control repurchase event. To the extent that the provisions of any applicable securities or corporate laws or regulations conflict with the change of control repurchase event provisions of the notes, Sasol USA will comply with the applicable securities or corporate laws and regulations and will not be deemed to have breached its obligations under the change of control repurchase event provisions of the notes by virtue of such conflict.

On the repurchase date following a change of control repurchase event, Sasol USA will, to the extent lawful:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) accept for payment all notes or portions of the notes properly tendered pursuant to Sasol USA' offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) deposit with the paying agent an amount equal to the aggregate purchase price in respect of all the notes or portions of the notes properly tendered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) deliver or cause to be delivered to the trustee the notes properly accepted, together with an officers' certificate stating the aggregate principal amount of notes being purchased by Sasol USA.

The paying agent will promptly mail to each holder of notes properly tendered the purchase price for the notes (or make payment through the depositary), and the trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new note equal in principal amount to any unpurchased portion of any notes surrendered; provided, however, that each new note will be in a minimum principal amount of $200,000 and integral multiples of $1,000 in excess thereof.

Sasol USA will not be required to make an offer to repurchase the notes issued by it upon a change of control repurchase event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by Sasol USA and such third party purchases all notes properly tendered and not withdrawn under its offer.

For purposes of the foregoing discussion of a repurchase at the option of holders, the following definitions are applicable:

"**change of control**" means the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger, scheme of arrangement, amalgamation or consolidation), in one or a series of related transactions, of all

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or substantially all of the assets of Sasol and its subsidiaries taken as a whole to any "person" (as that term is used in Section 13(d)(3) of the Exchange Act) other than to Sasol or one of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the consummation of any transaction (including, without limitation, any merger, scheme of arrangement, amalgamation or consolidation) the result of which is that any "person" (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a subsidiary of Sasol) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of Sasol's voting stock or other voting stock into which Sasol's voting stock is reclassified, consolidated, exchanged or changed measured by voting power rather than number of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Sasol consolidates with, or merges with or into, or enters into a scheme of arrangement with or amalgamates with, any "person" (as that term is used in Section 13(d)(3) of the Exchange Act), or any person consolidates with, or merges with or into, or enters into a plan or arrangement with, Sasol, in any such event pursuant to a transaction in which any of the outstanding voting stock of Sasol or such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the voting stock of Sasol outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the voting stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the adoption of a plan relating to the liquidation or dissolution of Sasol.

Notwithstanding the foregoing, a transaction will not be deemed to involve a change of control if (1) Sasol becomes a direct or indirect wholly owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of Sasol's voting stock immediately prior to that transaction or (B) immediately following that transaction, no "person" (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the voting stock of such holding company.

The definition of change of control includes a phrase relating to the direct or indirect sale, lease, transfer, conveyance or other disposition of "all or substantially all" of Sasol and its subsidiaries' assets taken as a whole. Although there is a limited body of case law interpreting the phrase "substantially all", there is no precise established definition of the phrase under applicable law. Accordingly, the ability of a holder of notes to require Sasol USA to repurchase such holder's notes as a result of a sale, lease, transfer, conveyance or other disposition of less than all of Sasol's and its subsidiaries' assets taken as a whole to another person or group may be uncertain. Holders may not be entitled to require Sasol USA to purchase their notes in certain circumstances involving a significant change in the composition of the board of directors of Sasol, including in connection with a proxy contest, where the board of directors of Sasol initially publicly opposes the election of a dissident slate of directors, but subsequently approves such directors for the purposes of the 2018 Indenture governing the notes. This may result in a change in the composition of the board of directors of Sasol that, but for such subsequent approval, would have otherwise constituted a change of control under the terms of the 2018 Indenture governing the notes.

"**change of control repurchase event**" means the occurrence of both a change of control and a rating event.

"**investment grade**" means a rating of Baa3 or better by Moody's (or its equivalent under any successor rating categories of Moody's); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); and the equivalent investment grade credit rating from any additional rating agency or rating agencies selected by Sasol as a replacement rating agency or replacement ratings agencies.

"**Moody's**" means Moody's Investors Service, Inc., a subsidiary of Moody's Corporation, and its successors.

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"**rating agency**" means each of Moody's and S&P; provided, however, that if either Moody's or S&P ceases to rate the notes or fails to make a rating of the notes publicly available for reasons outside of Sasol's control, Sasol may select (as certified by a resolution of Sasol's board of directors) a "nationally recognized statistical rating organization" within the meaning of Section 3(a)(62) of the Exchange Act, as a replacement agency for Moody's or S&P, or both of them, as the case may be.

"**rating category**" means (i) with respect to S&P, any of the following categories: BBB, BB, B, CCC, CC, C and D (or equivalent successor categories) and (ii) with respect to Moody's, any of the following categories: Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories). In determining whether the rating of the notes has decreased by one or more gradations, gradations within rating categories (+ and – for S&P; 1, 2 and 3 for Moody's; or the equivalent gradations for another rating agency) shall be taken into account (e.g., with respect to S&P, a decline in a rating from BB+ to BB, as well as from BB– to B+, will constitute a decrease of one gradation).

"**rating date**" means the date that is 60 days prior to the earlier of (1) the occurrence of a change of control; or (2) the public notice of the intention by Sasol to effect a change of control.

"**rating event**" means the occurrence of the events in (A) or (B) of this definition on any date during the 60-day period (which period shall be extended so long as the rating of the notes is under publicly announced consideration for a possible downgrade by any of the rating agencies) after the earlier of (1) the occurrence of a change of control; or (2) the public notice of the intention by Sasol to effect a change of control if (A) the notes are rated on the ratings date by each rating agency as investment grade, the rating of the notes shall be reduced so that the notes are rated below investment grade by at least one rating agency, or (B) the notes are rated on the ratings date below investment grade by at least one rating agency, the rating of the notes by at least one rating agency shall be reduced by one or more gradations (including gradations within rating categories, as well as between rating categories). Notwithstanding the foregoing, a rating event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular change of control (and thus shall not be deemed a rating event for purposes of the definition of change of control repurchase event hereunder) if (i) the rating agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the trustee or Sasol in writing at its request that the reduction was the result, in whole or in part, of the applicable change of control (whether or not the applicable change of control shall have occurred at the time of the rating event) or (ii) the rating of the notes by the rating agency making the reduction in rating to which this definition would otherwise apply is within the relevant 60-day period subsequently upgraded to an investment grade rating.

"**S&P**" means Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

"**voting stock**" of any specified "person" (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

The change of control repurchase event feature of the notes may in certain circumstances make more difficult or discourage a sale or takeover of Sasol and, thus, the removal of incumbent management. Subject to the limitations discussed below, Sasol could, in the future, enter into certain transactions, including acquisitions, refinancings or other recapitalizations, that would not constitute a change of control repurchase event under the notes, but that could increase the amount of indebtedness outstanding at such time or otherwise affect Sasol's capital structure or credit ratings on the notes. Restrictions on Sasol's ability to incur liens are contained in the covenants as described under "—Limitation on Liens" below.

Sasol USA may not have sufficient funds to repurchase all the notes upon a change of control repurchase event.

**Payment of Additional Amounts**

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We will pay all amounts of principal of, and any premium and interest on, any debt securities, and all payments pursuant to the guarantee shall be made, without deduction or withholding for any taxes, assessments or other charges imposed by the government of South Africa, the United States or any other jurisdiction where we or the guarantor are organized or tax resident or in which we are treated as being engaged in a trade or business, as the case may be, or the government of a jurisdiction in which a successor to any of us, as the case may be, is organized or tax resident ("Taxing Jurisdiction"). If deduction or withholding of any of these charges is required by a Taxing Jurisdiction, we (or the guarantor) will pay any additional amounts necessary to make the net amount paid to the affected holders equal the amount the holders would have received in the absence of the deduction or withholding. However, these "additional amounts" will not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any tax, assessment or other governmental charge imposed by any government of any jurisdiction other than a Taxing Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any tax, assessment or other governmental charge that is only payable because either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o some present or former connection exists between the holder or beneficial owner of the debt security and a Taxing Jurisdiction other than as a result of holding a note or enforcing its rights thereunder (including, but not limited to, the holder or beneficial owner of the debt security being or having been a citizen, resident or national thereof, or being or having been present or engaged in business therein, or having or having had a permanent establishment therein); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the holder presented the debt security for payment more than 30 days after the date on which the relevant payment becomes due or was provided for, whichever is later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any estate, inheritance, gift, sale, transfer, personal property, value added, excise or similar tax, duty, assessment or other governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any tax, assessment or other governmental charge that is payable other than by deduction or withholding from a payment on the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any tax, assessment or other governmental charge that is imposed or withheld due to the holder or beneficial owner of the debt security failing to accurately comply with a request from us either to provide information concerning the beneficial owner's nationality, residence or identity or make any claim or to satisfy any information or reporting requirement, if the completion of either is required by statute, treaty, regulation or administrative practice of the Taxing Jurisdiction as a precondition to exemption from the applicable governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any tax, assessment or other governmental charge imposed, deducted or withheld pursuant to section 1471(b) of the U.S. Internal Revenue Code of 1986, as amended (the "Code") or otherwise imposed pursuant to sections 1471 through 1474 of the Code, in each case, as of the date of issuance (and any amended or successor version that is substantively comparable), any current or future regulations or agreements thereunder, official interpretations thereof or similar law or regulation implementing an intergovernmental agreement relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any tax, assessment or other governmental charge imposed by reason of the holder's past or present status as a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding company with respect to the United States or as a corporation that accumulates earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of any tax, assessment or other governmental charge imposed on interest received by (1) a 10% shareholder (as defined in section 871(h)(3)(B) of Code, and the regulations promulgated thereunder) of Sasol USA or (2) a controlled foreign corporation that is related to Sasol USA within the meaning of section 864(d)(4) of the Code, or (3) a bank receiving interest described in

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section 881(c)(3)(A) of the Code, to the extent such tax, assessment or other governmental charge would not have been imposed but for the holder's status as described in clauses (1) through (3) of this bullet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in the case of a holder that is a U.S. Person (as defined below), the amount of any withholding tax or deduction, or any similar tax, imposed by the United States or a political subdivision thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any combination of the withholdings, taxes, assessments or other governmental charges described above.

Additionally, additional amounts shall not be paid with respect to any payment to a holder who is a fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner of such payment would not have been entitled to such additional amounts had it been the holder.

The prospectus supplement will describe any additional circumstances under which additional amounts will not be paid with respect to guaranteed debt securities.

**Limitation on Liens**

Sasol covenants in the 2018 Indenture that it will not, nor will it permit any "Restricted Subsidiary" to, create, incur, issue, assume or guarantee any indebtedness for money borrowed ("Debt") if such Debt is secured by any mortgage, security interest, pledge, lien or other similar encumbrance (a "lien" or "liens") upon any "Principal Property" of it or any Restricted Subsidiary or any shares of stock of or debt owed to any Restricted Subsidiary, whether owned at the date of the 2018 Indenture or thereafter acquired, without effectively securing the securities issued under the 2018 Indenture equally and ratably with or prior to the secured Debt. See further below for definitions of "Restricted Subsidiary" and "Principal Property".

This lien restriction will not apply to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens on property, shares of stock or indebtedness of any corporation existing at the time it becomes a subsidiary of Sasol provided that any such lien was not created in contemplation of becoming a subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens on property or shares of stock existing at the time of acquisition thereof or to secure the payment of all or any part of the purchase price thereof or all or part of the cost of the improvement, construction, alteration or repair of any building, equipment or facilities or of any other improvements on, all or any part of the property or to secure any Debt incurred prior to, at the time of, or within 12 months after, in the case of shares of stock, the acquisition of such shares and, in the case of property, the later of the acquisition, the completion of construction (including any improvements, alterations or repairs on an existing property) or the commencement of commercial operation of such property, which Debt is incurred for the purpose of financing all or any part of the purchase price thereof or all or part of the cost of improvement, construction, alteration or repair thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens on any Principal Property or on shares of stock or indebtedness of any Restricted Subsidiary, to secure all or any part of the cost of exploration, drilling, development, improvement, construction, alteration or repair of any part of the Principal Property or to secure any Debt incurred to finance or refinance all or any part of such cost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens existing at the date of the 2018 Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens that secure debt owing by a Restricted Subsidiary to Sasol or any subsidiary of Sasol;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens on property owned or held by any corporation or on shares of stock or indebtedness of any corporation, in either case existing at the time such corporation is merged into or consolidated or amalgamated with Sasol or a Restricted Subsidiary, or at the time of a sale, lease or other disposition of

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the properties of a corporation as an entirety or substantially as an entirety to Sasol or a Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens arising by operation of law (other than by reason of default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens to secure Debt incurred in the ordinary course of business and maturing not more than 12 months from the date incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens arising pursuant to the specific terms of any license, joint operating agreement, unitization agreement or other similar document evidencing the interest of Sasol or a Restricted Subsidiary in any mine or any oil or gas producing property or related facilities (including pipelines), provided that any such lien is limited to such interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens on any Principal Property or on shares of stock or indebtedness of any Restricted Subsidiary in relation to which Project Finance Indebtedness (as defined below) has been incurred, to secure that Project Finance Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens created in accordance with normal practice to secure Debt of Sasol whose main purpose is the raising of finances under any options, futures, swaps, short sale contracts or similar or related instruments which relate to the purchase or sale of securities, commodities or currencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any liens referred to above, or of any Debt secured thereby; provided that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement, and that such extension, renewal or replacement lien shall be limited to all or any part of the same property, shares of stock or indebtedness that secured the lien extended, renewed or replaced (plus improvements on such property), or property received or shares of stock issued in substitution or exchange therefor.

In addition, the lien restriction does not apply to Debt secured by a lien, if the Debt, together with all other Debt secured by liens on Principal Property of Sasol or any Restricted Subsidiary (not including permitted liens described above) and the Attributable Debt (generally defined as the discounted present value of net rental payments, but excluding payments on *bona fide* operating leases) associated with Sale and Lease Back Transactions entered into after our first issuance of debt securities under the 2018 Indenture (but not including "Sale and Lease Back Transactions" pursuant to which debt has been retired), does not exceed a certain percentage of the consolidated net tangible assets of Sasol and its consolidated subsidiaries, as shown on the audited consolidated balance sheet prepared in accordance with International Financial Reporting Standards. The specific percentage will be determined at the time we issue any debt and will be described in the applicable prospectus supplement.

The following types of transactions shall not be deemed to create Debt secured by a lien:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the sale or other transfer, by way of security or otherwise, of (a) coal, oil, gas or other minerals in place or at the wellhead or a right or license granted by any governmental authority to explore for, drill, mine, develop, recover or get such coal, oil, gas or other minerals (whether such license or right is held with others or not) for a period of time until, or in an amount such that, the purchaser will realize therefrom a specified amount of money (however determined) or a specified amount of such coal, oil, gas or other minerals, or (b) any other interest in property of the character commonly referred to as a "production payment"; "royalty" or "stream"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● liens on property in favour of the United States or any state thereof, or the Republic of South Africa, or any other country, or any political subdivision of any of the foregoing, or any department, agency or instrumentality of the foregoing, to secure partial, progress, advance or other payments pursuant to the

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provisions of any contract or statute including, without limitation, liens to secure indebtedness of the pollution control or industrial revenue bond type, or to secure any indebtedness incurred for the purpose of financing all or any part of the purchase price or cost of construction of the property or acquisition of equipment subject to such liens.

The term "Restricted Subsidiary" is defined in the 2018 Indenture to mean any wholly owned subsidiary of Sasol which owns a Principal Property, unless the subsidiary is primarily engaged in the business of a finance company and any other subsidiary designated as a "Restricted Subsidiary" in the applicable prospectus supplement.

The term "Principal Property" is defined in the 2018 Indenture to mean (a) oil or gas producing property (including leases, rights or other authorizations to conduct operations over any producing property), (b) any refining or manufacturing plant, (c) any mine, mineral deposit or processing plant, or (d) any building, pipeline, structure, dam or other facility, together with the land upon which it is erected and fixtures comprising a part thereof, in each case whose net book value exceeds a certain percentage of consolidated net tangible assets of Sasol, unless the board of directors of Sasol thinks that the property is not of material importance to its overall business or that the portion of a property in question is not of material importance to the rest of such property. The specific percentage will be determined at the time we issue any debt and will be described in the applicable prospectus supplement.

The term "Project Finance Indebtedness" is defined in the 2018 Indenture to mean any indebtedness incurred in relation to any asset for the purposes of financing the whole or any part of the acquisition, creation, construction, expansion, operation, improvement or development of such asset where the financial institution(s) or other persons to whom such indebtedness is owed (and any trustees or other agents therefor) has or have recourse to (i) the applicable project borrower (where such project borrower is formed solely or principally for the purpose of the relevant project) and any or all of its rights and assets and/or (ii) such asset (or any derivative asset thereof) but, in either case, does not or do not have recourse to Sasol or any of its subsidiaries other than in respect of (a) Sasol's or such subsidiary's interests in the equity or indebtedness of the applicable project borrower or the interests of Sasol or any other of its subsidiaries in the equity or indebtedness of any subsidiary that holds, directly or indirectly, interests in the equity or indebtedness of the applicable project borrower, (b) the rights of the applicable project borrower under any contract with Sasol or any of its other subsidiaries, (c) obligations of Sasol or such subsidiary pursuant to completion or performance guarantees or price support, cost overrun support or other support obligations, in each case, in connection with the relevant project or (d) claims for indemnity or damages arising from breach of representations or covenants made by Sasol or such subsidiary to such financial institution or other person.

**Limitation on Sale and Lease Back Transactions**

Sasol covenants in the 2018 Indenture that it will not, nor will it permit any Restricted Subsidiary, to enter into any arrangement with any party providing for the leasing to it or any Restricted Subsidiary of any Principal Property (except for temporary leases for a term, including renewals, of not more than three years) which has been or is to be sold by it or the Restricted Subsidiary to the party (a "Sale and Lease Back Transaction"), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Attributable Debt (generally defined as the discounted present value of net rental payments, but excluding payments on bona fide operating leases) of the Sale and Lease Back Transaction, together with the Attributable Debt of all other Sale and Lease Back Transactions entered into since the first issuance of debt securities under the 2018 Indenture and the aggregate principal amount of its debt secured by liens on Principal Property of Sasol or any Restricted Subsidiary or any shares of stock of or debt owed to any Restricted Subsidiary (but excluding debt secured by permitted liens bulleted under "—Limitation on Liens" above, and excluding Sale and Lease Back Transactions pursuant to which debt has been retired) would not exceed a certain percentage of the consolidated net tangible assets of Sasol, as shown on the audited balance sheet prepared in accordance with International Financial Reporting Standards, which percentage will be determined at the time we issue any debt and will be described in the applicable prospectus supplement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sasol or the Restricted Subsidiary would be entitled to incur debt secured by a lien on the Principal Property to be leased without securing the securities issued under the 2018 Indenture, as described in the bullet points under "—Limitation on Liens" above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sasol applies an amount equal to the fair value of the Principal Property that is the subject of a Sale and Leaseback Transaction to the retirement of the securities, or to the retirement of long-term indebtedness of Sasol or a Restricted Subsidiary that is not subordinated to the debt securities issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sasol enters into a bona fide commitment to expend for the acquisition or improvement of a Principal Property an amount at least equal to the fair value of the Principal Property leased.

In addition, the limitation on sale and leaseback transactions does not apply if attributable debt (generally defined as the discounted present value of net rental payments, but excluding payments on bona fide operating leases) associated with the sale and lease back transaction, together with the attributable debt of all other sale and lease back transactions entered into after this first issuance of debt securities under the 2018 Indenture and the aggregate principal amount of Sasol's debt secured by liens on Principal Property of Sasol or any restricted subsidiary (but not including permitted liens described under "—Limitation on Liens", and sale and lease back transactions pursuant to which debt has been retired) would not exceed 15% of the consolidated net tangible assets of Sasol and its consolidated subsidiaries (as set forth on the most recent balance sheet but, in any event, as of a date within 150 days of the date of determination) prepared in accordance with IFRS.

**Events of Default**

You will have special rights if an Event of Default occurs in respect of the debt securities of your series and is not cured, as described later in this subsection.

*What Is an Event of Default?* Unless we specify otherwise in the applicable prospectus supplement, the term "Event of Default" in respect of the debt securities of your series means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● failure to pay the principal of, or any premium on, a debt security of that series on its due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● failure to pay interest or additional amounts on a debt security of that series within 30 days of its due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● failure to deposit any sinking fund payment in respect of debt securities of that series on its due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we or the guarantor remain in breach of a covenant in respect of debt securities of that series for 90 days after we receive a written notice of default stating we are in breach. The notice must be sent by either the trustee or holders of at least 25 percent of the principal amount of debt securities of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we or the guarantor file for bankruptcy or certain other events of bankruptcy, insolvency or reorganization occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the guarantee ceases to be in full force and effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any other Event of Default in respect of debt securities of that series described in the prospectus supplement occurs.

An Event of Default for a particular series of debt securities does not necessarily constitute an Event of Default for any other series of debt securities issued under the 2018 Indenture. The trustee may withhold notice to the holders of debt securities of any default, except in the payment of principal or interest, if it considers the withholding of notice to be in the interests of the holders of the affected series.

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*Remedies if an Event of Default Occurs.* If an Event of Default has occurred and has not been cured, the trustee or the holders of at least 25 percent in principal amount of the debt securities of the affected series may declare the entire principal amount of all the debt securities of that series to be due and immediately payable. This is called a declaration of acceleration of maturity. A declaration of acceleration of maturity may be cancelled by the holders of at least a majority in principal amount of the debt securities of the affected series.

Except in cases of default, where the trustee has some special duties, the trustee is not required to take any action under the 2018 Indenture at the request of any holders unless the holders offer the trustee protection from expenses and liability (called an "indemnity") satisfactory to the trustee. If an indemnity reasonably satisfactory to the trustee is provided, the holders of a majority in principal amount of the outstanding debt securities of the relevant series may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default.

Before you are allowed to bypass the trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the debt securities, the following must occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● you must give your trustee written notice that an Event of Default has occurred and remains uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the holders of at least 25 percent in principal amount of all outstanding debt securities of the relevant series must make a written request that the trustee take action because of the default and must offer indemnity to the trustee reasonably satisfactory to the trustee against the cost and other liabilities of taking that action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the holders of a majority in principal amount of the debt securities of the relevant series must not have given the trustee a direction inconsistent with the above notice.

However, you are entitled at any time to bring a lawsuit for the payment of money due on your debt securities on or after the due date.

Holders of a majority in principal amount of the debt securities of the affected series may waive any past defaults other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the payment of principal, any premium or interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in respect of a covenant that cannot be modified or amended without the consent of each holder.

BOOK-ENTRY AND OTHER INDIRECT HOLDERS SHOULD CONSULT THEIR BANKS OR BROKERS FOR INFORMATION ON HOW TO GIVE NOTICE OR DIRECTION TO OR MAKE A REQUEST OF THE TRUSTEE AND HOW TO DECLARE OR CANCEL AN ACCELERATION.

Each year, we and the guarantor will furnish to the trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the 2018 Indenture and the debt securities, or else specifying any default.

**Merger or Consolidation**

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Under the terms of the 2018 Indenture, each of Sasol USA and Sasol is generally permitted to consolidate or merge with another entity. In addition, each of Sasol USA and Sasol is also permitted to sell all or substantially all of its assets to another entity. However, neither Sasol USA nor Sasol may take any of these actions unless all the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● where Sasol USA (or Sasol, as the case may be) merges out of existence or sells its assets, the resulting or acquiring entity must agree to be legally responsible for the notes (or the guarantee, as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● immediately after giving effect to the merger or sale of assets, no default on the debt securities shall have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sasol USA (or Sasol or the acquiring entity, as the case may be) must deliver certain certificates and documents to the trustee.

**Modification or Waiver**

There are three types of changes we can make to the 2018 Indenture and the debt securities issued under the 2018 Indenture.

***Changes Requiring Your Approval***

First, there are changes that we cannot make to your debt securities without your specific approval. Following is a list of those types of changes unless we specify otherwise in the applicable prospectus supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● change the stated maturity of the principal of (or premium, if any) or interest on a debt security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● reduce any amounts due on a debt security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● reduce the amount of principal payable upon acceleration of the maturity of a security following a default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● adversely affect any right of repayment at the holder's option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● change the place or currency of payment on a debt security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● impair your right to sue for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● adversely affect any right to convert or exchange a debt security in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● reduce the percentage in principal amount of holders of debt securities whose consent is needed to modify or amend the 2018 Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● reduce the percentage in principal amount of holders of debt securities whose consent is needed to waive compliance with certain provisions of the 2018 Indenture or to waive certain defaults under the 2018 Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● modify any other aspect of the provisions of the 2018 Indenture dealing with modification and waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● change any obligation to pay additional amounts, as explained above under "Payment of Additional Amounts ".

***Changes Not Requiring Approval***

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The second type of change does not require any vote by the holders of the debt securities. This type is limited to clarifications and certain other changes that would not adversely affect holders of the outstanding debt securities in any material respect. We also do not need any approval to make any change that affects only debt securities to be issued under the 2018 Indenture after the change takes effect.

***Changes Requiring Majority Approval***

Any other change to the 2018 Indenture or the debt securities would require the following approval unless we specify otherwise in the applicable prospectus supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if the change affects only one series of debt securities, it must be approved by the holders of a majority in principal amount of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if the change affects more than one series of debt securities, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose.

In each case, any resolution passed or decision taken at any meeting of the holders of a series of debt securities must be in writing.

The holders of a majority in principal amount of any series of debt securities issued under the 2018 Indenture may waive our and the guarantor's compliance with some of our covenants in the 2018 Indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under "—Changes Requiring Your Approval".

***Further Details Concerning Voting***

We will generally be entitled to set any day as a record date for the purpose of determining the holders of outstanding securities that are entitled to vote or take other action under the 2018 Indenture. If we set a record date for a vote or other action to be taken by holders of one or more series, that vote or action may be taken only by persons who are holders of outstanding securities of those series on the record date, and the vote or other action must be taken within eleven months following the record date. Unless otherwise specified in the applicable prospectus supplement, the holder of a debt security will be entitled to one vote for each $1,000 principal amount of the debt security that is outstanding and held by it. Debt securities will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. Debt securities will also not be eligible to vote if they have been fully defeased as described later under "—Defeasance—Full Defeasance".

BOOK-ENTRY AND OTHER INDIRECT HOLDERS SHOULD CONSULT THEIR BANKS OR BROKERS FOR INFORMATION ON HOW APPROVAL MAY BE GRANTED OR DENIED IF WE SEEK TO CHANGE THE 2018 INDENTURE OR THE DEBT SECURITIES OR REQUEST A WAIVER.

**Sinking Fund**

The notes of each series will not be entitled to the benefit of a sinking fund.

**Defeasance**

The following provisions will be applicable to the notes.

***Covenant Defeasance***

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Under current U.S. federal tax law, we or the guarantor can make the deposit described below and be released from some of the restrictive covenants in the 2018 Indenture under which a particular series was issued. This is called "covenant defeasance". In that event, you would lose the protection of those restrictive covenants but would gain the protection of having cash and U.S. government securities set aside in trust to repay your debt securities. In order to achieve covenant defeasance, we must do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we must deposit in trust for the benefit of all holders of the debt securities of the particular series a combination of cash and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the debt securities of the particular series on their various due dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the "covenant defeasance" must not otherwise result in a breach of the 2018 Indenture or any of our or the guarantor's material agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● no Event of Default must have occurred and remain uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we must deliver to the trustee a legal opinion of our counsel confirming that, under current federal income tax law, we may make the above deposit without causing you to be taxed on the debt securities of the particular series any differently than if we did not make the deposit and just repaid the debt securities of the particular series ourselves at maturity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we must deliver to the trustee a legal opinion and officer's certificate, each stating that all conditions precedent to "covenant defeasance" under the 2018 Indenture have been met.

If we accomplish covenant defeasance, you can still look to us for repayment of the debt securities if there is a shortfall in the trust deposit or the trustee is prevented from making payment. In fact, if one of the remaining Events of Default occurred (such as our bankruptcy) and the debt securities became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall.

***Full Defeasance***

Under certain circumstances as described below, we or the guarantor can legally release ourselves from all payment and other obligations on the debt securities of a particular series (called "full defeasance") if we put in place the following arrangements for you to be repaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we must deposit in trust for the benefit of all holders of the debt securities of the particular series a combination of cash and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the debt securities of the particular series on their various due dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the "full defeasance" must not otherwise result in a breach of the 2018 Indenture or any of our or the guarantor's material agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● no Event of Default must have occurred and remain uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we must deliver to the trustee a legal opinion confirming that there has been a change in current federal tax law or an IRS ruling that lets us make the above deposit without causing you to be taxed on the debt securities of the particular series any differently than if we did not make the deposit and just repaid the debt securities of the particular series ourselves at maturity. Under current U.S. federal tax law, the deposit and our legal release from the debt securities of the particular series would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were

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deposited in trust in exchange for your debt securities and you would recognize gain or loss on the debt securities at the time of the deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we must deliver to the trustee an opinion of counsel and an officer's certificate, each stating that all conditions precedent to "full defeasance" under the 2018 Indenture have been met.

If we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the debt securities. You could not look to us for repayment in the unlikely event of any shortfall.

**Listing**

The notes of each series are listed on the New York Stock Exchange.

**Guarantee**

Sasol fully and unconditionally guarantees the debt securities issued by Sasol USA under a guarantee of the payment of principal of, and any premium, interest and "additional amounts" on, these debt securities when due, whether at maturity or otherwise. Sasol has obtained the approval of the SARB to provide this guarantee.

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## Exhibit 4.1

**Exhibit 4.1**

**Sasol Limited**

**Registration No 1979/003231/06**

**THE SASOL 2022 LONG-TERM INCENTIVE PLAN**

**("The Plan")**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **INTRODUCTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. The purpose of this Plan is for the Company to provide Executives and selected other senior Employees of the Employer Companies with the opportunity to receive Shares in the Company in the form of Awards. The Plan will furthermore provide Participants with the opportunity to share in the success of the Company, provide alignment between the interests of senior employees of the Group and shareholders of the Company and act as a retention tool for Participants that are high performers and those with critical and scarce skills.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Plan could be used to make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1. annual awards of Long-Term Incentives to Employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2. *ad hoc* awards of Long-Term Incentives to Employees for reasons of appointment, promotion and/or retention,

the Vesting of which will be subject to the satisfaction by Participants of Employment Conditions and Performance Conditions as determined by RemCom in accordance with Rule 7.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. Participants who received awards between 1 September 2022 and the date of approval of the Plan by the Company's shareholders, will be deemed to be Participants under this Plan, and the Rules of this Plan will apply to such Participants, notwithstanding this Plan having been approved by the Company's shareholders after 1 September 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. In these Rules, unless inconsistent with the context, the following words and expressions shall have the following meanings set out hereafter -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1. "**Accept**" the deemed acceptance of an Award by an Employee in terms of Rule 5.2.3, unless the Employee specifically rejects the Award and "Accepted" or "Acceptance" shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2. "**Act**" the Companies Act No. 71 of 2008;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3. "**Additional Shares**" such additional number of Shares (rounded down to the nearest whole number in the case of fractions) equal in value to the dividends

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that that Participant would have received on such number of the Conditional Shares that Vest had he been the owner of the Vested Conditional Shares, during the period from the Award Date to the Vesting Date by reference to the dividend record dates occurring in that period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4. "**ADR**" an American Depository Receipt, which is a negotiable certificate issued by a US Bank representing one ordinary share each in the share capital of the Company and which is traded on the New York Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5. "**Auditors**" the auditors of the Company from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6. "**Award**" or "**Long-Term Incentive**" or "**LTI**" a right granted by the Company to a Participant to receive, subject to the satisfaction by Participants of the Employment Condition and Performance Condition(s), a specified number of Conditional Shares, commonly referred to by the Company in its communiques to Participants, as "Long-Term Incentives" or "LTIs", together with the right to receive any Additional Shares relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7. "**Award Date**" the date, specified in an Award Letter, on which an Award is made to an Employee, being a date not earlier than the date on which it was resolved to make such an Award to the Employee, subject to Rule 1.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.8. "**Award Letter**" a letter containing the information specified in Rule 5.2, sent by the Company, or its nominee, to an Employee, informing the Employee of the Award that has been made to him by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.9. "**Business Day**" any day on which the JSE is open for the transaction of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.10. "**Capitalisation Issue**" an issue of capitalisation shares as contemplated in section 47 of the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.11. "**Change of Control**" where a person (or persons acting together in concert), who did not have Control of the Company prior to the Change of Control Date, on the Change of Control Date through a transaction, or series of transactions, acquire/s Control of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.12. "**Change of Control Date**" the date on which a Change of Control of the Company becomes effective;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.13. "**Closed Period**" a closed period as defined in terms of the JSE Listings Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.14. "**Company**" Sasol Limited, Registration No 1979/003231/06; a public company duly registered and incorporated with limited liability in accordance with the company laws of South Africa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.15. "**Company Secretary**" the company secretary of the Company as appointed in terms of the Act from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.16. "**Conditional Shares**" as regards any Participant, Shares, the Vesting of which is subject to the fulfilment of the Employment Condition and Performance Condition(s) as specified in the Award Letter, as adjusted if applicable, in accordance with Rule 11;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.17. "**Control**" shall have the meaning assigned to it in sections 2(2)(a), (b) and (c) of the Act, save that "company" when used in section 2(2) shall, in relation to these Rules, be deemed to include a juristic person incorporated in any jurisdiction outside of South Africa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.18. "**Costs and Expenses**" any –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.18.1. taxation on the Awards and/or the Vesting of the Conditional Shares and Additional Shares relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.18.2. other taxes due by the Participant, whether related to this Plan or not, in respect of which liability is imposed on the Company and/or any Employer Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.18.3. social security charges in respect of which the Participant is liable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.18.4. costs incurred by the Company or any Employer Company or the nominee company contemplated in Rule 7.5.1 in effecting any sales contemplated in Rule 8.1, including brokerage and Securities Transfer Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.19. "**Country Schedule**" a schedule to these Rules to be adopted as directed by the RemCom, governing participation in the Plan by Participants employed by

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the Group in jurisdictions other than South Africa. Such Country Schedule shall form part of the Rules, and will govern the Award made in terms hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.20. "**Date of Termination of Employment**" the date upon which a Participant is no longer permanently employed by any Employer Company, being the date upon which the termination of permanent salaried employment of a Participant with the last Employer Company takes effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.21. "**Directors**" the directors of the Company from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.22. "**Employee**" any person holding permanent salaried employment with an Employer Company, and who is appointed to a position linked to role category "Operational or Functional Execution" or higher, but excluding any non-executive director of any Employer Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.23. "**Employer Company**" the Company or any Subsidiary which employs a Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.24. "**Employment Condition**" the condition of continued employment of the Participant by any one or more of the Employer Company within the Group for the duration of the Employment Period(s), such Employment Period(s) being specified in the Award Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.25. "**Employment Period**" subject to Rule 9, the period commencing on the Award Date and ending on the date as specified in the Award Letter (both dates included) during which the Participant is required to fulfil the Employment Condition, being a period of not less than 3 (three) years (save as contemplated expressly in this Plan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.26. "**Executive**" a Participant who, at the time of receiving an Award, is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.26.1. an Executive Vice President (which, for purposes of the interpretation of the Rules, includes the President and Chief Executive Officer of the Company), executive directors of the Company and other members of the Group Executive Committee; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.26.2. a Senior Vice President which comprises members of the group leadership team of the Group, being the role category layer below an Executive Vice President;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.27. "**Financial Year**" the financial year of the Company, currently commencing on 1 July of each year, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.28. "**Group**" the Company and its Subsidiary/ies from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.29. "**JSE**" the exchange operated by JSE Limited, Registration No 2005/022939/06, a public company duly registered and incorporated with limited liability in accordance with the company laws of South Africa, licensed as an exchange under the Financial Markets Act, No. 19 of 2012;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.30. "**JSE Listings Requirements**" the Listings Requirements of the JSE, as amended from time to time whether by way of practice note or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.31. "**Liquidation Date**" the date on which any application for the final liquidation of the Company is successful;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.32. "**Majority of Operations**" all or the greater part of the assets or undertaking of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.33. "**Participant**" an Employee to whom an Award has been made under this Plan, including the executor of the Participant's deceased estate, unless, pursuant to Rule 5.2.3, he has specifically declined the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.34. "**Performance Condition(s)**" if applicable, condition(s) to be complied with in order for an Award (or relevant portion thereof) to Vest, in addition to the Employment Condition, as contemplated in Rule 6 and set out in the Award Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.35. "**Performance Period**" the period (which cannot be less than 3 (three) years (save as contemplated expressly in this Plan) during which the Performance Condition(s) is(are) required to be satisfied as regards the relevant Conditional Shares, as provided for in the applicable Award Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.36. "**Plan**" the Sasol 2022 Long-Term Incentive Plan established by the Company pursuant to, and governed by, these Rules;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.37. "**Prohibited Period**" -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.37.1. a Closed Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.37.2. any other period, as determined by the Company, when in the Company's sole and absolute discretion, there exists any circumstance which constitutes or may constitute, price sensitive information in relation to the Company's securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.37.3. an additional buffer period determined by the Company in its sole and absolute discretion to permit any price sensitive information being absorbed by the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.38. "**Recharge Policy**" a policy or agreement in force from time to time between the Company and an Employer Company regulating the funding of the Settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.39. "**RemCom**" the remuneration committee of the Company's board of Directors for so long as it is responsible for the governance and implementation of the Plan or any other committee of the Company's board of Directors which becomes responsible for the governance and/or implementation of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.40. "**Retirement**" in relation to a Participant, normal or early retirement as determined by the rules of any applicable Employer Company's retirement funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.41. "**Rights Issue**" a rights issue as defined in the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.42. "**Rules**" these rules of the Plan, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.43. "**Settlement**" the delivery of Shares and/or cash to a Participant as contemplated in Rule 8 and the words "Settle" and "Settled" shall bear a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.44. "**Settlement Date**" the date on which Settlement shall occur as contemplated in Rule 8, but which cannot occur during a Prohibited Period, unless the Participant made the election set out in Rule 8.1 prior to the start of such Prohibited Period, which applies even as regards Participants who have

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retired or are otherwise no longer employed unless the Company determines otherwise in its sole and absolute discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.45. "**Share**" an ordinary share in the share capital of the Company listed on the main board of the JSE or in the case of certain employees as determined by the Company in its sole and absolute discretion, an ADR, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.46. "**Subsidiary**" a company incorporated under the Act or a juristic person incorporated in a jurisdiction other than South Africa, which is controlled by the Company as contemplated in section 3 of the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.47. "**Vest**" the unconditional entitlement to Settlement as regards the Conditional Shares together with any Additional Shares relating thereto as determined according to Rule 7.1 and "Vesting" and "Vested" shall be construed accordingly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.48. "**Vesting Date(s)**" the date on which Vesting occurs, which cannot occur during a Prohibited Period (and if the Prohibited Period covers a Closed Period, which cannot occur until the 3<sup>rd</sup>(third) day after the end of that Closed Period, even if the Prohibited Period has ended), which applies even as regards Participants who have retired or are otherwise no longer employed unless the Company determines otherwise in its sole and absolute discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.49. "**Vesting Notice**" the written notice given by the Company to Participants whose Conditional Shares have Vested or will Vest at their last known addresses in each case, that their Conditional Shares have Vested or will Vest as contemplated in Rules 7.1 and 7.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. The headings in these Rules are inserted for reference purposes only and shall in no way govern or affect the interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. If any provision in a definition is a substantive provision conferring rights or imposing obligations on any party, effect shall be given to it as if it were a substantive provision in the body of these Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. Unless the context indicates otherwise, an expression that denotes any gender includes the others; a natural person includes a created entity (corporate or unincorporated) and the singular includes the plural, and vice versa in each case.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. References in these Rules to any statutory provisions include a reference to those provisions as amended or replaced from time to time and include any regulations made under them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. When any number of days is prescribed in this Plan, same shall be reckoned exclusively of the first and inclusively of the last day unless the last day falls on a day which is not a Business Day, in which case the last day shall be the next succeeding day which is a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. Unless a contrary intention clearly appears -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.1. if figures are referred to in numbers and in words and if there is any conflict between the two, the words shall prevail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.2. the words "include", "including" and "in particular" shall be construed as being by way of example or emphasis only and shall not be construed as, nor shall they take effect as, limiting the generality of any preceding word/s;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.3. any reference in this plan to another agreement or document shall be construed as a reference to such other agreement or document as same may have been, or may from time to time be, amended, varied, novated or supplemented; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.4. the words "other" and "otherwise" shall not be construed *eiusdem generis* with any preceding words if a wider construction is possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **OPERATION OF THIS PLAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. **Basis of Awards** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1. The Directors of the Company have delegated to RemCom the final authority to decide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.1. which category of Employees will participate in the Plan from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.2. subject to Rule 4.1, the aggregate number of Conditional Shares to comprise Awards to all Employees;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.3. subject to Rule 4.2, the number of Conditional Shares that may comprise an Award to be granted to an Employee by taking into consideration the Employee's basic salary or total guaranteed package, role category, performance, potential, retention requirements and market benchmarks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.4. the Employment Period and Vesting Date or Vesting Dates as determined by RemCom in accordance with Rule 7.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.5. the terms of the Performance Condition(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.6. the Performance Period(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.7. any other terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.8. all other issues relating to the governance and administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The Company or its nominee shall issue an Award Letter to every Employee who becomes eligible for participation in the Plan in terms of these Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Pursuant to the Recharge Policy, the Company or Employer Companies will remain responsible for procuring the Settlement of Shares under the Plan in respect of the Participants employed by them on the Settlement Date, or as may otherwise be regulated under the Recharge Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. A Participant will not be entitled to any beneficial rights in and to the Shares which are the subject of an Award and any Additional Shares relating thereto, including voting rights, dividend rights, the right to transfer the Shares and rights arising on the liquidation of the Company, prior to the Vesting of such an Award or relevant portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. The Vesting of the Conditional Shares which comprise an Award in terms of Rule 3.1.1.3 will in all instances be subject to the fulfilment of the Employment Condition and in some cases to the satisfaction of the Performance Condition(s) as determined by RemCom in accordance with Rule 7.2.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **PLAN LIMITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. **Overall Company Limit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1. Subject to Rule 4.3, the maximum aggregate number of Shares which may at any time be Settled in respect of this Plan to all Participants shall not exceed 32 000 000 (thirty two million) Shares representing approximately 5% (five per cent) of the Company's total issued share capital as at 30 June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2. To determine whether the limit referred to in Rule 4.1.1 has been reached, only the actual number of new Shares allotted and issued by the Company in Settlement of the Awards under this Plan shall be taken to account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3. For the avoidance of doubt, the limit referred to in Rule 4.1.1 shall exclude the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3.1. Shares purchased in the market as contemplated in Rule 7.5.1 in Settlement of this Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3.2. Conditional Shares comprising Awards under the Plan to the extent that the Awards (or parts thereof) are forfeited by a Participant, as no Shares would have been Settled as consequence of the forfeiture of these Awards (or parts thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. **Individual limit** 

Subject to the provisions of Rule 4.3.2, the maximum number of Shares which are Settled in respect of any single Participant under this Plan over any given period of 5 (five) years shall not exceed 320 000 (three hundred and twenty thousand) Shares being 1% (one per cent) of 32 000 000 (thirty two million) Shares. At the end of each 5 (five) year period the Participant in question shall be subject to a new limitation of 1% (one per cent) of 32 000 000 (thirty two million) Shares. For the avoidance of doubt, Conditional Shares which are the subject of Awards which are forfeited and accordingly, are not Settled, will not be included in the aforementioned limit. In the event of a discrepancy between the number of Shares and the percentage of the amount of 320 000 (three hundred and twenty thousand) Shares, which such number represents, the number will prevail.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. **Adjustments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1. The RemCom must, where required by the board of Directors, adjust the number of Shares available for the Plan stated in Rule 4.1 (without the necessity for the prior approval of shareholders of the Company), to take account of a sub-division or consolidation of the Shares of the Company, a Capitalisation Issue, a dividend *in specie*, a Rights Issue or a scheme of arrangement as contemplated in section 114 of the Act, including a reduction in the capital of the Company. Such adjustment should give a Participant entitlement to the same proportion of the Shares available to the Plan to which a Participant was previously entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2. The RemCom must, where required by the board of Directors, adjust the number of Shares which comprise the individual limit stated in Rule 4.2 (without the necessity for the prior approval of shareholders of the Company) to take account of a Capitalisation Issue, a dividend *in specie*, a Rights Issue or a scheme of arrangement as contemplated in section 114 of the Act, including a reduction in the capital of the Company. Such adjustment should give a Participant entitlement to the same proportion of the Shares available to the Plan to which a Participant was previously entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3. The Auditors, or other independent advisor acceptable to the JSE, shall confirm to the JSE in writing that any adjustment made in terms of Rules 4.3.1 and 4.3.2 has been made in accordance with the Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.4. The issue of Shares as consideration for an acquisition, and the issue of Shares for cash (other than a Rights Issue) or a vendor consideration placing will not be regarded as a circumstance that requires any adjustment to the limits stated in Rules 4.1 and 4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.5. Any adjustments made in terms of Rules 4.3.1 and 4.3.2 must be reported on in the Company's annual financial statements in the year during which the relevant adjustment is made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **AWARDS OF CONDITIONAL SHARES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. **Time when Awards may be made** 

An Employee may be selected for participation in the Plan, and an Award may be made to an Employee in accordance with Rule 3 on any day which does not fall in a Closed Period or Prohibited Period, or by statute, order, regulation or directive, or by any corporate governance code adopted by the Company relating to dealings in securities, or the JSE Listings Requirements, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. **Award Letter** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1. Award Letters shall be in writing and shall specify the terms of the Award including, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1.1. the name of the Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1.2. the Award Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1.3. the number of Conditional Shares which comprise the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1.4. the Vesting Date(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1.5. the Employment Period(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1.6. the Performance Condition(s) and Performance Period(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1.7. any other relevant terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2. An Award shall be personal to the Employee to whom the Award Letter is addressed and may only be acted on by such Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3. An Award Letter shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3.1. indicate that the Employee will be deemed to have Accepted the Award unless declined by the Employee in writing to the Employer Company within a period of not more than 10 (ten) days after the Award Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3.2. state that the Award is made on the terms and subject to the conditions of the Rules of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. If an Award Letter specifies any period which would end during a Prohibited Period, the period specified in the Award Letter shall be postponed until the third business day following the expiry of the Prohibited Period concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. The Participant will give no consideration to the Company for the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. The Award Letter will also stipulate the various options which the Participant has in respect of settling any Costs and Expenses arising from the Vesting of his Conditional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **SETTING OF PERFORMANCE CONDITION(S)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. The Vesting of an Award may, in addition to the fulfilment of the Employment Condition, be subject to the satisfaction of Performance Conditions, and any other terms specified by the RemCom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. Any such Performance Conditions and further condition(s) imposed under Rule 6.1 shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1. objective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2. set out in, or attached in the form of a schedule to, the relevant Award Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. Should an event occur at any time during the Performance Period(s) which causes the RemCom to consider that the Performance Condition(s) imposed under Rule 6.1 is(are) no longer appropriate, the RemCom may substitute or vary the Performance Condition(s) in such a manner as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1. is reasonable in the circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2. produces a fairer measure of performance and is not materially less or materially more difficult to satisfy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. The relevant Award will then continue to be effective as of the Award Date, but subject to the imposition of the Performance Condition(s) as so substituted or varied and communicated in writing by the Company to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. The maximum vesting which is permissible under any Performance Condition is 200% (two hundred percent) of the Conditional Shares comprising an Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **REVIEW OF PERFORMANCE CONDITION(S) AND VESTING OF AWARDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. Subject to Rule 9.2.4 and Rule 10, an Award (or part thereof if different Employment Periods and/or Performance Conditions have been specified as regards different portions of the Conditional Shares subject to the Award) will Vest on the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1. the date or dates on which the Participant has satisfied the Employment Condition(s) as specified in the Award Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2. to the extent applicable, the date on which the RemCom determines that the Performance Condition(s) which have been imposed by the RemCom, have been satisfied by the relevant Participant, provided that if that determination occurs during a Prohibited Period or a Prohibited Period commences before the Vesting Notice is given, the Vesting shall be deferred until the 3rd (third) day after the end of the Prohibited Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. As soon as reasonably practicable after the end of the Performance Period in relation to an Award, the RemCom shall review the Performance Condition(s) as specified in the relevant Award Letter and any other conditions specified by the RemCom in terms of Rule 6.1 and determine the extent to which these Performance Condition(s) and any other conditions has(have) been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. If the RemCom is satisfied that the Performance Condition(s) and any other conditions specified by the RemCom in terms of Rule 6.1, have been satisfied or partially satisfied as regards any Conditional Shares (if different Employment Periods and/or Performance Conditions have been specified as regards different portions of the Conditional Shares subject to the Award), the RemCom shall in its sole and absolute discretion determine the number of Conditional Shares that will Vest for that Participant as a result of such satisfaction, as well as the number of Additional Shares that will Vest as a result, and notify that Participant in writing of this fact and the Vesting Date and the period within which the elections contemplated in Rule 8.1 may be made, as soon as is reasonably practicable after the RemCom's determination pursuant to this Rule 7.3 has been made and the Vesting Date is known. If after having given the Vesting Notice, a Prohibited Period intervenes during the period within which the elections contemplated in Rule 8.1 may be made, the Company shall give written notice of that intervening Prohibited Period to the Participants to whom the Vesting Notice was given and who are affected by that Prohibited Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. If the RemCom is satisfied that the Performance Condition(s) and any other conditions specified by the RemCom in terms of Rule 6.1 have not been fulfilled, the portion of the Award linked to the Performance Condition(s) and any other conditions specified by the RemCom in terms of Rule 6.1, will not Vest. The Participant will be notified in writing by the Employer Company of such fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. Following the Vesting of an Award, the Company shall –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.1. unless RemCom decides that the Shares should be acquired in the market (in which case they will be acquired, subject to any Prohibited Period), as soon as reasonably possible after the Vesting Date, subject to any Prohibited Period, allot and issue the Conditional Shares which have Vested as regards a Participant in the name of a nominee company, as nominee for the Participants unless they are Participants awarded ADRs, in which case as nominee for the depositary bank which will issue the ADRs to the Participant, in order to facilitate Settlement. To ensure that the benefits of the Conditional Shares accrue for the benefit of Participants from the Vesting Date, the Company may borrow sufficient Shares until the allotment and issue and listing of the requisite Shares occurs, and in such event the allotment and issue shall be made to the securities lender as principal to enable repayment of the securities loan. The costs of the borrowing will be for the account of the Employer Companies concerned; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.2. apply for the listing of those Shares which it allots and issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **ELECTION AND SETTLEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. Following the Vesting of an Award and the issuing of the Vesting Notice, the Participant shall be entitled by written notice to be given by the Participant to the Company by completing the electronic form on the Sasol website (or by such other means as may be determined by the Company from time to time) within the period specified in the Vesting Notice (provided that if after the Vesting Notice is given, a new Prohibited Period intervenes, no written election may be made by a Participant affected by such Prohibited Period during such Prohibited Period, but the period referred to in the Vesting Notice for making the elections contained in this Rule 8.1, shall be extended, as regards any Participant affected by that Prohibited Period, to the 3<sup>rd</sup> (third) day after such new Prohibited Period, to instruct the Company, subject to Rule 8.4, either that –

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1. all the Shares notified in the Vesting Notice to that Participant, shall be sold by the Company and the Participant authorises the Company to use the proceeds, to the extent necessary, to settle the Costs and Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2. some of the Shares notified in the Vesting Notice to that Participant, shall be sold by the Company. The balance of the Shares shall be transferred as contemplated in Rule 8.10.2, provided that unless the Participant pays an amount equal to the Costs and Expenses to the Company prior to Settlement or authorises the Company in writing prior to Settlement to deduct the amount due in respect of Costs and Expenses from the Participant's remuneration or any other amount due by the Employer Company to the Participant, the Participant will, notwithstanding that the Participant may have made the election in this Rule 8.1.2 in respect of a lesser number of Shares than would be necessary to cover the Costs and Expenses, be deemed to have authorised the Company to sell as many Shares as will cover the Costs and Expenses and to use the proceeds to settle the Costs and Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3. the Shares shall be transferred as contemplated in Rule 8.10.3, provided that unless the Participant pays an amount equal to the Costs and Expenses to the Company prior to Settlement or authorises the Company in writing prior to Settlement to deduct the amount due in respect of Costs and Expenses from the Participant's remuneration or any other amount due by the Employer Company to the Participant, the Participant will, notwithstanding that the Participant may have made the election in this Rule 8.1.3, be deemed to have authorised the Company to sell as many Shares as will cover the Costs and Expenses and to use the proceeds to settle the Costs and Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. If any Participant does not give the notice contemplated in Rule 8.1 within the period referred to in that Rule, that Participant shall be deemed to have elected the option in Rule 8.1.1, unless that would have the result that the Participant would not be in compliance with the minimum shareholding requirement or post-retirement holding period referred to in Rule 8.4, in which case the Participant's election shall be deferred in respect of such portion that will enable the Participant to be in compliance with such minimum shareholding requirement or post-retirement holding period, save to the extent necessary to cover Costs and Expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. The Company will not give any reminders to Participants about exercising the elections in Rule 8.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. No Participant who is required, by reason of his employment or office or otherwise, to hold a minimum number of Shares in the Company and/or retain Shares after termination of employment, shall be entitled to give any notice referred to in Rule 8.1.1 or Rule 8.1.2, if any sale would have the result that the Participant would not be in compliance with that requirement, save to the extent necessary to cover Costs and Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. After the period for making the election in Rule 8.1, the Company will act in accordance with those elections or where elections are not timeously made, in accordance with Rule 8.2, in a manner that in the Company's sole and absolute discretion results in the relevant group of Participants referred to in Rule 8.6, being treated in the fairest manner possible. Sales will be delayed until the 3<sup>rd</sup> (third) day after the end of Prohibited Period, unless the Participant made the election referred to in Rule 8.1 before the commencement of the Prohibited Period and the Company is unable to reverse the sales process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. For the purpose of determining the fairest manner referred to in Rule 8.5, all Participants requiring Shares to be sold and who received a Vesting Notice on or around the same date and who –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.1. do not become subject to a Prohibited Period which occurs after the Vesting Notice shall be treated as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.2. become subject to the same Prohibited Period which occurs after the Vesting Notice, shall be treated as a group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. If the Remcom directs that Shares should be acquired in the market, the Employer Company will incur an expense by paying for such acquisition. In any other case, the Employer Company will make a cash contribution to the Company equal to the subscription price of the total number of Shares which Vested in respect of any Participants employed by that Employer Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. In circumstances where the tax and/or regulatory requirements of a particular jurisdiction where a Participant is employed by an Employer Company makes Settlement impossible or impractical, the Company can determine in its sole and absolute discretion alternative arrangements for Settlement. Where appropriate, the terms and conditions of such Award may be set out in a separate Country Schedule, approved by the Employer Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9. The Participant is liable for all Costs and Expenses. In order for the Participant to meet the Costs and Expenses, the Company is authorised to deduct from the proceeds of any sales contemplated in Rule 8.1.1 or 8.1.2 (read with Rule 8.10.3) or the proviso contemplated in Rule 8.1.3, all such Costs and Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10. No Settlement will take place unless and until a final tax directive, if applicable, has been obtained from the relevant tax authority(ies) as to the tax due by such Participant whether with regard to any Award or otherwise. When there is a shortfall relating to a Participant's tax liability, further Shares may be sold to enable Rule 8.8 to be complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11. Settlement shall not occur until all the Shares required to be sold by Participants who received a Vesting Notice on or around the same date, have been sold. Settlement shall occur on the Settlement Date, subject in the case of each Participant to compliance with Rules 8.4 and 8.8, if the Participant makes the election in –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11.1. Rule 8.1.1, by the deduction to the extent necessary of the Costs and Expenses from the proceeds of the sale and as to the balance by payment to the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11.2. Rule 8.1.2, by the deduction to the extent necessary of the Costs and Expenses from the proceeds of the sale and if the proceeds were not sufficient from an additional disposal applying the proviso in Rule 8.1.3 *mutatis mutandis* and as to the balance, if any, by payment to the Participant and as to the Shares not sold, in the case of –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11.2.1. Participants awarded ADRs, they will be transferred on the Settlement Date to the depositary bank which will issue the ADRs to the Participant concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11.2.2. the other Participants, will be transferred on the Settlement Date into the name of the Participant or its CSDP, as directed in the written notice given by the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11.3. Rule 8.1.3, to the extent that the proviso applies, by the deduction to the extent necessary of the Costs and Expenses from the proceeds of the sale and as to the balance, if any, to the Participant and as to the Shares not sold, in the case of –

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11.3.1. Participants awarded ADRs, they will be transferred on the Settlement Date to the depositary bank which will issue the ADRs to the Participant concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11.3.2. the other Participants, will be transferred on the Settlement Date into the name of the Participant or its CSDP, as directed in the written notice given by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12. The Company shall use reasonable endeavours to ensure that Settlement occurs within 30 (thirty) days from the Vesting Date, subject to the provisions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13. No interest shall be payable to any Participant for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **TERMINATION OF EMPLOYMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. **Bad leavers** 

If a Participant's employment with any Employer Company terminates before the Vesting Date as a consequence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1. his resignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2. his dismissal by the Employer Company on grounds of misconduct, proven poor performance or proven dishonesty or fraudulent conduct or conduct against the interest of the Group or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3. an agreement entered between the Employer Company and the Participant in terms of which a Participant's employment is terminated by mutual agreement, other than retrenchment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.4. his abscondment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.5. any other reason other than those stated in Rule 9.2,

then, unless otherwise determined by Remcom in its sole and absolute discretion, all unvested Awards allocated to that Participant will be forfeited in their entirety by that Participant immediately on the Date of Termination of Employment. For the avoidance of doubt, any Awards allocated to that Participant which have already Vested will be unaffected by this Rule 9.1.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. **Good leavers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1. If a Participant's employment with any Employer Company terminates before the Vesting Date as a consequence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1.1. his death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1.2. his Retirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1.3. his retrenchment, as determined to the satisfaction of the RemCom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1.4. his being injured, having a disability or ill-health, in each case as certified by a qualified medical practitioner nominated by the relevant Employer Company or otherwise determined to the satisfaction of the RemCom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1.5. the Participant's Employer Company ceasing to be a member of the Group or the undertaking in which he is employed being transferred to a transferee which is not a member of the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1.6. the Employer Company making a determination to terminate his employment, in its sole and absolute discretion, for any other reason,

the unvested Awards allocated to that Participant will be dealt with by the Company pursuant to Rules 9.2.2, and/or 9.2.3, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2. If the Participant's employment with an Employer Company is terminated for any of the reasons referred to in Rule 9.2.1 within 270 (two hundred and seventy) days of the Award Date (calculated by applying Rule 2.6), the Award made to the Participant on that Award Date will be forfeited in its entirety on the Date of Termination of Employment. For the avoidance of doubt, any Awards allocated to that Participant which have already Vested will be unaffected by this Rule 9.2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3. If the Participant's employment is terminated as contemplated in Rule 9.2.1.2, 9.2.1.3, 9.2.1.4, 9.2.1.5, 9.2.1.6 or 9.2.1.7, as the case may be, after 270 (two hundred and seventy) days of the Award Date (calculated by

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applying Rule 2.6), the Participant will continue to participate in the Plan, in terms of the Rules, beyond the Date of Termination of Employment except that the Employment Condition(s) will no longer apply, unless the Remcom determines in its sole and absolute discretion that the relevant portion of his Award(s) shall Vest in accordance with Rule 9.2.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.4. If the Participant's employment is terminated as contemplated in Rule 9.2.1.1 occurring after 270 (two hundred and seventy) days of the Award Date (calculated by applying Rule 2.6), the relevant portion of his Award(s) shall Vest as soon as reasonably possible after the Date of Termination of Employment, but after the RemCom has determined in its sole and absolute discretion the extent to which the Performance Condition(s) and any other conditions specified by the RemCom in terms of Rule 6.1 have been satisfied in accordance with Rule 7.5 and the portion which shall Vest. The remaining portion of the Award will be forfeited in its entirety on the Date of Termination of Employment; provided that the RemCom may decide that the complete Award (and not a portion thereof) will Vest in that Participant pursuant to Rule 7.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. For the purposes of this Rule 9, a Participant will not be treated as ceasing to be an Employee of an Employer Company if, on the same date on which he ceases to be an Employee of an Employer Company, he is employed by another Employer Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **CHANGE OF CONTROL** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. In the event of a Change of Control of the Company occurring before a particular Vesting Date which directly results in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1. the Shares ceasing to be listed on the JSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2. the Majority of Operations of the Company being merged with those of another company or companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3. the Plan being terminated;

a portion of the Award held by a Participant will Vest as soon as reasonably practicable after the Change of Control Date, provided that the RemCom has determined in its sole and absolute discretion the extent to which the Performance Condition(s) set by the

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RemCom in terms of Rule 6.1 have been met in accordance with Rule 7 and the portion of the Award which will Vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. To the extent that there is more than one Vesting Date and more than one Employment/Performance Period in respect of a particular Award, the determination of what portion of the Award which shall Vest in the Participant shall be carried out in respect of each such Condition /Period by the RemCom in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. The portion of the Award that does not Vest in a Participant as a result of the Change of Control will, except on the termination of the Plan as envisaged in Rule 10.1.3 in which case such Award will be forfeited by the Participant, continue to be subject to the terms of the Award Letter relating thereto unless the RemCom determines that the terms of the Award Letter relating thereto are no longer appropriate. In that case the RemCom shall make such adjustments to the number of Conditional Shares or convert Awards into awards in respect of shares in one or more other companies in the Group, provided that the Participants are no worse off than they would have been had there been no Change of Control. The RemCom may also vary the Performance Condition(s) relating to the Award in accordance with Rule 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. If any other event happens which may affect the Awards, including the Shares ceasing to be listed on the JSE (unless pursuant to a Change of Control as referred to in Rule 10.1.1), there being an internal restructuring of the Group or any other event which does not involve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.1. any Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.2. any change in the ultimate Control of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.3. a Change of Control which does not result directly in an event specified in Rule 10.1.1, 10.1.2 or 10.1.3,

the Award held by a Participant shall not Vest as a consequence of that event and shall continue to be governed by the Rules of the Plan. However, the RemCom may take such action as it considers appropriate in its sole and absolute discretion to protect the interests of Participants following the occurrence of such event, including converting Awards into awards in respect of shares in one or more other companies in the Group, provided that the Participant is no worse off than he would have been had had there been no occurrence of such event. The RemCom may also vary the Performance Condition(s) relating to

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Conditional Shares in accordance with Rule 6.3 as long as the Participant in aggregate is not worse off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **VARIATION IN SHARE CAPITAL AND EFFECT ON AWARDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. **Rights Issue, Capitalisation Issue, subdivision or consolidation of Shares, liquidation, etc.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1. In the event of a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1.1. Rights Issue; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1.2. Capitalisation Issue; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1.3. subdivision of Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1.4. consolidation of Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1.5. the Company entering into a scheme of arrangement as contemplated in section 114 of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1.6. the Company making distributions, including a reduction of capital and a distribution *in specie*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2. Participants shall continue to participate in the Plan. The RemCom may make such adjustment as it considers appropriate to the number of Conditional Shares (excluding Additional Shares) comprised in the relevant Award to place Participants in no worse a position than they were prior to the occurrence of the relevant event. For the avoidance of doubt, no adjustment shall apply to any Additional Shares. The Auditors, or other independent advisor acceptable to the JSE, shall confirm to the JSE in writing that any adjustment made in terms of Rule 11 has been properly calculated, in accordance with the Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. The issue of Shares as consideration for an acquisition, and the issue of Shares for cash (other than a Rights Issue) and the issue of Shares for a vendor consideration placing will not be regarded as a circumstance that requires any adjustment to Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. The Company shall notify the Participants of any adjustments which are made under Rule 11.1.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **FORFEITURE AND LAPSE OF AWARDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. Notwithstanding any other provision of the Rules, an Award shall lapse on the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1. the date on which the RemCom determines in its sole and absolute discretion that the Performance Condition(s) imposed by RemCom under Rule 6.1, in relation to Conditional Shares, has(have) not been satisfied either in whole or in part in respect of the Award and can no longer be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2. subject to Rules 8 and 10, the Date of Termination of Employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3. the Liquidation Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.4. any other date provided for under these Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. If the Company is placed into liquidation, other than for purposes of reorganisation, an Award of Conditional Shares shall ipso facto lapse as from the Liquidation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **FURTHER CONDITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. Where the Company incurs costs in relation to the Settlement of an Award, whether in the form of the cash contribution or otherwise which do not form part of the Costs and Expenses recoverable from a Participant, the Company will recharge such costs to the relevant Employer Company in terms of the applicable Recharge Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. If Vesting or Settlement should -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.1. be in contravention of any code adopted by the Company relating to dealings in securities by Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.2. be prohibited by insider trading legislation or any other legislation or regulations,

Vesting or Settlement shall be postponed until the 3<sup>rd</sup> (third) Business Day following the expiry of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. The rights of Participants under this Plan are determined exclusively by these Rules as read with the Award Letters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4. Except as otherwise provided in the Rules, the Participant has no right to any compensation, damages or any other sum or benefit by reason of the fact that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.1. he ceased to be a Participant in the Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.2. any of his rights or expectations under this Plan were reduced or lost; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.3. in the past the Company had notified him of his options contemplated in Rule 8.1, but the Company failed to do so on any one or more other occasions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.4. the Company failed to sell any of the Shares in respect of which a notice contemplated in Rule 8.1.1 or 8.1.2 was given by a Participant or in respect of which a deemed election to sell became applicable as contemplated in the proviso to Rule 8.1.2 or Rule 8.1.3, within a reasonable time or sold them at a price which was less than the price which would have been obtained had the Company sold those Shares at an earlier or a later date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5. Where a Participant is transferred from one Employer Company to another Employer Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5.1. all Awards granted to such Participant by the first Employer Company shall remain in force on the same terms and conditions as set out in these Rules and the relevant Award Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5.2. the second Employer Company shall assume a *pro rata* portion of the first Employer Company's obligations in respect of the relevant Awards in consideration for obtaining the Participant's services from the first Employer Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **DISCLOSURE IN ANNUAL FINANCIAL STATEMENTS** 

The Company shall disclose in its annual financial statements, to the extent required by the Act or the JSE Listings Requirements, the number of Shares that may be utilised for purposes of the Plan at the beginning of the accounting period, changes in such number during the accounting period (including by reason of consolidations or sub-divisions) and the balance of Shares available for utilisation for purposes of the Plan at the end of the accounting period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **AMENDMENTS AND TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. Subject to the provisions of this Rule 15, the RemCom may at any time, alter, vary or add to these Rules as it thinks fit. Amendments to these Rules may only affect Awards to Participants that have already been made, subject to the respective applicable JSE Listings Requirements; provided that, if an amendment is to the material disadvantage of Participants, as proven to the Company by any Participants, a majority of Participants materially disadvantaged by the amendment shall have approved such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. Except as provided in Rule 15.3 the provisions relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.1. the category of persons who are eligible for participation in the Plan as envisaged in Rule 2.1.22;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.2. the number of Shares that may be utilised for the Plan as envisaged in Rule 4.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.3. the individual limitations on benefits or maximum entitlements to Shares envisaged in Rule 4.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.4. the voting, dividend and other rights attached to the Awards, including those arising on a liquidation of the Company, envisaged in Rules 3.4 and 12.1.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.5. the basis for determining Awards as stipulated in Rule 3.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.6. the adjustment of Awards and price in the event of a variation of capital of the Company as stipulated in Rule 4.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.7. the procedure to be adopted in respect of the Vesting of Conditional Shares in the event of a Change of Control as stipulated in Rule 10.1, or in any other event which may affect the Awards (excluding a Change of Control) as stipulated in Rule 10.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.8. the procedure to be adopted in respect of the Vesting of Conditional Shares in the event of the termination of employment as envisaged in Rule 9; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.9. the terms of this Rule 15.2,

may not be amended without the prior approval of the JSE and by ordinary resolution of shareholders of the Company entitled to exercise at least 75% (seventy five percent) of the

------

voting rights exercisable on that decision, excluding all of the votes attached to all Shares owned and controlled by persons who are existing Participants in the Plan and which have been acquired under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. The RemCom may make minor amendments to these Rules for ease of the administration of the Plan, to comply with, or take account of, the provisions of any proposed or existing legislation or, subject to JSE approval, to obtain or maintain favourable taxation or regulatory treatment of any Company or any Employer Company or any present or future Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4. The RemCom may terminate the Plan at any time, but Awards granted to Participants before such termination will continue to be valid and shall be dealt with in terms of the Rules of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **DOMICILIUM AND NOTICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1. The parties choose *domicilium citandi et executandi* for all purposes arising from this Plan, including, without limitation, the giving of any notice, the delivery of Shares, the serving of any process, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.1. the Company, the Company Secretary and the RemCom:

Sasol Place

50 Katherine Street

Sandton

<u>Tel: +27 010 3445000</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.2. each Participant - The physical address and electronic address from time to time reflected in the Employer Company's payroll system from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2. Any of the above parties shall be entitled from time to time, by written notice to the other, to vary its *domicilium* to any other physical address within the Republic of South Africa and/or (in the case of a Participant) his electronic address; provided that in the case of a Participant such variation is also made to his details on the Employer Company's payroll system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3. Any notice given and any delivery made by any of the above persons to any other which:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.1. is delivered by hand during the normal business hours of the addressee at the addressee's *domicilium* for the time being shall be rebuttably presumed to have been received by the addressee at the time of delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.2. is delivered by courier during the normal business hours of the addressee at the addressee's *domicilium* for the time being shall be rebuttably presumed to have been received by the addressee on the 3<sup>rd</sup>(third) day after the date of the instruction to the courier to deliver to the addressee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.3. is posted by prepaid registered post from an address within the Republic of South Africa to the addressee at the addressee's *domicilium* for the time being shall be rebuttably presumed to have been received by the addressee on the 7<sup>th</sup> (seventh) day after the date of posting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4. Any notice given that is transmitted by electronic mail to the addressee at the addressee's electronic address for the time being shall be rebuttably presumed until the contrary is proved by the addressee to have been received by the addressee on the date of successful transmission thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5. In the case of any notice or document given to the Company pursuant to the Plan, delivered or sent by post to its registered office or such other address as may be specified by the Company, such notice or document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5.1. must be marked for the attention of the Company Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5.2. will not be deemed to have been received before actual receipt by the Company Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6. Notwithstanding anything to the contrary herein contained, a written notice or document which is actually received by a person shall be adequate for purposes of this Plan notwithstanding that such notice or document was not received at that party's *domicilium citandi et executandi.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **DISPUTES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1. Any dispute arising under the Plan shall be decided by arbitration in the manner set out in this Rule 17 (other than where an interdict is sought or urgent relief may be obtained from a court of competent jurisdiction).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2. The arbitration shall be held subject to the provisions of this Plan -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.1. at Johannesburg;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.2. informally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.3. otherwise in accordance with the provisions of the Arbitration Act, No. 42 of 1965,

it being the intention of the parties that, if possible, the arbitration shall be held and concluded within 21 (twenty-one) Business Days, after it has been demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3. The arbitrator shall be, if the question in issue is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.1. primarily an accounting matter, an independent accountant with not less than 15 (fifteen) years' experience agreed upon between the parties. In the event that the parties cannot agree within 7 (seven) Business Days, a chartered accountant to be nominated by the Chairperson (or if his title has changed, or if this office no longer exists, the equivalent office no matter what it may be titled) for the time being of the South African Institute of Chartered Accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.2. primarily a legal matter, a practising senior counsel or attorney with no less than 15 (fifteen) years standing agreed upon between the parties. In the event that the parties cannot agree within 7 (seven) Business Days, a practising attorney nominated by the President (or if this title has changed, or if this office no longer exists, the equivalent office no matter what it may be titled) for time being of the Law Society of the Northern Provinces or instead the relevant Provincial Council once established under the Legal Practices Act, 2014;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.3. any other matter, an independent person agreed upon between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4. An aggrieved party may appeal against the arbitration award within 10 (ten) Business Days after receipt of the arbitration award by lodging a notice of appeal with the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5. Any party to the arbitration shall be entitled to have the arbitration award made an order of court of competent jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6. Where an appeal is made, 2 (two) practising senior counsel of at least 15 (fifteen) years standing shall be appointed as chairpersons of the appeal. If the parties are unable to agree on the chairpersons for the appeal the provisions of Rule 17.3 shall *mutatis mutandis* apply with the changes required by the context. The chairpersons shall meet the parties within 7 (seven) Business Days after their appointment to determine the procedure for the appeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **GOVERNING LAW** 

South African law governs the Plan.

This Plan was duly adopted at the annual general meeting of Sasol Limited held on 2 December 2022 and was available for inspection at the Company's registered office for at least 14 (fourteen) days prior to the annual general meeting.

---

| |
|:---|
| /s/ Michelle du Toit |
| **Michelle du Toit** |
| **Group Company Secretary** |

---

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## Exhibit 8.1

**Exhibit 8.1**

**LIST OF SIGNIFICANT SUBSIDIARIES**

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Nature of business** | **%**<br>**ownership** | **Country of**<br>**incorporation** |
| Sasol Mining (Pty) Ltd | Coal mining activities | 898 | South Africa |
| Sasol Mining Holdings (Pty) Ltd | Holding company for the group's mining interests | 100 | South Africa |
| Sasol Technology (Pty) Ltd | Engineering services, research and development and technology transfer | 100 | South Africa |
| Sasol Financing Limited | Management of cash resources, investment and procurement of loans (for South African operations) and other general treasury activities | 100 | South Africa |
| Sasol Investment Company (Pty) Ltd | Holding company for the group's foreign investments and investment in moveable and immovable property | 100 | South Africa |
| Sasol South Africa Limited | Integrated petrochemicals and energy company. | 100 | South Africa |
| Sasol Oil (Pty) Ltd | Production and marketing of liquid fuels, base oils, lubricants and other products | 75 | South Africa |
| Sasol Chemical Holdings International (Pty) Ltd | Holding company for some of the Sasol Group's international chemical business interests  | 100 | South Africa |
| Sasol UK Limited | Marketing and distribution of chemical products | 100 | United Kingdom |
| Sasol Chemicals Pacific Limited | Marketing and distribution of chemical products | 100 | Hong Kong |
| Sasol Financing International Limited | Management of cash resources, investment and procurement of loans (for operations outside South Africa) | 100 | Isle of Man |
| Sasol Gas (Pty) Ltd | Selling, marketing and transportation of gas and any related services  | 100 | South Africa |
| Sasol New Energy Holdings (Pty) Ltd | Investment in research, design and construction for the production, storage, marketing, delivery and sale of low carbon and renewable energy and related products, co-products or by-products | 100 | South Africa |
| Sasol Africa (Pty) Ltd | Exploration, development, production, marketing and distribution of natural oil and gas and associated products | 100 | South Africa |
| Sasol Middle East and India (Pty) Ltd | Develop and implement international GTL and CTL ventures and any other related matters | 100 | South Africa |
| National Petroleum Refiners of South Africa (Pty) Ltd | Refining of petroleum feedstocks into finished and unfinished petroleum products | 4773 | South Africa |

---

------

---

| | | | |
|:---|:---|:---|:---|
| Sasol Chemie GmbH and Co. KG | Investment in the Sasol Germany GmbH, Sasol Solvents Germany GmbH and Sasol Performance Chemicals GmbH | 100 | Germany |
| Sasol Germany GmbH | Production, marketing and distribution of chemical products | 100 | Germany |
| Sasol Italy SpA | Trading and transportation of oil products, petrochemicals and chemical products and derivatives | 9995 | Italy |
| Sasol Holdings (USA) (Pty) Ltd | Holding company for the group's interests in the United States | 100 | South Africa |
| Sasol Chemicals (USA) LLC | Production, marketing and distribution of chemical products | 100 | United States |
| Sasol Financing USA LLC | Management of cash resources, investment and procurement of loans (North American Operations) | 100 | United States |
| Sasol Holdings (Asia Pacific) (Pty) Ltd | Holding company for the group's Asia Pacific investments | 100 | South Africa |
| Sasol European Holdings Limited | Resale of Sasol chemical products into UK / Ireland market area | 100 | United Kingdom |
| Sasol Financing International Limited | Management of cash resources, investments and procurement of loans (for our foreign operations) | 100 | South Africa |
| Sasol (USA) Corporation | Holds and manages our interests and operations in the United States | 100 | United States |

---

**SIGNIFICANT INCORPORATED JOINTLY CONTROLLED ENTITIES**

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Nature of business** | **Interest %** | **Country of**<br>**incorporation** |
| Ixia Coal (Pty) Ltd | Investment activities Sasol Mining | 49 | South Africa |
| ORYX GTL Limited (QSC) | Manufacturing and marketing of synthetic fuels from gas | 49 | Qatar |
| Sasol Dyno Nobel (Pty) Ltd | Manufacturing and distribution of explosives | 50 | South Africa |
| Petromoc E Sasol SARL | Retail and commercial marketing of liquid fuels; petrol, diesel, illuminating paraffin, liquefied petroleum gas (LPG), fuel oil and lubricants in Mozambique | 49 | Mozambique |
| Strategic Energy Technology Systems Private Limited | Prospecting, exploration, production, exploitation of mineral oil, petroleum, oil, gas and other similar or allied substances | 50 | India |
| Louisiana Integrated Polyethelyne JV, LLC | Plastic Resin and Synthetic Fiber Manufacturing (Ethane cracker and low and linear-low density polyethylene plant) | 50 | United States |
| Zaffra BV | Develop, build, own and operate facilities producing sustainable aviation fuel derived from non-fossil feedstock. | 50 | Netherlands |

---

------

## Exhibit 11.1

**Exhibit 11.1**

![Graphic](ssl-20250630xex11d1001.jpg)

**INSIDER TRADING POLICY**

**Effective Date: 16 August 2024**

**Revision: 0**

**Purpose**

This Policy is intended to prevent the unlawful use of inside information by Sasol's personnel. This Policy supplements, and does not replace, applicable securities laws in respect of insider trading. All Sasol directors, employees, representatives and other personnel must comply with all applicable securities laws in respect of insider trading (howsoever described), market manipulation and the disclosure of inside information.

---

| | |
|:---|:---|
| **Approval** |  |
|  | ![Graphic](ssl-20250630xex11d1002.jpg) |
| Signature of approver: | ![Graphic](ssl-20250630xex11d1002.jpg) |
| Name of approver: | **V D Kahla** |
| Designation of approver: | **Executive Vice President:** |
|  | **Commercial and Legal** |

---

------

**INSIDER TRADING POLICY**

**1.** **BACKGROUND**

The primary listing of Sasol Limited (the Company) is on the Johannesburg Stock Exchange (JSE). The Company is also listed on the New York Stock Exchange for purposes of its American Depositary Receipt (ADR) programme. A subsidiary of the Company also has certain of its securities traded on the Börse Frankfurt, an exchange within the European Union (EU).

Underpinned by Sasol's Code of Conduct, Sasol is committed to upholding both the letter and the spirit of the securities laws of South Africa, the United States (US) and Europe as well as other jurisdictions in which it conducts business. Securities laws make it unlawful to transact in securities based on inside information (as described below) or to pass such information along to others who buy or sell securities. It is also an offence to encourage or discourage another person to transact in securities based on inside information. Insider trading is a serious offence that can carry severe criminal or civil penalties for both Sasol and the individuals involved.

**2.** **APPLICATION**

*A. Individuals*

This Policy applies to Sasol and its subsidiaries and affiliates globally (collectively Sasol or Sasol Persons). This includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●all executive and non-executive directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●all full-time, part-time or temporary employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●any agents, representatives, advisors, service providers or consultants of Sasol.

*B. Securities*

This Policy applies to all transactions in Sasol securities, including shares, bonds, ADRs, convertible instruments, entitlements, rights, warrants, futures and other derivatives, or nil/fully paid letters, the award, acceptance, vesting and settlement of awards made under any of Sasol's equity incentive plans, the acceptance, acquisition, disposal or exercise of an option or other obligation to acquire or dispose of securities and the encumbrance of securities or use of securities as security or collateral.

The prohibition on insider trading in this Policy is not limited solely to trading in the Company's securities. It includes trading in the securities of other companies such as customers or suppliers of Sasol as well as those with which Sasol may be negotiating major transactions such as an acquisition, investment or sale. Information that is not material to Sasol may nevertheless be material to one of those other companies. In the course of pending or proposed transactions that Sasol has under consideration at any given time, there may be inside information relating to other companies to which a Sasol Person may have access to.

Insider trading policy<br>Approved: 16 August 2024

Revision: 0

------

**3.** **POLICY**

Sasol Persons may not buy, sell or otherwise transact in (including the cancellation or amendment of an existing order), or attempt to buy, sell or otherwise transact in, directly or indirectly, securities of the Company, or other companies such as customers, suppliers or other counterparties of Sasol, while in the possession of inside information.

Sasol Persons may not disclose any inside information to any other person, except with the prior consent of the Disclosure Officer or the Company Secretary of Sasol Limited (the Group Company Secretary), which may only be permitted where that disclosure is made in the course of such Sasol Person's employment, profession or other applicable duties with Sasol or as otherwise permitted by applicable laws and regulations. Furthermore, Sasol Persons are strictly prohibited from recommending or inducing another person to transact in securities on the basis of inside information.

The above restrictions apply whether inside information is obtained in the course of employment or business, from friends, relatives, acquaintances or strangers, or from overhearing the conversations of others. Where specific conduct may be permitted under local law, but is prohibited by this Policy, the requirements of this Policy will supersede such permitted conduct.

Common examples of inside information include unpublished information regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● earnings, earnings per share and headline earnings per share or any information which may affect or involve a prediction or forecast of the aforementioned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● mergers, acquisitions, disposals, joint ventures, material asset sales or acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● new products, processes or discoveries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● developments in respect of major customers or suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● changes in control or management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● changes in the board of directors or a change of auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● information about the securities of the company such as issue of shares, share buy- backs or changes in the rights of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● major litigation or settlements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● major safety, health and environmental (SHE) issues and incidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● competition/antitrust matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● major corporate financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● changes in top risk factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any matter with a major reputational impact; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any other information that, if made public, would be likely to have an effect on the price of Sasol securities.

The Disclosure Officer and/or Group Company Secretary should be consulted where there is any uncertainty in relation to whether any information constitutes or might be considered to be inside information.

The restrictions on Sasol Persons included in this Policy also applies to associates of Sasol Persons who possess inside information under circumstances where the associate knows, or ought to know, that the information is inside information (for example, by being provided the inside information by a Sasol Person). For this Policy, an 'associate' of a relevant person means (i) their spouse, domestic partner, dependent children and certain other relatives; and (ii) any legal person, trust or partnership, the managerial responsibilities of which are discharged by the relevant person or by a person referred to

Insider trading policy<br>Approved: 16 August 2024

Revision: 0

------

in point (i), which is directly or indirectly controlled by such a person, which is set up for the benefit of such a person, or the economic interests of which are substantially equivalent to those of such a person.

It is important to avoid even the appearance of insider trading. In this regard, confidential information relating to Sasol's performance, projections, operating results, financial condition or material corporate transactions should only be communicated internally on a need-to-know basis and only the minimum necessary amount of information should be shared. To further help avoid the appearance of insider trading, Sasol has implemented a number of additional rules and restrictions related to trading in securities, which follow.

**4.** **CLOSED PERIODS**

Directors and prescribed officers of Sasol Limited, senior managers<sup>1</sup> of Sasol and directors of Sasol Limited's Major Subsidiaries (as defined in the JSE Listings Requirements), (collectively, Persons Discharging Managerial Responsibilities) are prohibited from transacting in Sasol securities during the following time periods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the time period from 1 January every year until two days from the date on which the interim financial results are published;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the time period from 1 July every year until two days from the date on which the annual financial results are published;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any period when the Company is trading under a cautionary announcement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any additional closed period identified in writing by the Group Company Secretary.

Persons Discharging Managerial Responsibilities must advise investment managers transacting on their behalf or on behalf of their associates that they may not transact in Sasol securities without such person's express written consent. This obligation extends to a person who has authorised a broker to transact on his/her behalf without reference to such person.

The Group Company Secretary will institute additional closed periods for certain groups of employees, from time to time, if he/she is of the opinion that there is an increased risk of insider trading due to the existence of inside information (Precautionary Closed Periods or Prohibited Periods). Such employees will be informed individually by the Group Company Secretary of the imposition of a Precautionary Closed Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **PREAPPROVAL FOR DIRECTORS' AND PRESCRIBED OFFICERS' TRANSACTIONS IN SASOL SECURITIES** 

Directors and the Group Company Secretary must obtain clearance to transact in the Company's securities from the Chairman of the Sasol Limited Board and, if s/he is not available, the Chairman of the Sasol Limited Audit Committee, prior to transacting in any the Company's securities.

Prescribed Officers of Sasol Limited must obtain clearance from the President and Chief Executive Officer or, in his absence, from the Chairman of the Sasol Limited Board. If the Chairman is not available, the Chairman of the Sasol Limited Audit Committee should be asked for clearance through the office of the Group Company Secretary.

------

<sup>1</sup> Senior management in this Policy refers to everybody in GEC1, GEC2 and GEC3.

Insider trading policy<br>Approved: 16 August 2024

Revision: 0

------

Directors of Major Subsidiaries of Sasol Limited, except for prescribed officers who serve on those boards, must obtain clearance from an executive director of Sasol Limited through the office of the Group Company Secretary, prior to transacting in the Company's securities.

Clearance to transact will be limited to up to five business days at a time.

Directors, prescribed officers and the company secretaries of Sasol Limited and Major Subsidiaries are required to provide the office of the Group Company Secretary with the details of all transactions by no later than three business days after transacting in the Company's securities. The Company will announce all such transactions on SENS within 24 hours from receiving the information and file a copy of the announcement with the US Securities and Exchange Commission (SEC). The Company may also make further disclosures and filings with other relevant regulatory authorities in relation to such transactions as required.

Directors, prescribed officers and the company secretaries of Sasol Limited and Major Subsidiaries must advise their associates of the companies of which they are directors and must also advise the associates in writing that they must notify them immediately after they have transacted in the Company's securities in order for the director or employee to comply with his/her obligations vis-à-vis the Company.

The Group Company Secretary maintains an 'insider list' as appropriate, of all the directors, prescribed officers and the company secretaries of Sasol Limited and its Major Subsidiaries, as well as any other persons who are exposed or likely to be exposed to inside information during the course of their employment, profession or other duties for Sasol. This insider list shall at a minimum include the following information as well as any other information that might be required by applicable laws and regulations from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the identity of any person having access to inside information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the date at which that person obtained access to inside information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the date on which the insider list was drawn up.

This insider list will be subject to ongoing review and may be disclosed to regulatory authorities as required by and in accordance with applicable laws and regulations. The insiders on the list will be required to provide personal information for inclusion in the insider list in accordance with applicable laws. Any such insider must notify any disclosure of inside information to any third party (eg, another employee or director, or a professional adviser) such that the list can be kept updated.

This Policy will be shared with such persons on the insider list to ensure that they are aware of the legal and regulatory duties (and associated sanctions) applicable to them in relation to insider trading and inside information.

**6.** **MEANING OF INSIDE INFORMATION**

Inside information as referred to in this Policy is deemed to be information as described below.

Insider trading policy<br>Approved: 16 August 2024

Revision: 0

------

The Financial Markets Act no. 19 of 2012, which makes insider trading an offence, deﬁnes inside information as information concerning Sasol which, if it were made public, would be likely to have a material eﬀect on the Company's share price, or on any JSE-listed derivative security in respect of any of the Company's shares. This is similar to the JSE Listings Requirements which define price sensitive information as unpublished information that is specific or precise, which if it were made public, would have a material effect on the price of an issuer's securities.

In addition, requirements applying in the US in relation to insider trading refer to 'material non-public information', which relates to information that has not been disseminated broadly to investors in the marketplace, and which there would be a substantial likelihood that a reasonable investor would consider it important in making an investment decision.

Similarly, for the purposes of the EU's Market Abuse Regulation, 'inside information' includes information of a precise nature, which has not been made public, relating, directly or indirectly, to Sasol or to one or more of its securities, and which, if it were made public, would be likely to have a significant effect on the prices of those securities.

Information is material if there is a likelihood it would be considered important by a reasonable investor in determining whether to buy, hold or sell the shares or other securities of the Company to which the information relates. Material information could relate to past events, future expectations, or any other aspect of the business and could be positive or negative. There is no bright-line standard for assessing materiality; rather, materiality is based on an assessment of all the facts and circumstances and is often evaluated by enforcement authorities with the benefit of hindsight, and very small movements in price may be determined to be material.

Information has not been made public if it is not generally known or available to the public, such as when the information has not been widely disseminated to the public through SENS, an 'officially appointed mechanism' in the EU (OAM), major newswire services, a webcast generally available to the public or a filing with the SEC. For purposes of this Policy, information relating to Sasol is considered not public until Sasol Limited has made any necessary disclosure, whether through a press release, SENS, OAM or other Company disseminated public announcement and enough time has elapsed to permit the investment market to absorb and evaluate the information.

**7.** **DEALING IN OTHER COMPANIES' SECURITIES**

The principles and guidelines described herein also apply to inside information relating to other companies, including potential joint venture partners, customers, vendors and suppliers of the Company, as well as potential merger or acquisition candidates (Business Partners), when that information is obtained in the course of employment with, or providing services on behalf of, Sasol. For the purposes of this Policy, information about Business Partners should be treated in the same way as information related directly to the Company. Sasol employees and personnel may also, from time to time, be prohibited from trading in securities relating to such other companies or be subject to closed periods during which trading in these other companies is prohibited.

Insider trading policy<br>Approved: 16 August 2024

Revision: 0

------

**8.** **RULE 10B5-1 PLANS**

Sasol's equity incentive plans do not permit the setting up of any trading plan as envisaged in terms of the Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Directors and employees who plan to adopt a Rule 10b5-1 trading plan must obtain approval from the Remuneration Committee of Sasol Limited.

**9.** **COMPLIANCE WITH THIS POLICY**

This Policy supports Sasol's commitment to doing business in an ethical way. Compliance with company policies is required of all Sasol employees and directors pursuant to their employment or service contract. Sasol, its directors and senior management take breaches of its policies very seriously. A breach is a disciplinary matter and, depending on the severity of the breach, consequences may range from a warning to termination of employment or contract of service, and where applicable, will be reported to the JSE or other relevant regulatory authority. Failure to comply with the regulations stipulated in legislation and the JSE Listings Requirements, may result in a serious penalty imposed by the JSE or other relevant regulatory authority. Conviction of an oﬀence pertaining to insider trading or non-disclosure of securities transactions may result in a substantial ﬁne, public censure, disgorgement or imprisonment.

Any breach of or non-compliance with this Policy, including regarding disclosure of inside information, must be communicated to the Group Company Secretary promptly. The Group Company Secretary, with input from key stakeholders, will consider the appropriate action required. All instances of non-compliance with this Policy will be included in the regular compliance reporting processes and reported to the Nomination and Governance Committee of Sasol Limited.

Any inquiries in relation to any matter in this Policy should be directed towards the Disclosure Officer or Group Company Secretary.

Insider trading policy<br>Approved: 16 August 2024

Revision: 0

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## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATIONS**

I, Simon Baloyi, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 20-F of Sasol Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarise and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: 29 August 2025 |  |  |
|  | By: | /s/ SIMON BALOYI |
|  |  | Simon Baloyi |
|  |  | *President and Chief Executive Officer* |

---

------

## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATIONS**

I, Walt Bruns, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 20-F of Sasol Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarise and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: 29 August 2025 |  |  |
|  | By: | /s/ WALT BRUNS |
|  |  | Walt Bruns |
|  |  | *Chief Financial Officer* |

---

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## Exhibit 13.1

**Exhibit 13.1**

**CERTIFICATION PURSUANT TO 18**

**U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the annual report of Sasol Limited (the ''Company'') on Form 20-F for the period ending 30 June 2025, as filed with the Securities and Exchange Commission on the date hereof (the ''Report''), the undersigned hereby certify that to the best of our knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: 29 August 2025 |  |  |
|  | By: | /s/ SIMON BALOYI |
|  |  | Simon Baloyi |
|  |  | *President and Chief Executive Officer* |
| Date: 29 August 2025 |  |  |
|  | By: | /s/ WALT BRUNS |
|  |  | Walt Bruns |
|  |  | *Chief Financial Officer* |

---

A signed original of this written statement required by Section 906 has been provided to and will be retained by Sasol Limited and furnished to the Securities and Exchange Commission or its staff upon request.

This certification will not be deemed ''filed'' for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. This certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, even if the document with which it is submitted to the Securities and Exchange Commission is so incorporated by reference.

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## Exhibit 15.1

**Exhibit 15.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (No. 333-270369) and Form F-3 (No. 333-259716) of Sasol Limited of our report dated 1 September 2023, except for the effects of the revision discussed in Note 1.1 (not presented herein) to the consolidated financial statements appearing under Item 18 of the Company's 2024 Annual Report on Form 20-F, as to which the date is 6 September 2024, relating to the consolidated financial statements, which appears in this Form 20-F.

/s/ PricewaterhouseCoopers Inc.

Johannesburg, Republic of South Africa

29 August 2025

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## Exhibit 15.2

**Exhibit 15.2**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statements on Form S-8 (No. 333-270369) and Form F-3 (No. 333-259716) of our reports dated 29 August 2025 with respect to the consolidated financial statements of Sasol Limited and the effectiveness of internal control over financial reporting.

/s/ KPMG Inc.

Johannesburg, Republic of South Africa

29 August 2025

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## Exhibit 96.1

#### Exhibit 96.1

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sasol Mining 20F Technical Report Summary: Sigma Mooikraal Colliery and Integrated Secunda Complex 30 June 2025 Contents |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 1. Executive summary ...............................................................................................................................3 2. Introduction............................................................................................................................................4 3. Property, Location and Mining Rights Description..................................................................................6 4. Accessibility, Climate, Local Resources, Infrastructure and Physiography.............................................8 5. History ...................................................................................................................................................9 6. Geological setting, mineralisation and deposits ...................................................................................10 7. Exploration ..........................................................................................................................................17 8. Sample preparation, analysis and security ..........................................................................................21 9. Data Verification ..................................................................................................................................22 10. Mineral Resource Estimates ................................................................................................................22 11. Mineral Reserve Estimates ..................................................................................................................29 12. Mining Methods ...................................................................................................................................32 13. Processing and Recovery Methods .....................................................................................................44 14. Infrastructure .......................................................................................................................................47 15. Market Studies.....................................................................................................................................52 16. Environmental Management, Closure, Decommissioning and Agreement with Local Groups..............53 17. Capital and Operating Costs.................................................................................................................62 18. Economic Analysis and Risk Factors ....................................................................................................64 19. Glossary ...............................................................................................................................................66 20. Consent of Qualified Person.................................................................................................................67 21. Reliance of information provided by the Registrant ...............................................................................68  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 1. Executive summary 229.601(b)(96)(iii)(B)(1) The Qualified Person (QP) of Sasol Mining (Pty) Limited (Sasol Mining) has prepared this Technical Report Summary (TRS) in order to declare the Mineral Resource and Reserve estimates for Sasol Mining, in respect of mining rights that it holds in Mpumalanga and the Free State Provinces of South Africa. The TRS has been prepared in accordance with the U.S. Securities and Exchange Commission's (SEC) Regulation S-K 1300, with an effective date as at June 30, 2025. This TRS updates and replaces the TRS filed by Sasol Limited (Sasol) on August 31, 2022. The revisions to the TRS related to the operational changes summarized as follows: • Sasol Mining made the decision to cease washing and supplying coal to the export market. This change was implemented at the end of FY25 and aimed to convert the export plant into a destoning plant in order to improve the quality of the feed to Sasol Synfuels. • A techno-economic review of the Number 2 Seam at both Impumelelo and Shondoni Collieries was conducted during Q4 of FY25. This review concluded that both of these assets, previously declared as Probable Reserves should be reclassified as Indicated Resources. This change is primarily due to the cost of capital associated with accessing this coal, as well as the current coal quality requirements of Sasol Synfuels. This reclassification resulted in a decrease of 63Mt of Probable Reserves from the total recoverable reserves, leaving a total of 1015Mt, as at 31 March 2025. Sasol Mining has 5 operational collieries in Secunda, Mpumalanga and 1 in Sasolburg, Free State. The collieries are reported on a combined basis considering the integration and interchangeability of the coal produced to meet the requirements of the internal Sasol market. The collieries within the Secunda Complex are: • Shondoni Colliery; • Bosjesspruit Colliery; • Impumelelo Colliery; • Twistdraai Thubelisha Colliery; and • Syferfontein Colliery. In Sasolburg, we operate the Sigma Mooikraal Colliery. As of the end of FY25, all of the coal mined by Sasol Mining is utilised internally by Sasol Synfuels (Secunda) and by Sasol Natref (Sasolburg) The coal is extracted by means of underground bord-and-pillar and secondary extraction mining methods. The prospecting and mining rights are granted by the South African state (State) acting as custodian of South Africa's mineral and petroleum resources in accordance with the provisions of the Mineral and Petroleum Resources Development Act (MPRDA), as amended. This report is intended to provide insights into all of Sasol's resource and reserve areas as detailed in Sections 11 and 12. The total book value of the property and its associated plant and equipment for the fiscal year ended 30 June 2025 (FY25) was R25 billion. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Comments from QP The QP is of the opinion that the mine plan detailed in the TRS is achievable based on the assumptions and parameters utilised. Recommendations: Geology and Resources: It is recommended that the annual capital allocation for vertical and directional drilling be maintained in order to improve geological confidence, particularly along the primary panels to ensure optimal section deployment. It is recommended that the acquisition of underground directional drilling equipment be concluded in this financial year as this will provide enhanced geological information relative to the current rotary drills and improve predictability in the short to medium term. Processing: It is recommended that a monthly reconciliation be conducted on the product from the new destoning plant to validate the assumptions made with regard to yield and coal quality. Economic Analysis: It is recommended that the various factors and assumptions utilised to determine the financial viability of the various operations be reviewed on a regular basis to ensure their integrity. These include R/ton cost and sales prices, permitting requirements, governmental regulations and availability of skilled personnel. 2. Introduction Section 229.601(b)(96)(iii)(2)(i-v) The TRS was prepared for Sasol Mining. The TRS has been prepared in accordance with the SEC's Regulation S-K 1300. The purpose of this TRS is to provide open and transparent disclosure of all material, exploration activities, Mineral Resource and Mineral Reserve information. In preparing this report the QP may have, when necessary, relied on information and inputs from others – as such, the table below lists the Subject Matter Experts (SME's) who provided the relevant information and inputs to the QP to include in this report. The registrant confirms it has obtained the written consent of each SME on the use of the person's name, or any quotation from, or summarization of, the TRS in the relevant registration statement or report, and to the filing of the TRS as an exhibit to the registration statement or report. The written consent only pertains to the section(s) of the TRS prepared by each SME. The written consent has been filed together with the Technical Report Summary exhibit and will be retained, as Sasol Mining relies on the QP's information and supporting documentation for its current estimates regarding Mineral Resources or Reserves. All the contributors to the document are employed by Sasol in a permanent capacity. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Qualified Persons Position Sections Viren Deonarain Head Geology/QP Mineral Resource and Reserve Estimates Paul Cronje Senior Manager Rights & Properties Mining Property Description & Mining Rights Garth Truter Senior Manager Mine Planning Mining methods & Reserve Estimates Welile Kheswa Senior Manager Export Plant Processing Plant – Export Almon Mshiywa Senior Manager Sasol Coal Supply Processing Plant – SCS Veli Sibiya VP Technical services Infrastructure Nasir Hassan Senior Manager Marketing Market Studies – Export Gail Nussey Vos Senior Manager SHE Environment Environmental Manager Jacques du Plessis Senior Manager Mine Closure Mine Closure King Nkambule Manager Mining SLP & Mineral Charter Agreement with Local Groups Johan Steyn Senior Manager SHE Rock Engineering Rock Engineering Diederik de Swardt Senior Manager Mining Strategies Processing Plants - Destoning Arthur Nkosi VP Finance Mining (acting) Capital, Operating cost and Economic Analysis Nzama Baloyi VP Safety, Health & Environmental Risk Factors The reserves and resources modelling process and geological models were audited by an independent consultancy, WSP Golder, in August 2022. The audit verified that the geological models and reserves and resources estimates were a fair reflection of the data on which they were based and conformed to internationally accepted reporting standards. The latest coal resource/reserve estimations were determined by following the same process.  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Internal controls used in the exploration and mineral reserve estimation consists of the following: • The annual Resources and Reserves document that is used as input into the TRS is compiled for submission to the Sasol Mining board of directors (the Board). Before submission the Vice President Integration and Mine Deployment performs a reasonableness review to ensure the detailed process was followed. This process includes a mass balance reconciliation. • Those involved in the Reserves and Resources estimation process are sufficiently qualified. The Head of Coal Geology signing off on the process is classified as a Competent Person as defined by the South African Council for Natural and Scientific Professionals (SACNASP) and is registered under Registration Number: 400083/05. 3. Property, Location and Mining Rights Description Section 229.601(b)(96)(iii)(B)(3)(i-vii) Sasol Mining is the holder of various prospecting and mining rights for coal in Mpumalanga and one mining right in the Free State. These prospecting and mining rights are granted by the State of South Africa acting as custodian of South Africa's mineral and petroleum resources in accordance with the provisions of the MPRDA. In respect of the Secunda mining complex situated in Mpumalanga, Sasol Mining holds three mining rights situated within the Bethal, Secunda, Highveld Ridge, Balfour and Standerton Magisterial Districts with Department of Mineral and Petroleum Resources (DMPR) reference numbers MP 30/5/1/2/2/138 MR, MP 30/5/1/2/2/10096 MR and MP 30/5/1/2/2/10125 MR. The current mining rights are valid for periods of between 12 and 15 years and may be renewed by the DMPR for further periods, each of which may not exceed 30 years at a time allowing Sasol Mining to provide a continuous and steady coal supply to Sasol's Secunda Operations (SO), which beneficiates the coal into higher value and in most cases, more profitable end line products. Sasol Mining's main underground coal mining facilities are located at the Secunda, Mpumalanga Mining Complex, which consists of underground collieries (Bosjesspruit; Impumelelo; Shondoni; Syferfontein; and Twistdraai Thubelisha) and the Mooikraal colliery near Sasolburg in the Free State Province. Sasol Mining used to hold old order mining rights in respect of its Sasolburg operations (referred to herein as the Sigma defunct area), but a decision was taken not to apply for conversion of the rights. As a result an application for mine closure was lodged in relation to the Sigma defunct area on 30 October 2009 and is being assessed by the DMPR. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Figure 1a) Plan showing location of Secunda reserves and Figure 1b) Plan showing Sigma Complex: Mooikraal reserve area surrounding towns inset indicating position of mine in relation to Sasolburg and surroundings The bulk of Sasol's mining rights reside in 138 MR, which was converted from old order mineral rights to new order mining rights granted under the previous mineral law's dispensation. The 138 MR has since been amended to include various prospecting and mining right areas which were either applied for and granted by the DMPR or acquired from third parties and ceded to Sasol Mining. The 10096 MR mining right which Sasol Mining refers to as its Block IV mining right was granted in 2017 and the 10125 MR mining right, referred to as the Alexander mining area, was granted by the DMPR in 2018 and ceded to Sasol Mining during the same year. Coal mining activities at the Mooikraal Colliery in the Free State province near the town of Sasolburg are conducted by virtue of Sasol Mining holding a mining right with DMPR reference number FS 30/5/1/2/1/221 MR, which is valid for 30 years and may be renewed by the DMPR for further periods each of which may not exceed 30 years. The Mooikraal mining right was converted to a new order mining right under the MPRDA and has since been amended to incorporate an existing adjacent mining right of Sasol Mining and areas held under prospecting rights. The coal is used for electricity and steam generation at our Sasolburg Operations. Steam is a major component which is required in the production of Sasol's chemical products as well as the refining of oil. With regard to surface rights, as at 30 June 2025 Sasol Mining owns 100 farm properties in Mpumalanga, measuring 10 460 hectares (ha). One property measuring 35.6 hectares (ha) was sold and the registration is in the process of being finalised. In the Free State, Sasol Mining owns 34 farm properties measuring 1 107 hectares (ha) and 11 farm properties in the Limpopo Province, measuring 7192 ha. The majority of farmland in Mpumalanga where the bulk of Sasol Mining's operations are located is leased to commercial farmers for agricultural purposes.  |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 Sasol Mining has acquired various types of servitudes over privately owned land for mining-related purposes; these include underground mining, pipelines, powerlines, overland conveyor systems, building restrictions, shafts, railways and access roads. Portions of farmland are leased by Sasol Mining for periods of less than ten years for directional drilling activities and in respect of rescue, utility or longer-term water monitoring boreholes. Should the lease period exceed ten years, a servitude is acquired and registered in favour of Sasol Mining against the title deed of the property. 4. Accessibility, Climate, Local Resources, Infrastructure and Physiography Section 229.601(b)(iii)(B)(4)(i-iv) Mining across all of Sasol's operations in Secunda and Sasolburg are conducted throughout the year. The Secunda area is well served by national, provincial, district and farm roads. The N17 highway connects Secunda to Johannesburg to the west. A railway line emanating from Springs in the west, connects Secunda with Ermelo in the east, ultimately terminating in Richards Bay on the coast. Except for outcrops of Witwatersrand quartzite and Ventersdorp lava, the Ecca Group sediments occur in a fairly ubiquitous manner with occasional dolerite intrusions. Elevations range between 1500 and 1700 meters above mean-sea-level. The Secunda complex is intersected by a number of perennial rivers including Waterval River, Piekespruit, Klipspruit and De Beersspruit. Although the major streams consist of definite channels, the tributaries often consist of broad wetlands without any channels. The larger streams are perennial, but water levels are low, and flow is slow during winter. There are a substantial number of farm dams in the area, but few pans are present. Analysis of the temperatures indicates that the monthly temperature maximum varies between 22°C to 32°C, and the minimum between -1°C to 11°C. Mean annual rain fall is approximately 700 mm, falling almost entirely during the summer season of October to April. Light snowfalls occur infrequently during winter months. The area is located within the grassland biome of South Africa. The grassland biome is one of the most threatened biomes in South Africa, due to agricultural and mining activities and 60-80% has already been irreversibly transformed, while only 2% is formally conserved. The Highveld coalfield area is highly cultivated because of the relatively flat topography and good rainfall. Farming is mixed, with crops, cattle, sheep and chicken farming forming the main activities and the main crops being maize, soya and wheat. Our Free State operations are located in Sasolburg, which is situated on the central plateau of South Africa, characterized by a relatively flat landscape with some gentle undulations. The coal formations form part of the Ecca group, with dolerites occurring towards the top of the deposit, with minimal intrusions into the coal seam. The Vredefort impact crater to the west of Sasolburg has an impact on the structure of the coal seams, resulting in severe dips and faults. Sasolburg is easily accessed via the R57 which connects the N1 highway to Johannesburg. The area lies at an altitude ranging between 1400 and 1500 metres above sea level. The Vaal River borders the area to the North and East, with several minor tributaries also occurring. This area typically receives between 600 and 700 mm of rainfall during the summer months from October to March. The temperature ranges from hot summers (>30°C) to cold winters (4°C), occasionally dropping to below freezing. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 The area falls within the grassland biome, which is characterized as the second most bio-diverse biome in South Africa. The vegetation is typically grassland with occasional tree cover and the area is mostly used for maize and cattle farming. All the mines, both in Secunda and Sasolburg, are supplied with 132KV electrical power from the national power producer, Eskom, via a network of overhead lines. Each mine has a dual feed system to ensure continuous power supply should a power failure occur on one of the supply feeds. Each mine has an electrical consumer substation where the Eskom power supply is fed into and distributed into each mine's internal 11 KV power reticulation network. Each of the mines and surface plants is supplied with potable water from Rand Water via the site specific municipality. The potable water is supplied via a network of pipelines and delivered into reservoirs from where water is distributed to the different operations for human consumption, ablution facilities and laundry facilities for washing of personnel protective clothing. Sasol Mining also supplies potable water to some of the farmers via a network of pipelines, in cases where borehole yields were impacted by mining operations. Mine affected water is supplied from underground mined out storage compartments to the Quarry dam (Brandspruit and Bosjesspruit mines) and is used at SCS East and West plants for dust suppression, cleaning and firefighting activities. The future plan is to decommission the Quarry dam and obtain supply from the Brandspruit underground mined out storage compartments. Water affected by the mining and associated surface infrastructure is pumped and stored in mined out storage compartments and some of it is also recycled to surface water dams as feed to the continuous mining operations underground. To ensure consistent daily running of operations, Sasol Mining employs 8 407 permanent employees, mostly originating from the surrounding communities. Our mining operations are supported by a comprehensive fleet, featuring 45 Joy continuous miners (CM's), 6 JA Engineering CM's, and 14 Sandvik CM's. This core machinery is reinforced by approximately 172 shuttle cars, 98 feeders, 158 load haul dumps, and 183 tractors, alongside a range of auxiliary equipment such as light delivery vehicles, graders, drills, trucks, fans, winders, and substations. To drive efficiency and manage costs, we rigorously track performance metrics including downtime per shift and maintenance expenditure per machine. These machines are sourced through a combination of international suppliers, local suppliers, and in-house manufacturing, ensuring both supply chain resilience and alignment with our technical standards. Sasol Mining has numerous suppliers within a 200km radius that supply equipment and spare parts, as well as services, to Sasol Mining. Most of these suppliers also service the coal mining sector and general industry at large 5. History Section 229.601(b)(iii)(B)(5)(i-ii) Sasol Mining has been in operation since 1952, when mining started in the Free State and has operated the business from the commencement of operations, and as such there have been no previous owners or operators. There are also no exploration targets. As the existing operations have been in existence for a number of years, feasibility studies are not relevant. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 6. Geological setting, mineralisation and deposits Section 229.601(b)(iii)(B)(6)(i-iii) Generalised stratigraphy of the Secunda reserve area The stratigraphy of the area comprises thick dolerite sills that form the topography, and overlay six coal seams, which occur in the Vryheid Formation of the Karoo Supergroup. The coal seams are numbered from the oldest to the youngest, from the bottom up. The principal coal horizon, the Number 4 Lower Coal Seam, provides approximately 95,60% as of 31 March 2025 (2024 —90,29%) of the total proved and probable reserves. The Number 2 Coal Seam at Shondoni Colliery and Impumelelo Colliery has been included in our resource base. Numerous thinner dolerites cross- cut the coal seams. The generalized stratigraphy from surface to basement is as follows: Overburden Thick packages of alternating siltstone and sandstone layers form the interburden between the thick dolerites and the Number 5 Coal Seam. The interburden between the Number 5 Coal Seam (where present) and Number 4 Upper Coal Seam comprises alternating layers of siltstone and sandstone with minor coal bands. Grading ranges from flaser to wavy to lenticular bedding and vice versa. Massive beds of sandstone occur in some areas. The sandstones and siltstones are typically massive to laminated respectively, with minor bioturbation. The depth to the base of the Number 4 Lower Coal Seam ranges from 40 m to 241 m with an average depth of 135 m below the surface topography. The average depth to the roof of the Number 2 Coal Seam is 150 m.  |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 Seam Thickness The Number 5 Coal Seam is thin and discontinuous in the area. The Number 4 Upper Coal Seam can be found approximately 120 m - 170 m below surface. It is a continuous seam however, too thin to be mined with current machinery. The Number 4 Lower Coal Seam has a weighted average thickness of 3,7 m. In general, the Number 4 Lower Coal Seam is thinner to the south and thicker than average to the west adjacent to the pre-Karoo basement highs. It has a roof comprising gritstone with thin siltstone bands. The floor comprises predominantly micaceous material (sandstone or siltstone). The Number 3 Coal Seam is sporadic. The Number 2 Coal Seam occurs approximately 30 m – 40 m below the Number 4 Lower Coal Seam. It is of lower quality than the Number 4 Lower Coal Seam however, it is still mineable. The roof of the Number 2 Coal Seam is comprised dominantly of siltstones. The Number 1 Coal Seam is sporadic. Seam Qualities The Number 4 Lower Coal Seam is a bituminous hard coal characterised by the following: The inherent ash content (air dried basis) of the Number 4 Lower Coal Seam is an average of 27,73%. The volatile matter content is tightly clustered around a mean of 22,66% (air dried). The total Sulphur content (air dried), which primarily consists of mineral Sulphur in the form of pyrite and minor amounts of organic Sulphur, averages 1,03% of the total mass of the coal seam. Pre- Karoo lithology Pre-Karoo basement rocks comprise predominantly lavas, schist and shale. Dolerite Sills There are six dolerite sills that can be distinguished in the Secunda area. Number 4 Dolerite Sill (DO4) The DO4 typically forms the topography in the area. It weathers rapidly to form serpentinite when exposed and is highly jointed. The joints may be filled with calcite. It is dark green-grey in colour and weathers to a dark, mossy, green. It forms thick intersections with the coal seams in the north of Impumelelo and causes the entire seam to devolatilize, rendering it useless for mining. It attains a maximum thickness of 99 m and an average thickness of 19 m in the Secunda reserve area. Number 6 Dolerite Sill (DO6) The DO6 also forms the topography, typically within the Impumelelo reserve area. The DO6 is a more competent dolerite when compared to the DO4 as it is less susceptible to weathering and does not display the same frequency of jointing. It has a blue-grey appearance and is characterized by having asteriated porphyries. It attains a maximum thickness of up to 75 m, however, it does not intersect the coal seam in the Secunda area. Number 8 Dolerite Sill (DO8) The DO8 commonly occurs across the Secunda reserve area. There are numerous intersections of the DO8 with the Number 4 Lower Coal Seam, with the Shondoni reserve area being most affected. When exposed, it does not weather as intensely as the DO4 and is not as highly jointed. It has a green to grey-green appearance and is characterised by having elongated or needle porphyries. The thickness of the DO8 sill is on average 6 m, however, in some areas the sill is approximately 100 m thick. The DO8 sill is associated with extensive devolatilization of the coal seams. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 Number 10 Dolerite Sill (DO10) The DO10 appears very similar to the DO6, having the same colour and porphyries. However, it is thin (up to 10 m thick) and occurs primarily towards the basement rocks. This intrusion typically intersects the coal seams in the Impumelelo reserve area. The DO10 is associated with devolatilisation of the coal seam. Number 12 Dolerite Sill (DO12) The DO12 appears very similar to the DO8, having the same colour and porphyries. However, it is thin (up to 10 m thick) and occurs primarily in the proximity of the Number 4 Lower Coal seam. The DO12 is most often described as occurring in the Syferfontein, Thubelisha and Shondoni reserve areas. Number 7 Dolerite Sill (DO7) The DO7 typically is found in the Shondoni reserve area. It appears very similar in colour and texture to the DO4. The DO7, however occurs close to and below the Number 4 Lower Coal Seam. It therefore does not exhibit the same proclivity to weathering as the DO4 based on where it is situated. It is dark green-grey in colour. It forms thick intersections with the coal seams in the Shondoni reserve area. It attains a maximum thickness of 25 m and an average thickness of 5 m. Dolerite Dykes The dolerite dykes in the area have been identified using aeromagnetic data and extrapolations from horizonal / directional drill data. The major dykes are predicted to cut across the area from west to east. The most prominent dykes in the reserve area are known as the Syferfontein dyke and Impumelelo dyke, which have a maximum thickness of 10 m. Structures Predominantly the faulting which is observed in the Number 4 Lower Coal seam is associated with minor displacements. The largest observed displacement is a maximum of 25 m in the mined-out portion of the Shondoni reserve area. Paleo-highs and lows result in undulations within the coal seam, with associated small-scale faulting and joints. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Geological structures – Secunda Geological structures across Secunda area showing intersections of dolerites sills, dykes and faults with the Number 4 Lower Coal seam. North-south cross section showing stratigraphy of the Secunda area. Number 4 and Number 6 dolerite sills form the topography whilst the Number 8 and Number 10 dolerite sills intersect and impact the coal seams. The Number 4 and Number 2 Coal seam are prominent in this example. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 General Stratigraphy of the Sigma: Mooikraal Reserve Area Data obtained from prospecting activities confirm that the stratigraphic succession in the Northern Free State is comparable in general to that of the Karoo Supergroup, except for the absence of the Pietermaritzburg Formation in this region. The Sigma-Mooikraal reserve area forms part of the Koppies Coal field, which constitutes a portion of the larger Vereeniging-Sasolburg Coal field. The reserve block is located 20 km south-west of Sasolburg, with Parys to the west and Heilbron to the south-east. The coal deposit is at the northern periphery of the Karoo basin, and occurs within a well-defined, north- south orientated fluvial depositional environment. The Sigma-Mooikraal Colliery is actively mining within the Number 3 Coal Seam. Overburden The Vryheid Formation consists predominantly of sandstone with an intercalated siltstone zone, minor coal and mudstone horizons. Inorganic marker horizons, which include the Vertical Worm Tube Marker, the Mudstone Marker and the Glauconite Siltstone Marker are identified within the sedimentary strata. The depth to the base of the Number 3 Coal Seam ranges from 59 m to 210 m with an average depth of 127 m below the surface topography. Seam Thickness The Number 3 Coal Seam is the only seam which is developed in the Sigma-Mooikraal reserve area. A relatively thick coal horizon occurs as a part of the succession of sedimentary rocks belonging to the Vryheid Formation of the Ecca Group. The thickness of this formation varies according to the topographical irregularities which may occur along the Dwyka-Ecca contact. The presence of inorganic layers or lenses results in the subdivision of the coal into secondary and tertiary seams. The average thickness of the coal seam is 4 m. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 Seam roof conditions The immediate roof of the Number 3 Coal Seam comprises of a mudstone horizon. This mudstone contains distinct lenses of siderite and is therefore identified as the Mudstone Marker (MM). Seam floor conditions The floor of the Number 3 Coal seam comprises mudstones and siltstones. In some instances, the Number 3 Coal seam occurs directly on the Dwyka horizon. Dolerite Sills Number 4 and 5 Dolerite Sill (DO4, DO5) Two dolerite sills occur in the Sigma-Mooikraal reserve area. The DO4 and DO5 are thick sills which lie above the coal seam and generally follow the palaeotopography. The thickness of the Number 5 Dolerite sill increases towards the south of the block. The sills do not intersect the coal seam within the reserve boundary of Mooikraal. The dolerite sills typically occur at the same horizon above the coal seam across a large portion of the reserve area. The sills dip toward the south and begin lying lower in the stratigraphy toward the south of the reserve area. As a result, major devolatilisation of the coal seam is evident in this area. There are areas where the sills have affected only the upper portion of the coal seam and the lower portion is largely unaffected. Dolerite stringers have been intersected during the mining activities at Sigma-Mooikraal and are believed to be off-shoots from the overlying dolerite sills. The stringers mapped as they occur underground, do not appear to have a specific orientation and are of variable thickness. Geological structures Displacement of the coal seam can be expected along the fault zones and on the contact areas of different pre-Karoo lithologies. The coal seam at Sigma-Mooikraal was deposited in an undulating depositional environment, the structure of which was influenced by the Vredefort impact structure. The palaeo-valleys and –highs created on the pre-Karoo strata were smoothed out by the glaciers, which deposited the Dwyka formation. Pre- Karoo lithology An interpretation of the outcrop and sub-outcrop of the pre-Karoo rocks reveal a complex folded environment caused by the deformation of the Vredefort impact structure. Pre-Karoo faults and joint systems are generally found radiating from the impact point, as well as on some contact areas between different lithological types due to different characteristics of strata competencies. Within the Sigma-Mooikraal reserve area the pre-Karoo lithology is predominantly lavas and quartzite, with minor occurrences of shale. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 Mine Layout- Mooikraal Mine layout of Mooikraal Colliery. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 West- east cross section across Sigma: Mooikraal reserve area illustrating the occurrence of the thick overlying dolerite sills and the Number 3 Coal seam. 7. Exploration Section 229.601(b)(96)(iii)(B)(7)(i-vi) Sasol Mining's Geology Department employs several exploration techniques in assessing the geological risks associated with the exploitation of the coal deposits. These techniques are applied in a mutually supportive way to achieve an optimal geological model of the relevant coal seams, targeted for production purposes. The Highveld Coalfield is structurally complex when compared to the other coalfields in South Africa where mining activities take place. As a result, Sasol Mining bases its geological modelling on ample and varied geological information. This approach is preferred in order to achieve a high level of confidence and support to the production environment. Core Recovery Exploration Drilling This is the primary exploration technique that is applied in all exploration areas, especially during reconnaissance phases. In and around operational mines, the average vertical borehole density varies from 1:10 to 1:15 (boreholes per hectare), while in medium term mining areas, the average borehole density is in the order of 1:25. Depths of the boreholes drilled vary, depending on the depth to the pre-Karoo basement, from 160 m to 380 m. The major applications of this technique are to locate the coal horizons, to determine coal quality and to gather structural information about dolerite dykes and sills, and the associated devolatilization and displacement of coal reserves. This information is used to compile geological models and forms the basis of the geological interpretation. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 Borehole distribution Borehole distribution across reserve areas in the Secunda Area |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 Borehole distribution across reserve areas in the Mooikraal Area |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 COMPANY DRILL TYPE NUMBER OF DRILL HOLES Sasol ANGLED DIAMOND 199 ANGLED PERCUSSION 8 VERTICAL DIAMOND 12 801 VERTICAL PERCUSSION 225 External - TOTAL VERTICAL DIAMOND 200 External - GOLD BOREHOLES VERTICAL DIAMOND 361 External - BECSA VERTICAL DIAMOND 554 External - SOUTH32 VERTICAL DIAMOND 423 External - ANGLO AMERICAN VERTICAL DIAMOND 4 580 External - GEMECS VERTICAL DIAMOND 4 Directional drilling Directional drilling from surface to in-seam has been successfully applied for several years at Sasol Mining. An area with a radius of approximately 1,4 km of coal deposit can be covered by this method from one drill site. The main objective of this approach is to locate dolerite dykes, transgressive dolerite sills, as well as faults with displacements larger than the coal seam thickness. Geophysical wireline surveys of directional boreholes Geophysical surveys are routinely conducted in the completed directional drilled boreholes. This results in the availability of detailed information leading to increased confidence on the surface directional drilling results. Horizontal drilling This technique is applied to operational underground mines in the Secunda area and supplies short term (minimum three months) exploration coverage per mining section. The main objective is to locate dolerite dykes and transgressive sills intersecting the coal mining horizon, by drilling horizontal holes in the coal seam from a mined-out area. Core of intersected dolerite or roof/floor material is recovered if required. Boreholes drilled by this method can reach up to 1 km, although the average length is usually 800 m in undisturbed coal. Aeromagnetic surveys Many exploration areas are usually aero magnetically surveyed before the focused exploration is initiated. The main objective is to locate magnetic dolerite sills and dykes, as well as large scale fault zones. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 Comments from QP: Sasol has conducted extensive vertical, horizontal and surface directional drilling across its properties. This drilling, in conjunction with geophysical exploration as well as a history of mining spanning many decades, ensures a detailed understanding of the deposits. The QP is of the opinion that the current exploration programs are adequate to support future operations and the estimates of coal resources and reserves. 8. Sample preparation, analysis and security Section 229.601(b)(96)(iii)(B)(8)(i-v) Coal is sampled from core recovered through the process of vertical diamond drilling. Prior to geological logging and sampling, the coal is split using a hammer and chisel to expose a fresh surface of coal to be examined and described. Descriptions or log entries within the coal seams are restricted to 50 cm intervals to ensure that all relevant detail is captured. For coal drilled in the TNW (60,5mm) core diameter, a minimum of 60 cm of coal is sampled. A minimum length of 1 m is sampled for coal drilled in NQ (47,6mm) core diameter. The use of a minimum sample length is to ensure enough sample is available for the necessary analyses to be conducted. Provided the minimum length per core diameter is maintained, samples are divided based on observed changes in the coal lithotype or the presence of an in-seam parting layer. Samples are labelled from the bottom of the seam, upwards. The sample identification must include the identification of the drill hole, the name of the coal seam and the label/identifier of the sample, e.g. S542312-C4L-A. Two identification tags are created per sample, with one being placed within the sample bag and the other secured to the outside of the sample bag. This ensures that the sample can still be correctly identified should the outer tag be misplaced or damaged. Sample details are included in the geological log and stored in the acQuire database. The associated sample identifications are generated within the database from the geological log. A sample dispatch report, listing all the samples per drill hole and the analyses requested per sample is created within the geological database. As a result of this process, the dispatch report is only generated once a signed off verified geological log has been imported into the database. Personnel from the laboratory pick up batches of samples on a weekly basis. It is standard that coal samples be sent to the laboratory within a week of sampling to reduce the impact on the qualities as a result of the samples being exposed to ambient conditions for extended periods of time. Samples are checked against the dispatch report to verify the number of samples per drill hole. The dispatch report is signed by the person who receives the samples at the laboratory. Signed dispatch reports are attached with the invoice and sent to Sasol once the analyses are complete and payment is due. Sasol uses the SABS laboratory based in Secunda to conduct the analyses on the coal samples derived from the core recovery exploration drilling. The SABS laboratories are accredited by the South African National Accreditation System (SANAS). A typical suite of analyses conducted on the mineable coal seam includes washability with proximate analysis, ultimate analysis, calorific value determination, relative density determination and total Sulphur. Based on the current density of information and need, other analyses may be requested. The analytical results are received by the referring geologist and the Geology Information Management department (IM Department). The IM Department verifies that the results are aligned with the initial analytical request. Validations within the acQuire database include comparing the quality data with existing data within a pre-determined radius of the new drill hole. Results which are found to deviate 5% from the mean are flagged and queried. The geologist responsible for the drill hole further  |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 evaluates the results in comparison to the log description, after which the geologist is required to sign off the qualities as verified. Once the responsible geologist has signed off the qualities, the supervising geologist is additionally required to verify the qualities and sign off. Comments from QP The drill core sampling program adopted by Sasol is suitable for the multi-seam deposits encountered in the resource area. All drilling in coal seams is required to have a core recovery rate of 100%, ensuring accuracy with regard to both coal thickness and quality. It is the opinion of the QP that the procedures in place that are adequate for sample preparation, security and analytical testing 9. Data Verification Section 229.601(b)(96)(iii)(B)(9)(i-iii) The QP conducted a comprehensive review of the geological models, raw data and modelling procedures. No material errors were found. The QP evaluated and verified all assumptions, losses and related information as part of the annual update and Coal Resource estimate. Various checks were conducted on the model input data with no material aspects were identified that could have a material impact on the estimated Coal Resource. All assumptions and loss factors applied were found to be appropriate. Additionally, the reserves and resources modelling process and geological models were audited by an independent consultancy, WSP Golder, in August 2022. The audit verified that the geological models and reserves and resources estimates were a fair reflection of the data on which they were based and conformed to internationally accepted reporting standards. The latest coal resource/reserve estimations were determined by following the same process. Comments from QP It is the opinion of the QP that the borehole and sample database is accurate and reliable for the purposes of resource and reserve estimation. 10.Mineral Resource Estimates Section 229.601(b)(96)(iii)(B)(11)(i-vii) Key Assumptions, Methods and Geology Models The estimation of the resources, prior to conversion to reserves, at a specific point of reference is disclosed as being "in-situ", which in geology terms means "minerals found in their original location, undisturbed by external forces". Geological models are created using the Geovia Minex. Minex is a modelling software that is specialised for the modelling of stratified deposits such as coal. The Geovia Minex V6.5.5 has been used for the annual model update since 2023.  |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 A geological model is generated/updated annually by the responsible geologists at each colliery. The model process initiates with an alignment on the modelling assumptions to be applied. Key stakeholders including the Business Planning Managers, Planners, Senior Engineering Managers and Rock Engineers are consulted. The responsible geologist and indicated stakeholders sign off on the assumptions on which the geological model is to be built. Reserve Area Key model assumption Total number of drill holes Shondoni Colliery, Number 4 Coal Seam Full seam 3 128 Shondoni Colliery, Number 2 Coal Seam Full seam Bosjesspruit Colliery Full seam 3 084 Syferfontein Colliery Mining selection based on rock engineering recommendations pertaining to laminated roof, shallow mining depths and requirement of coal beam 3 846 Alexander Block Mining selection based on rock engineering recommendations pertaining to laminated roof, shallow mining depths and requirement of coal beam 3 866 Twistdraai Thubelisha Colliery Mining selection is made in areas where the in-seam parting layer > 80 cm thick or seam >5.5m 2 522 Impumelelo Colliery, Number 4 Coal Seam Mining height is restricted to a maximum of 4.5m. Selection (C4M) is made from floor up, where coal seam exceeds 4.5 m, the upper portion of coal (C4T) is excluded from the mining selection. 1 412 Impumelelo Colliery, Number 2 Coal Seam Mining height is restricted to a maximum of 4.5m. Selection (C4M) is made from floor up, where coal seam exceeds 4.5 m, the upper portion of coal (C4T) is excluded from the mining selection. Block 2 South, Number 4 Coal Seam Full seam 576 Block 2 South, Number 2 Coal Seam Full seam Geological models are created within model boundaries which include drill hole data located at least 200m outside of the mine boundaries. All drill hole data within the model boundary is interrogated and evaluated. The topography is gridded first, followed by the structure grids (coal seam roof, floor and thickness) and then the quality grids. Drill hole data that has been found to be inaccurate by comparison to other sources of surface elevation information, is typically excluded from the topography grid. These data points will be excluded for structure and quality gridding as well. Drill hole data which indicates that the coal seam thickness and / or qualities may have been influenced or affected by geological structures such as faults and dolerite intrusions is also excluded from the gridding process. All occurrences where geological structures have intersected/affected the mineable coal seam are interpreted and indicated on a plan which is used during the mine planning and scheduling processes. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 The geological models per reserve area are meticulously reviewed by the QP as part of the annual update process. Once the model is approved by the QP, the geological model is shared with the Planning Department to be imported into the scheduling software, UGCS. Upon import, the planners and geologists have scheduled discussions to ensure that the geological grid data that has been imported is accurate and represents the latest update. Gross in-situ resource estimations per reserve area are determined based on the impact of the following factors on each reserve base: • Devolatilised tonnes: Coal in areas and zones, where devolatilised coal is present and cannot be extracted safely through conventional mining methods (Bord and pillar). • Seam Thickness constraints in Situ: coal in areas that will not be mined because the coal seam is thinner than the minimum mining height in line with the equipment strategy. • Coal Quality constraints in Situ: coal in areas that will not be mined because the coal quality parameters are not met. • Uneconomic Coal Resource in Situ: coal in areas that will not be mined because it is deemed uneconomical to extract. Examples include cost to access the coal (isolated), low production rate, surface restrictions, etc. Uneconomic coal must be officially written off and must be supported by a business case and other supporting work e.g. Rock Engineering recommendations. • High Risk Coal Resource in Situ: coal in areas that will not be mined because it is deemed unsafe to extract. Reasons may include high methane content or release rate and unstable roof. • Geological discounts are factors applied to the Gross in Situ Tonnage to take into account unobserved geological features. This is determined by the mine geologist and agreed upon by the QP based on their experience, certainty and confidence regarding geological structures. Where there is no prior mining experience, geological discounts are high. Similarly, as one gains more geological data, the discount percentages are adjusted accordingly. Resources are classified as measured on the following basis: • Established continuity and mine ability of the coal seam. There are more than 18 000 boreholes across the Secunda reserve area. • SAMREC guidelines on borehole spacing – majority of the reserve areas have drill holes spaced closer than 350 m. Estimate of Mineral Resources & Cut-Off Grades As part of the determination of the resources, prior to conversion to reserves, a minimum mining height of 1,8m, in conjunction with a maximum ash value of 40% Air Dried (AD) was applied. Areas with a Dry Ash Free Volatile (DAFV) of less than 28%, were classified as devolatilised and excluded from the resource estimate. The cut-off grade of 40% (AD) ash was determined based on the fact that coal with an ash content exceeding 40%, tends to have more inorganic material which due to its hardness, negatively impacts productivity and, ultimately, the R/ton cost. Also, this higher ash coal has been found to not be suitable for gasification purposes by Sasol Synfuels. The minimum mining height of 1.8m was imposed due to the fact that below this height there is a significant reduction in productivity. Also, due to equipment constraints, horizon control is more difficult below 1.8m. These high ash, thin seam and low DAFV areas have been identified by generating geological models based on borehole logs and associated coal analyses. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 Technical and economic factors for determining prospects of economic extraction. The long-term coal price projection discussed in Section 11.3 has been considered in the support of the prospects of economic extraction for the coal resources in the future. Resource Classification Sasol follows the SAMREC guidelines for the determination of resources. Measured resources are those resources for which the drill hole spacing is generally less than 350 m (>8bh/100Ha); whilst Indicated resources generally have a borehole density of between 4 and 8 bhs/100Ha. The table below indicates that Sasol has only Measured and Indicated resources, which are eventually converted to either Proved or Probable reserves, with the application of modifying factors. Table of Drill Hole Spacing Analysis COLLIERY PARAMETER BH/100 HA Shondoni No 4 Seam Thickness 12.0 Ash 10.9 Mooikraal Thickness 10.2 Ash 9.7 Bosjesspruit Thickness 10.7 Ash 8.7 Syferfontein Thickness 18.5 Ash 13.3 Alexander Thickness 9.2 Ash 8.9 Twistdraai Thubelisha Thickness 11.0 Ash 10.6 Impumelelo No 4 Seam Thickness 8.7 Ash 8.4 Impumelelo No 2 Seam Thickness 6.4 Ash 5.6 Block 2 South No 4 Seam Thickness 5.9 Ash 4.0 Block 2 South No 2 Seam Thickness 8.1 Ash 5.5 Block 3 South Thickness 4.4 Ash 4.1 Shondoni No 2 Seam Thickness 6.2 Ash 4.5 |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 Borehole density Borehole density plot indicating borehole spacing within 350 m Coal Resource Statement A techno-economic review of the Number 2 Seam at Shondoni and Impumelelo Collieries was conducted during the year. The review determined that these assets previously classified as Probable Reserves, should be reclassified as Indicated Resources. This is primarily due to the cost of capital associated with accessing these assets, as well as the current coal quality requirements of Sasol Synfuels. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 Heat Average Value Inherent Volatile Ave ROM Ave Sales Gross in situ (air dry) Moisture Sulphur Matter Cash Cost Real Price Real Resource Coal Resources basis Content (air dry basis) (air dry basis (R/t) (R/t) Reserve block classifications (mt) MJ/kg % % % Shondoni Colliery C2 Indicated 61 17,7 3,4 1,3 22,8 533 735 Impumelelo C2 Indicated 383 20,5 3,3 0,8 20,5 533 735 Uncertainty in estimates of Mineral Resources Mining of any deposit necessitates that many intrinsic and extrinsic risks have to be considered. These risks include political and environmental regulations; economic factors and geological considerations. Cognisance must be taken of any uncertainties in the resource information that may impact the tonnages, qualities and mine ability of a deposit. The accuracy of any resource estimate is dependent on the accuracy of the data collated at the various stages of the exploration cycle, and it is thus essential that proper standards are adhered to, and all information is verified before being safely stored. It is also important to routinely review the applicable standards to ensure compliance with changing regulatory requirements. Source Degree of Uncertainty Low Medium High Exploration Well established protocols in line with industry and Sasol standards. Uncertainty with relation to integrity of borehole information acquired from external companies, especially gold mines. Information from gold mines not utilised for quality models. Sampling method Standard sampling protocols applied. Where recovery of coal is <100%, then borehole is not utilised. Sample preparation & analysis Independent offsite accredited lab. Uncertainty with relation to older boreholes relating to preparation and analyses. Quality assurance & quality control Lab is SANAS accredited and procedures follow industry standards. Re-tests are conducted where uncertainty exists. Data verification Each borehole core is measured and compared against the driller's logs. All boreholes are photographed and images stored in database for reference. Electronic data loggers have some built in Some uncertainty with relation to external boreholes, mostly in mined out areas. Re-drills are sometimes conducted to test uncertainties. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 validations to ensure integrity. Geophysics only utilised when uncertainties arise. Database Data validation occurs before any information is uploaded into the database. Questionable data is discarded. Geological modeling Annual reconciliation of model to previous model by mine/project geologist. QP reviews and approves model prior to further utilization. Cut-off criteria (Cut-off grade and metallurgic recovery) Nominally 40% (AD) ash with 100% yield. Mining methods Well established bord and pillar mining method. Costs Long operating history with documented costs. Prices Coal is dedicated to the integrated Sasol value chain and is used as part of the CTL process. Additional Commodities or Mineral Equivalent. • There are no other commodities or minerals of interest within the Sasol Mining rights areas. Comments from QP Sasol has in place detailed protocols governing the logging and sampling of vertical boreholes. The use of an external accredited laboratory ensures analytical integrity, as does the quality assurance and quality control (QA/QC) protocols applied to both physical and analytical data prior to compilation in the database. A rigorous peer reviewed annual update of the geological models ensures adherence to standards. Sasol has adequate exploration data to determine coal resources. Apart from a comprehensive vertical borehole database, the geological interpretations are supported by complementary exploration methods. These include surface aeromagnetic data, surface directional drilling conducted by 3 in-house rigs, as well as underground horizontal drilling. This exploration work allows for the drilling for structure, coal thickness, and quality information, along with fault line delineation. Consequently, it is the opinion of the QP that there are no current geological or technical factors that are likely to influence the prospect of economic extraction. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 11.Mineral Reserve Estimates Section 229.601(b)(B96)(iii)(B)(12)(1-vi) Definitions, Key assumptions and Parameters Definitions for coal reserves: probable coal reserves and proved coal reserves, set forth in the Regulation S-K subpart 1300, promulgated by the SEC. We consider the following criteria to be pertinent to the classification of the reserves: Probable reserves are those reserve areas where the drill hole spacing is sufficiently close in the context of the deposit under consideration, where conceptual mine design can be applied, and for which all the legal and environmental aspects have been considered. Probable reserves can be estimated with a lower level of confidence than proved coal reserves. Currently this classification results in variable drill spacing depending on the complexity of the area being considered and is generally less than 500m, although in some areas it may extend to 800m. The influence of increased drilling in these areas should not materially change the underlying geostatistics of the area on the critical parameters such as seam floor, seam thickness, ash and volatile content. Proved reserves are those reserves for which the drill hole spacing is generally less than 350m, for which a complete mine design has been applied which includes layouts and schedules resulting in a full financial estimation of the reserve. Mineable In Situ Tonnes (MIST) is the in situ available tonnes remaining in the layout from the XPAC model. It is exclusive of diluting materials and allows for the losses that may occur when the coal is mined. It refers only to that part of the coal seam that will be mined, either the full seam or a selective part of the seam. The geological discount factor must be applied. The Extractable In Situ Tonnes (EIST) are the air-dried, extractable coal tonnes, excluding contamination and superficial moisture, taking into account the coal from development and high extraction mining. Run of Mine Tonnes (ROM) is the scheduled tonnes for the mine to the end of life of the mining area after all geological losses, mining losses, mining dilution, contamination and moisture content factors have been applied. Contamination tonnes is extraneous material unintentionally added to the practical mining horizon as a result of mining operations. Superficial Moisture tonnes is the expected moisture added to the ROM product, expressed on mass basis, and derived as total moisture minus inherent moisture. Coal reserves are estimated taking all the above modifying factors into account. Reserve estimation is done annually as at 31 March instead of as at 30 June to accommodate internal control processes and approvals. The differences between reserves as at 31 March and as at 30 June are primarily attributable to the mining of proven reserves in the relevant three-month period. The conversion of resources to reserves at Sasol Mining considers the projected coal prices and operating costs, regulatory compliance requirements, and quality considerations to determine if the saleable coal product will be economically mineable. The Life of Mine (LOM) plan is compiled within the Sasol Mining boundaries, where Sasol has the approved Mining rights. The design of an executable mine plan that accommodates the planned mining equipment and provides a safe work environment is also considered. The reserve estimates quoted in this report are on an as delivered basis with the point of reference being the shaft exit. A minimum mining height of 1.8m, together with a maximum ash of 40% AD was utilised in the reserve determination.  |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 Estimates of Mineral Reserves Tables 11.1 and 11.2 represent the reserve estimates for the various areas where Sasol is in possession of the mining rights in Secunda and Sasolburg. Table 11.3 provides the average qualities for the reserves within those areas. Cost and sales price per ton is in real terms. Gross in Mine situ coal Geological layout Extraction Recoverable Beneficiated Ave ROM Ave Sales resource discount losses rate reserves yield Proved/ Cash Cost (Real) Price (Real) Reserve area (Mt) (Mt) (Mt) (%) (Mt) (%) probable (R/t) (R/t) Shondoni colliery, number 4 seam 339 45 58 56 115 100 Proved 533 735 Bosjesspruit colliery 89 6 47 55 27 100 Proved 533 735 Bosjesspruit colliery 38 2 9 45 12 100 Probable 533 735 Syferfontein colliery 344 55 78 62 124 100 Proved 533 735 Alexander Block 498 100 74 46 107 100 Proved 533 735 Alexander Block — — — — 16 100 Probable 533 735 TwistdraaiThubelisha colliery 496 95 46 51 202 P30,S44 Proved 533 735 Impumelelo number 4 seam 657 99 89 52 192 100 Proved 533 735 Block 2, South number 4 seam 363 98 49 54 123 100 Probable 533 735 Block 2 South, number 2 seam 133 36 18 54 45 100 Probable 533 735 Block 3 South 141 38 19 57 52 100 Probable 533 735 Total Secunda area 3 098 1 015 Table 11.1 Coal Reserve Estimations in Secunda Gross in Mine situ coal Geological layout Extraction Recoverable Beneficiated Ave ROM Ave Sales resource discount losses rate reserves yield Proved/ Cash Cost Price Reserve area (Mt) (Mt) (Mt) (%) (Mt) (%) probable (R/t) (R/t) Sigma Mooikraal 153 13 33 52 19 100 Proved 993 1 217 Total Mooikraal 153 19 Table 11.2 Coal Reserve Estimations in Sasolburg |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 Table 11.3 Coal qualities of the various reserve areas Cut-off Grades All coal included in the LOM plan meet the minimum requirements with relation to ash and thickness (<40%AD and >1.8m) respectively. As such, all coal mined is deemed to meet the quality requirements of Sasol Synfuels. Prices for Sasol's internal markets are based on agreed long-term transfer price contracts which governs the calculation of the prices. These prices are calculated based on the production cost for the specific financial year for each of the 5 years in the budget period, which is also the base starting point of the technical report. For the internal Secunda market, the production cost is recovered plus a return on invested capital, divided by sales tons to arrive at the price per ton for each of the financial years in the budget period. The contract price for the Sasolburg market is based on production cost with an additional fixed percentage margin, divided by sales tons for each of the financial years in the budget period. The budget period used as base was FY26 – FY30, these budgets go through different review processes and is approved at Board level. Long term prices for Secunda Operations and Infrachem is based on the year 5 price calculated in the budget escalated by PPI for every remaining year. Prices used (R / ton) 2026 2027 2028 2029 2030 Internal Secunda market price 760 823 786 782 911 Internal Sasolburg market price 1 179 1290 1 327 1 410 1587 Mineral Reserve Classification Modifying factors are the considerations that a qualified person applies to indicated and measured mineral resources to convert to reserves. The reserves indicated in Tables 11.1 and 11.2. reflect the application of modifying factors to indicated and measured resources. The reserves reported are exclusive of resources. Wet/dry Average Average Assigned/ Steam/ Heat Sulphur tons Inherent Superficial unassigned metallurgica l Value (air dry Moisture Moisture coal (air dry) basis) Content Content basis (%) (%) MJ/kg Shondoni mine Wet 4.3 n/a Assigned Steam 20.91 0.9 Bosjesspruit mine Wet 4.0 n/a Assigned Steam 19.31 0.8 Syferfontein mine Wet 4.8 n/a Assigned Steam 22.56 0.9 Twistdraai, Thubelisha shaft Wet 4.4 n/a Assigned Steam 20.78 1.1 Impumelelo, Block 2, number 4 seam. Wet 3.7 n/a Assigned Steam 18.89 1.3 Block 2 South, number 4 seam Wet 4.1 n/a Unassigned Steam 18.20 1.2 Block 2 South, number 2 seam Wet 3.6 n/a Unassigned Steam 17.40 0.7 Block 3 South Wet 3.6 n/a Unassigned Steam 21.90 0.7 Alexander Wet 4.5 n/a Unassigned Steam 21.57 0.8 Reserve area |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 Risk Factors There is a thorough understanding of the geological complexities at the various Sasol collieries due to the extensive exploration that has been carried out, together with the knowledge gained from recent mining. The various major geological conditions are well defined, and other factors which could materially affect the reserve have all been addressed. Whilst there may be minor changes due to data integrity, changing assumptions, and interpretation, the impact of these is not expected to have a material impact on the reserve estimates or qualities. As 90% of the coal mined by Sasol is utilised internally by Sasol Synfuels, the issue of coal pricing volatility is not expected to have a material impact on the viability of the reserves. Once the planned discontinuation of coal exports ins completed, 100% of the coal will be utilised internally. Cognisance, however, must be taken of external factors that may have a material impact, including changes in laws and regulations, and natural disasters. Comments from QP Given Sasol Mining's long history of mining in the Secunda and Sasolburg areas, there is a thorough understanding of the complexities of the deposit, as well as the optimal manner in which to extract the coal. The mineral reserves of Sasol are part of the business planning process, utilising modifying factors derived from historical data. The fact that all of the coal produced is intended to be utilised by Sasol as part of its integrated value chain mitigates the risks associated with coal pricing volatility. 12.Mining Methods Section 229.601(b)(B96)(iii)(B)(13)(1-v) The predominant mining technique for Sasol Mining is the bord-and-pillar method with secondary extraction where applicable (depends on surface restrictions, safety factors and type of rock in the roof). The bord-and-pillar method uses a continuous miner, shuttle cars (three per section), a roof bolter and a feeder breaker. There is a specific cutting sequence to allow for ease of tramming the machinery, ventilation flow and support of cut faces. The Sasol Mining pillar extraction method (Nevid Mining) utilises the same equipment as the bord-and-pillar method. Supporting of the roof for breaker lines, is done prior to the cutting of the pillars. Wooden poles are inserted as a temporary support mechanism after pillar extraction. Sasol Mining has recently implemented Walk on Walk off sections (WoWO's) which is an adaptation of the standard bord-and-pillar method but utilizing two continuous miners, four shuttle cars and two roof bolters in one production section. This has been implemented to assist in managing system constraints in delivery and supporting future business flexibility when pit room becomes available (in essence, the one continuous miner is always cutting, while the other continuous miner is being prepared for cutting, resulting in limited down times). The bord and pillar method of mining is best suited to mine the coal reserve at Sasol Mining due to the horizontal tabular nature with a seam thickness ranging from 1,8 to 5 m and found at a shallow depth of less than 300 m. The bords are typically at a width of 7,2m however this varies due to the geotechnical considerations of the specific panel. Geotechnical modelling The aim of geotechnical modelling is to give an overview of the methodology for mine design as required in the MHSA (Mine Health and Safety Act) Reg14.1.(8). Sasol Mining adopts a risk-based approach to pillar design. Sasol Mining complex consists of a variable geotechnically environment and various risk factors to be included in the design. The purpose of design applied is to ensure a safe macro environment for the mine's operational life.  |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 The panels are developed and scheduled on a risk-based approach and divided in tertiary, secondary and primary panels. A design is done on each panel through an approved Mine Stability Assessment (MSA) tool that will be discussed. To protect underground operations and personnel, the following factors shall be considered in combination: • Required life of excavation; • Consequence of loss of excavation; • Likelihood of pillar failure occurring; • Potential for sudden and cascading failure should pillars become overloaded; • Potential for predicted pillar strength to be invalidated through geological structure and / or mining error; and • Gas outburst associated with high inherent gas pressure within the coal seam. In addition to the above, the following shall be considered when protection of surface infrastructure and/or land use is required: • Sensitivity of structure to be undermined and consequence of damage; • Predicted severity of subsidence should pillar failure occur; • Likelihood of exposure of persons to structural instability and / or surface cavities; and • Uncertainty with regards to geological structure and/or mining error of inaccessible areas. Mine stability assessment (MSA) system The Mine Stability Assessment system is a computer-based system which has risk-based pillar design and subsidence criteria built in. As part of the first level risk assessment, conducted when drafting each Section Plan, the MSA is completed to ensure controls are correctly specified. The MSA enables a layout to be assessed against rock engineering design principles and ensures hazards are "flagged" and provides proposed solutions for each flag. The Section Plan is only approved when flags have been addressed and signed off by the relevant person. The MSA system is based on rock engineering criteria and multi-disciplinary inputs regarding pillar safety factor and subsidence calculations and likelihood and impact of the unwanted event. The intent of the system is not to replace the issue-based risk assessment process but rather to assist in flagging and escalating scenarios where such an assessment may be required. The procedure to be followed in the event of a flag being raised is described within the system itself. The system does not replace any responsibilities described within this Code of Practice (COP) in terms of identifying scenarios where additional assessment may be required. The design criteria are specified in the following section. The tool evaluates the Probability (P1 to P7) of failure in relation to the potential Impact (I1 to I7) once failure does occur. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 The final risk rating is summarized using the approved Sasol 7 x 7 Risk Matrix for each risk within the macro stability of the mine. See figure 12.1 below. Figure 12.1: Sasol Mining 7 x 7 Risk Matrix The risk level outcomes of MSA in the summary consists of: • Underground stability: Barrier pillars; • Underground stability: In-panel pillars; • Subsidence risk; and • Land surface cavity risk. Methodology and criteria for in-pillar and inter panel pillar design The competent person shall define appropriate design controls for a geotechnical area. Ensuring Appropriate Design: MSA system. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g035.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 Pillar parameters in a Macro Design Environment The following table stipulates the parameters to ensure that in-panel and barrier pillars are aligned with ground conditions. Pillar design shall meet both. Table 12.2: Risk based pillar design guideline The purpose of the above table is to maintain pillar stability during the operational life of excavation, while maximising extraction. Where stability is required post mine closure, the above parameters may not be valid and therefore require a formal issue-based risk assessment to assess the consequence of failure. The methodology explained is relevant to the design of the macro environment of ground management and does not cover the risk management approach in micro-environment, namely excavations and support control in the underground work areas. Risk Based Pillar Design Guideline Burnt Coal or Abnormal Loading Joint or Fracture Zone Normal Ground Parameters Width to height ratio Safety Factor Width to height ratio Safety Factor Width to height ratio Safety Factor In-Panel Pillar Design Standard Primary Development or ≥10 years planned life ≥5 ≥2 ≥4 ≥1.8 ≥3.75 ≥1.8 Secondary Development or ≥5 years planned life ≥4 ≥2 ≥3.75 ≥1.8 ≥3.75 ≥1.6 Standard Tertiary Panels ≥4 1.6 ≥3.75 1.6 ≥3.75 1.6 Shallow mining: Depth ≤60m Width to height ratio >4. Safety Factor calculation not valid. Risk assessment on crown failure likelihood and consequences of subsidence. Long life pillar and surface protection Minimum width to height ratio 5 and safety factor 2. Optimisation of the design may only proceed following a multi-disciplinary risk assessment on failure probability, consequences and agreement on mitigation measures. Short life Tertiary Panels: side wall support required Do not plan short life pillars Max required life 6 2months Max required life 18 months ≥3.75 1.4 ≥2.5 1.4\* \*SHORT LIFE PILLARS: ISSUE BASED RISK ASSESSMENT AND FORMAL SIGN OFF REQUIRED Pillar collapse expected at an undetermined time. Land Management must consider this. No water storage without a risk assessment and formal sealing strategy due to possible failure. Risk assessment required if pillar width is less than 10m and declare Special Area to ensure continuous monitoring. Pillar Extraction Panels Do not plan for Pillar Extraction >5 1.8 >4 1.6 Bottom Coal Panels SF > 1.4 after mining of floor is completed Do not plan for Bottom Coaling Do not plan for Bottom Coaling 6 (pre-bottoms) 2 (pre-bottoms) No floor coal mining underneath surface structures and at overburden depths more than 120m. Barrier Pillar Design Standard Primary and Secondary development ≥8 >2 ≥8 >2 >6 >2 |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g036.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 The methodology and guidelines could be reviewed in future, and potential adjustments will be evaluated by an independent third party and captured in the Sasol Mining Mandatory Code of Practice to combat fall of ground accidents in underground coal mines. Subsidence considerations Since subsidence has and may potentially occur in the areas that may impact structures, environmental features, or culturally significant sites. A management plan has been put into operation to address this. Maintenance requirements are determined through two primary methods: • Subsidence monitoring; and • Field surveying. Subsidence monitoring is performed using field surveying Lidar surveyors coupled to hill-shade modelling tool to define any surface deformation. Field surveying consists of opportunistic observation, and systematic surveying is done for all mining panels identified for higher extraction prior to and after mining has been completed. Opportunistic observation occurs through communication with surface owners and personnel working around the subsidence panels, such, exploration crews, drilling contractors and surveying personnel. Surface cracking and surface deformation through subsidence is noted and communicated to the colliery responsible for rehabilitation post final subsidence settlement. A 5-tier approach is applied to any surface subsidence • Surface monitoring o Pre-mining and Post mining survey o Lidar survey with detailed modelling • Subsidence analysis • Subsidence impact analysis • Free draining analysis • Crack analysis Mitigations are selected to determine the most appropriate cost effective and sustainable mitigation action ensuring compliance to the approved EMP. Subsidence within the operational cycle is rehabilitated as part of ongoing operation and are budgeted for as such. Subsidence that occurs post mining within a defunct mine is catered for in the Mine Closure Financial Provision. Ventilation considerations Methane is the main hazardous gas released during the mining process. The mine ventilates the underground mine works by utilizing fans installed on the surface of an exhaust system. To reduce the risk of an ignition of flammable gas and to ensure the inertisation of coal dust to prevent the ignition and/or propagation of a coal dust explosion, the code of practice for Prevention of Flammable Gas and Coal Dust Explosions and Lamproom Practice is adhered to. Other underground ventilation controls used include walls, seals, tubes, curtains, regulators, auxiliary fans, etc. The operation follows the approved ventilation plan by the statutory Ventilation Officer and Mine Manager to control hazardous gas and dust. The approved plan defines the minimum required air quantity for different mining methods, per location and frequency of methane tests, etc. The monitoring and tracking system, air  |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g037.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 courses and escape ways are updated routinely on the mine map. The air survey and ventilation model are used to assess any ventilation and mine plan changes. Hydrological modelling During the design and planning of a mine, from an environmental perspective, an impact prediction assessment is conducted to understand the impacts that will be associated with mining throughout the mine's life. The impact assessment conducted for the life of the mine is subdivided into construction phase, operational phase and closure phase. This impact assessment and prediction is informed by GNR267 i.e. the regulation regarding the procedural requirements for water use license application (WUL(A) - a document which is usually a becomes a compass for the mine in terms of compliance with authorised uses as outlined in the National Water Act, Act No.36 of 1998) as well as the Best Practice Guidelines which give guidance to the whole water management chain. From a hydrology and groundwater viewpoint, the following is undertaken as part of gathering baseline information: • geochemical models; • groundwater flow and mass transport (pollution) models; • storm water runoff models; • water and salt balances; • wetland impact models and • cumulative impact prediction/ blending simulation models. To compile the models, a comprehensive set of data is usually required. The data gathering commences at the planning stage of the mine. The data that is gathered, although usually sparse during mine planning stage, aids with conceptualization of the underlying groundwater environment and setting up the models. The outcome is usually a very crude model, with low confidence levels in terms of accuracy. The accuracy levels improve over time during the operational phase of the mine and closure phase. The latter two phases allow for more data gathering, calibration and refinement of the models, therefore the degree of error is adjusted with more model calibrations. These models do not just assist with the understanding of the hydrological impacts associated with mining, but the associated infrastructure that aids with operating the mine, e.g. water balance and protection of water resources. Considering that mining-related impacts on the water resources are not bound by legislative or mining boundaries, Sasol Mining undertook a consolidated water aspect-related closure strategy to ensure that accurate, integrated, and holistic assessments can be made whereby each of the potential impacts on inter alia the water resources have been adequately identified, quantified, monitored and modelled. Through the collective development and implementation of the mentioned water-related strategy, in alignment with the methodologies and procedures advocated in the Best Practice Guidelines, Sasol Mining will be able to quantify the predicted impacts, mitigation, or management measures within the respective catchments or management areas to a high and defendable level of certainty, both site-specifically and cumulatively to support the financial provisioning and consolidated application for mine closure at the required time. Other mining considerations Due to an increase in geological complexity over time, visible in the number of structures open and not being mined, Sasol Mining has taken the decision to increase the number of operation stonework production sections to 32. The conventional mining process followed is making safe, loading broken rock, supporting, marking off, drilling, charging and blasting based on a cyclical approach. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g038.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 Mine design principles applied • Plan shafts on the most level and elevated surface area to aid water drainage and limit flooding possibilities. • Place shafts in competent overburden preventing / limiting placement in deep soft material. • Incline shafts not to cross under water courses. • Shaft size determined by: o Ventilation requirements o Equipment size o Accommodating infrastructure requirement. • Practicable shaft placement preferably in middle of mine reserve with 4 primaries extending outwards. • Push the primary development. • Shaft placement preferably near main surface infrastructure, i.e. access roads, water, power. • Overland conveyor route where possible on farm boundaries with minimum crossings along water courses (preferable at perpendicular angles). • Plan second access road to mine site. Production profile Below is a 10 year forward view of production from the various internal Sasol coal sources. Table:12.3 10-year forward view of planned Secunda production profile Below is a 10 year forward view of production from the various coal source for Sasolburg. Table:12.4 10-year forward view of planned Sasolburg production profile The beneficiation of Twistdraai Thubelisha coal for export market ceased at the end of financial year 2025. From financial year 26 onwards coal will be destoned for and supplied to the Secunda Operations market. Based on the available reserves Sasol Mining will continue to extract coal up to 2050, based on a coal demand of between 35 to 40 Mt per annum from Sasol Synfuels. Production ROMt FY26 - Sasolburg FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 Sigma - Mooikraal 1,211,595 1,204,519 1,234,311 1,236,015 1,195,786 1,223,302 1,240,490 1,227,971 1,230,316 1,161,739 Total 1,211,595 1,204,519 1,234,311 1,236,015 1,195,786 1,223,302 1,240,490 1,227,971 1,230,316 1,161,739 |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g039.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 Productivity Production capacity management consist of 3 integrated areas Figure 12.5: Capacity planning The short-term forecasting is based on capacity assurance (CA) process of independently determining the monthly production targets per section to meet the forecasting demands as required by the business for a given period. An effective target is the proposed productivity that a section can achieve in each period, considering relevant constraints such as ground conditions and day-to-day operational inefficiencies, but excluding unforeseen major events leading to production loss. The process follows an integrated approach involving multiple departments, which includes geology, rock engineering, survey, Integrated Planning and colliery management. The process is repeated on a monthly rolling cycle, utilizing three-month historical information and a six-month forward view. In the medium to longer term, the approach to productivity is based on the demonstrated capacity process, which determines the production potential based on machine types and ground conditions. Demonstrated capacity excludes operational inefficiencies, but includes approved major shutdowns, section moves, and planned maintenance activities. The process is repeated on a biannual basis, drawing on historical data for the previous six months. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g040.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 Table:12.6 Demonstrated capacity target utilized Mining dilution The expected dilution from mining extraneous non-coal roof and floor material is listed in the table below. No dilution is planned for Mooikraal as, due to the thick seam, both the roof and floor comprise coal of a similar quality. Table:12.7 Dilutions applied CM'S Avg Roof Cut 3.33 Avg Floor Cut 3.87 Avg Roof Cut 0.00 Avg Floor Cut 5.00 Avg Roof Cut 7.55 Avg Floor Cut 11.66 Avg Roof Cut 10.00 Avg Floor Cut 26.00 Avg Roof Cut 0.00 Avg Floor Cut 8.72 Avg Roof Cut 3.25 Avg Floor Cut 5.50 Avg Roof Cut 3.50 Avg Floor Cut 5.00 Avg Roof Cut 0.00 Avg Floor Cut 5.00 Avg Roof Cut 0.00 Avg Floor Cut 5.00 Avg Roof Cut 0.00 Avg Floor Cut 5.00 Avg Roof Cut 0.00 Avg Floor Cut 4.32 Avg Roof Cut 0.00 Avg Floor Cut 0.00 Mooikraal DILUTION Impumelelo No 4 Seam Impumelelo No 2 Seam Block 2 South No 4 Seam Block 2 South No 2 Seam COLLIERY Block 3 South Shondoni No 4 Seam Shondoni No 2 Seam Bosjesspruit Syferfontein Alexander Twistdraai Thubelisha DC Target DC Target DC Target DC Target DC Target t/cm/s t/cm/s t/cm/s t/cm/s t/cm/s 1,560 1,550 1,500 1,500 1,290 900 1,420 2,000 1,500 950 1,420 2,015 1,170 1,050 2,020 2,000 1,250 0.71 0.71 0.75 0.60 0.85 0.88 0.85 0.90 0.75 Ground condition reduction factors Moderate Moderate Moderate Moderate Moderate Hard Inorganics Ground condition reduction factors Ground condition reduction factors Ground condition reduction factors Ground condition reduction factors Bad Bad Bad Bad Bad Hard inorganics (15, 39, 85) South area Walk off Walk on Section Sarel Cilliers reserve (19) West area (46) Walk off Walk on section Walk off Walk on Section HM37 MC470 HM37 HM37 HM31/37 HM37 with 16T cars (50) East MC430 Walk off Walk on Section HM31 South reserves (17) Thubelisha Syferfontein Shondoni Bosjesspruit Impumelelo |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g041.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 Mining Recovery Extraction rates vary across the complex and is dependent on a variety of factors including the depth from surface, surface infrastructure and rock engineering considerations due to the use of bord and pillar mining. Where it is feasible and safe to do so, high extraction mining is conducted to increase the recovery rates. Mining recovery ranges from +/- 30 percent. Rehabilitation and backfilling Sasol Mining is an underground mining operation so no surface backfilling will occur, the only rehabilitation is upon mine closure when the land impacted by mining will be rehabilitated to blend with existing topographic features. Sasol Mining does not utilize backfilling as an underground support strategy. Underground Development Capital is annually provided in the rolling capital plan to support the development of critical underground and surface infrastructure in support of sustainable coal mining. Permanent trunk conveyors are installed to support the optimal conveyance of mined coal out of the colliery linking to surface coal conveyance infrastructure which transports it to a central coal stockyard. Surface shaft complex structures, ventilation shafts and inclines are designed and constructed to transport men and materials to and from underground workings, to allow for coal conveyance from underground (inclines) and to serve as intake and return airways for the mine (ventilation shaft). Major production equipment Below is a list of major production equipment utilised to ensure continuous mining operations underground per colliery, which vary in age and modernity. This equipment is maintained using a reliability centred maintenance approach which defines short-, medium- and long-term maintenance interventions in support of the useful life of the Secunda and Sasolburg mining operations. This approach is also followed with regards to all conveyor systems and processing plants. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g042.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 Table:12.8 List of major production equipment Table:12.9 Personnel Employed To ensure consistent daily running of operations, Sasol Mining employs 8 407 permanent employees, mostly hired from the surrounding communities. Mooikraal Colliery in Sasolburg employs 532 of these employees, with the remainder being deployed at the Sasol Mining Secunda operations. Sasol Mining also makes use of about 687 hired labour employees. Service provider employees are also brought in to support the operations, with about 7 645 service provider employees used for various tasks and roles across all operations. Equipment type Syferfontein Thubelisha Impumelelo Shondoni Bosjesspruit Sigma Grand Total Continuous Miner 15 13 11 13 7 6 65 Shuttle Car 40 37 25 36 18 16 172 Roofbolter 17 21 13 22 14 11 98 Feeder/Feeder Breaker 16 20 10 13 6 10 75 Belt Feeder 2 7 8 17 Crusher/Sizer 1 12 6 10 6 7 42 Face drill 5 7 7 9 3 31 Horizontal drill 2 2 3 4 1 12 Jet/Force Fan 27 24 30 16 29 126 Stone duster 7 7 1 2 1 18 Front End Loader 5 4 6 4 2 2 23 Grader 2 2 3 2 2 1 12 LHD 31 33 28 31 26 9 158 Tractor 24 42 37 36 31 13 183 LDV 144 130 120 132 102 82 710 Transport Truck 1 2 8 11 Utility Vehicle 12 14 12 20 4 2 64 Forklift 3 5 3 5 4 7 27 Transformer 106 27 34 35 12 59 273 Switchgear 19 27 22 29 14 6 117 Ventilation Fan 13 7 4 6 8 3 41 Substation 24 38 66 93 18 239 Winder Installation 2 2 4 4 12 Grand Total 489 460 385 510 384 298 2526 Emp Group Bosjesspruit Impumelelo Shondoni Colliery Syferfontein Twistdraai Colliery Sigma Technical Services, Surface Services SCS, Destoning Plant Training, Other Grand Total SP 174 179 197 208 200 68 342 110 3 1481 MSP 260 261 304 353 329 111 123 148 85 1974 Operators 738 798 998 1110 1056 353 230 253 438 5974 Grand Total 1172 1238 1499 1671 1585 532 695 511 526 9429 |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g043.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 Safety The focus of safety is to ensure a sustainable future for our people, planet, assets and services, whilst achieving ZERO harm. We govern, enable, optimize and improve the execution of our SHE practices in operations through the provision of procedures and systems to enable and effectively implement the Sasol Mining requirements for risk, incidents and assurance to reach our goal of sustainable zero harm through a proactive risk event prevention culture. Final planned complex outline The plan indicates the mined and future planned mining for the Secunda complex. Figure 12.10: Mined and future planned mining for Secunda complex |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g044.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 The plan indicates the mined out and future planned mining for the Sigma – Mooikraal complex. Figure 12.11: Mined and future planned mining Mooikraal complex Comments by QP Sasol utilises Continuous Miners (CM's) to mine the coal utilising the bord and pillar method of mining. This method of mining has proven to be effective across the deeper coal mines in South Africa. Given Sasol Mining's long association with this type of mining in the area, the risks and opportunities are well understood. 13.Processing and Recovery Methods Section 229.601(b)(B96(iii)(B)(14)(i-iv) Export Plant Sasol took the decision to cease processing coal for the export market and subsequently the Twistdraai Export Plant was repurposed to a destoning plant at the end of FY25. This was done to improve the quality of coal being supplied to Sasol Synfuels. ROM coal is transferred by belt conveyors from Thubelisha Shaft, 25km east of Secunda towards Bethal town, along the N17, to Twistdraai Export Plant (TEP) for beneficiation. The ROM coal is first sized in a 2,200 t/h screening and crushing plant. The sized coal is then stacked on six 30,000-ton longitudinal stockpiles for blending and homogeneity. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g045.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 Beneficiation Plant The beneficiation plant is a two part washing plant, consisting of separate beneficiation of coarse coal and fine coal, with a maximum throughput capacity of 10.5 Mt per annum. ROM coal is reclaimed from the stockpiles to the beneficiation plant, via a bridge scraper reclaimer at a rate of 1,500t/h. The ROM coal is then delivered to three primary bins at a capacity of 500tph per module. The primary beneficiation plant consists of three identical models, each further divided into two identical streams. Thus, there are six streams in the primary plant. All modules are conventional gravity fed cyclone systems. The feed goes through a screening circuit where coarse coal is separated from fines and ultra fines. The screened coarse coal flows into mixing boxes, where it is combined with cyclone medium at the pre-determined medium to ore ratio, and then gravitates into the Dense Medium Separation (DMS) cyclones for beneficiation into primary product and primary rejects. The primary rejects will be disposed of at the Mine Residue Deposition Facility. The product from the primary operation is produced for blending with the synthetic fuels feedstock at Sasol Coal Supply (SCS). The ultra fines are thickened and disposed of at the Mine Residue Deposition Facility; whilst water is recovered back to the process. The fine coal (0.8 – 4.75 mm) is sent to the fines cyclones to be beneficiated to the required Sulphur content. The beneficiated fine coal can then be routed to SCS or alternatively to the beneficiated fine coal stockpiles. The rejects form the fines cyclone streams are disposed of at the Mine Residue Deposition Facility. The main consumables for coal beneficiation at Twistdraai Export Plant are electricity, magnetite and process water. The projected annual consumption is 63 000 MWhr of electricity, 14-18 000 tonnes of magnetite, and 1380 megalitres of water. The plant operates 24 hours a day, seven days a week, for 363 days per year. Planned maintenance is scheduled for 20 hours per week, comprising of individual modules undergoing maintenance for eight hours per week, plus a weekly 12-hour plant-wide shut down for common services. Twistdraai Export Plant comprises of a total staff complement of 168 personnel with no projected changes in the required personnel. Quality Control Quality control is considered fundamental to Twistdraai Thubelisha' s performance, the complete process having been designed around the quality control concept, employing the latest pseudo-intelligent technologies available to the current market. To ensure agreed quality compliance, there are sample stations on the raw coal stockpile feed, the coarse coal product, fine coal product and the SCS product conveyor. The plant has an on-site laboratory to assess coal qualities which include ash and moisture from proximate analysis as well as particle size distribution and washability. The use of pre-blending stockpiles for the raw coal and continuous sampling of the feed to each stockpile means that proactive action can be taken to ensure product quality compliance and optimize the plant's operation. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g046.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 Production Twistdraai Thubelisha produces coal for both Sasol's own use in synthetic fuels manufacture and for export thermal-coal markets, mainly for overseas markets, until the end of FY25. From FY26 onwards, the export of thermal coal will cease, and all Thubelisha produced coal will be destoned at the Twistdraai Export Plant and supplied to Secunda Operations for synthetic fuels manufacturing. Current and projected resource requirements Thubelisha Shaft was one of the first new replacement mines and was commissioned in May 2012, replacing Twistdraai East, West and Central Shafts. From FY26 the shaft will supply feedstock to the Twistdraai Export Plant, where the coal will be destoned before it is supplied to Sasol's Secunda Operations. Thubelisha shaft has a nominated capacity of between 8,0 - 9,7 million tons of coal per annum (Mtpa). The shaft will sustain approximately 1 500 jobs at the Twistdraai Thubelisha Colliery and 168 at Twistdraai Export Plant with no anticipated major changes in materials resource requirement projections. It must be noted that the useful life of the plant is not determined only by age but also by factors such as economic viability and strategic considerations. Sasol Coal Supply Plant SCS extracts coal from the surface bunkers which are fed through a conveyor belt system from Impumelelo, Shondoni, Bosjesspruit, Syferfontein, Isibonelo and from FY26 destoned coal from the Twistdraai Export Plant. The rate of pulling coal ranges from 1 500 t/hr to 2 800 t/hr. Coal goes through crushers and screens for sizing, which is followed by stacking process, using six stackers, i.e. three at our East plant and three at the West plant. The stackers have a capacity to stack at a rate of 1 800 t/hr. As a coal blending facility, we rely heavily on stable qualities which is driven by the ash content of <29,5, a -6,3 mm fine coal particle and sinks <13 Relative Density (RD) of 1,95. We also focus on the reclaiming process which can only take place once the heaps have been stacked according to the blend specifications. Our six reclaimers being three at the eastern and three at the western plants, feed the SO Coal Processing bunker at a rate of 1 800 t/hr, using a three conveyor belts system. The three conveyor belts at each plant (i.e. West and East) are also used to convey coal to the SO Coal Processing system. We mostly utilise our main belt to convey coal as it can convey at a higher capacity, as well considering the benefit of conserving energy. As the main belt undergoes maintenance, the two small capacity conveyors run the feed to SO Coal Processing. A dust suppression system is in place which only utilises dirty water. This system ensures the separation of processed water from drinkable water. These dust suppression systems have been installed at transfer chutes and on the sides of Strategic and Live stockpiles. Comments by QP The repurposing of the export plant to a destoning plant to supply processed coal to Synfuels will ensure better quality coal supply with less variability. Monthly reconciliations are recommended to ensure that the reconfigured plant can provide coal with the envisaged qualities. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g047.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 14.Infrastructure Section 229.601(b)(B96(iii)(B)(15) Sasol Mining has five underground collieries situated around Secunda in Mpumalanga and one underground colliery situated in the Free State near Sasolburg; all interconnected by the South African roads network. The coal mined by these underground collieries is supplied to the Sasol Operations, both in Secunda (see Figure 13.1) and Sasolburg (see Figure 13.2), by conveyor systems. Figure 14.1: Sasol Mining operations infrastructure layout in Secunda |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g048.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 Figure 14.2: Sigma-Mooikraal infrastructure at Sasolburg Coal produced by Twistdraai Thubelisha Colliery, one of the five collieries around Secunda, will be destoned at the Twistdraai Export Plant from FY26 onwards and the product and the micro fines are pumped via pipelines into a slurry dam. All the coal produced by Sasol Mining's coal to liquids (CTL) mines in Secunda (see Figure 13.1), is delivered to the central bulk materials handling facility at SCS (see Figure 13.3) via a network of conveyors where coal received from the different mines is mixed into a blend optimised for gasification at Sasol's Secunda Operations plant. SCS consists of a large strategic stockpile (2.0-million-ton capacity) and six live stockpiles (120-thousand-ton capacity each).  |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g049.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 Figure 14.3: SCS infrastructure layout The blended coal is stockpiled onto the live stockpiles with stackers and reclaimed with drum reclaimers as a live coal feed into the SO plant. The large coal stockpile serves as buffer capacity to the SO plant to ensure a continuous coal supply during emergency situations or when a mine's supply is interrupted during extended planned shutdowns. Sasol Mining also has the following surface infrastructure established to support its mining operations both in Secunda and Sasolburg: • Riaan Rademan Training Academy (RRTA) for technical and mining skills development situated at the old Twistdraai Central in Secunda. • Various accommodation facilities in and around Secunda and Sasolburg for employees. • Management office complexes, warehouses, surface workshops, security buildings, on-site medical clinics, used assets storage yards, main ventilation shafts and fans, sewerage treatments plants, men and material winding plants and electrical substations. • Roads, powerlines, dams, fine coal facility, pipelines etc. • Overland and Shaft incline conveyor systems. • Coal stockpiles and coal bunkers. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g050.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 This section highlights Sasol Mining's infrastructure which also supports the logistics networks to and from various suppliers of equipment and material. Sasol Mining is a mature operation established to mine coal as the primary feedstock into the Secunda Operation plant at Secunda and the steam station in Sasolburg. The infrastructure is adequately designed and built to support Sasol Mining achieving the expected production and safety, health and environmental (SHE) related targets at all the mines and plants. Infrastructure Development Capital is annually provided in the rolling capital plan to support the development of critical underground and surface infrastructure in support of sustainable coal mining. Permanent trunk conveyors are installed to support the optimal conveyance of mined coal out of the colliery linking to surface coal conveyance infrastructure which transports it to a central coal stockyard. Surface shaft complex structures, ventilation shafts and inclines are designed and constructed to transport men and materials to and from underground workings, to allow for coal conveyance from underground (inclines) and to serve as intake and return airways for the mine (ventilation shaft). Underground coal conveyance infrastructure Permanent 1500 or 1800 trunk conveyors, depending on coal conveyance, are planned to be installed up to 3 sections conveyors from the furthest production sections and linked to the operational control room to support the optimal conveyance of mined coal out of the colliery linking to surface coal conveyance infrastructure which transports it to a central coal stockyard. Figure 14.4: Underground coal conveyance |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g051.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 Surface roads and coal conveyance infrastructure Mined coal is transported by surface coal conveyance infrastructure and sometimes by road to the central coal stockyard for blending prior to being reclaimed and sent to the customer Figure 14.5: Surface roads and surface coal conveyance |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g052.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 Surface shafts and ventilations shafts actual and planned infrastructure Surface shaft complex structures, ventilation shafts and inclines are designed and constructed to transport men and materials to and from underground workings, to allow for coal conveyance from underground (inclines) and to serve as intake and return airways for the mine (ventilation shaft). Figure 14.6: Surface infrastructure 15.Market Studies Section 229.601(b)(B96)(iii)(B)(16)(i-iii) Coal mined by coal to liquid underground mines in Secunda and Sasolburg is supplied to Sasol Operations, in Secunda and Sasolburg Operations in Sasolburg. The Export Business and its exit Sasol has been producing thermal coal for the export market for almost thirty years. This is coal produced at the Twistdraai/Thubelisha mine and beneficiated at the TEP. Sasol's P58 export coal has been a high-demand niche product with both traders and end-users due to its consistency and quality specifications. Its major markets are currently Asia and the Far East, with limited volumes exported to  |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g053.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 Europe. The decision to repurpose TEP to a destoning facility implied the termination of coal beneficiation for export. TEP is planned to terminate operations as an export beneficiation facility by 30 June 2025. The last of the export tons has been produced by this date. The export business achieved sales of 2,27 million tons in FY25. Leasing of Entitlement post the exit from exports Sasol Mining will retain its interest as a shareholder at Richards Bay Coal Terminal (4,29% shareholding at RBCT), and its associated Transnet Freight Rail (TFR) entitlement (translating to 2,7 million ton/annum as Sasol's proportion). The RBCT and TFR entitlements will be leased to two existing RBCT shareholders for a period of 12 months commencing on 1 August 2025, at a lease fee linked to international coal prices (the API4 index). During the 12 months Sasol Mining will reassess its future utilisation of the coal export entitlement. 16.Environmental Management, Closure, Decommissioning and Agreement with Local Groups Section 229.601(b)(96)(iii)(B)(17)(i-vii)Sasol Mining appoints an Environmental Assessment Practitioner (EAP) for: • The compilation of a Legal Framework to identify which environmental authorisations e.g. water use licenses, listed activities and/or waste licenses are required and prepare the application documents for these applications. • The execution of baseline surveys (specialist studies) and documentation thereof as discipline specific reports. • The compilation of environmental impact assessments. • The formulation of impact management (mitigation) measures. • The consultation with authorities and stakeholders; the project will involve public participation in terms of NEMA. • The compilation of the Environmental Management Programme (EMPr), Environmental Impact Assessment (EIA), Integrated Water Use License Application (IWULA), including Integrated Water and Waste Management Plan (IWWMP) and Water Licenses Applications (WLs), if required. • Assessing comments from proponent and authorities on all documentation (incl. any supporting documentation). • The final submission of the EMPr, EIA, IWULA, including (IWWMP) and WL and other relevant technical documents. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g054.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 The following identified specialist studies are conducted by the appointed EAP: Methodology used in determining and rating the nature, significance, consequences, extent, duration and probability of potential environmental impacts and risks: Impact Assessment Methodology: Impact rating: The impact assessment methodology that is used during environmental impact assessments undertaken for Sasol Mining consists of two phases namely impact identification and impact significance rating. Risks and impacts are identified based on a description of the activities to be undertaken. After risks and impacts have been identified, a numerical environmental significance rating process is undertaken that uses the probability of an event occurring and the severity of the impact as factors to determine the significance of a particular environmental impact. The significance rating process follows the established risk and impact assessment formula: Where And The severity of an impact is determined by taking the spatial extent, the duration and the severity of the impacts into consideration (Table 16.1). • Geology • Climate • Surface topography • Land capability • Flora • Fauna • Surface water • Flood line determination • Groundwater • Wetlands (detailed assessment) • Air quality • Noise • Cultural and archaeological sites • Sensitive landscapes • Visual aspects • Socio-economic • Surface infrastructure • Source directed measures • Surface mine water balance • Underground water balance • Soil utilisation and surface rehabilitation • Underground water quality • Surface and groundwater monitoring system • EIA and EMP compilation • Compatible information systems • Public participation • Integrated water use license applications • Waste license (if required) Significance = Consequence x Probability Consequence = Intensity + Extent + Duration Probability = Likelihood of an impact occurring |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g055.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 Table 16.1: Criteria for determining the severity of the environmental risk (as per NEMA Regulations): The probability of an impact is then determined by the frequency at which the activity takes place or is likely to take place and by how often the type of impact in question has taken place in similar circumstances (Table 16.2). The consequence of an environmental impact is evaluated using the severity criteria and probability rating. The total scores for probability and severity are then used to determine the impact rating according to the Sasol risk matrix (Figure 12.1). |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g056.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 Table 16.2: Impact Assessment Parameter Ratings Severity score Impact rating Severity rating description Extent Duration/Reversibility Probability rating Probability or likelihood of the risk occurring 21-22 I7 Very serious loss or damage to biological or physical resources or highly sensitive environments. Prolonged and serious disputes with community, resulting in serious disruptions and potential project cancellations. National Will affect the entire country. Permanent: The impact is irreversible, even with management and will remain after the life of the project. P7 Almost certain: It is most likely that the impact will occur. >80% probability. The event may occur at least once a year. 19-20 I6 Serious loss or damage to biological or physical resources or highly sensitive environments, limiting ecosystem function. Prolonged and serious disputes with community, causing disruptions to operations, significant project delays and additional investment to resolve. National Will affect an entire province. Beyond project life: The impact will remain for some time after the life of the project but is reversible with management. P6 Likely: The impact may occur. 50 - 80% probability. The event may occur within the next 1 to 2 years. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g057.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 Severity score Impact rating Severity rating description Extent Duration/Reversibility Probability rating Probability or likelihood of the risk occurring 17-18 I5 Serious loss and/or damage to physical or biological resources or moderately sensitive environments. Serious community disputes that require urgent management attention to resolve and additional investment, or failure of a major community project. Regional Will affect the entire province or region. Project Life (>15 years): The impact will cease after the operational life span of the project and can be reversed with sufficient management. P5 Possible: Has occurred here or elsewhere and could therefore occur. 20 – 50% probability. The event may occur once every 2 to 5 years. 14-16 I4 Moderate loss and/or damage to physical or biological resources or moderately sensitive environments. Numerous community complaints that have the potential to cause disruption if not resolved in a timely fashion, or delay of a major community project. Local Local extending to surrounding residential areas. . Long term: 6-15 years and impact can be reversed with management. P4 Low: The event has a 10 – 20% possibility of occurring. The event may occur once every 5 to 10 years. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g058.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 Severity score Impact rating Severity rating description Extent Duration/Reversibility Probability rating Probability or likelihood of the risk occurring 10-13 I3 Moderate loss and/or damage to biological or physical resources of low to moderately sensitive environments. Infrequent community complaints that can be resolved with timely management action and minimal investment Limited Limited to the immediate surroundings of the site. Medium term: 1-5 years and impact can be reversed with minimal management. P3 Very unlikely: Has not happened yet but could happen once in the lifetime of the project, therefore there is a possibility that the impact will occur. 5 - 10% probability. The event may occur once in every 10 to 20 years. 5-9 I2 Minor loss and/or effects to biological or physical resources or low sensitive environments. Site Limited to the site. Short term: Less than 1 year and is reversible. P2 Highly unlikely / None: Expected never to happen. 1 - 5% probability. The event may occur once in every 20 years. >5 I1 Minor to no loss and/or effect to biological or physical resources. Very limited/Isolated Limited to specific isolated parts of the site. Immediate: Less than 1 month and is completely reversible without management. P1 Unforeseen: The event has a 0 – 1% probability of occurrence. The event may occur within the next 20 years. Impacts are rated prior to mitigation (inherent rating) and after mitigation has been applied; post-mitigation is referred to as the residual risk rating. The significance of an impact is determined and categorised into one of seven categories (the descriptions of the significance ratings are presented in Table 16.2). It is important to note that the pre-mitigation rating takes into consideration the activity as proposed, (i.e., there may already be some mitigation included in the engineering design). If the specialist determines the potential impact is still too high, additional mitigation measures are proposed. Following the identification and significance ratings of potential impacts, mitigation and management measures is incorporated into the EMPr. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g059.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 Generic impacts identified for Sasol Mining - please note there are mitigation measures in place for the possible impacts: • Decrease in groundwater recharge. • Dust generation. • Since high extraction of coal is done (bord-and-pillar, followed by stooping), there is a possibility that subsidence and / or fracturing may occur. • The topography may be affected if subsidence and/or fracturing occur as a result of the high extraction underground mining. • In the event of any spillages in or around the surface land use areas soils could become polluted with hydrocarbons, if not mitigated. • As a result of the high extraction underground mining methods used, subsidence and/or fracturing may occur; this may further result in the settling of soils on the surface impacting the soils in the surrounding area. Soils may also become more susceptible to erosion as a result of subsidence and/or fracturing and the resulting altered water flow regimes (groundwater and surface water). • Land capability could be affected by the impacts on soils (degradation of soils as a result of changes in water quality and/or as a result of spillages). • If the groundwater levels are altered as a result of the abstraction of groundwater for the safe continuation of mining, this may influence potential land use. • Subsidence and/or fracturing may occur as a result of the high extraction mining methods. Where subsidence and / or fracturing occurs, this may prevent the continued use of the affected land for its current purpose. In such a case the land use will alter to an alternative appropriate land use for the affected area. • Surface water quality may be impacted on during heavy rainfall events, if not mitigated. Coal particles may be picked up by water from the emergency ROM stockpile (if in use), compromising the quality of the runoff water. • Groundwater may need to be removed from the underground mining area in order for safe mining to take place or because of high extraction. A cone of depression will be created as a result of this extraction, which may affect the surrounding area, if not mitigated. • Groundwater quality may be affected by point and linear sources of pollution on the proposed mine, if not mitigated. Such sources may include pollution control dams, dirty water management areas, ROM stockpiles, the conveyor belt and roads. Water infiltrating from such areas may carry pollutants to the groundwater, if not prevented / mitigated. • Groundwater flow paths will be affected by the removal of coal and rock for the continuation of mining. The alteration of geological strata and thus groundwater flow paths is necessary and unavoidable if mining of coal is to be undertaken at the proposed site. • Sites of archaeological and cultural interest may be affected if subsidence and/or fracturing occur as a result of the high extraction mining method. Subsidence and / or fracturing may damage or destroy sites of archaeological and cultural interest, if not prevented / mitigated. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g060.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 • Surface land use areas, especially areas previously disturbed, will be prone to the establishment of invader plant species. Invader plant species may become established if not monitored and limited. • Decrease in water quality can occur as a result of breaches in dirty water management structures and infrastructure, leaks in pipelines, or as a result of poorly stored waste materials. • The possibility of decanting within the mine boundary area exists post closure. Water monitoring at Sasol Mining The following water monitoring is done as stipulated by the environmental licenses to operate, i.e., water use (WU) authorisations, EMPr, permits, etc. The data is stored in the dedicated database. Reports as are submitted to Government Departments as per license conditions. • From a groundwater perspective the following is monitored: • The shallow groundwater regime consisting of weathered Karoo rocks, associated with perched aquifer extending to a depth of 15 m. • The deep aquifer system associated with hard fractured Karoo rocks i.e. sandstone and dolerite of the Karoo. • The unnatural groundwater system which is being developed as the mining progresses. It resulted from mining of coal and has changed the hydrodynamics of the coal mined area. Monitoring of groundwater levels using a dip meter and quality sampling is conducted on a quarterly and bi-annual frequency respectively. • Surface water quality up and down-stream of mining infrastructure. • Water quality stored in the various pollution control dams. • Bi-annual biomonitoring. Environmental license to operate The following is a list of the Sasol Mining EMPrs which includes an environmental impact assessment: • Shondoni EMPr • Bosjesspruit EMPr • Sasol Coal Supply (SCS) EMPr • Twistdraai Export Plant (TEP) EMPr • Syferfontein EMPr • Syferfontein Block IV EMPr • Thubelisha EMPr • Impumelelo EMPr • Sigma Mooikraal EMPr • Brandspruit EMPr - mine in decommissioning phase • Twistdraai EMPr - mine in decommissioning phase • Middelbult EMPr – mine in decommissioning phase • Sigma Defunct - mine in decommissioning phase Site monitoring and water management are covered in the approved EMPr. The EMPr is prepared to enable the company to comply with relevant legal requirements. Sasol Mining is also required to have water use authorisations (WUA). Shondoni, Bosjesspruit, Syferfontein, Thubelisha, Impumelelo, Mooikraal WUAs have been approved. SCS has applied for renewal of WUAs and is in consultation/discussion with the Department of Water and Sanitation (DWS). |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g061.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 Sasol Mining operational areas are ISO 14001 certified. Sasol Mining operational areas are subject to regulatory audits and inspections. Controls are in place to ensure compliance with legal and other requirements through audits and inspections. Mine Closure and Decommissioning This section provides a consolidated overview of the closure and rehabilitation strategies employed by Sasol Mining, in alignment with South African regulatory frameworks governing environmental management, financial provisioning, and decommissioning. It provides details of statutory obligations, closure planning, cost estimates and provisions for long-term environmental liabilities. Closure planning is carried out in accordance with the Mineral and Petroleum Resources Development Act (MPRDA) and relevant environmental legislation such as the National Environmental Management Act (NEMA). Sasol Mining is required to prepare detailed Closure Plans, supported by Environmental Risk Assessments (ERAs), which define site-specific closure objectives, post-mining land use, infrastructure decommissioning, and remediation of residual impacts. A typical Closure Plan includes an introduction to the mine and closure objectives, followed by the legal and regulatory framework guiding the process. The plan details the mine's operational history, regional environmental context, closure goals, post-mining land use, and risk assessments – including underground stability. It also presents the management plan, implementation progress, financial provisions, and final environmental audits. Contracts, stakeholder participation, and ongoing monitoring and maintenance are also addressed. Sasol Mining has initiated closure proceedings at its Sigma, Brandspruit, Middelbult, Twistdraai operations and in respect of the unrehabilitated pit previously used to extract coal for coal gasification tests in Limpopo, with assessments underway to align with closure objectives. Financial Provisioning In compliance with the Financial Provision Regulations, 2015 (as amended), Sasol Mining conducts annual closure cost assessments for all operations in Mpumalanga (Secunda), Free State (Sasolburg), and Limpopo (Waterberg District). These assessments include rehabilitation measures described in the Annual Rehabilitation Plans (ARPs), final rehabilitation and decommissioning activities guided by Closure Plans and Environmental Risk Assessments (ERAs), and the identification and remediation of any latent or residual environmental impacts. The closure cost estimate also includes all activities associated with the demolition and rehabilitation of the mining footprint after operations cease. The current calculated closure liability for Sasol Mining amounts to R2,2 billion (undiscounted R6,9 billion). Financial provision is secured through a combination of trust funds and/or bank guarantees, ensuring compliance with the MPRDA. To ensure accuracy and regulatory alignment, Sasol Mining appointed Jones & Wagener Engineering & Environmental Consultants, an independent environmental consultancy, to review and update the closure cost estimate. This review is conducted annually to ensure accuracy of estimates. The mine closure assessment was conducted in accordance with Regulations 53 and 54 of the MPRDA and NEMA requirements. An itemised infrastructure register, developed in accordance with approved Environmental Management Programmes (EMPs) and relevant legislation, supports accurate tracking of decommissioned structures and cost estimation.  |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g062.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 Concurrent rehabilitation activities have been implemented and completed at most defunct Sasol Mining operations, reducing final closure liabilities and supporting long-term sustainability goals. Annual closure cost updates account for changes in infrastructure, realistic rehabilitation activities, and escalated contractor rates reviewed on a three-year cycle. The financial provision is audited annually and submitted to the DMPR, which oversees compliance until Closure Certificates are issued. Agreements with Local Groups All South African mining companies are obligated to have a Social and Labour Plan (SLP) in place in order to foster upliftment of the local communities in both the social and financial spheres. The SLP's for the both the Secunda complex and Mooikraal, were renewed at the start of FY26 for an additional 5 years, after which they will be further renewed. Sasol has committed to spending R156m and R28m in Secunda and Mooikraal respectively over the next 5 years, as part of this SLP commitment. At Sasol, we acknowledge the socio-economic need to proactively develop, support and contribute to the sustainability of Small, Medium and Micro Enterprises (SMMEs) as well as firms owned by Historically Disadvantaged Persons (HDPs), particularly in the areas where we operate. We leverage our supply chain to advance this transformation imperative, thereby ensuring the integration of SMMEs and HDP-owned firms into the mainstream of our business. Comments from QP The QP believes that the current approach to environmental compliance, permitting, and community impacts is generally appropriate and does not raise any concerns at this time regarding the reporting of Resources or Reserves. 17.Capital and Operating Costs Section 229.601(b)(96)(iii)(B)(18)(i-ii) The technical report represents the reserve base owned by Sasol Mining (Pty) Ltd and therefore the Life of Mine (LOM) cash flows include cash flows associated with the sale of produced coal. Currently Sasol Mining also purchases coal to supplement production and cash flow associated with purchased coal is excluded. Operating expenditure (OPEX) is estimated on a first principles budget process, applying known costs to mine planning and layouts together with maintenance norms and schedules. This is estimated at R381,28 bn in real terms. The average cash cost per sales ton in real terms over the Mineral Reserve derived LOM plan equates to R530,20 / ton. Stay in Business (SIB) capital expenditure (CAPEX) was estimated on the basis of the annual February (2025) 10-year capital budget. Long term capital budgets were used and where this information was not available capital budgets were determined by using ratios according to production. The LOM CAPEX is estimated at R81,01 bn up to 2050 in real terms, based on proven reserves. The CAPEX relates to coal reserve development, surface and underground infrastructure and related development, mining fleet replacement and other site SIB projects. The total Mine Closure liability is included in the Balance sheet. The total liability estimated at FY25 year end is R2,2 billion (discounted) and R6,9 billion (undiscounted).  |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g063.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 Operating cost (Real terms) The cost estimates used to establish coal reserves are generally estimated according to internal processes that project future costs based on historical actuals and expected future trends. These operating costs are estimated at a 90% level of accuracy and no contingency is applied. The estimated costs include mining, processing, transportation, taxes, and other mining-related costs. Sasol's estimated mining costs reflect projected changes in prices of consumable commodities (such as steel), labour costs, geological and mining conditions, targeted product qualities, and other mining-related costs. Major components of operating cost are labour cost (salaries, overtime, bonusses) operating cost (materials, picks, roof support etc.) maintenance cost (machine / equipment) and utilities. Capital costs undergo a thorough annual review, ensuring they consider historic spending patterns and future expectations. Consequently, no contingency is applied to these estimates. The estimated capital costs are estimated at a feasibility level of accuracy. The official capital and operational plans were used for the next few years (5 years for operational cost and 10 years for capital). The official group assumptions relating to the relevant indices were used for the official planning periods as well as the LOM. Actual cost for the previous 5-year period (Nominal terms): Rm 2021 2022 2023 2024 2025 Labour cost 4 837 5 720 6 658 6 793 6 816 Operating cost 2 660 2 913 4 872 4 775 4 835 Maintenance cost 3 077 3 514 4 038 4 193 4 580 Utilities 869 955 1 058 1 228 1 417 Other 1 784 2 074 891 1 052 978 Historical production cost (cash) 13 227 15 177 17 518 18 041 18 627 Historical development cost (capital) 2 704 2 553 2 978 2 954 3 567 Total cost 15 931 17 730 20 496 20 995 22 194 Projected cost for the next 5 years (Real Terms): Rm 2026 2027 2028 2029 2030 Labour cost 7 157 7 489 7 633 7 694 7 622 Operating cost 4 745 4 758 4 731 4 774 4 752 Maintenance cost 4 182 4 453 4 942 4 977 4 736 Utilities 1 717 1 723 1 767 1 663 1 632 Other 183 142 115 111 117 Future production cost (cash) 17 984 18 564 19 118 19 218 18 858 Future development cost (capital) 5 238 7 192 6 658 6 564 6 039 Total cost 23 222 25 756 25 846 25 781 24 896 Item Unit Total LOM Operating costs Mining Cost R bn 381,28 Total Operating costs R bn 381,28 Sustaining Capital R bn 81,01 |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g064.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 Risk Assessment The estimated cash flows will be impacted if risks such as failure to manage relationships with our stakeholders; failure to adopt and implement legislation; inability to optimally monetize underground reserves; as well as safety and health risks materialize which may affect our ability to conduct our operations effectively. Please see Item 3D of Form 20F for a detailed analysis of risks faced by Sasol. At Sasol, systems and processes are in place, monitored and improved upon, to ensure our compliance with laws and regulations applicable to Sasol and its obligations up and down the value chain. Risks are also tracked and action plans to address the mitigation of these risks are regularly monitored. Sasol Mining has been mining in Secunda and Sasolburg for more than 50 years and, as such, has a substantial operating history and good understanding of capital and operating costs. Since mining operations will continue in the same coal fields and with planned mining conducted in the same manner as historical mining, there is little risk associated with the specific engineering estimation methods used to arrive at projected capital and operating costs. Operating costs are projected based on historical operating costs and adjusted based on projected changes in staffing, production and productivity for mining areas in the LOM plan. The forecasted costs are considered reliable and is consistent with industry practice. A record of the forecast and budget costs is maintained, allowing for an assessment of the alignment of the forecast and actual costs. 18. Economic Analysis and Risk Factors Section 229.601(b)(96) (iii)(B)(19)(i-iv) Key assumptions. Parameters and methods include the following: • The Sasol Mining Board approved the Business Plan for the Coal Reserve 2026, which was used as base for the calculation. • Cash flows represent produced coal sales for proven reserves. • Approved capital budgets were used as base, with LOM capital being determined by using ratios linked to the production tons. • Coal transfer prices to customers are based on current contracted terms and escalated with PPI for the long term. Form more information, refer to section 11. • Royalties are calculated based on the royalty formula sourced from the approved business plan; longer term royalties are calculated using an average of royalty 1.91% of cashflows over time. • Income tax of 27% is the current statutory tax rate for South Africa. • 10% discount rate was applied as per Financial Accounting Standards Board Statement 69 (FAS 69). • Coal is used for internal consumption in Sasol, with the Internal Rate of Return and payback period of capital not considered to be key performance indicators. Cashflow and NPV (R bn) : Sales volume (ROM) 719.12 Future cash inflows 527.88 Future production cost (Cash cost) (381.28) Future development cost (Capital) (81.01) Cash flow before Tax 65.59 Tax payable (27%) (17.71) Undiscounted future net cash flow 47.88 10% annual discount for timing of estimated cash flow 34.62 Standardised measure of discounted future net cash flows 13.26 |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g065.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 Using the above assumptions, a discounted cashflow of R13,26 billion is achieved over the LOM using a 10% discount rate in real terms. 2026 2027 2028 2029 2030 2031 to LOM Sales Volume ROM (Mt) 30,88 30,55 30,35 35,00 33,91 558,43 Production volume (Mt) 30,88 30,55 30,35 35,00 33,91 558,43 Future cash inflow (Rm) 23 939 23 936 21 228 22 872 25 474 410 434 Royalty tax (Rm) (490) (358) (387) (457) (676) (19 427) Future production cost (Rm) (17 984) (18 564) (19 188) (19 218) (18 858) (287 471) Future dev cost (capital) (Rm) (5 238) (7 192) (6 658) (6 564) (6 039) (49 332) Cash flow before tax (Rm) 718 (1 820) (4 618) (2 910) 578 73 641 Tax payable (27%) (Rm) (194) 491 1 247 786 (156) (19 883) Undiscounted future net cash flow (Rm) 524 (1 329) (3 371) (2 124) 422 53 758 10% annual discount for timing of estimated cash flow (Rm) (121) (585) (528) 134 35 725 Standardised measure of discounted future net cash flows (Rm) 524 (1 208) (2 786) (1 596) 288 18 033 Sensitivities on the cash flows were calculated by changing the discount rate: • NPV @ 5% = R24,66 bn • NPV @ 10% = R13,26 bn • NPV @ 15% = R7,20 bn With the coal being destined for internal Sasol use, changes in commodity price or yield are not considered in the sensitivity study. Sensitivities were hence only conducted on the cash flows by considering varying discount rates. Risk Factors Stringent South African regulations in the areas of mining, petroleum and energy activities may have an adverse effect on our mineral rights and impact our business, operating results, cash flows and financial position. Changes in environmental, health, safety and chemical regulations, other legislation and public opinion may adversely affect our business, operating results, cash flows and financial position. We are subject to risks associated with litigation and regulatory proceedings. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g066.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 We may face potential costs as well as harm to our reputation in connection with incidents causing property damage, personal injury or environmental contamination, and industry and value chain-related operational interruptions. Constraints in the supply of water and electricity, utility cost increases in excess of inflation, as well as poor infrastructure may impact our operations. Economic, political or social factors affecting the regions in which we operate may have a material adverse effect on our operations and profit. Conclusions: The various exploration activities conducted over the years have contributed to a detailed understanding of the ore body, allowing for optimal section deployment. Given Sasol Mining's long history of mining in Secunda and Sasolburg, utilising the same mining method (bord and pillar) and mining equipment (continuous miners) over that period, there is a thorough understanding of the challenges and opportunities in the process. Sasol Mining has acquired the necessary environmental, legal and mining permits to ensure it can continue to mine. The necessary capital has been made available to ensure both infrastructure and equipment is acquired timeously to continue with mining activities. 19.Glossary • Directional Drilling: directional drilling is conducted from surface. The borehole starts off vertically and the rods are then steered, or directed, to the horizontal direction, enabling the drillers to access the coal seam and follow the seam. • Horizontal Drilling: horizontal drilling is a form of drilling conducted in underground environments parallel to the coal seam in order to detect structural impediments. • Aeromagnetic Surveys: an aeromagnetic survey is a method of geophysical prospecting, which makes use of airborne geophysical surveying gauges installed in an aircraft at a certain flight height to acquire magnetic field strength from the subsurface. • Geophysical Wireline Surveys: wireline surveys determine physical properties in and beyond the wall of a borehole by devices attached to a cable, or wireline. • Mineral reserve: economically mineable part of a measured or indicated (or both) resource at the stated point of delivery. • Run of Mine (ROM) (AR) : tonnage and coal quality, at a specified moisture content, contained in the coal seam or section of the coal seam, at the practical mining height, which is expected to be recovered after all geological losses, de-rating for previous mining activities, mining losses dilution factors, contamination factors, and moisture correction factors have been applied. |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g067.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 • Gross In Situ Tonnages: Tonnages and coal quality at the in situ thickness, at specified moisture content, contained in the coal seam above the minimum thickness cut-off, depth cut-off, after de-rating for previous mining activities and the application of the relevant coal quality cut-off parameters, as defined by the competent person that is shown to have reasonable prospects for eventual economic extraction, in terms of seam geometry, structure and coal quality. 20.Consent of Qualified Person I, Viren Deonarain, a Sasol Mining employee, with 30 years experience and a member of SACNASP, in connection with the Technical Report Summary for Sasol Mining Pty Ltd, dated 30 June 2025, as required by Item 601(b)(96) of Regulation S-K and filed as an exhibit to Sasol Limited's annual report on Form 20-F for the year ended 30 June 2025 and any amendments or supplements and/or exhibits thereto (collectively, the Form 20-F) pursuant to subpart 1300 of Regulation S-K promulgated by the US Securities and Exchange Commission, consent to: • the public filing and use of the Technical Report Summary as an exhibit to the Form 20-F; • the use of and reference to my name, including my status as an expert or "Qualified Person" (as defined in 1300 Regulation S-K) in connection with the Form 20-F and Technical Report Summary; and • any extracts from, or summary of, the Technical Report Summary in the Form 20-F and the use of information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that is included or incorporated by reference into the Form 20-F. I certify that I have read the Form 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which I am responsible. I have relied on information provided by other experts as indicated in introduction for the following: • Property and Rights Description • Mining Methods • Processing Plants and Recovery Methods • Infrastructure • Market Studies • Environmental Studies – Environmental license to operate • Closure and Decommissioning • Agreements with Local Groups • Capital and Operating Cost • Economic Analysis • Risk Factors |

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| &nbsp;&nbsp;![GRAPHIC](ssl-20250630xex96d1g068.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 21.Reliance of information provided by the Registrant Sasol Mining considers the below individuals as the subject matter expert, given their role in the organization for their respective areas of responsibility. These individuals are all Sasol Mining employees. Name Title Section that reliance is being placed upon Paul Cronje Senior Manager Rights & Properties Mining Property Description and Mining rights Garth Truter Senior Manager Mine Planning Short and Medium Term Mining methods Welile Kheswa Senior Manager Export Plant Processing Plant - Export Almon Mshiywa Senior Manager Sasol Coal Supply Processing Plant - SCS Veli Sibiya VP Technical Services Infrastructure Nasir Hassan Senior Manager Marketing Market Studies – Export Gail Nussey Vos Senior Manager SHE Environment Environmental Management Jacques du Plessis Senior Manager Mine Closure Mine Closure and Decommissioning King Nkambule Manager Mining SLP & Mineral Charter Agreement with Local Groups Johan Steyn Senior Manager SHE Rock Engineering Rock Engineering Diederik de Swardt Senior Manager Mining Strategies Processing Plant - Destoning Arthur Nkosi VP Finance Mining (acting) Capital, Operating cost and Economic Analysis Nzama Baloyi VP Safety, Health & Environmental Risk Factors |

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## Exhibit 97.1

**Exhibit 97.1**

![Graphic](ssl-20250630xex97d1001.jpg)

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| **Human Resources \| Group Policy:**<br>**2023 Sasol Executive Compensation Recovery Policy** | **Human Resources \| Group Policy:**<br>**2023 Sasol Executive Compensation Recovery Policy** |
| <br>**HR GP RW 223** | <br>**HR GP RW 223** |
| **Revision: 0** | **Revision: 0** |
| **Effective Date: 2 October 2023**<sup>1</sup> | **Effective Date: 2 October 2023**<sup>1</sup> |
| **Purpose**<br>To provide for the recovery of Erroneously Awarded Compensation made to current and <br>former Executive Officers in the event that the Company is required to prepare a Restatement <br>due to material noncompliance with any financial reporting requirements. | **Purpose**<br>To provide for the recovery of Erroneously Awarded Compensation made to current and <br>former Executive Officers in the event that the Company is required to prepare a Restatement <br>due to material noncompliance with any financial reporting requirements. |
| **Applicable to**<br>Executive Officers | **Applicable to**<br>Executive Officers |
| Document category: | **Group Policy** |
| Next review date: | **November 2025** |
| Document owner: | **R Nienaber** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration: | **To ensure the use of the authorised <br>copy, the document must be <br>downloaded from its authoritative <br>source**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Approval:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designation of approver: | **Remuneration Committee**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of approver: | **Remuneration Committee** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date of approval: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature of approver: | **M E K Nkeli on behalf of the Sasol Limited Remuneration Committee** |

---

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<sup>1</sup> This is the Effective Date of the NYSE's amended listing standards which incorporates the provisions of Rule 10D-1 into section 303A.14.

------

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Table of Contents** | &nbsp;&nbsp;**Table of Contents** | **Page** |
| 1. | Introduction | 3 |
| 2. | Definitions | 3 |
| 3. | Recovery of Erroneously Awarded Compensation | 5 |
| 4. | Exclusions and prohibitions | 6 |
| 5. | Disclosures | 7 |
| 6. | Written acknowledgement | 7 |
| 7. | References | 7 |
| 8. | Responsibilities | 8 |
| 9. | Amendment record | 8 |
| 10. | Record of Amendments and Revisions | 8 |

---

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| ***HR_GP_RW_200*** | ***2*** | ***Date Printed: 20/08/2025<br>08:31:49*** | ***2 of 9*** |

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1.**Introduction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 On 2 October 2023, the New York Stock Exchange (**NYSE**) adopted new section 303A.14 of the NYSE Listed Company Manual (the **Recovery Provisions** and the **NYSE Manual** respectively) which require the Company, as a foreign private issuer listed on the NYSE,<sup>2</sup> to recover Erroneously Awarded Compensation from former and current Executive Officers where the Company is required to prepare a Restatement due to material noncompliance with any financial reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Sasol Limited Remuneration Committee of the Sasol Ltd Board, as authorised, adopted this Recovery Policy in accordance with the Recovery Provisions, pursuant to section 10D and Rule 10D-1 of the Securities Exchange Act of 1934, as amended (**Rule 10D-1** and the **SE Act** respectively).

2.**Definitions**

For purposes of this Recovery Policy, the following terms will have the meanings set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **ADR** 

American Depository Receipts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Board** 

The board of directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Company** 

Sasol Limited as the ultimate holding company of the Sasol Group of Companies, listed on the Johannesburg Stock Exchange and the NYSE for purposes of its ADR programme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 **Effective date** 

This Recovery Policy is effective from 2 October 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 **Erroneously Awarded Compensation** 

In respect of each Executive Officer following a Restatement, the amount of In-scope Recovery Compensation that exceeds the amount of Incentive-based Compensation which would otherwise have been Received if it had originally been calculated on the basis of the restated amounts in the Restatement, without regard to any taxes paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 **Executive Officer** 

For purposes of this policy, Executive Officers include the President and Chief Executive Officer, the Group Chief Financial Officer, any other executive directors and prescribed officers of Sasol Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 **Financial Reporting Measures** 

Measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and all other measures that are derived wholly or in part from such measures. For the avoidance of doubt, share price and total shareholder return (and any measures that are derived wholly or in part from share price or total shareholder return) also amount to Financial Reporting Measures.

------

<sup>2</sup> Solely for purposes of its ADR programme.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 **Incentive-based Compensation** 

Any compensation that is granted, earned, or vests based wholly or in part on the attainment of a Financial Reporting Measure. This includes, but is not limited to, any compensation that is granted, earned, or vests in terms of the Sasol Group Remuneration Policy to the extent that such grant, earning, or vesting is based wholly or in part on the attainment of a Financial Reporting Measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 **In-scope Recovery Compensation** 

All Incentive-based Compensation Received by an Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.1 on or after 2 October 2023 when the Recovery Provisions came into effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.2 after beginning service as an Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.3 who served as an Executive Officer at any time during the applicable performance period relating to any Incentive-based Compensation (and regardless of whether the Executive Officer is still in service on the date that the Erroneously Awarded Compensation must be repaid to the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.4 while the Company has a class of securities listed on the NYSE or any other securities exchange or a national securities association in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.5 during the applicable Recovery Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 **Received** 

Actual or deemed receipt of Incentive-based Compensation by an Executive Officer in the financial year during which the Financial Reporting Measure specified in the Incentive-based Compensation award is attained, even if the grant, payment, or settlement of the award takes place after the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 **Recovery Period** 

In relation to a Restatement, means the 3 (three) completed financial years of the Company immediately preceding the Restatement Date. Where the Company changes its financial year, the Recovery Period will include any transition period within or immediately following the 3 (three) completed financial years. For the avoidance of doubt, the Company's obligation to recover Erroneously Awarded Compensation does not depend on if or when the Restatement is filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 **Recovery Policy** 

This 2023 Executive Compensation Recovery Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 **Remcom** 

The Remuneration Committee of the Sasol Limited Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 **Restatement** 

An accounting restatement due to the Company's material noncompliance with any financial reporting requirement under the securities laws, including any accounting restatement that corrects an error in previously issued financial statements that is material to the previously issued financial statements (i.e., a "Big R" restatement) or that would result in a material misstatement if the error were corrected, or left uncorrected, in the current period (i.e., a "little r" restatement).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 **Restatement Date** 

In relation to a Restatement, the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.1 the date on which the Board, the Remcom, or any other committee of the Board (or officer of the Company authorised to take such action if Board or committee action is not required), concludes, or reasonably should have concluded, that the Company is required to prepare a Restatement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.2 the date on which a court, regulator or other legally authorised body directs the Company to prepare a Restatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 **Sasol Group of Companies** 

Sasol Limited, all its subsidiaries and joint ventures (JVs) where JV employees are compensated with reference to the Sasol Group Remuneration policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 **Sasol Group Remuneration Policy** 

The remuneration policy of the Sasol Group of Companies as amended and approved by the Remcom from time to time and published in any of the Company's annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Recovery of Erroneously Awarded Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 In the event of a Restatement, the Company will conduct a recovery analysis and will reasonably promptly recover all Erroneously Awarded Compensation Received by an Executive Officer during the relevant Recovery Period in accordance with the Recovery Provisions and Rule 10D-1, as detailed further in this clause 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Following a Restatement, the Remcom (if it is composed wholly of independent directors) or, in the absence thereof, a majority of independent directors of the Board (the **Committee**) will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 determine the amount of Erroneously Awarded Compensation Received by each Executive Officer during the relevant Recovery Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 notify each Executive Officer in writing of the Restatement and the amount of Erroneously Awarded Compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 require the Executive Officer to repay or return the Erroneously Awarded Compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4 in so far as the Executive Officer fails and/or refuses to repay or return the Erroneously Awarded Compensation in accordance with the written demand, take such reasonable and legally permissible steps, based on the particular facts and circumstances, to recover the Erroneously Awarded Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Where Incentive-based Compensation is based on or derived from the Company's share price or total shareholder return, and is not subject to mathematical recalculation directly from the information in the applicable Restatement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 the Committee will determine the amount of Erroneously Awarded Compensation to be repaid or returned by the Executive Officer based on a reasonable estimate of the effect of the Restatement on the Company's share price or total shareholder return on which the Incentive-based Compensation was Received; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 the Company will maintain documentation of the determination of such reasonable estimate and provide the relevant documentation to the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Unless the provisions of clause 4 below apply, the Company must recover the full amount of Erroneously Awarded Compensation Received by the Executive Officer during the relevant Recovery Period. In no event will the Company be entitled to accept repayment or recovery of less than the full amount of Erroneously Awarded Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 The means of recovery of the Erroneously Awarded Compensation may take the form of, amongst others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.1 a full or partial reduction of the value, and forfeiture, of incentive awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.2 a reduction of the value of any gains derived from outstanding, incentive awards or a reduction of the number of awards to be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.3 a reduction in the number of shares that are tied to the achievement of minimum shareholding requirements regardless of whether such shares are retained in a personal stockbroking account, a nominee account, and/or where the Company has retained legal title to such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.4 through monthly deductions from the Executive Officer's salary, one lump sum payment, or a repayment plan; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.5 through the institution of legal proceedings against the Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Where the Executive Officer has already repaid the Company for any Erroneously Awarded Compensation Received in accordance with other recovery obligations arising from Company policies and procedures or applicable law, the Company may reimburse the Executive Officer to the value of the Erroneously Awarded Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Exclusions AND PROHIBITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Company must recover Erroneously Awarded Compensation, unless one of the three following conditions is present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 the Committee has concluded that recovery would be impractical because the direct expenses paid to a third party to assist in enforcing the Recovery Policy would exceed the amount of the Erroneously Awarded Compensation. Before reaching this conclusion, the Company must-

4.1.1.1make a reasonable attempt to recover the Erroneously Awarded Compensation;

4.1.1.2document such attempt(s), and

4.1.1.3provide such documentation to the NYSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 the Committee has concluded that recovery would be impractical because it would breach any relevant local (home country) law that was in place before 28 November 2022. Before reaching this conclusion, the Company must-

4.1.2.1obtain an opinion from local (home country) counsel, acceptable to the NYSE, that recovery would result in such a breach, and

4.1.2.2provide such opinion to the NYSE; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 the Committee has concluded that recovery would likely cause an otherwise tax-qualified plan, under which benefits are broadly available to employees of the registrant, to fail to meet the requirements of 26 U.S.C or 26 U.S.C.411(a) and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Company is prohibited from directly or indirectly insuring or indemnifying any Executive Officer against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 any loss, recovery, repayment, and/or return of Erroneously Awarded Compensation under this Recovery Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 any claim arising from the Company's enforcement of this Recovery Policy.

&nbsp;&nbsp;&nbsp;&nbsp;5. **discLosures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Company will file all disclosures of and in relation to this Recovery Policy in accordance with the requirements of the federal securities laws, including the disclosures required by the applicable Securities Exchange Commission (**SEC**) filings. For the avoidance of doubt, a Financial Reporting Measure need not be presented with any financial statements or included in a filing with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Specifically, the Company will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 file its written Recovery Policy as an exhibit to its annual report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 indicate by check boxes on its annual report whether the financial statements included in the filings reflect the correction of an error to previously issued financial statements and whether any of those corrections are Restatements that required a recovery analysis under this Recovery Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 disclose any action that it has taken in terms of this Recovery Policy including, but not limited to, enforcement of this Recovery Policy against an Executive Officer, the reasons why it has concluded that it would be impractical to enforce this Recovery Policy against an Executive Officer, and/or any non-compliance with this Recovery Policy in accordance with the provisions of section 802.01F of the NYSE Manual.

&nbsp;&nbsp;&nbsp;&nbsp;6. **WRITTEN ACKNOWLEDGEMENT** 

All Executive Officers who Receive Incentive-based Compensation on or after the Effective Date must acknowledge receipt of this Recovery Policy and agree to be bound by the terms of this Recovery Policy by signing and returning the letter of acknowledgement attached as **Annexure "A"** to this Recovery Policy.

&nbsp;&nbsp;&nbsp;&nbsp;7. **References** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 the Recovery Provisions of the NYSE Manual

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Rule 10D-1 of the SE Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Sasol Group Remuneration Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Sasol Long Term Incentive Plan rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 Sasol Short Term Incentive Plan Policy

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&nbsp;&nbsp;&nbsp;&nbsp;8. **Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Group Human Resources Reward will be responsible for updating and maintaining this Recovery Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 The Remcom will be responsible for implementing, enforcing, and making disclosures under this Recovery Policy.

&nbsp;&nbsp;&nbsp;&nbsp;9. **Amendment record** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 This Recovery Policy document, once downloaded from the document management system, is an uncontrolled copy which is no longer guaranteed to be authoritative. To ensure the use of the authorised copy, the document must be downloaded from its authoritative source on the relevant website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 All Executive Officers must be notified of this Recovery Policy and any revisions made to it.

&nbsp;&nbsp;&nbsp;&nbsp;10. **Record of Amendments and Revisions** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Revision** | &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Author** | &nbsp;&nbsp;**Summary of Changes** |
| &nbsp;&nbsp;New | &nbsp;&nbsp;November 2023 | &nbsp;&nbsp;Dr R Nienaber | &nbsp;&nbsp;Creation of policy document |

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| ***HR_GP_RW_200*** | ***2*** | ***Date Printed: 20/08/2025<br>08:31:49*** | ***8 of 9*** |

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**ANNEXURE "A"**

**ACKNOWLEDGEMENT AND ACCEPTANCE OF THE RECOVERY OF ERRONEOUSLY <br>AWARDED COMPENSATION**

I**, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ,** acknowledge that I have been furnished with a copy of the Sasol 2023 Executive Compensation Recovery Policy (the **Recovery Policy**) and that I have familiarised myself with and agree to be bound by the terms of the Recovery Policy. Terms not otherwise defined in this acknowledgment letter will have the meanings given to them in the Recovery Policy.

I confirm that I am an Executive Officer as defined in the Recovery Policy and that the Recovery Policy will apply to all Incentive-based compensation Received by me on or after the Effective Date.

In the event of a Restatement, I undertake to promptly repay or return to the Company any Erroneously Awarded Compensation in accordance with the provisions of the Recovery Policy. [For South African Executive Officers only: I understand and accept that the Restatement will give rise to an error in calculation of the Incentive-based compensation originally received by me (i.e., the Erroneously Awarded Compensation) which the Company is legally entitled to require me to repay or return].

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| Signature | Date |

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| ***HR_GP_RW_200*** | ***2*** | ***Date Printed: 20/08/2025<br>08:31:49*** | ***9 of 9*** |

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## Exhibit 99.1

?xml version='1.0' encoding='ASCII'? Sasol Limited_2025-06-30

[**Table of Contents**](#TOC)

#### Exhibit 99.1
**Consolidated financial statements**

for the year ended 30 June 2025

[**Table of Contents**](#TOC)

**Content**

---

| | |
|:---|:---|
| [Income statement](#INCOMESTATEMENT_6099) | 2 |
| [Statement of comprehensive income](#STATEMENTOFCOMPREHENSIVEINCOME_720893) | 3 |
| [Statement of financial position](#STATEMENTOFFINANCIALPOSITION_865269) | 4 |
| [Statement of changes in equity](#STATEMENTOFCHANGESINEQUITY_631695) | 5 |
| [Statement of cash flows](#STATEMENTOFCASHFLOWS_97190) | 6 |
| [Notes to the financial statements](#NOTESTOTHEFINANCIALSTATEMENTS_283895) | 7 |

---

1 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

#### INCOME STATEMENT
**for the year ended 30 June**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Note | **2025**<br>**Rm** | 2024<br>Rm | 2023<br>Rm |
| **Turnover** | 2 | **249 096** | 275 111 | 289 696 |
| Materials, energy and consumables used | 3 | **(129 141)** | (137 957) | (152 297) |
| Selling and distribution costs |  | **(9 579)** | (10 394) | (10 470) |
| Maintenance expenditure |  | **(15 524)** | (15 446) | (15 076) |
| Employee-related expenditure | 4 | **(35 298)** | (35 465) | (33 544) |
| Depreciation and amortisation |  | **(14 002)** | (15 644) | (16 491) |
| Other expenses and income | 5 | **(8 711)** | (13 854) | (9 023) |
| Equity accounted profits, net of tax | 18 | **1 623** | 1 758 | 2 623 |
| **Operating profit before remeasurement items** |  | **38 464** | 48 109 | 55 418 |
| Remeasurement items affecting operating profit | 8 | **(19 645)** | (75 414) | (33 898) |
| **Earnings/(loss) before interest and tax (EBIT/(LBIT))** |  | **18 819** | (27 305) | 21 520 |
| Finance income | 6 | **2 925** | 3 226 | 2 253 |
| Finance costs | 6 | **(9 462)** | (10 427) | (9 259) |
| **Earnings/(loss) before tax** |  | **12 282** | (34 506) | 14 514 |
| Taxation | 9 | **(4 556)** | (9 739) | (5 181) |
| **Earnings/(loss) for the year** |  | **7 726** | (44 245) | 9 333 |
| **Attributable to** |  |  |  |  |
| Owners of Sasol Limited |  | **6 767** | (44 271) | 8 799 |
| Non-controlling interests in subsidiaries |  | **959** | 26 | 534 |
|  |  | **7 726** | (44 245) | 9 333 |
|  |  | **Rand** | Rand | Rand |
| **Per share information** |  |  |  |  |
| Basic earnings/(loss) per share | 7 | **1060** | (6994) | 1400 |
| Diluted earnings/(loss) per share | 7 | **1054** | (6994) | 1302 |

---

The notes on pages 7 to 122 are an integral part of these Consolidated Financial Statements.

2 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

#### STATEMENT OF COMPREHENSIVE INCOME
**for the year ended 30 June**

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| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**Rm** | 2024<br>Rm | 2023<br>Rm |
| **Earnings/(loss) for the year** | **7 726** | (44 245) | 9 333 |
| **Other comprehensive income/(loss), net of tax** |  |  |  |
| **Items that can be subsequently reclassified to the income statement** | **1 592** | (2 916) | 11 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of translation of foreign operations | **1 579** | (2 745) | 12 061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of other comprehensive income in equity accounted investments | **13** | 57 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation reserve on disposal of business reclassified to the income statement | **—** | (228) | (251) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on items that can be subsequently reclassified to the income statement | **—** |  | 99 |
| **Items that cannot be subsequently reclassified to the income statement** | **188** | 48 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurement on post-retirement benefit obligation | **251** | 55 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of investments through other comprehensive income | **(1)** | (3) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on items that cannot be subsequently reclassified to the income statement | **(62)** | (4) | (119) |
| **Total comprehensive income/(loss) for the year** | **9 506** | (47 113) | 21 573 |
| **Attributable to** |  |  |  |
| Owners of Sasol Limited | **8 539** | (47 123) | 21 057 |
| Non-controlling interests in subsidiaries | **967** | 10 | 516 |
|  | **9 506** | (47 113) | 21 573 |

---

The notes on pages 7 to 122 are an integral part of these Consolidated Financial Statements.

3 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

#### STATEMENT OF FINANCIAL POSITION
**at 30 June**

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| | | | |
|:---|:---|:---|:---|
|  | <br>Note | **2025**<br>**Rm** | 2024<br>Reclassified\*<br>Rm |
| **Assets** |  |  |  |
| Property, plant and equipment | 16 | **158 041** | 163 589 |
| Right of use assets | 14 | **11 834** | 12 351 |
| Goodwill and other intangible assets |  | **2 350** | 2 462 |
| Equity accounted investments | 18 | **12 959** | 14 742 |
| Other long-term investments |  | **3 008** | 2 536 |
| Post-retirement benefit assets | 31 | **1 083** | 910 |
| Long-term receivables and prepaid expenses | 17 | **3 543** | 4 030 |
| Long-term financial assets | 35 | **780** | 446 |
| Deferred tax assets | 11 | **35 803** | 37 193 |
| **Non-current assets** |  | **229 401** | 238 259 |
| Inventories | 21 | **41 793** | 40 719 |
| Tax receivable | 10 | **1 557** | 456 |
| Trade and other receivables | 22 | **40 086** | 36 533 |
| Short-term financial assets | 35 | **5 615** | 3 532 |
| Cash and cash equivalents | 25 | **41 050** | 45 383 |
| **Current assets** |  | **130 101** | 126 623 |
| Assets in disposal groups held for sale |  | **53** | 98 |
| **Total assets** |  | **359 555** | 364 980 |
| **Equity and liabilities**  |  |  |  |
| Shareholders' equity |  | **152 427** | 143 005 |
| Non-controlling interests |  | **5 184** | 4 422 |
| **Total equity** |  | **157 611** | 147 427 |
| Long-term debt\* | 13 | **88 554** | 103 871 |
| Lease liabilities | 14 | **15 177** | 15 173 |
| Long-term provisions | 29 | **12 949** | 14 396 |
| Post-retirement benefit obligations | 31 | **12 121** | 11 356 |
| Long-term deferred income |  | **229** | 446 |
| Long-term financial liabilities\* | 35 | **—** | 510 |
| Deferred tax liabilities | 11 | **3 478** | 5 205 |
| **Non-current liabilities** |  | **132 508** | 150 957 |
| Short-term debt\* | 15 | **16 940** | 15 990 |
| Short-term provisions | 30 | **3 757** | 4 750 |
| Tax payable | 10 | **636** | 1 108 |
| Trade and other payables | 23 | **47 411** | 44 198 |
| Short-term deferred income |  | **625** | 320 |
| Short-term financial liabilities\* | 35 | **66** | 109 |
| Bank overdraft | 25 | **1** | 121 |
| **Current liabilities** |  | **69 436** | 66 596 |
| **Total equity and liabilities** |  | **359 555** | 364 980 |

---

\* Prior year numbers have been reclassified on adoption of the amendments to IAS 1, refer note 1.

The notes on pages 7 to 122 are an integral part of these Consolidated Financial Statements.

4 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

#### STATEMENT OF CHANGES IN EQUITY
**for the year ended 30 June**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>Share<br>capital<br>Note 12<br>Rm | Share-<br>based<br>payment<br>reserve<br>Rm | Foreign<br>currency<br>translation<br>reserve<br>Rm | <br>Other<br>reserves\*<br>Rm | Remeasurement<br>on post-<br>retirement<br>benefits<br>Rm | <br>Retained<br>earnings<br>Rm | <br>Shareholders'<br>equity<br>Rm | <br>Non-<br>controlling<br>interests<br>Rm | <br>Total<br>equity<br>Rm |
| **Balance at 30 June 2022** | **9 888** | **1 314** | **37 753** | **4** | **413** | **139 251** | **188 623** | **4 574** | **193 197** |
| Other movements |  |  | 1 |  | (17) | 61 | **45** | (37) | **8** |
| Movement in share-based payment reserve |  | 933 |  |  |  |  | **933** |  | **933** |
| &nbsp;&nbsp;&nbsp;Share-based payment expense (refer note 32) |  | 1 033 |  |  |  |  | **1 033** |  | **1 033** |
| &nbsp;&nbsp;&nbsp;Deferred tax |  | (100) |  |  |  |  | **(100)** |  | **(100)** |
| Long-term incentives vested and settled |  | (1 349) |  |  |  | 1 349 | **—** |  | **—** |
| Total comprehensive income for the year |  |  | 11 932 | 16 | 310 | 8 799 | **21 057** | 516 | **21 573** |
| &nbsp;&nbsp;&nbsp;profit |  |  |  |  | **—** | 8 799 | **8 799** | 534 | **9 333** |
| &nbsp;&nbsp;&nbsp;other comprehensive income/(loss) for the year |  |  | 11 932 | 16 | 310 |  | **12 258** | (18) | **12 240** |
| Dividends paid (refer note 28) |  |  |  |  |  | (13 754) | **(13 754)** | (433) | **(14 187)** |
| **Balance at 30 June 2023** | **9 888** | **898** | **49 686** | **20** | **706** | **135 706** | **196 904** | **4 620** | **201 524** |
| Other movements |  | 1 | (1) | (25) |  | 17 | **(8)** | 9 | **1** |
| Movement in share-based payment reserve |  | 865 |  |  |  |  | **865** |  | **865** |
| &nbsp;&nbsp;&nbsp;Share-based payment expense (refer note 32) |  | 986 |  |  |  |  | **986** |  | **986** |
| &nbsp;&nbsp;&nbsp;Deferred tax |  | (121) |  |  |  |  | **(121)** |  | **(121)** |
| Long-term incentives vested and settled |  | (718) |  |  |  | 718 | **—** |  |  |
| Total comprehensive (loss)/income for the year |  |  | (2 971) | 54 | 65 | (44 271) | **(47 123)** | 10 | **(47 113)** |
| &nbsp;&nbsp;&nbsp;(loss)/profit |  |  |  |  |  | (44 271) | **(44 271)** | 26 | **(44 245)** |
| &nbsp;&nbsp;&nbsp;other comprehensive (loss)/income for the year |  |  | (2 971) | 54 | 65 |  | **(2 852)** | (16) | **(2 868)** |
| Dividends paid (refer note 28) |  |  |  |  |  | (7 633) | **(7 633)** | **(217)** | **(7 850)** |
| **Balance at 30 June 2024** | **9 888** | **1 046** | **46 714** | **49** | **771** | **84 537** | **143 005** | **4 422** | **147 427** |
| Other movements | **—** | **—** | **—** | **—** | **—** | **(2)** | **(2)** | **—** | **(2)** |
| Movement in share-based payment reserve | **—** | **913** | **—** | **—** | **—** | **—** | **913** | **—** | **913** |
| &nbsp;&nbsp;&nbsp;Share-based payment expense (refer note 32) | **—** | **914** | **—** | **—** | **—** | **—** | **914** | **—** | **914** |
| &nbsp;&nbsp;&nbsp;Deferred tax | **—** | **(1)** | **—** | **—** | **—** | **—** | **(1)** | **—** | **(1)** |
| Long-term incentives vested and settled | **—** | **(691)** | **—** | **—** | **—** | **691** | **—** | **—** | **—** |
| Total comprehensive income for the year | **—** | **—** | **1 581** | **12** | **179** | **6 767** | **8 539** | **967** | **9 506** |
| &nbsp;&nbsp;&nbsp;profit | **—** | **—** | **—** | **—** | **—** | **6 767** | **6 767** | **959** | **7 726** |
| &nbsp;&nbsp;&nbsp;other comprehensive income for the year | **—** | **—** | **1 581** | **12** | **179** | **—** | **1 772** | **8** | **1 780** |
| Dividends paid (refer note 28) | **—** | **—** | **—** | **—** | **—** | **(28)** | **(28)** | **(205)** | **(233)** |
| **Balance at 30 June 2025** | **9 888** | **1 268** | **48 295** | **61** | **950** | **91 965** | **152 427** | **5 184** | **157 611** |

---

\*Includes investment fair value and cash flow hedge reserves.

The notes on pages 7 to 122 are an integral part of these Consolidated Financial Statements.

5 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

#### STATEMENT OF CASH FLOWS
**for the year ended 30 June**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;**<br>Note | **2025**<br>**Rm** | 2024<br>Rm | 2023<br>Rm |
| Cash receipts from customers |  | **247 982** | 272 017 | 298 698 |
| Cash paid to suppliers and employees |  | **(200 179)** | (219 696) | (234 061) |
| **Cash generated by operating activities** | 26 | **47 803** | 52 321 | 64 637 |
| Dividends received from equity accounted investments |  | **3 211** | 1 639 | 3 765 |
| Finance income received | 6 | **2 818** | 3 211 | 2 242 |
| Finance costs paid¹ | 6 | **(7 998)** | (8 638) | (7 083) |
| Tax paid | 10 | **(7 293)** | (10 932) | (13 952) |
| **Cash available from operating activities** |  | **38 541** | 37 601 | 49 609 |
| Dividends paid<sup>2</sup> | 28 | **(28)** | (7 633) | (13 754) |
| Dividends paid to non-controlling shareholders in subsidiaries |  | **(205)** | (217) | (433) |
| **Cash retained from operating activities** |  | **38 308** | 29 751 | 35 422 |
| Additions to non-current assets |  | **(25 983)** | (30 428) | (30 247) |
| &nbsp;&nbsp;additions to property, plant and equipment | 16 | **(25 345)** | (30 074) | (30 726) |
| &nbsp;&nbsp;additions to other intangible assets |  | **(68)** | (85) | (128) |
| &nbsp;&nbsp;(decrease)/increase in capital project related payables |  | **(570)** | (269) | 607 |
| Cash contribution to equity accounted investments |  | **(63)** | (113) | (95) |
| Proceeds on disposals and scrappings |  | **372** | 129 | 799 |
| Proceeds from assets held for sale |  | **53** | 9 | 3 |
| Purchase of investments |  | **(1 055)** | (173) | (243) |
| Proceeds from sale of investments |  | **946** | 69 | 156 |
| (Increase)/decrease in long-term receivables<sup>3</sup> |  | **(156)** | (150) | 1 393 |
| **Cash used in investing activities** |  | **(25 886)** | (30 657) | (28 234) |
| Proceeds from long-term debt | 13 | **471** | 30 692 | 95 035 |
| Repayment of long-term debt | 13 | **(14 060)** | (35 468) | (91 564) |
| Payment of lease liabilities | 14 | **(3 077)** | (2 698) | (2 269) |
| Proceeds from short-term debt |  | **3 613** | 2 691 | 1 787 |
| Repayment of short-term debt |  | **(3 556)** | (2 183) | (1 801) |
| **Cash (used in)/generated by financing activities** |  | **(16 609)** | (6 966) | 1 188 |
| Translation effects on cash and cash equivalents |  | **(26)** | (633) | 2 424 |
| **(Decrease)/increase in cash and cash equivalents** |  | **(4 213)** | (8 505) | 10 800 |
| Cash and cash equivalents at the beginning of year |  | **45 262** | 53 767 | 42 967 |
| **Cash and cash equivalents at the end of the year** | 25 | **41 049** | 45 262 | 53 767 |

---

---

| | |
|:---|:---|
| 1 | Included in finance costs paid are amounts capitalised to assets under construction a class of Property, plant and equipment (refer to note 16). |

---

2 Decrease is as a result of no interim and final dividends declared in 2025 compared to interim dividends declared in 2024.

3 Included in the movement in long-term receivables are loans granted R431 million (2024: R298 million), loans repaid R511 million (2024: R357 million) and an increase in long-term restricted cash R236 million (2024: R214 million).

The notes on pages 7 to 122 are an integral part of these Consolidated Financial Statements.

6 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

**Notes to the financial statements**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Segment information](#SEGMENTINFORMATION_270868) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of compliance](#a1Statementofcompliance_435177) | 16 |

---

---

| | |
|:---|:---|
| [**Earnings generated from operations**](#Earningsgeneratedfromoperations_126079) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Operating and other activities**](#OPERATINGANDOTHERACTIVITIES_575061) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Turnover](#a3Turnover_414959) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Materials, energy and consumables used](#a4Materialsenergyandconsumablesused_3484) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Employee-related expenditure](#a5Employeerelatedexpenditure_617277) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other expenses and income](#OtherExpense1) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Net finance costs](#a8Netfinancecosts_838517) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Earnings and dividends per share](#a9Lossearningsanddividendspershare_48876) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Remeasurement items affecting operating profit](#a10Remeasurementitemsaffectingoperatingp) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Taxation**](#Taxation_419532) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Taxation](#Taxation_990093) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax paid](#a14Taxpaid_137151) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Deferred tax](#a15Deferredtax_396206) | 40 |

---

---

| | |
|:---|:---|
| [**Sources of capital**](#SOURCESOFCAPITAL_168296) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Equity**](#EQUITY_220238) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Share capital](#a16Sharecapital_244995) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Funding activities and facilities**](#FUNDINGACTIVITIESANDFACILITIES_633233) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Long-term debt](#a17Longtermdebt_906264) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Leases](#a18Leaseliabilities_261382) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Short-term debt](#a19Shorttermdebt_609373) | 52 |

---

7 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| [**Capital allocation and utilisation**](#CAPITALALLOCATIONANDUTILISATION_394639) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Investing activities**](#INVESTINGACTIVITIES_497076) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Property, plant and equipment](#a20Propertyplantandequipment_631616) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Long-term receivables and prepaid expenses](#a23Longtermreceivablesandprepaidexpenses) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Equity accounted investments](#a24Equityaccountedinvestments_815373) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Interest in joint operations](#a25Interestinjointoperations_708631) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Interest in significant operating subsidiaries](#a26Interestinsignificantoperatingsubsidi) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Working capital**](#WORKINGCAPITAL_556802) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Inventories](#a27Inventories_519742) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Trade and other receivables](#a28Tradeandotherreceivables_473726) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Trade and other payables](#a29Tradeandotherpayables_625232) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Decrease/(increase) in working capital](#a30Decreaseincreaseinworkingcapital_8325) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Cash management**](#CASHMANAGEMENT_942759) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cash and cash equivalents](#a31Cashandcashequivalents_332819) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cash generated by operating activities](#Cashgeneratedbyoperatingactivities_14136) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cash flow from operations](#a33Cashflowfromoperations_51584) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dividends paid](#a34Dividendspaid_853435) | 70 |

---

---

| | |
|:---|:---|
| [**Provisions and reserves**](#PROVISIONSANDRESERVES_354178) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Provisions**](#PROVISIONS_852835) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Long-term provisions](#a35Longtermprovisions_34294) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Short-term provisions](#a36Shorttermprovisions_169236) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Post-retirement benefit obligations](#a37Postretirementbenefitobligations_8845) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Reserves**](#RESERVES_935588) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Share-based payment reserve](#a39Sharebasedpaymentreserve_500574) | 86 |

---

---

| | |
|:---|:---|
| [**Other disclosures**](#OTHERDISCLOSURES_302974) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Contingent liabilities](#a40Contingentliabilities_973702) | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Related parties](#a41Relatedpartytransactions_414262) | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial risk management and financial instruments](#Financialriskmanagementandfinancialinstr) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Subsequent events](#a42Subsequentevents_394172) | 122 |

---

8 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

**SEGMENT INFORMATION**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Southern Africa** | **Southern Africa** | **Southern Africa** | **Southern Africa** | **International** | **International** | | | |
|  | **Energy and Chemicals¹** | **Energy and Chemicals¹** | **Energy and Chemicals¹** | **Energy and Chemicals¹** | **Chemicals¹** | **Chemicals¹** | | | |
|  | Mining<br>Rm | Gas<br>Rm | Fuels<br>Rm | Chemicals Africa<br>Rm | America<br>Rm | Eurasia<br>Rm | &nbsp;&nbsp;&nbsp;&nbsp;<br>Business<br>support¹<br>Rm | &nbsp;&nbsp;&nbsp;&nbsp;<br>Consolidation<br>Adjustments<br>Rm | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total**<br>**Rm** |
| **2025** |  |  |  |  |  |  |  |  |  |
| **Income statement** |  |  |  |  |  |  |  |  |  |
| External turnover | 3 640 | 8 421 | 96 026 | 60 716 | 38 246 | 42 047 |  |  | **249 096** |
| &nbsp;&nbsp;Segment turnover | 30 373 | 13 133 | 98 419 | 63 528 | 38 703 | 42 571 |  | (37 631) | **249 096** |
| &nbsp;&nbsp;Intersegmental turnover | (26 733) | (4 712) | (2 393) | (2 812) | (457) | (524) |  | 37 631 | **—** |
| Materials, energy and consumables used² | (9 965) | (3 493) | (70 247) | (32 798) | (19 278) | (30 308) | (168) | 37 116 | **(129 141)** |
| Selling and distribution costs |  |  | (28) | (4 322) | (3 679) | (1 584) | – | 34 | **(9 579)** |
| Maintenance expenditure | (4 602) | (286) | (4 064) | (3 751) | (2 586) | (1 028) | (576) | 1 369 | **(15 524)** |
| Employee-related expenditure | (6 854) | (732) | (4 758) | (5 969) | (4 648) | (6 177) | (6 389) | 229 | **(35 298)** |
| Depreciation and amortisation | (1 426) | (1 179) | (1 015) | (5 361) | (2 988) | (1 555) | (478) |  | **(14 002)** |
| Other expenses and income | (3 531) | (88) | (2 300) | (5 631) | (3 849) | (946) | 8 751 | (1 117) | **(8 711)** |
| Equity accounted profits/(losses), net of tax | 1 | 489 | 976 | 218 |  |  | (61) |  | **1 623** |
| Remeasurement items affecting operating profit (refer note 8) | (42) | (4 796) | (11 761) | (905) | (9) | (2 184) | 52 |  | **(19 645)** |
| Earnings/(loss) before interest and tax (EBIT/(LBIT)) | 3 954 | 3 048 | 5 222 | 5 009 | 1 666 | (1 211) | 1 131 |  | **18 819** |
| **Statement of Financial Position** |  |  |  |  |  |  |  |  |  |
| Additions to non-current assets³ | 3 573 | 3 481 | 7 315 | 6 863 | 2 332 | 1 548 | 301 |  | **25 413** |

---

<sup>1</sup> After streamlining its operating model, Sasol's businesses are now managed as Southern Africa Energy and Chemicals and International Chemicals. Business support was previously referred to as the Corporate Centre. Sasol's reportable segments have remained unchanged.

<sup>2</sup>An amount of R103 billion relating to the cost of raw materials is included in the Materials, energy and consumables used.

The current year consists of Mining (R8,5 billion), Gas (R3,5 billion), Fuels (R59,7 billion), Chemicals Africa (R25 billion), Chemicals America (R15,7 billion), Chemicals Eurasia (R26,6 billion) and Business Support (R0,1 billion) less the consolidation adjustment (R36,2 billion).

<sup>3</sup>Excludes capital project related payables and equity accounted investments.

9 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Southern Africa** | **Southern Africa** | **Southern Africa** | **Southern Africa** | **International** | **International** | | | |
|  | **Energy and Chemicals¹** | **Energy and Chemicals¹** | **Energy and Chemicals¹** | **Energy and Chemicals¹** | **Chemicals¹** | **Chemicals¹** | | | |
|  | Mining<br>Rm | Gas<br>Rm | Fuels<br>Rm | Chemicals Africa<br>Rm | America<br>Rm | Eurasia<br>Rm | &nbsp;&nbsp;&nbsp;&nbsp;<br>Business<br>support¹<br>Rm | &nbsp;&nbsp;&nbsp;&nbsp;<br>Consolidation<br>Adjustments<br>Rm | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total**<br>**Rm** |
| **2024** |  |  |  |  |  |  |  |  |  |
| **Income statement** |  |  |  |  |  |  |  |  |  |
| External turnover | 3 874 | 8 014 | 116 256 | 63 829 | 41 424 | 41 714 |  |  | **275 111** |
| Segment turnover | 28 876 | 12 158 | 118 864 | 66 883 | 41 805 | 42 201 |  | (35 676) | **275 111** |
| Intersegmental turnover | (25 002) | (4 144) | (2 608) | (3 054) | (381) | (487) |  | 35 676 | **—** |
| Materials, energy and consumables used² | (9 401) | (4 097) | (76 483) | (30 038) | (21 899) | (30 974) | (182) | 35 117 | **(137 957)** |
| Selling and distribution costs |  |  | (44) | (4 771) | (3 936) | (1 673) |  | 30 | **(10 394)** |
| Maintenance expenditure | (4 214) | (329) | (4 089) | (3 492) | (2 792) | (1 189) | (710) | 1 369 | **(15 446)** |
| Employee-related expenditure | (6 851) | (750) | (4 801) | (5 721) | (4 843) | (6 213) | (6 564) | 278 | **(35 465)** |
| Depreciation and amortisation | (1 532) | (665) | (1 115) | (5 018) | (4 905) | (1 930) | (479) |  | **(15 644)** |
| Other expenses and income | (3 684) | (1 031) | (5 314) | (6 459) | (4 953) | (345) | 9 050 | (1 118) | **(13 854)** |
| Equity accounted (losses)/profits, net of tax | (1) | 463 | 1 173 | 143 |  |  | (20) |  | **1 758** |
| Remeasurement items affecting operating profit (refer note 8) | 17 | 954 | (9 244) | (5 237) | (59 686) | (2 265) | 47 |  | **(75 414)** |
| Earnings/(loss) before interest and tax (EBIT/LBIT) | 3 210 | 6 703 | 18 947 | 6 290 | (61 209) | (2 388) | 1 142 |  | **(27 305)** |
| **Statement of Financial Position** |  |  |  |  |  |  |  |  |  |
| Additions to non-current assets³ | 2 954 | 6 492 | 8 671 | 7 548 | 1 762 | 2 062 | 670 |  | **30 159** |

---

<sup>1</sup> After streamlining its operating model, Sasol's businesses are now managed as Southern Africa Energy and Chemicals and International Chemicals. Business support was previously referred to as the Corporate Centre. Sasol's reportable segments have remained unchanged.

<sup>2</sup> An amount of R114,9 billion relating to the cost of raw materials is included in the Materials, energy and consumables used.

The current year consists of Mining (R8,2 billion), Gas (R4,1 billion), Fuels (R67,6 billion), Chemicals Africa (R23,5 billion), Chemicals America (R18,6 billion), Chemicals Eurasia (R27,2 billion) and Business Support (R0,1 billion) less the consolidation adjustment (R34,4 billion).

<sup>3</sup>Excludes capital project related payables and equity accounted investments.

10 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Southern Africa** | **Southern Africa** | **Southern Africa** | **Southern Africa** | **International** | **International** | | | |
|  | **Energy and Chemicals¹** | **Energy and Chemicals¹** | **Energy and Chemicals¹** | **Energy and Chemicals¹** | **Chemicals¹** | **Chemicals¹** | | | |
|  | Mining<br>Rm | Gas<br>Rm | Fuels<br>Rm | Chemicals Africa<br>Rm | America<br>Rm | Eurasia<br>Rm | <br>Business<br>support¹<br>Rm | <br>Consolidation<br>Adjustments<br>Rm | <br>**Total**<br>**Rm** |
| **2023** |  |  |  |  |  |  |  |  |  |
| **Income statement** |  |  |  |  |  |  |  |  |  |
| External turnover | 6 386 | 7 234 | 116 235 | 67 772 | 44 492 | 47 577 |  |  | **289 696** |
| Segment turnover | 27 666 | 11 988 | 118 708 | 70 586 | 44 942 | 48 194 |  | (32 388) | **289 696** |
| Intersegmental turnover | (21 280) | (4 754) | (2 473) | (2 814) | (450) | (617) |  | 32 388 | **—** |
| Materials, energy and consumables used² | (8 508) | (3 834) | (76 043) | (27 548) | (28 605) | (39 427) | (210) | 31 878 | **(152 297)** |
| Selling and distribution costs |  |  | (43) | (4 974) | (3 773) | (1 717) |  | 37 | **(10 470)** |
| Maintenance expenditure | (4 056) | (345) | (4 361) | (3 565) | (2 324) | (1 120) | (719) | 1 414 | **(15 076)** |
| Employee-related expenditure | (6 743) | (637) | (4 544) | (5 426) | (4 588) | (5 403) | (6 394) | 191 | **(33 544)** |
| Depreciation and amortisation | (2 394) | (569) | (2 242) | (4 197) | (4 645) | (1 699) | (745) |  | **(16 491)** |
| Other expenses and income | (3 441) | (73) | (5 211) | (6 303) | (5 466) | 884 | 11 719 | (1 132) | **(9 023)** |
| Equity accounted profits, net of tax | 2 | 439 | 2 038 | 144 |  |  |  |  | **2 623** |
| Remeasurement items affecting operating profit (refer note 8) | 54 | (537) | (35 430) | (1 048) | 3 916 | (900) | 47 |  | **(33 898)** |
| Earnings/(loss) before interest and tax (EBIT/LBIT) | 2 580 | 6 432 | (7 128) | 17 669 | (543) | (1 188) | 3 698 |  | **21 520** |
| **Statement of Financial Position** |  |  |  |  |  |  |  |  |  |
| Additions to non-current assets³ | 2 979 | 5 600 | 8 909 | 8 202 | 2 491 | 1 827 | 846 |  | **30 854** |

---

<sup>1</sup> After streamlining its operating model, Sasol's businesses are now managed as Southern Africa Energy and Chemicals and International Chemicals. Business support was previously referred to as the Corporate Centre. Sasol's reportable segments have remained unchanged.

<sup>2</sup> An amount of R126 billion relating to the cost of raw materials is included in the Materials, energy and consumables used.

The current year consists of Mining (R7,5 billion), Gas (R3,8 billion), Fuels (R67,6 billion), Chemicals Africa (R21,8 billion), Chemicals America (R24,4 billion), Chemicals Eurasia (R32,2 billion) and Business Support (R0,1 billion) less the consolidation adjustment (R31,1 billion).

<sup>3</sup> Excludes capital project related payables and equity accounted investments.

11 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

**GEOGRAPHIC REGION INFORMATION**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | South<br>Africa<br>Rm | <br>Mozambique<br>Rm | <br>United States<br>Rm | <br>Europe<br>Rm | <br>Rest of World<br>Rm | <br>**Total**<br>**Rm** |
| **2025** |  |  |  |  |  |  |
| External turnover¹ | 119 000 | 1 053 | 39 167 | 47 158 | 42 718 | **249 096** |
| Earnings/(loss) before interest and tax (EBIT/(LBIT))² | 16 648 | (1 717) | 2 354 | (2 417) | 3 951 | **18 819** |
| Tax paid | 5 352 | 1 323 | 11 | 475 | 132 | **7 293** |
| Non-current assets³ | 69 763 | 22 901 | 75 022 | 14 763 | 10 066 | **192 515** |
| **2024** |  |  |  |  |  |  |
| External turnover¹ | 137 903 | 1 091 | 43 374 | 50 044 | 42 699 | **275 111** |
| Earnings/(loss) before interest and tax (EBIT/LBIT)² | 28 109 | 738 | (58 891) | (834) | 3 573 | **(27 305)** |
| Tax paid | 7 939 | 2 536 | 12 | 400 | 45 | **10 932** |
| Non-current assets³ | 69 729 | 25 090 | 77 217 | 17 136 | 10 984 | **200 156** |
| **2023** |  |  |  |  |  |  |
| External turnover¹ | 142 804 | 1 146 | 46 334 | 55 996 | 43 416 | **289 696** |
| Earnings before interest and tax (EBIT)² | 7 872 | 1 051 | 1 899 | 4 957 | 5 741 | **21 520** |
| Tax paid | 11 516 | 1 837 | 12 | 493 | 94 | **13 952** |
| Non-current assets³ | 67 389 | 18 915 | 143 714 | 19 708 | 11 083 | **260 809** |

---

<sup>1</sup> The analysis of turnover is based on the location of the customer.

<sup>2</sup> Includes equity accounted profits and remeasurement items.

<sup>3</sup> Excludes deferred tax assets and post-retirement benefit assets.

12 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

**REPORTING SEGMENTS** 

The Group's operating model comprises of two distinct businesses, Southern Africa Energy and Chemicals and International Chemicals. The Southern Africa Energy and Chemicals business comprises Mining, Gas, Fuels and Chemicals Africa. The International Chemicals business comprises of Chemicals America and Chemicals Eurasia. The operating model structure reflects how the results are reported to the Chief Operating Decision Maker (CODM). The CODM for Sasol is the President and Chief Executive Officer. The Southern Africa Energy business reportable segments are operating segments that are differentiated by the activities that each undertakes and the products they manufacture and market. The Chemicals business reportable segments are differentiated by the regions in which they operate. The Group has six main reportable segments that reflect the structure used by the President and Chief Executive Officer to make key operating decisions and assess performance. The Group evaluates the performance of its reportable segments based on earnings before interest and tax (EBIT).

![Graphic](ssl-20250630xex99d1008.jpg)

**Southern Africa business**

The Southern Africa business operates integrated value chains with feedstock sourced from the Mining and Gas operating segments and processed at our operations in Secunda, Sasolburg and National Petroleum Refiners of South Africa (Pty) Ltd (Natref). There are also associated assets outside South Africa which include the Pande-Temane Petroleum Production Agreement and the Production Sharing Agreement in Mozambique and ORYX GTL (gas to liquids) in Qatar.

**MINING**

Mining is responsible for securing coal feedstock for the Southern African value chain, mainly for gasification, but also to generate electricity and steam. Coal is sold for gasification and utility purposes to Secunda Operations (SO), for utility purposes to Sasolburg Operations and to third parties in the export market. Coal is supplied to SO on arms-length terms and to Sasolburg Operations based on a long-term supply contract with an inflation linked escalation. The price of export coal is based on the Free on Board Richards Bay index. The process to repurpose the Export plant to a Destoning plant began on 1 July 2025, resulting in the discontinuation of the export coal sales in the Mining Export market as coal is being diverted to improve the quality of coal for the Secunda Operations.

The date of delivery related to Mining is determined in accordance with the contractual agreements entered into with customers. These are summarised as follows:

---

| | |
|:---|:---|
| **Delivery terms** | **Control passes to the customer** |
| **On delivery** | At the point in time when the coal is delivered to the customer. |
| **Free on Board** | At the point in time when the coal is loaded onto the vessel at Richards Bay Coal Terminal; the customer is responsible for shipping and handling costs. |

---

**GAS**

The Gas segment reflects the upstream feedstock, transport of gas through the Republic of Mozambique Pipeline Investments Company (ROMPCO) pipeline, and external natural and methane rich gas sales.

13 **Sasol Annual Financial Statements 2025**

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Mozambican gas is sold under long-term contracts to the Sasol operations and to external customers. Condensate is sold on short-term contracts. In South Africa, gas is sold under long-term contracts at a price determinable from the supply agreements in accordance with the pricing methodology used by the National Energy Regulator of South Africa (NERSA). Analysis of gas and tests of the specifications and content are performed prior to delivery. Turnover from all gas sales is recognised on delivery.

---

| | |
|:---|:---|
| **Delivery terms** | **Control passes to the customer** |
| **On-delivery** | At the point in time when the: |
|  | · Gas reaches the inlet coupling of the customer's pipeline.<br>|
|  | · Condensate is loaded onto the customer's truck.<br>|
|  | These are the points when the customer controls the gas, condensate or oil, or directs the use of it. The customer is responsible for transportation and handling costs in terms of gas, condensate and oil. |

---

**FUELS**

The Fuels segment comprises the sales and marketing of liquid fuels produced in South Africa. Sasol supplies a significant portion of South Africa's domestic fuel needs through retail and wholesale channels. Liquid fuels are blended from fuel components produced by SO, crude oil refined at Natref, as well as some products purchased from other oil companies as well as fuel imports. Liquid fuel products are sold under both short- and long-term agreements for retail sales and commercial sales, including sales to other oil companies.

Liquid fuel prices are mainly driven by the Basic Fuel Price (BFP). Sales through wholesale is at BFP plus costs such as transportation and storage. For commercial sales and sales to other oil companies, the prices are fixed and determinable according to the specific contract, with periodic price adjustments.

Turnover is recognised as follows:

---

| | |
|:---|:---|
| **Delivery terms** | **Control passes to the customer:** |
| **On-delivery** | At the point in time when the fuel is delivered onto the rail tank car, road tank truck or into the customer pipeline. |
| **Free Carrier** | At the point in time when the goods are unloaded to the port of shipment; Sasol is not responsible for the freight and insurance. |
| **Carriage Paid To** | Products: At the point in time when the product is delivered to a specified location or main carrier.<br>Freight: Over the period of transporting the goods to the customer's nominated place – where the seller is responsible for freight costs, which are included in the contract. |

---

The Fuels segment includes Sasol's ORYX GTL operations in Qatar, a joint venture with Qatar Petroleum.

**Chemicals Africa and International Chemicals business**

The Chemicals Business has a strong diversified, global presence which has been organised into three customer-focused regional operating segments – Africa under Southern Africa and America and Eurasia under International Chemicals. Chemical products are grouped into two categories, Base Chemicals (mid-range Chemical commodities) and Differentiated Chemicals (chemicals with strong focus on growing sales into differentiated and/or specialty applications where margins can be larger than the selling prices of the commodity portfolio). These product divisions have been grouped in relation to the different drivers of revenue relating to each division.

The Chemicals businesses sell the majority of their products under contracts at prices determinable from such agreements. Turnover is recognised in accordance with the related contract terms, at the point at which control transfers to the customer and prices are determinable and collectability is probable.

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The point of delivery is determined in accordance with the contractual agreements entered into with customers which are as follows:

---

| | |
|:---|:---|
| **Delivery terms** | **Control passes to the customer:** |
| **Ex-tank sales** | At the point in time when products are loaded into the customer's vehicle or unloaded from the seller's storage tanks. |
| **Ex-works** | At the point in time when products are loaded into the customer's vehicle or unloaded at the seller's premises. |
| **Carriage Paid To (CPT); Cost Insurance Freight (CIF); Carriage and Insurance Paid (CIP); and Cost Freight Railage (CFR)** | Products – CPT: At the point in time when the product is delivered to a specified location or main carrier. |
| **Carriage Paid To (CPT); Cost Insurance Freight (CIF); Carriage and Insurance Paid (CIP); and Cost Freight Railage (CFR)** |  |
| **Carriage Paid To (CPT); Cost Insurance Freight (CIF); Carriage and Insurance Paid (CIP); and Cost Freight Railage (CFR)** | Products – CIF, CIP and CFR: At the point in time when the products are loaded into the transport vehicle. |
| **Free on Board** | At the point in time when products are loaded into the transport vehicle; the customer is responsible for shipping and handling costs. |
| **Delivered at Place** | At the point in time when products are delivered to and signed for by the customer. |
| **Consignment Sales** | As and when products are consumed by the customer. |

---

**Business Support**

Business Support consists of support to the Southern Africa Businesses and the Corporate Office including treasury companies.

15 **Sasol Annual Financial Statements 2025**

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#### STATEMENT OF COMPLIANCE

---

| | |
|:---|:---|
| **1** | **Statement of compliance** |

---

The consolidated annual financial statements for the year ended 30 June 2025 have been prepared in accordance with IFRS<sup>®</sup> Accounting Standards, the Financial Pronouncements as issued by the Financial Reporting Standards Council and SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the JSE Listing Requirements and the South African Companies Act. The consolidated financial statements were approved for issue by the Board on 22 August 2025 and will be presented to shareholders at the Company's annual general meeting on 14 November 2025.

#### Basis of preparation of financial results
The consolidated financial statements are prepared using the historic cost convention except that, certain items, including derivative instruments, plan assets for defined benefit pension plans, financial assets at fair value through profit or loss and financial assets designated at fair value through other comprehensive income, are stated at fair value. The consolidated financial statements are presented in rand, which is Sasol Limited's functional and presentation currency, rounded to the nearest million, unless indicated otherwise.

#### Going concern
The consolidated financial statements are prepared on the going concern basis. Based on forecasts and available cash resources, the Group and Company have adequate resources to continue normal operations into the foreseeable future.

**Climate change**

Climate considerations are central to our strategy, guiding decisions and value creation. We are committed to our 2030 greenhouse gas (GHG) reduction target and are progressing the optimisation of our energy and feedstock mix to lower carbon intensity. Aligned with our 'Grow and Transform' strategic pillar, we are focused on developing lower carbon intensity revenue streams that deliver strong, sustainable cash flows and competitive returns. Our long-term ambition is clear: to achieve net zero emissions, while creating value for our stakeholders and supporting South Africa's energy transition commitment to accretive shared value.

As part of our commitment to climate action and the transition to a lower-carbon economy, Sasol has set short-term GHG emission reduction targets that are aligned with our long-term decarbonisation pathway. We aim to reduce absolute Scope 1 and 2 emissions by 30% by 2030 for our Southern Africa Energy and Chemicals and International Chemicals businesses. This target reflects our ongoing efforts to decarbonise our operations through a portfolio of mitigation levers, including process efficiency improvements, renewable energy integration, and low-carbon technology deployment. In addition, we have committed to reducing absolute Scope 3 Category 11 emissions (use of sold products) by 20% by 2030, applicable to our Southern Africa Energy and Chemicals business. These reduction targets are underpinned by targeted interventions designed to deliver measurable emissions reductions while maintaining the competitiveness and resilience of our operations.

Where reasonable and supportable, management has considered the impact of these 2030 targets on a number of key estimates within the financial statements including the estimates of future cash flows used in impairment assessments of non-current assets (refer to note 8), useful lives of property, plant and equipment (refer to note 16), purchase and capital commitments (refer to note 3 and 16), the estimates of future profitability used in our assessment of the recoverability of deferred tax assets (refer to note 11) and the timing and amount of environmental obligations (refer to note 29), and the determination of targets for the Group's long - term incentive plan (refer note 32).

16 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **1** | **Statement of compliance continued** |

---

**IBOR reform**

After the transition away from certain Interbank Offered Rates in foreign jurisdictions (IBOR reform), the reforms to South Africa's reference interest rate are gaining momentum. The Johannesburg Interbank Average Rate (JIBAR) will be replaced by the new South African Overnight Index Average (ZARONIA). The Group has exposure to the Johannesburg Interbank Average Rate (JIBAR) through certain debt instruments. Refer to note 13. ZARONIA reflects the interest rate at which rand-denominated overnight wholesale funds are obtained by commercial banks. The observation period for the ZARONIA ended on 3 November 2023 and market participants may now use ZARONIA as a reference rate in financial contracts, however, the transition away from JIBAR to ZARONIA is expected to be a multi-year initiative with detailed information regarding the transition roadmap and salient aspects of the transition yet to be communicated. Accordingly, there is uncertainty surrounding the timing and manner in which the transition would occur and how this would affect various financial instruments held by the Group. The Group's treasury function monitors and manages the transition to alternative rates and evaluates the extent to which contracts reference IBOR cash flows, whether such contracts will need to be amended as a result of IBOR reform and how to manage communication about IBOR reform with counterparties.

#### Accounting policies
The accounting policies applied in the preparation of these consolidated financial statements are consistent with those applied in the consolidated annual financial statements for the year ended 30 June 2024 except for the retrospective adoption of Amendments to IAS 1 'Presentation of Financial Statements'.

**Amendments to IAS 1 'Presentation of Financial Statements'**

The Group has applied "Classification of Liabilities as Current or Non-current and Non-current liabilities with Covenants - Amendments to IAS 1", as issued in 2020 and 2022, which were effective for the Group from 1 July 2024. The amendments apply retrospectively for annual reporting periods beginning on or after 1 January 2024.

The amendments provide guidance on the classification of liabilities as current or non-current in the statement of financial position and does not impact the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. The amendments clarify that the classification of liabilities as current or non-current should be based on rights that are in place at the end of the reporting period which enable the reporting entity to defer settlement by at least twelve months. The amendments further make it explicit that classification is unaffected by expectations or events after the reporting date.

The amendments are applicable to the net debt to EBITDA covenant (as defined in the debt agreements) on our revolving credit facility (RCF) and term loan. As the Group's current practice is aligned to the clarification provided by the amendments, the adoption thereof has not significantly impacted the Group.

The amendments also cover how a company classifies a liability that can be settled in its own shares – e.g. convertible debt. When a liability includes a counterparty conversion option that involves a transfer of the company's own equity instruments, the conversion option is recognised as either equity or a liability separately from the host liability. The amendments now clarify that when a company classifies the host liability as current or non-current, it ignores only those conversion options that are recognised as equity.

The conversion feature contained in the Group's US$750 million convertible bond was bifurcated and accounted for separately from the host liability as an embedded derivative financial liability. Previously the Group ignored all counterparty conversion options, whether they were recognised as equity or liabilities, when classifying the related liabilities as current or non-current. This amendment resulted in the host liability and embedded derivative liability being classified as current liabilities retrospectively. The Group's other liabilities were not impacted by the amendments.

17 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **1** | **Statement of compliance continued** |

---

The impact of applying the amendments for the year ended 30 June 2024 is:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;**<br>Note | **Results**<br>**excluding**<br>**amendments**<br>**Rm** | Adjustment<br>for IAS 1<br>amendments<br>Rm | **Results**<br>**after**<br>**amendments**<br>**Rm** |
| **Statement of financial position** |  |  |  |  |
| **Non-current liabilities** |  |  |  |  |
| Long–term debt | 13 | **115 913** | (12 042) | **103 871** |
| Long–term financial liabilities | 35 | **569** | (59) | **510** |
| **Current liabilities** |  |  |  |  |
| Short–term debt | 15 | **3 948** | 12 042 | **15 990** |
| Short–term financial liabilities | 35 | **50** | 59 | **109** |

---

The amendments had no impact on the balances of 2023.

**Change in Revenue disaggregation**

Pursuant to the evolving Sasol operating model through streamlining and reorganising, the divisions supporting the Chemicals Africa, America and Eurasia segments, have been reorganised into Base Chemicals and Differentiated Chemicals. All internal and external reporting relating to the Chemicals business has been rearranged accordingly. Revenue, which was previously disaggregated according to the grouping of product lines under the old operating model, has been updated to reflect the new divisional product lines. The disaggregation of revenue for the Coal, Liquid fuels and Gas products did not change. The comparative figures have also been adjusted to the new format for comparability. Refer to note 2.

**Accounting standards, amendments and interpretations issued which are relevant to the Group, but not yet effective**

The Group continuously evaluates the impact of new accounting standards, amendments to accounting standards and interpretations. It is expected that where applicable, these standards and amendments will be adopted on each respective effective date as indicated below. The new accounting standards and amendments to accounting standards issued which are relevant to the Group, but not yet effective on 30 June 2025, include:

Amendment to IFRS 9 and IFRS 7 – 'Classification and Measurement of Financial Instruments'

These amendments:

● clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

● clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

● add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and

● make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI).

The Group continues to assess the impact of these amendments which are effective for the Group's annual reporting period beginning on 1 July 2026.

Amendments to IFRS 9 and IFRS 7 – 'Contracts referencing nature-dependent electricity'

18 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **1** | **Statement of compliance continued** |

---

These amendments:

● allow a company to apply the own-use exemptions to contracts referencing nature-dependent electricity if the company has, and expects to be, a net purchaser of electricity for the contract period. This amendment will apply retrospectively using facts and circumstances at the beginning of the reporting period of initial application (without requiring prior periods to be restated);

● permit hedge accounting if the contracts are used as hedging instruments. Applying hedge accounting could help companies to reduce profit or loss volatility by reflecting how these contracts hedge the price of future electricity purchases or sales. This amendment will apply prospectively to new hedging relationships designated on or after the date of initial application. It will also allow companies to discontinue an existing hedging relationship, if the same hedging instrument (i.e., nature-dependent electricity contract) is designated in a new hedging relationship applying the amendment; and

● include additional disclosures required where a company may apply the own-use exemption to certain contracts under the amendments and therefore would not recognise these contracts in its statement of financial position (only recognise if executory contract is onerous).

The Group is assessing the impact of these amendments which are effective for the Group's annual reporting period beginning on 1 July 2026.

Amendments to IFRS 9 'Financial instruments' – Transaction Price

This amendment removes the conflict between IFRS 9 and IFRS 15 over the amount at which the trade receivable is initially measured. Under IFRS 15, a trade receivable may be recognised at an amount that differs from the transaction price e.g., when the transaction price is variable. Conversely, IFRS 9 requires that companies initially measure trade receivables without a significant financing component at the transaction price. IFRS 9 has been amended to require companies to initially measure a trade receivable without a significant financing component at the amount determined by applying IFRS 15.

The Group is assessing the impact of these amendments which are effective for the Group's annual reporting period beginning on 1 July 2026.

Amendments to IFRS 16 'Leases' – Lessee derecognition of lease liabilities

The amendment states that when lease liabilities are derecognised under IFRS 9, the difference between the carrying amount and the consideration paid is recognised in profit or loss. However the amendment does not address how to distinguish between derecognition and modification of a lease liability.

The Group is assessing the impact of these amendments which are effective for the Group's annual reporting period beginning on 1 July 2026.

IFRS 18 'Presentation and Disclosure in Financial Statements'

The new standard on presentation and disclosure in financial statements focusses on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:

● the structure of the statement of profit or loss;

● required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements; and

● enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

The Group continues to assess the impact of these amendments which are effective for the Group's annual reporting period beginning on 1 July 2027.

19 **Sasol Annual Financial Statements 2025**

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**Earnings generated from operations**

---

| | |
|:---|:---|
| [**Operating and other activities**](#OPERATINGANDOTHERACTIVITIES_575061) | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Turnover](#a3Turnover_414959) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Material, energy and consumables used](#a4Materialsenergyandconsumablesused_3484) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Employee-related expenditure](#a5Employeerelatedexpenditure_617277) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other expenses and income](#a6Translationlossesgains_48508) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Net finance costs](#a8Netfinancecosts_838517) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Earnings and dividends per share](#a9Lossearningsanddividendspershare_48876) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Remeasurement items affecting operating profit](#a10Remeasurementitemsaffectingoperatingp) | 28 |
| [**Taxation**](#Taxation_419532) | **37** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Taxation](#Taxation_990093) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax paid](#a14Taxpaid_137151) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Deferred tax](#a15Deferredtax_396206) | 40 |

---

20 **Sasol Annual Financial Statements 2025**

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**OPERATING AND OTHER ACTIVITIES**

**2** **Turnover**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| for the period ended | **Rm** | Rm | Rm |
| **Revenue by major product line** |  |  |  |
| **Southern Africa business** |  |  |  |
| **Energy** | **105 522** | 124 824 | 128 850 |
| Coal¹ | **3 640** | 3 874 | 6 386 |
| Liquid fuels² | **93 579** | 113 037 | 115 311 |
| Gas (methane rich and natural gas) and condensate³ | **8 303** | 7 913 | 7 153 |
| **Chemicals Africa** | **60 715** | 63 829 | 67 772 |
| Base chemicals | **43 247** | 45 138 | 49 705 |
| Differentiated chemicals | **17 468** | 18 691 | 18 067 |
| **International Chemicals business** |  |  |  |
| Chemicals America | **37 840** | 41 424 | 44 492 |
| Base chemicals | **14 876** | 16 290 | 15 278 |
| Differentiated chemicals | **22 964** | 25 134 | 29 214 |
| **Chemicals Eurasia** | **42 017** | 41 684 | 47 256 |
| Differentiated chemicals | **42 017** | 41 684 | 47 256 |
| Other (Technology, refinery services)⁴ | **1 360** | 1 270 | 1 626 |
| **Revenue from contracts with customers** | **247 454** | 273 031 | 289 996 |
| Revenue from other contracts⁵ | **1 642** | 2 080 | (300) |
| **Total external turnover** | **249 096** | 275 111 | 289 696 |

---

1 Derived from Mining segment.

2 Derived from Fuels segment.

3 Derived primarily from Gas segment.

4 Relates primarily to the Gas and Fuels segments.

---

| | |
|:---|:---|
| 5 | Relates mainly to the Fuels and Chemicals America segments and includes franchise rentals, use of fuel tanks, fuel storage and Sasol Oil slate. The 2023 amount includes negative slate revenue due to a reduction in the slate balance as a result of an over recovery in the basic fuel price (BFP) charged to customers for that financial year. |

---

The disaggregation of revenue was updated in the current period and comparatives have been adjusted – refer to note 1.

#### Accounting policies:
Revenue from contracts with customers is recognised when the control of goods or services has transferred to the customer through the satisfaction of a performance obligation. Group performance obligations are satisfied at a point in time and over time, however the Group mainly satisfies its performance obligations at a point in time. For further information on revenue recognition, refer to Segment information on pages 9 to 11.

Revenue recognised reflects the consideration that the Group expects to be entitled to for each distinct performance obligation after deducting indirect taxes, rebates and trade discounts and consists primarily of the sale of fuels, oil, natural gas and chemical products, services rendered, license fees and royalties. The Group allocates revenue based on stand-alone selling prices.

Purchases and sales of inventory with the same counterparty, that are entered into in contemplation of one another to facilitate sales to customers, are combined and recorded on a net basis when the items exchanged are similar in nature.

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---

| | |
|:---|:---|
| **2** | **Turnover continued** |

---

Revenue from arrangements that are not considered contracts with customers, mainly pertaining to rate regulated activities, franchise rentals, use of fuel tanks and fuel storage, is presented as revenue from other contracts. Where the Group is subject to rate regulation, it includes in revenue any over or under recoveries relating to goods supplied during the period.

The period between the transfer of the goods and services to the customer and the payment by the customer does not exceed 12 months and therefore the Group does not adjust for time value of money as it applies the financing component practical expedient.

---

| | |
|:---|:---|
| **3** | **Materials, energy and consumables used** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| for the year ended 30 June | **Rm** | Rm | Rm |
| Cost of raw materials\* | **102 915** | 114 889 | 126 338 |
| Cost of energy and other consumables used in production process | **26 226** | 23 068 | 25 959 |
|  | **129 141** | 137 957 | 152 297 |

---

\*Includes R3,9 billion reduction in the current year relating to compensation from Transnet. Refer to note 5 for details.

Materials, energy and consumables used relate to items that are consumed in the manufacturing process, including changes in inventories and distribution costs up until the point of sale.

Included in materials, energy and consumables used is net carbon taxes of R1,6 billion (2024 - R1,4 billion; 2023 - R1,7 billion). Carbon credits to the value of R723 million (2024 – R580 million ; 2023 – R247 million) were purchased during this year. Under the carbon tax regulations, South African companies are able to buy carbon credits from third parties to offset a portion of their carbon tax liability. To this end, Sasol enters into strategic and cost-effective long-term agreements with reputable suppliers for credible high-quality carbon offset credits. The ultimate amount of credits acquired will depend on the development of projects under the applicable standards, delivering the credits within the agreed timeframe, and will be subject to audit/verification by an independent party.

#### Purchase commitments
The Group enters into off-take agreements as part of its normal operations which have minimum volume requirements (i.e. take or pay contracts). These purchase commitments consist primarily of agreements for procuring raw materials such as coal, gas and electricity.

The most significant commitment relates to minimum off-take oxygen supply agreements for Secunda Operations of approximately R210 billion (2024: R211 billion; 2023: R219 billion).

● The Oxygen Train 17 oxygen supply agreement runs to 2037, with an option to renew the contract to 2050. The renewal option is not taken into account in the calculation of the commitments.

● The Oxygen Trains 1 – 16 arrangement is managed through various agreements, including the Gas Sales Agreement, Utilities Agreement and a suite of other contracts. In terms of the Utilities Agreement, Sasol is contractually bound to buy oxygen and other derivative gasses from Air Liquide annually, while Air Liquide is bound to buy utilities from Sasol for the same amount for 15 years . The ultimate amount of the commitment is dependant on expected future increases in the regulated price of electricity in South Africa and is presented on an undiscounted basis.

22 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

**3** **Materials, energy and consumables used continued**

In prior years, Sasol South Africa Limited (SSA), together with Air Liquide Large Industries South Africa Proprietary Limited (ALLISA), signed six Power Purchase Agreements (PPAs) for more than 600MW, with contractual terms of 20 years each, for the procurement of renewable energy from Independent Power Producers. The joint procurement of renewable energy by SSA and ALLISA is primarily aimed at the decarbonisation of the Secunda Operations site.

In 2025, Sasol further increased the total renewable energy secured (PPA and self–builds) to more than 900 MW. During 2025, 260 MW achieved financial close and the PPA with Msenge Emoyeni Wind Farm Proprietary Limited reached commercial operation. The remaining contracts are phased and planned to be online in the next 2 to 3 years.

Furthermore, Sasol is party to long-term gas purchase agreements of approximately R25 billion (2024: R32 billion; 2023: R38 billion) which commits Sasol Gas (Pty) Ltd (Sasol Gas) to purchase and transport a minimum quantity of gas until 2034.

Contractual purchase commitments are taken into account in testing the recoverability of the carrying amounts of property, plant and equipment. At 30 June 2025 and 30 June 2024, there were no onerous contracts relating to these off-take commitments.

---

| | |
|:---|:---|
| **4** | **Employee-related expenditure** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | 2024 | 2023 |
| for the year ended 30 June | Note | **Rm** | Rm | Rm |
| **Analysis of employee costs** |  |  |  |  |
| Labour |  | **35 317** | 35 579 | 33 655 |
| &nbsp;&nbsp;salaries, wages and other employee-related expenditure |  | **32 954** | 33 255 | 31 415 |
| &nbsp;&nbsp;post-retirement benefits | 31 | **2 363** | 2 324 | 2 240 |
| Share-based payment expenses |  | **914** | 986 | 1 033 |
| &nbsp;&nbsp;equity-settled | 32 | **914** | 986 | 1 033 |
| **Total employee-related expenditure** |  | **36 231** | 36 565 | 34 688 |
| Less: costs capitalised to projects |  | **(933)** | (1 100) | (1 144) |
| Per income statement |  | **35 298** | 35 465 | 33 544 |

---

The total number of permanent and non-permanent employees, in approved positions, including the Group's share of employees within joint operation entities and excluding contractors, joint ventures' and associates' employees, is analysed below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** |  | 2024 | 2023 |
| for the year ended 30 June |  | **Number** |  | Number | Number |
| Permanent employees |  | **27 107** |  | 27 678 | 28 657 |
| Non-permanent employees |  | **304** |  | 463 | 416 |
|  |  | **27 411** |  | 28 141 | 29 073 |

---

23 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **5** | **Other expenses and income** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| for the year ended 30 June | **Rm** | Rm | Rm |
| **Includes:** |  |  |  |
| Derivative gains¹ | **(2 003)** | (2 364) | (3 287) |
| Translation losses/(gains) | **897** | 839 | (2 728) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | **178** | 485 | (1 436) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables | **88** | 241 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency loans | **(238)** | 263 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other² | **869** | (150) | (1 624) |
| Exploration expenditure and feasibility costs | **509** | 422 | 751 |
| Professional fees | **1 821** | 2 076 | 2 455 |
| Expected credit losses (released)/raised | **(76)** | 189 | 234 |
| Other income | **(6 462)** | (4 025) | (5 181) |

---

1 Relates mainly to the Group's hedging activities and embedded derivatives. Refer to note 35.

2 Relates mainly to the effect of the strengthening of the Rand on the translation of foreign operations and intergroup exposure on foreign currency loans.

Research and development expenditure amounting to R1 548 million (2024: R1 513 million; 2023: R1 388 million) was expensed and is included in Employee-related expenditure, Depreciation and amortisation and Other expenses and income in the income statement.

**Transnet settlement**

On 18 May 2025, Sasol Oil and Transnet signed an agreement to settle their respective disputes, which became effective on 23 May 2025 having met all suspensive conditions. In terms of the settlement agreement, Transnet made a net payment to Sasol Oil of R4,3 billion on 30 June 2025 in full and final settlement of all disputes between the parties (refer to note 33).

The R4,3 billion was the net amount between the amount owed to Sasol (Sasol proceedings) of R5,5 billion and the amount owed to Transnet (Transnet proceedings) of R1,2 billion. R3,9 billion related to compensation by Transnet for historical costs accounted for as a credit to Materials, energy and consumables used (refer note 3), while the remaining R1,6 billion of the settlement was accounted for in Other income.

24 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **6** | **Net finance costs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | 2024 | 2023 |
| for the year ended 30 June | Note | **Rm** | Rm | Rm |
| **Finance income** |  |  |  |  |
| Notional interest |  | **12** |  |  |
| Interest received on |  | **2 913** | 3 226 | 2 253 |
| &nbsp;&nbsp;other long-term investments |  | **77** | 63 | 58 |
| &nbsp;&nbsp;loans and receivables |  | **200** | 143 | 89 |
| &nbsp;&nbsp;cash and cash equivalents |  | **2 636** | 3 020 | 2 106 |
| Per income statement |  | **2 925** | 3 226 | 2 253 |
| Less: notional interest |  | **(12)** |  |  |
| Less: interest received on tax |  | **(95)** | (15) | (11) |
| Per the statement of cash flows |  | **2 818** | 3 211 | 2 242 |
| **Finance costs** |  |  |  |  |
| Debt |  | **8 178** | 8 952 | 7 408 |
| Interest on lease liabilities  |  | **1 669** | 1 557 | 1 451 |
| Other |  | **201** | 203 | 146 |
|  |  | **10 048** | 10 712 | 9 005 |
| Amortisation of loan costs | 13 | **126** | 161 | 212 |
| Notional interest |  | **1 171** | 1 198 | 1 116 |
| Total finance costs |  | **11 345** | 12 071 | 10 333 |
| Amounts capitalised to assets under construction, a class of property, plant and equipment | 16 | **(1 883)** | (1 644) | (1 074) |
| Per income statement |  | **9 462** | 10 427 | 9 259 |
| Total finance costs before amortisation of loan costs and notional interest |  | **10 048** | 10 712 | 9 005 |
| Add: amortisation of modification (loss)/gain |  | **(1)** |  | 194 |
| Less: unwinding of loans costs¹ |  | **—** |  | (144) |
| Less: interest accrued on long-term debt, lease liabilities and short-term debt |  | **(2 035)** | (2 071) | (1 966) |
| Less: interest raised on tax payable |  | **(14)** | (3) | (6) |
| Per the statement of cash flows |  | **7 998** | 8 638 | 7 083 |

---

1 RCF loan costs expensed in 2023 upon refinancing of banking facilities.

25 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **7** | **Earnings and dividends per share** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| for the year ended 30 June | **Rand** | Rand | Rand |
| **Attributable to owners of Sasol Limited** |  |  |  |
| Basic earnings per share  | **1060** | (6994) | 1400 |
| Headline earnings per share | **3513** | 1819 | 5375 |
| Diluted earnings per share | **1054** | (6994) | 1302 |
| Diluted headline earnings per share | **3492** | 1673 | 5076 |
| Dividends per share | **—** | 200 | 1700 |
| &nbsp;&nbsp;interim | **—** | 200 | 700 |
| &nbsp;&nbsp;final\* | **—** |  | 1000 |

---

**\*** **2023 dividend declared subsequent to 30 June and has been presented for information purposes only. No final dividends declared in 2024 and 2025.**

#### Basic earnings per share (EPS) and headline earnings per share (HEPS)
EPS is derived by dividing earnings attributable to owners of Sasol Limited by the weighted average number of shares outstanding during the period. HEPS is derived by dividing the headline earnings attributable to the owners of Sasol Limited by the weighted average number of Sasol ordinary shares and Sasol BEE ordinary shares outstanding during the period.

#### Diluted earnings per share (DEPS) and diluted headline earnings per share (DHEPS)
DEPS and DHEPS are calculated by dividing the diluted earnings and diluted headline earnings attributable to owners of Sasol Limited by the diluted weighted average number of Sasol ordinary shares and Sasol BEE ordinary shares in issue during the year. DEPS and DHEPS are calculated considering the potentially dilutive ordinary shares that could be issued as a result of share options granted to employees under the Sasol Long-term incentive (LTI) and Sasol Khanyisa Tier 2 plans (refer to note 32) and as a result of the potential conversion of the US$750 million Convertible Bond (refer to note 13).

The Sasol Khanyisa Tier 2 potential shares are anti-dilutive for DEPS and DHEPS purposes in all years presented.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| for the year ended 30 June | **Rm** | Rm | Rm |
| **Earnings/(loss) and headline earnings** |  |  |  |
| Earnings/(loss) attributable to owners of Sasol Limited | **6 767** | (44 271) | 8 799 |
| Total remeasurement items for the Group, net of tax\* | **15 652** | 55 784 | 24 978 |
| Headline earnings attributable to owners of Sasol Limited  | **22 419** | 11 513 | 33 777 |

---

\* The net profit on disposal of business includes a gain on remeasurement of contingent consideration from Uzbekistan GTL LLC disposal of R1 428 million (refer note 8). This has been excluded from the remeasurement items for headline earnings.

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of shares** | **Number of shares** | **Number of shares** |
|  | **2025** | 2024 | 2023 |
| for the year ended 30 June | **million** | million | million |
| **Basic weighted average number of shares** |  |  |  |
| Issued shares | **6494** | 6485 | 6407 |
| Effect of treasury shares held | **(103)** | (131) | (104) |
| Effect of long-term incentives exercised | **(09)** | (24) | (19) |
| Basic weighted average number of shares for EPS and HEPS | **6382** | 6330 | 6284 |

---

26 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **7** | **Earnings and dividends per share continued** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| for the year ended 30 June | **Rm** | Rm | Rm |
| **Diluted earnings** |  |  |  |
| Earnings/(loss) attributable to owners of Sasol Limited | **6 767** | (44 271) | 8 799 |
| Impact of convertible bonds\* | **—** | (136) | (179) |
| Diluted earnings attributable to owners of Sasol Limited | **6 767** | (44 407) | 8 620 |

---

\* For 2025 the convertible bonds are anti-dilutive and therefore not assumed to be exercised in diluted earnings.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| for the year ended 30 June | **Rm** | Rm | Rm |
| **Diluted headline earnings** |  |  |  |
| Headline earnings attributable to owners of Sasol Limited | **22 419** | 11 513 | 33 777 |
| Impact of convertible bonds\* | **—** | (136) | (179) |
| Diluted headline earnings attributable to owners of Sasol Limited | **22 419** | 11 377 | 33 598 |

---

\*For 2025 the convertible bonds are anti-dilutive and therefore not assumed to be exercised in diluted earnings.

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of shares** | **Number of shares** | **Number of shares** |
|  | **2025** | 2024 | 2023 |
| for the year ended 30 June | **million** | million | million |
| **Diluted weighted average number of shares** |  |  |  |
| Weighted average number of shares | **6382** | 6330 | 6284 |
| Potential dilutive effect of convertible bonds\* | **—** | 399 | 242 |
| Potential dilutive effect of long-term incentive scheme | **38** | 70 | 93 |
| Diluted weighted average number of shares for DEPS and DHEPS | **6420** | 6799 | 6619 |

---

\* For 2025 the convertible bonds are anti-dilutive and therefore contingently issuable ordinary shares are not included.

27 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **8** | **Remeasurement items affecting operating profit** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | 2024 | 2023 |
| for the year ended 30 June | Note | **Rm** | Rm | Rm |
| **Effect of remeasurement items for subsidiaries and joint operations** |  |  |  |  |
| Impairment of assets |  | **21 836** | 76 035  | 37 298  |
| &nbsp;&nbsp;property, plant and equipment | 16 | **21 269** | 75 112  | 36 496  |
| &nbsp;&nbsp;right of use assets | 14 | **532** | 166  | 546  |
| &nbsp;&nbsp;other intangible assets and goodwill |  | **35** | 757  | 256  |
| Reversal of impairment of assets |  | **(1 178)** | (1 149) | (3 649) |
| &nbsp;&nbsp;property, plant and equipment | 16 | **(1 029)** | (1 149) | (3 649) |
| &nbsp;&nbsp;right of use assets  | 14 | **(149)** |  |  |
| (profit)/loss on |  | **(1 311)** | 480  | (650) |
| &nbsp;&nbsp;disposal of property, plant and equipment |  | **(47)** | (127) | (500) |
| &nbsp;&nbsp;disposal of other intangible assets |  | **—** |  | 3  |
| &nbsp;&nbsp;disposal of other assets |  | **(23)** | (8) |  |
| &nbsp;&nbsp;disposal of businesses\* |  | **(1 345)** | (150) | (516) |
| &nbsp;&nbsp;scrapping of property, plant and equipment |  | **104** | 765  | 363  |
| Write-off of unsuccessful exploration wells |  | **298** | 48  | 899  |
| **Remeasurement items per income statement** |  | **19 645** | 75 414  | 33 898  |
| Tax impact |  | **(4 761)** | (18 361) | (8 951) |
| &nbsp;&nbsp;impairment of assets |  | **(4 715)** | (18 157) | (9 831) |
| &nbsp;&nbsp;reversal of impairment of assets |  | **2** |  | 854  |
| &nbsp;&nbsp;(loss)/profit on disposals and scrapping  |  | **(47)** | (204) | 26  |
| &nbsp;&nbsp;write-off of unsuccessful exploration wells |  | **(1)** |  |  |
| Non-controlling interest effect |  | **(665)** | (1 262) | 8  |
| Effect of remeasurement items for equity accounted investments |  | **5** | (7) | 23  |
| **Total remeasurement items for the Group, net of tax** |  | **14 224** | 55 784  | 24 978  |

---

\* Includes a gain on remeasurement of contingent consideration from the Uzbekistan GTL LLC disposal of R1 428 million.

#### Impairment/reversal of impairments
The group's non-financial assets, other than inventories and deferred tax assets, are assessed for impairment indicators, as well as reversal of impairment indicators at each reporting date or whenever events or changes in circumstances indicate that the carrying value may not be recoverable or previous impairment should be reversed. Recoverable amounts are estimated for individual assets or, where an individual asset cannot generate cash inflows independently, the recoverable amount is determined for the larger cash generating unit to which it belongs. At 30 June 2025, the Group's net asset value exceeding its market capitalisation was identified as an impairment indicator and consequently all of the Group's cash generating units (CGUs) and equity-accounted investments were tested for impairment. Other than the CGUs specifically mentioned, all of the Group's remaining CGUs have adequate headroom and reasonable changes in assumptions applied would not result in any impairment.

28 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **8** | **Remeasurement items affecting operating profit continued** |

---

#### Impairment calculations
The recoverable amount of the assets reviewed for impairment is determined based on the higher of the fair value less costs to sell or value-in-use calculations. The impairments disclosed below were all based on value-in-use calculations. Key assumptions relating to this valuation include the discount rate and cash flows used to determine the recoverable amount. Future cash flows are estimated based on approved financial budgets covering a five year period and extrapolated over the useful life of the assets to reflect the long term plans for the Group using the estimated growth rate for the specific business or project. Where reliable cash flow projections are available for a period longer than five years, those budgeted cash flows are used in the impairment calculation. The estimated future cash flows and discount rate are post-tax, based on the assessment of current risks applicable to the specific entity and country in which it operates. Discounting post-tax cash flows at a post-tax discount rate yields the same results as discount pre-tax cash flows at a pre-tax discount rate, assuming there are no significant temporary tax differences.

#### Main long-term average macroeconomic assumptions used for impairment calculations

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | 2024 | 2023 | CGU<br>Reference\*\*\* |
| Crude oil price (Brent)\* | US$/bbl | **7216** | 8306 | 8802 | a, c, d, g |
| Ethane price\* | US$c/gal | **3340** | 3955 | 4233 | \*\*\*\* |
| Ethylene price\* | US$/ton | **74700** | 74500 | 77300 | h |
| Linear low density polyethylene (LLDPE) price\* | US$/ton | **1 03900** | 1 09100 | 1 24700 | \*\*\*\*\* |
| Polyvinyl Chloride (PVC) price\* | US$/ton | **87800** | 98000 | 1 03100 | e |
| Southern African gas purchase price (real)\*\* | US$/Gj | **—** | 1051 | 1093 | a, b, e, f |
| Oil Product Differentials | US$/bbl | **1144** | 1086 | 1208 | a, b |
| Refining margin\* | US$/bbl | **754** | 811 | 1234 | a, b |
| Exchange rate\* | Rand/US$ | **1831** | 1764 | 1740 | All |

---

\* Assumptions are provided on a long-term average basis in nominal terms unless indicated otherwise and are calculated based on a five year forward-looking period. The refining margin is calculated until 2034, linked to the Sasolburg refinery's useful life.

\*\* Aligned to our optimised transition plan and ERR, LNG as an alternative gas feedstock is no longer feasible and has been excluded from future cash flow projections.

\*\*\* Refer to page 31.

\*\*\*\* Relevant to 2024 impairment of Ethane value chain (Alc/Alu/EO/EG) in Chemicals America.

\*\*\*\*\* Relevant to the 2024 impairment of Secunda and Sasolburg Polyethylene in Chemicals Africa.

Sasol's long-term price outlook is based on a set of, as far as possible, internally consistent assumptions and data which is validated against external benchmarks. Over the long-term, we assume that the average USD/ZAR will depreciate in line with the South African and US inflation differential, and inflation outcomes will be broadly in line with key central bank targets.

Oil price assumptions take account of global supply and demand factors, which include production costs, inventories, and the evolution of structural factors in the underlying product demand categories that are derived from crude oil. The underlying assumptions on refined products demand, are informed by independent research and assumptions on, for example, the evolution of the vehicle parc, refinery economics, aviation trends and the feedstock needs within the petrochemicals sector. Following the completion of price sets, these are benchmarked against the views of reputable global consulting firms, organisations, and local and domestic investment and commercial banks.

29 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **8** | **Remeasurement items affecting operating profit continued** |

---

For chemicals, our projections are shaped by global supply and demand factors, which are informed by trends in industrial output, regulatory developments, and shifts in end-user markets, ensuring our forecasts reflect both cyclical and structural changes within the sector. Following the completion of price sets, these are benchmarked against the views of reputable global consulting firms, organisations, and local and domestic investment and commercial banks.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | **Europe** | **Europe** | |
|  |  | <br>**South**<br>**Africa %**<br> | **United**<br>**States of**<br>**America %**<br> | **%** | **%** | <br>**Mozambique %**<br> |
| **Growth rate – Producer Price Index** | **2025** | **550** | **200** |  | **200** | **200** |
| **Weighted average cost of capital\*** | **2025** | **1450** | **910** | **760** | **1000** | **1840** |
| Growth rate – Producer Price Index | 2024 | 550 | 200 |  | 200 | 200 |
| Weighted average cost of capital\* | 2024 | 1500 | 940 | 940 | 1050 | 1680 |
| Growth rate – Producer Price Index | 2023 | 550 | 200 |  | 200 | 200 |
| Weighted average cost of capital\* | 2023 | 1520 | 907 | 907 | 1068 |  |

---

\* Calculated using spot market factors on 30 June. Sasol's approach now includes using a 5-year average of the median debt-to-equity ratios of a peer group. Sasol also has refined its Euro WACC for Italy and Germany. The Mozambique WACC rate increase is largely attributable to the independently calculated country risk premium.

**Impairment/(reversal of impairment) of assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>Segment and Cash-generating unit (CGU) | **Property,**<br>**plant and**<br>**equipment**<br>**2025**<br>**Rm** | <br>**Right of**<br>**use assets**<br>**2025**<br>**Rm** | **Other**<br>**intangible**<br>**assets**<br>**2025**<br>**Rm** | <br>**Total**<br>**2025**<br>**Rm** |
| **Fuels segment** |  |  |  |  |
| Secunda liquid fuels refinery | **11 713** | **118** | **—** | **11 831** |
| Sasolburg liquid fuels refinery | **1 256** | **—** | **—** | **1 256** |
| **Gas** |  |  |  |  |
| Production Sharing Agreement (PSA) | **3 142** | **—** | **—** | **3 142** |
| Exploration Block PT5-C | **1 242** | **—** | **—** | **1 242** |
| **Chemicals Africa** |  |  |  |  |
| Sasolburg Chlor-Alkali and PVC | **461** | **—** | **2** | **463** |
| Sasolburg Wax | **23** | **341** | **—** | **364** |
| **Chemicals Eurasia** |  |  |  |  |
| Sasol Italy Care Chemicals (CC) | **3 166** | **72** | **20** | **3 258** |
| Sasol China Care Chemicals (CC) | **(1 019)** | **(149)** | **—** | **(1 168)** |
| **Other (net)** | **256** | **1** | **13** | **270** |
|  | **20 240** | **383** | **35** | **20 658** |

---

Other than for the CGUs specifically mentioned, all of the Group's remaining CGUs have significant headroom and reasonable changes to the assumptions applied would not result in any impairment.

30 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **8** | **Remeasurement items affecting operating profit continued** |

---

#### Description of impairment and sensitivity to changes in assumptions:
Key sources of estimation uncertainty include discount rates and cash flow forecasts which are impacted by commodity prices, exchange rates and carbon tax (and related allowances). Management has considered the sensitivity of the recoverable amount calculations to these key assumptions and these sensitivities have been taken into consideration in determining the required impairments and reversals of impairments in the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Secunda liquid fuels refinery**

The Liquid fuels component of the Secunda refinery remains fully impaired. At 30 June 2025, the recoverable amount of the refinery improved compared to 30 June 2024, as a result of the optimisation of the South African Emission Reduction Roadmap (ERR) leveraging an extended range of levers to maximise production for as long as possible, reducing capital, feedstock and electricity cost. Aligned to our broader transition plan, LNG as an alternative gas feedstock is no longer considered feasible at current and forecast prices. Our focus remains on maintaining continuous supply of quality and cost-effective coal. The ERR assumes production of 7,0mt/a in 2030 with 6,4mt/a from 2034 as natural gas is depleted. The recoverable amount of the CGU was negatively impacted by lower macroeconomic price assumptions including lower Brent crude prices, lower product differentials and higher electricity prices. The full amount capitalised during the year, including the share of assets transferred from the Export Coal CGU were impaired. Further optimisation including cost, capital and volumes of the South African value chain which includes the Secunda Liquid fuels refinery is ongoing, however the maturity thereof needs to be progressed before it can be incorporated in the impairment calculations.

Management considered multiple cash flow scenarios in quantifying the recoverable amount of this CGU which is highly sensitive to changes in Brent crude oil prices, the rand/US$ exchange rate and production volumes. A 10% increase in the price of Brent crude oil and a R1 weakening in the rand/US$ exchange rate will have a positive impact on the recoverable amount of R26,0 billion and R17,2 billion respectively. A 1% increase in SO volumes over the longer term will improve VIU by R1 285 million. An opposite movement in the applied assumptions would result in an approximate equal and opposite movement in the recoverable amount. A South African WACC rate of 14,5% was applied in estimating the recoverable amount of the CGU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Sasolburg liquid fuels refinery**

The Sasolburg liquid fuels refinery remains fully impaired at 30 June 2025 mainly as result of decrease in refining margins. The full amount of costs capitalised during the year on this CGU was impaired. A South African WACC rate of 14,5% was applied in estimating the recoverable amount of the CGU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Production Sharing Agreement (PSA)**

The impairment of the PSA at 30 June 2025 is mainly due to a higher WACC rate (derived from the Mozambican WACC rate), a 3% reduction in estimated gas volumes as well as sales prices of oil related products. The increase in WACC rate was largely due to an increase in the Mozambique country risk premium (as calculated by an independent advisory firm) which was influenced by the slowing of the economy, rising inflation and political instability in the country. A 1% increase in the WACC rate results in a R460 million negative impact on the value in use while a 1% decrease in the WACC rate results in a R499 million increase in the value in use. A 5% increase in volumes results in a R1 142 million positive impact on the value in use while a 5% decrease in volumes results in a R1 121 negative impact on the value in use. The recoverable amount of the CGU is R15,6 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Exploration Block PT5-C**

Exploration block PT5-C is an onshore exploration license in the Inhambane province of Mozambique, adjacent to Sasol's Petroleum Production Area (PPA) and the PSA acreage. The full impairment of exploration block PT5-C at 30 June 2025 was primarily driven by a decision to pause further development activities associated with the asset and explore alternative opportunities to unlock value. A final investment decision has not been taken on this license.

31 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **8** | **Remeasurement items affecting operating profit continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** **Sasolburg Chlor-Alkali and PVC**

The CGU remains fully impaired, resulting in the full amount of costs capitalised during the year being impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f)** **Sasolburg Wax**

The CGU remains fully impaired, resulting in the full amount of costs capitalised during the year also being impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g)** **Sasol Italy Care Chemicals (CC)**

The additional impairment of the CGU results from continued lower forecasted sales margins, especially in the short-term due to slower recovery of demand and additional global capacity that came online. The CGU is now fully impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h)** **Sasol China Care Chemicals (CC)**

The full impairment on the CGU in 2023 was driven by a combination of lower unit margins and higher costs resulting from the prolonged impact of COVID-19 on China's economy. Results have increased steadily since 2023 following a reset of the business, volume and earnings projections for the last two years have been achieved and this indicates sustained future performance, supporting an impairment reversal. A WACC rate of 9,9% was applied in estimating the recoverable amount of the CGU. The recoverable amount of the CGU is R3,2 billion.

32 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **8** | **Remeasurement items affecting operating profit continued** |

---

**Significant impairment/(reversal of impairment) of assets in prior period**

---

| | | |
|:---|:---|:---|
| Segment and Cash-generating unit  |  | 2024 |
| (CGU) | Description | Rm |
| **Fuels segment** |  |  |
| Secunda liquid fuels refinery | The liquid fuels component of the Secunda reﬁnery was fully impaired at 30 June 2023 as described below. At 31 December 2023 and 30 June 2024, the recoverable amount of the refinery was further negatively impacted after updating feedstock and macroeconomic price assumptions including lower Brent crude prices and product differentials, resulting in the full amount of costs capitalised during the year to be impaired. | 7 803 |
| Sasolburg liquid fuels refinery | The Sasolburg liquid fuels refinery was further impaired and is fully impaired, mainly as a result of the decrease in refining margins. | 637 |
| **Gas** |  |  |
| Production Sharing Agreement (PSA) | At 30 June 2018 an impairment of R1,1 billion was recognised in respect of the PSA asset mainly due to lower sales volumes and weaker long-term macroeconomic assumptions at the time. The asset reached beneficial operation (BO) on the Initial Gas Facility (IGF) with production commencing on 7 May 2024. This enabled excess gas production earlier than initially expected. In addition, increases in both liquid product volumes as well as gas sales prices resulted in the full impairment to be reversed at 30 June 2024. | (1 143) |
| **Chemicals Africa** |  |  |
| Polyethylene | The CGU was further impaired at 30 June 2024 by R4,1 billion mainly due to lower selling prices associated with over supply and reduced demand in the global market. | 4 110 |
| Chlor-Alkali and PVC | The CGU remains fully impaired, resulting in the full amount of costs capitalised during the year to be impaired. An updated impairment assessment performed at 30 June 2024 did not indicate any further impairments on the CGU. | 645 |
| Wax | The CGU remains fully impaired, resulting in the full amount of costs capitalised during the year to be impaired. | 524 |
| **Chemicals America** |  |  |
| Ethane value chain (Alc/Alu/EO/EG) | The impairment was driven mainly by the decrease in Ethylene over Ethane margin assumptions and the impact thereof on the downstream ethane value chain (Alcohols, Alumina, Ethylene Oxide, Ethylene Glycols and associated shared assets), in both the short and long term, in addition to the impact of the increase in the WACC rate. Ethylene/ethane margins were lower than previously anticipated since the Ethylene price outlook declined more than the Ethane price outlook. Ethylene prices were lower due to a combination of weak supply/demand fundamentals as well as lower feedstock costs. | 58 942 |
| **Chemicals Eurasia** |  |  |
| Sasol Italy Care Chemicals | The impairment resulted from an increase in WACC rate as well as lower forecasted sales margins, especially in the short-term due to slower recovery of demand.  | 2 037 |
| **Other (net)¹** |  | 1 331 |
|  |  | 74 886 |

---

<sup>1</sup> Relates largely to the Chemicals America and Energy segments

33 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **8** | **Remeasurement items affecting operating profit continued** |

---

**Significant impairment/(reversal of impairment) of assets in prior period continued**

---

| | | |
|:---|:---|:---|
| Segment and Cash-generating unit  |  | 2023 |
| (CGU) | Description | Rm |
| **Fuels segment** |  |  |
| Secunda liquid fuels refinery | The liquid fuels component of the Secunda refinery was fully impaired at 30 June 2023 mainly as a result of the Group's Emission Reduction Roadmap (ERR) to achieve a 30% reduction in greenhouse gas (GHG) emissions by 2030 and comply with the requirements of the National Environmental Management: Air Quality Act, 39 of 2004. The ERR involves the turning down of boilers, implementing energy efficiency projects, reducing coal usage and integrating 1 200 MW of renewable energy into our operations by 2030. With no significant additional gas, which is affordable, to restore volumes back to historic levels, the ERR assumes lower production volumes of 6,7 mt/a post 2030. The increasing cost of coal, capital investment to implement the ERR and cost of compliance were also included in the impairment calculation. | 35 316 |
| **Chemicals Africa** |  |  |
| Wax | The full impairment on the Wax CGU in Southern Africa was driven by higher cost to procure gas and lower sales volumes and prices due to an increasingly challenging market environment. A WACC rate of 14,66% was applied in estimating the recoverable amount of the CGU. | 932 |
| **Chemicals Eurasia** |  |  |
| China Care Chemicals | The full impairment on the CGU was driven by a combination of lower unit margins and higher costs resulting from the prolonged impact of COVID-19 on China's economy. A WACC rate of 9,21% was applied in estimating the recoverable amount of the CGU. | 876 |
| **Chemicals America** |  |  |
| Tetramerization | The Tetramerization CGU was impaired in 2019. At 31 December 2022, a sustained improvement in plant reliability resulted in increased volumes available for sale while longer-term contracts signed with several customers improved the overall profitability of the cash-generating unit. A WACC rate of 8,33% was applied in estimating the recoverable amount of the CGU. | (3 645) |
| **Other (net)** |  | 170 |
|  |  | 33 649 |

---

#### Areas of judgement:
Determination as to whether, and by how much, an asset, CGU, or group of CGUs is impaired, or whether a previous impairment should be reversed, involves management estimates on highly uncertain matters such as the effects of inflation on operating expenses, discount rates, capital expenditure, carbon tax and related allowances, production profiles and future commodity prices, including the outlook for global or regional market supply-and-demand conditions for crude oil, natural gas and refined products. Judgement is also required when determining the appropriate grouping of assets into a CGU or the appropriate grouping of CGUs for impairment testing purposes.

The future cash flows were determined using the assumptions included in the latest budget as approved by the Board, which included forecast sales volumes and gross margins. If necessary, these cash flows were then adjusted to take into account any changes in assumptions or operating conditions that have been identified subsequent to the preparation of the budgets.

When determining value in use, management also applies judgement when assessing whether future capital projects to achieve sustainability and decarbonisation targets are deemed to maintain the same level of economic benefits or whether they enhance the asset's performance. Generally, the costs incurred relating to the Group's ERR are considered costs to maintain the current level of economic benefits. Costs incurred to enhance the asset's performance are not considered in the value in use calculations.

34 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

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| | |
|:---|:---|
| **8** | **Remeasurement items affecting operating profit continued** |

---

The weighted average cost of capital rate (WACC) is derived from a pricing model. The variables used in the model are established on the basis of management judgement and current market conditions. Management judgement is also applied in estimating future cash flows and defining of CGUs. These values are sensitive to the cash flows projected for the periods for which detailed forecasts are not available and to the assumptions regarding the long-term sustainability of the cash flows thereafter.

In support of global efforts to address climate change, South Africa made commitments under the Paris Agreement to further reduce GHG emissions and to contribute to limiting global warming to well below 2°c above pre-industrial levels and to pursue efforts to achieve the 1,5°c temperature goal. The group is targeting a 30% reduction in Scope 1 and 2 greenhouse gas (GHG) emissions by 2030 which will pave the way to a net zero ambition by 2050. In support, Sasol is progressing with the development and implementation of its emission reduction roadmap (ERR) to 2030 with capital and resources allocated to achieve the significant reduction in emissions. Where reasonable, supportable and permissible under the applicable accounting standards, management has included the costs and capital from these initiatives in its cash flow forecasts.

In South Africa the Carbon Tax Act of 2019 came into effect on 1 June 2019. Phase 1 of the Carbon Tax has been extended by three years to 31 December 2025. The South African government has published tax rates up to 2030 for Scope 1 GHG emissions. Post 2030 we assume escalation to US$55/tCO2e by 2050. Significant industry-specific tax-free emissions allowances ranging from 60% to 95% are currently in place to provide current emitters time to transition their operations to cleaner technologies through investments in energy efficiency, renewables, and other low-carbon measures. For our modelling we have assumed the current Basic tax free-allowance is maintained until 31 December 2030 (in line with Phase 2) with a 3 percentage point decrease assumed every 5 years thereafter. Details on the scope of Phase 3 of carbon tax have not yet been finalised post 2030. Management has included its best estimate of any expected applicable carbon taxes payable by the Group.

The implementation of the Climate Change Bill proposed a carbon tax penalty of R640 per ton of CO₂ payable for emissions exceeding carbon budgets. The Climate Change Bill was signed into law by President Cyril Ramaphosa on 18 July 2024 and published as the Climate Change Act, 2022 (Act) on 23 July 2024. However, in terms of section 35 of the Act, it will only come into operation on a date fixed by the President by proclamation in the Government Gazette. The Climate Change Act includes Nationally Determined Contributions (NDCs) – scope 1 CO2e emission reduction ranges for South African for 2025 and 2030. The Department of Fisheries, Forestry and Environment (DFFE) are in the process of rolling out these NDCs to Sectoral Emissions Targets (SETs), which will form the basis for company level carbon budgets. The implementation of the Climate Change Act proposed a carbon tax penalty of R640 per ton of CO₂e payable for emissions exceeding company level carbon budgets. Sasol has participated in a voluntary carbon budget process with the DFFE for the periods 2016-2020 and 2021-2025. The period 2026-2030 will be the first mandatory period for carbon budget reporting. A penalty is included in the impairment assessment to the extent that the Group expects its scope 1 GHG emissions to exceed its estimated carbon budget from calendar year 2026, The expected carbon tax penalty rate was subsequently escalated by CPI from a pricing perspective. However, based on the assumed budget allowance and company scope 1 GHG emissions pathway, penalties are likely to start from financial year 2039. This assumption will be monitored and updated when the carbon budget process and relevant legislation are finalised and implemented.

Climate change and the transition to a lower carbon economy are also likely to impact the future prices of commodities such as oil and natural gas which in turn may affect the recoverable amount of the group's property, plant and equipment and other non-current assets. Management has updated its best estimate of oil price assumptions used in determining the recoverable amounts of its CGUs in June 2025. The revised estimates reflect lower real oil price in the longer term as demand is expected to decrease as the transition to a lower carbon economy progresses. The energy transition may impact demand for certain refined products in the future.

Management will continue to review price assumptions as the energy transition progresses and this may result in impairment charges or reversals in the future.

35 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

#### 8 Remeasurement items affecting operating profit continued

#### Accounting policies:
Remeasurement items are amounts recognised in profit or loss relating to any change (whether realised or unrealised) in the carrying amount of non-current assets or liabilities that are less closely aligned to the normal operating or trading activities of the Group such as the impairment of non-current assets, profit or loss on disposal of non-current assets including businesses and equity accounted investments, and scrapping of assets.

The Group's non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, to determine whether there is any indication of impairment. An impairment test is performed on all goodwill, intangible assets not yet in use and intangible assets with indefinite useful lives at each reporting date.

The recoverable amount of an asset or CGU is defined as the amount that reflects the greater of the fair value less costs of disposal and value-in-use that can be attributed to an asset as a result of its ongoing use by the entity. Value-in-use is estimated using a discounted cash flow model. The future cash flows are adjusted for risks specific to the asset and are adjusted where applicable to take into account any specific risks relating to the country where the asset or cash-generating unit is located. The rate applied in each country is reassessed each year. The recoverable amount may be adjusted to take into account recent market transactions for a similar asset.

Some assets are an integral part of the value chain but are not capable of generating independent cash flows because there is no active market for the product streams produced from these assets, or the market does not have the ability to absorb the product streams produced from these assets or it is not practically possible to access the market due to infrastructure constraints that would be costly to construct. Product streams produced by these assets form an input into another process and accordingly do not have an active market. These assets are classified as corporate assets in terms of IAS 36 when their output supports the production of multiple product streams that are ultimately sold into an active market.

The Group's corporate assets are allocated to the relevant cash-generating unit based on a cost or volume contribution metric. Costs incurred by the corporate asset are allocated to the appropriate cash generating unit at cost. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the cash-generating unit to which the corporate asset belongs.

In Southern Africa, the coal value chain starts with feedstock mined in Secunda and Sasolburg and continues along the integrated processes of the operating business units, ultimately resulting in fuels and chemicals-based product lines. Similarly, the gas value chain starts with the feedstock obtained in Mozambique and continues along the conversion processes in Secunda and Sasolburg, ultimately resulting in fuels and chemicals-based product lines.

The groups of assets which support the different product lines, including corporate asset allocations, are considered to be separate cash-generating units.

In the US, the ethylene value chain results in various chemicals-based product lines, sold into active markets. The assets which support the different chemicals-based product lines, including corporate asset allocations, are considered to be separate cash-generating units.

In Europe, the identification of separate cash-generating units is based on the various product streams that have the ability to be sold into active markets by the European business units.

Certain products are sometimes produced incidentally from the main conversion processes and can be sold into active markets. When this is the case, the assets that are directly attributable to the production of these products, are classified as separate cash-generating units. The cost of conversion of these products is compared against the revenue when assessing the asset for impairment.

36 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

#### 8 Remeasurement items affecting operating profit continued
Exploration assets are tested for impairment when development of the property commences or whenever facts and circumstances indicate impairment. An impairment loss is recognised for the amount by which the exploration assets carrying amount exceeds their recoverable amount.

When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interest and other components of equity. Any resulting gain or loss, including any FCTR reclassified, is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. Any gain or loss on disposal will comprise that attributed to the portion disposed of and the remeasurement of the portion retained.

#### TAXATION

---

| | |
|:---|:---|
| **9** | **Taxation** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | 2024 | 2023 |
| for the year ended 30 June | Note | **Rm** | Rm | Rm |
| South African normal tax |  | **3 759** | 8 128 | 10 271 |
| &nbsp;&nbsp;current year¹ |  | **4 389** | 8 212 | 10 671 |
| &nbsp;&nbsp;prior years² |  | **(630)** | (84) | (400) |
| Foreign tax |  | **2 024** | 2 028 | 2 654 |
| &nbsp;&nbsp;current year |  | **2 055** | 2 045 | 2 507 |
| &nbsp;&nbsp;global minimum top-up tax³ |  | **19** | **—** | **—** |
| &nbsp;&nbsp;prior years |  | **(50)** | (17) | 147 |
| Income tax | 10 | **5 783** | 10 156 | 12 925 |
| Deferred tax – South Africa | 11 | **(336)** | 709 | (4 721) |
| &nbsp;&nbsp;current year⁴ |  | **(152)** | 570 | (5 687) |
| &nbsp;&nbsp;prior years |  | **(184)** | 139 | 966 |
| Deferred tax – foreign | 11 | **(891)** | (1 126) | (3 023) |
| &nbsp;&nbsp;current year⁵ |  | **(496)** | (1 031) | (2 845) |
| &nbsp;&nbsp;prior years |  | **(51)** | (102) | (172) |
| &nbsp;&nbsp;tax rate change⁶ |  | **(344)** | 7 | (6) |
|  |  | **4 556** | 9 739 | 5 181 |

---

1 The decrease in 2025 mainly relates to reduced taxable profits.

2 Mainly relates to Section 12L allowances in South Africa.

---

| | |
|:---|:---|
| 3 | 2025 is in respect of Pillar Two that introduced a 15% global minimum effective tax rate for large multi-national entities. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax. |

---

4 2025 decrease due to impairments recognised in the current year, 2023 also related to impairment.

---

| | |
|:---|:---|
| 5 | The decrease in the current year relates mainly to the non-recoverability of a deferred tax asset previously recognised on tax losses in Italy to the amount of R1,6 billion, partially offset by the impact of current year impairments and tax loss mainly in the US. |

---

6 Relates mainly to Louisiana (US) tax rate reduction that was recently enacted.

37 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **9** | **Taxation continued** |

---

#### Uncertain tax positions
Sasol companies are involved in tax litigation and tax disputes with various tax authorities in the normal course of business. A detailed assessment is performed regularly on each matter and a provision is recognised where appropriate. Although the outcome of these claims and disputes cannot be predicted with certainty, Sasol believes that open engagement and transparency will enable appropriate resolution thereof.

#### Sasol Financing International (SFI)/South African Revenue Services (SARS)
As reported previously, SARS conducted an audit over a number of years on SFI, which performs an offshore treasury function for Sasol. The audit culminated in the issue by SARS of revised tax assessments, based on the interpretation of the place of effective management of SFI. A contingent liability of R3,0 billion (including interest and penalties) is reported in respect of this matter as at 30 June 2025.

SARS dismissed Sasol's objection to the revised assessments and Sasol appealed this decision to the Tax Court. In parallel Sasol launched a review application in respect of certain elements of the revised assessments in respect of which the Tax Court does not have jurisdiction. Sasol also brought a review application against the SARS decision to register SFI as a South African taxpayer. SFI and SARS have agreed that the Tax Court related processes will be held in abeyance, pending the outcome of the judicial review applications. The two review applications were heard in the High Court in November 2022 and on 1 August 2023, the High Court handed down its decision dismissing both the SFI review applications. SFI filed an application for leave to appeal the High Court decision. On 20 September 2024 the High Court granted SFI's application for leave to appeal the High Court decision to the Supreme Court of Appeal. A hearing date for this appeal will be set in due course. The review applications relate to the challenge by SFI of certain administrative decisions of SARS and the High Court decision does not directly affect the merits of the substantive dispute before the Tax Court, which remains in abeyance while the appeal of the review applications continues.

38 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **9** | **Taxation continued** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
|  | **%** | % | % |
| **Reconciliation of effective tax rate** |  |  |  |
| The table below shows the difference between the South African enacted tax rate compared to the effective tax rate in the income statement. Total income tax expense differs from the amount computed by applying the South African normal tax rate to profit before tax. The reasons for these differences are: |  |  |  |
| South African normal tax rate  | **270** | 270 | 270 |
| Increase/(decrease) in rate of tax due to: |  |  |  |
| &nbsp;&nbsp;disallowed expenditure¹ | **134** | (23) | 61 |
| &nbsp;&nbsp;disallowed share-based payment expenses | **02** | (01) | 02 |
| &nbsp;&nbsp;different tax rates² | **25** | (79) | 31 |
| &nbsp;&nbsp;tax losses not recognised³ | **118** | (496) | 48 |
| &nbsp;&nbsp;translation differences⁴ | **—** |  | 43 |
| &nbsp;&nbsp;other adjustments⁵ | **21** |  | 21 |
| (Decrease)/increase in rate of tax due to: |  |  |  |
| &nbsp;&nbsp;exempt income⁶ | **(38)** | 02 | (27) |
| &nbsp;&nbsp;share of profits of equity accounted investments⁷ | **(36)** | 14 | (49) |
| &nbsp;&nbsp;utilisation of tax losses | **(17)** | 08 | (07) |
| &nbsp;&nbsp;investment incentive allowances | **(03)** | 02 | (13) |
| &nbsp;&nbsp;translation differences  | **(01)** | 04 |  |
| &nbsp;&nbsp;capital gains and losses | **(01)** |  | (02) |
| &nbsp;&nbsp;change in corporate income tax rate⁹ | **(28)** |  |  |
| &nbsp;&nbsp;prior year adjustments⁸ | **(75)** |  | (21) |
| &nbsp;&nbsp;other adjustments⁵ | **—** | 17 |  |
| **Effective tax rate** | **371** | (282) | 357 |

---

1 Includes non-deductible expenses incurred not deemed to be in the production of taxable income mainly relating to non-productive interest, project costs, as well as non-deductible impairments.

---

| | |
|:---|:---|
| 2 | Mainly relates to the lower tax rate in the US (23%) and the higher tax rate for Sasol Petroleum Temane Limitada in Mozambique (32%) on higher taxable income. |

---

---

| | |
|:---|:---|
| 3 | 2025 mainly relates to the reversal of Sasol Italy's deferred tax asset previously recognised on historical tax losses, as well as current tax losses, as it is no longer considered probable that sufficient future taxable income will be available in the foreseeable future to fully utilise these losses. 2024 relates to a partial reversal of the US deferred tax asset. |

---

4 2023 impacted by a translation difference of R845 million arising from exchange rates applied by SARS at the date of the 2022 assessment.

5 2025 mainly due to Sasol Italy reversal of deferred tax asset on temporary differences, as well as Sasol China impairment reversal. Included in 2024 is the impact of the reversal of the 2018 impairment in Sasol Petroleum Temane Limited.

6 2025 relates mainly to proceeds on disposal of Uzbekistan GTL that reached specified capacity per agreement. 2023 mainly related to Italian tax credit for energy and gas consuming companies and FCTR reclassified on the liquidation of businesses.

7 Mainly relates to share of profits from ORYX GTL Limited and The Republic of Mozambique Pipeline Investment Company (Pty) Ltd.

8 2025 mainly related to Section 12L allowances claimed in South Africa relating to prior years.

9 Relates mainly to Louisiana (US) tax rate reduction that was recently enacted.

39 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **10** | **Tax paid** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | 2024 | 2023 |
| for the year ended 30 June | Note | **Rm** | Rm | Rm |
| Net amounts payable at beginning of year |  | **652** | 1 465 | 2 410 |
| Net interest and penalties on tax |  | **(81)** | (12) | (5) |
| Income tax per income statement | 9 | **5 783** | 10 156 | 12 925 |
| Foreign exchange differences recognised in income statement |  | **(3)** | (10) | 104 |
| Translation of foreign operations |  | **21** | (15) | (17) |
|  |  | **6 372** | 11 584 | 15 417 |
| Net tax receivable/(payable) per statement of financial position¹ |  | **921** | (652) | (1 465) |
| &nbsp;&nbsp;tax payable |  | **(636)** | (1 108) | (1 876) |
| &nbsp;&nbsp;tax receivable |  | **1 557** | 456 | 411 |
| Per the statement of cash flows |  | **7 293** | 10 932 | 13 952 |
| **Comprising** |  |  |  |  |
| Normal tax |  |  |  |  |
| &nbsp;&nbsp;South Africa  |  | **5 351** | 7 939 | 11 500 |
| &nbsp;&nbsp;Foreign |  | **1 942** | 2 993 | 2 452 |
|  |  | **7 293** | 10 932 | 13 952 |

---

1Decrease in tax payable mainly due to lower taxable income in South Africa.

---

| | |
|:---|:---|
| **11** | **Deferred tax** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | 2024 |
| for the year ended 30 June | Note | **Rm** | Rm |
| **Reconciliation** |  |  |  |
| Balance at beginning of year |  | **(31 988)** | (32 422) |
| Current year charge |  | **(1 164)** | (292) |
| &nbsp;&nbsp;per the income statement | 9 | **(1 227)** | (417) |
| &nbsp;&nbsp;per the statement of comprehensive income |  | **63** | 125 |
| Foreign exchange differences recognised in income statement |  | **14** | 26 |
| Translation of foreign operations |  | **813** | 700 |
| **Balance at end of year** |  | **(32 325)** | (31 988) |
| **Comprising** |  |  |  |
| Deferred tax assets |  | **(35 803)** | (37 193) |
| Deferred tax liabilities |  | **3 478** | 5 205 |
|  |  | **(32 325)** | (31 988) |

---

40 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

**11** **Deferred tax continued**

Deferred tax assets and liabilities are determined based on the tax status and rates of the underlying entities. We anticipate sufficient taxable profits to be generated in future to recover the deferred tax asset against. The US and SA tax losses do not expire. The deferred tax asset mainly relate to the US and it is probable that taxable profits will be available against which the deductible temporary difference can be utilised. This is supported by approved financial forecasts.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| **Attributable to the following tax jurisdictions** |  |  |
| South Africa | **(4 564)** | (4 193) |
| United States of America | **(27 426)** | (25 608) |
| Germany | **1 087** | 964 |
| Mozambique | **(1 410)** | (1 567) |
| Other | **(12)** | (1 584) |
|  | **(32 325)** | (31 988) |
| **Deferred tax is attributable to temporary differences on the following:** |  |  |
| **Net deferred tax assets:** |  |  |
| Property, plant and equipment | **17 102** | 14 768 |
| Right of use assets | **1 573** | 1 677 |
| Current assets | **(1 396)** | (1 216) |
| Short- and long-term provisions | **(3 672)** | (4 284) |
| Calculated tax losses | **(39 896)** | (39 666) |
| Financial liabilities | **374** | 225 |
| Lease liabilities | **(2 979)** | (2 922) |
| Other¹ | **(6 909)** | (5 775) |
|  | **(35 803)** | (37 193) |
| **Net deferred tax liabilities:** |  |  |
| Property, plant and equipment | **5 054** | 6 833 |
| Right of use assets | **461** | 490 |
| Current assets | **129** | 138 |
| Short- and long-term provisions | **(2 116)** | (1 928) |
| Calculated tax losses | **(8)** | (4) |
| Financial liabilities | **107** | 106 |
| Lease liabilities | **(501)** | (543) |
| Other | **352** | 113 |
|  | **3 478** | 5 205 |

---

1Other mainly relates to the US interest expense limitation carry forward of R6,1 billion (2024: R5,0 billion).

41 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

**11** **Deferred tax continued**

Deferred tax assets have been recognised for the carry forward amount of unutilised tax losses relating to the Group's operations where, among other things, some taxation losses can be carried forward indefinitely and there is compelling evidence that it is probable that sufficient taxable profits will be available in the future to utilise all tax losses carried forward.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| **Calculated tax losses** |  |  |
| (before applying the applicable tax rate) |  |  |
| Available for offset against future taxable income | **331 602** | 326 354 |
| Utilised against the deferred tax balance | **(211 270)** | (209 025) |
| **Not recognised as a deferred tax asset** | **120 332** | 117 329 |
| **Calculated tax losses carried forward that have not been recognised:\*** |  |  |
| Expiry between one and five years | **575** |  |
| Expiry thereafter | **8 066** | 1 395 |
| Indefinite life | **111 691** | 115 934 |
|  | **120 332** | 117 329 |

---

\* Mainly US deferred tax asset previously recognised on tax losses; the deferred tax asset was reversed in 2024 as it is no longer considered probable that sufficient future taxable income will be available in the foreseeable future to fully recover the deferred tax asset. Refer to note 9.

#### Areas of judgement:
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the deferred tax asset can be utilised. This includes the significant tax losses incurred at our US operations and Sasol Financing International Limited. These losses do not expire. The assumptions used in estimating future taxable profits are consistent with the main assumptions disclosed in note 8. Where appropriate, the expected impact of climate change was considered in estimating the future taxable profits. The provision of deferred tax assets and liabilities reflects the tax consequences that would follow from the expected recovery or settlement of the carrying amount of its assets and liabilities.

42 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

#### 11 Deferred tax continued

#### Unremitted earnings at end of year that would be subject to foreign dividend withholding tax and after tax effect if remitted
Deferred tax liabilities are not recognised for the income tax effect that may arise on the remittance of unremitted earnings by foreign subsidiaries, joint operations and incorporated joint ventures. It is management's intention that, where there is no double taxation relief, these earnings will be permanently re-invested in the Group.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| Unremitted earnings at end of year that would be subject to dividend withholding tax | **33 594** | 34 256 |
| &nbsp;&nbsp;Europe | **23 745** | 22 766 |
| &nbsp;&nbsp;Rest of Africa | **3 523** | 3 903 |
| &nbsp;&nbsp;Other | **6 326** | 7 587 |
| Tax effect if remitted | **798** | 795 |
| &nbsp;&nbsp;Europe | **457** | 458 |
| &nbsp;&nbsp;Rest of Africa | **282** | 312 |
| &nbsp;&nbsp;Other | **59** | 25 |

---

#### Dividend withholding tax
Dividend withholding tax is payable at a rate of 20% on dividends distributed to shareholders. Dividends paid to companies and certain other institutions and certain individuals are not subject to this withholding tax. This tax is not attributable to the company paying the dividend but is collected by the company and paid to the tax authorities on behalf of the shareholder.

On receipt of a dividend, the company includes the dividend withholding tax in its computation of the income tax expense.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| Undistributed earnings at end of year that would be subjected to dividend withholding tax withheld by the company on behalf of Sasol Limited shareholders | **90 913** | 84 328 |
| Maximum withholding tax payable by shareholders if distributed to individuals | **18 183** | 16 866 |

---

#### Accounting policies:
The income tax charge is determined based on net income before tax for the year and includes current tax, deferred tax and dividend withholding tax payable by Sasol.

The current tax charge is the tax payable on the taxable income for the financial year applying enacted or substantively enacted tax rates and includes any adjustments to tax payable in respect of prior years.

Deferred tax is provided for using the liability method, on all temporary differences between the carrying amount of assets and liabilities for accounting purposes and the amounts used for tax purposes and on any tax losses using enacted or substantively enacted tax rates at the reporting date that are expected to apply when the asset is realised or liability settled.

Deferred tax assets and liabilities are offset when the related income taxes are levied by the same taxation authority, there is a legally enforceable right to offset and there is an intention to settle the balances on a net basis.

43 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

**Sources of capital**

---

| | |
|:---|:---|
| [**Equity**](#EQUITY_220238) | **45** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Share capital](#a16Sharecapital_244995) | 45 |
| [**Funding activities and facilities**](#FUNDINGACTIVITIESANDFACILITIES_633233) | **46** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Long-term debt](#a17Longtermdebt_906264) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Leases](#a18Leaseliabilities_261382) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Short-term debt](#a19Shorttermdebt_609373) | 52 |

---

44 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

**EQUITY**

---

| | |
|:---|:---|
| **12** | **Share capital** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** |  | 2024 | 2023 |
| for the year ended 30 June |  | **Rm** |  | Rm | Rm |
| Issued share capital (as per statement of changes in equity)¹ |  | **9 888** |  | 9 888 | 9 888 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of shares** | **Number of shares** | **Number of shares** |
| for the year ended 30 June | **2025** | 2024 | 2023 |
| **Authorised** |  |  |  |
| Sasol ordinary shares of no par value² | **1 127 690 590** | 1 127 690 590 | 1 127 690 590 |
| Sasol BEE ordinary shares of no par value³ | **158 331 335** | 158 331 335 | 158 331 335 |
|  | **1 286 021 925** | 1 286 021 925 | 1 286 021 925 |
| **Issued** |  |  |  |
| Shares issued at beginning of year | **648 475 104** | 640 667 612 | 635 676 817 |
| Issued in terms of the employee share schemes | **900 000** | 7 807 492 | 4 990 795 |
| **Shares issued at end of year** | **649 375 104** | 648 475 104 | 640 667 612 |
| **Comprising** |  |  |  |
| Sasol ordinary shares of no par value | **643 043 757** | 642 143 757 | 634 336 265 |
| Sasol BEE ordinary shares of no par value | **6 331 347** | 6 331 347 | 6 331 347 |
|  | **649 375 104** | 648 475 104 | 640 667 612 |
| **Unissued shares** |  |  |  |
| Sasol ordinary shares of no par value | **484 646 833** | 485 546 833 | 493 354 325 |
| Sasol BEE ordinary shares of no par value | **151 999 988** | 151 999 988 | 151 999 988 |
|  | **636 646 821** | 637 546 821 | 645 354 313 |

---

---

| | |
|:---|:---|
| 1 | At 30 June 2025, treasury shares amounted to 10 326 749 (2024: 13 055 335; 2023: 10 373 430), comprising largely of shares held by the Sasol Foundation Trust and unallocated shares issued in terms of the employee share scheme. |

---

2 At Sasol's General meeting held on 17 November 2023 a special resolution was passed authorising management to issue up to a maximum of 53 000 000 Sasol Ordinary Shares for purposes of the conversion of the Convertible Bonds. Refer to note 13.

---

| | |
|:---|:---|
| 3 | A Sasol BEE Ordinary Share (SOLBE1) is a Sasol ordinary share that trades on the Empowerment Segment of the JSE. The SOLBE1 shares may only be sold to and bought by "BEE Compliant Persons" as defined by the DTI codes. SOLBE1 shareholders are entitled to the same dividends as Sasol Ordinary Shareholders. |

---

When Sasol Limited's shares are repurchased by a subsidiary, the amount of consideration paid, including directly attributable costs, is recognised as a deduction from shareholders' equity.

45 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

#### FUNDING ACTIVITIES AND FACILITIES

---

| | |
|:---|:---|
| **13** | **Long-term debt** |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  |  | Reclassified\* |
| for the year ended 30 June | **Rm** | Rm |
| Total long-term debt | **102 645** | 117 031 |
| Short-term portion\* | **(14 091)** | (13 160) |
| Long-term portion\* | **88 554** | 103 871 |
| **Analysis of long-term debt**  |  |  |
| **At amortised cost** |  |  |
| Unsecured debt | **103 037** | 117 559 |
| Unamortised loan costs | **(392)** | (528) |
|  | **102 645** | 117 031 |
| **Reconciliation** |  |  |
| Balance at beginning of year | **117 031** | 124 068 |
| Loans raised¹ | **471** | 30 692 |
| Loans repaid² | **(14 060)** | (35 468) |
| Interest accrued | **1 505** | 1 551 |
| Amortisation of loan costs | **126** | 161 |
| Translation of foreign operations | **(2 428)** | (3 973) |
| **Balance at end of year** | **102 645** | 117 031 |
| **Interest-bearing status** |  |  |
| Interest-bearing debt | **102 645** | 117 031 |
| **Maturity profile** |  |  |
| Within one year | **14 091** | 13 160 |
| One to five years | **72 309** | 87 629 |
| More than five years | **16 245** | 16 242 |
|  | **102 645** | 117 031 |

---

\* Prior year numbers have been reclassified on adoption of the amendments to IAS 1, refer to note 1.

---

| | |
|:---|:---|
| 1 | 2024 relates mainly R2,4 billion raised under the new DMTN programme and US$1,5 billion (R27 billion) that was drawn under the Revolving Credit Facility (RCF). |

---

---

| | |
|:---|:---|
| 2 | 2025 mainly relates to partial repayment of the RCF of R13 billion. In October 2024 US$0,3 billion (R5,4 billion) was repaid and in June 2025 US$0,4 billion (R7,1 billion) was repaid. 2024 relates mainly to the US$1,5 billion (R28 billion) US Dollar bond that was repaid in March 2024, as well as partial settlements of US$0,3 billion (R5,5 billion) in May and June 2024 on the RCF. |

---

46 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **13** | **Long-term debt continued** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **2025** | **2025** | **2025** | **2025** | 2024 |
|  |  |  |  |  | **Total**  |  |  | Utilised |
|  |  |  | Interest | **Contract** | **Rand**  | **Available** | **Utilised** | facilities |
|  |  |  | rate | **amount** | **equivalent** | **facilities** | **facilities** | Reclassified\* |
| for the year ended 30 June | Expiry date | Currency | % | **million** | **Rm** | **Rm** | **Rm** | Rm |
| **Banking facilities and debt arrangements** |  |  |  |  |  |  |  |  |
| **Group treasury facilities** |  |  |  |  |  |  |  |  |
| Commercial paper (uncommitted) |  | Rand | 3 month <br>Jibar + 1,42% -<br>1,59% | **15 000** | **15 000** | **10 566** | **4 434** | 4 434 |
| Commercial banking facilities |  | Rand | \*\* | **7 450** | **7 450** | **7 450** | **—** |  |
| Revolving credit facility¹ | April 2030 | US dollar | SOFR+ Credit<br>Adj +1,45% | **1 987** | **35 269** | **26 394** | **8 875** | 21 831 |
| **Debt arrangements** |  |  |  |  |  |  |  |  |
| US Dollar Bond² | September 2026 | US dollar | 4,38% | **650** | **11 538** | **—** | **11 538** | 11 825 |
| US Dollar Convertible Bond³ | November 2027 | US dollar | 4,50% | **750** | **13 313** | **—** | **13 313** | 13 644 |
| US Dollar Bond² | September 2028 | US dollar | 6,50% | **750** | **13 313** | **—** | **13 313** | 13 644 |
| US Dollar Bond² | May 2029 | US dollar | 8,75% | **1 000** | **17 750** | **—** | **17 750** | 18 193 |
| US Dollar term loan | April 2030 | US dollar | SOFR+ Credit<br>Adj +1,65% | **982** | **17 439** | **—** | **17 439** | 17 874 |
| US Dollar Bond² | March 2031 | US dollar | 5,50% | **850** | **15 088** | **—** | **15 088** | 15 464 |
| **Other Sasol businesses** |  |  |  |  |  |  |  |  |
| **Specific project asset finance** |  |  |  |  |  |  |  |  |
| Energy – Clean Fuels II (Natref) | Various | Rand | Various | **1 266** | **1 266** | **—** | **1 266** | 966 |
| Other |  | Various | Various | **—** | **—** | **—** | **707** | 909 |
|  |  |  |  |  |  | **44 410** | **103 723** | 118 784 |
| Available cash excluding restricted cash |  |  |  |  |  | **38 422** |  |  |
| Total funds available for use |  |  |  |  |  | **82 832** |  |  |
| Accrued interest |  |  |  |  |  |  | **1 505** | 1 551 |
| Unamortised loan cost |  |  |  |  |  |  | **(392)** | (528) |
| Cumulative fair value gains and foreign exchange movements on convertible bond and embedded derivative financial liability |  |  |  |  |  |  | **(1 517)** | (2 030) |
| Total debt including accrued interest and unamortised loan cost |  |  |  |  |  |  | **103 319** | 117 777 |
| **Comprising** |  |  |  |  |  |  |  |  |
| Long-term debt\* |  |  |  |  |  |  | **88 554** | 103 871 |
| Short-term debt\* |  |  |  |  |  |  | **14 757** | 13 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt |  |  |  |  |  |  | **666** | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term portion of long-term debt |  |  |  |  |  |  | **14 091** | 13 160 |
| Bank overdraft |  |  |  |  |  |  | **1** | 121 |
| Convertible bond derivative financial liability |  |  |  |  |  |  | **7** | 59 |
|  |  |  |  |  |  |  | **103 319** | 117 777 |

---

\* Prior year numbers have been reclassified on adoption of the amendments to IAS 1, refer to note 1.

47 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **13** | **Long-term debt continued** |

---

\*\*Interest rate only available when funds are utilised.

---

| | |
|:---|:---|
| 1 | In October 2024 US$0,3 billion (R5,4 billion) was repaid on the RCF and another US$0,4 billion (R7,1 billion) was repaid in June 2025. |

---

---

| | |
|:---|:---|
| 2 | Included in this amount is the US$3,25 billion (R57,7 billion) bonds with fixed interest rates of between 4,38% and 8,75% which are listed and is recognised in Sasol Financing USA LLC (SFUSA), a 100% owned subsidiary of the Group. Sasol Limited has fully and unconditionally guaranteed the bonds. There are no restrictions on the ability of Sasol Limited to obtain funds from the finance subsidiary, SFUSA, by dividend or loan. |

---

---

| | |
|:---|:---|
| 3 | The convertible bond have a principal amount of US$750 million and contain conversion rights exercisable by the bond holders at any time before maturity of the bond on 8 November 2027. The convertible bond pay a coupon of 4,5% per annum, payable semi-annually in arrears and in equal instalments on 8 May and 8 November of each year. The convertible bond can be settled in cash, Sasol ordinary shares, or any combination thereof at the election of Sasol. The conversion price (initially set at US$20,39) is subject to standard market anti-dilution adjustments, including, among other things, dividends paid by Sasol. The conversion price at 30 June 2025 was US$18,79 (30 June 2024: US$18,79). |

---

#### Accounting policies:
Debt, which constitutes a financial liability, includes short-term and long-term debt. Debt is initially recognised at fair value, net of transaction costs incurred and is subsequently stated at amortised cost using the effective interest rate method. Debt is classified as short-term unless the borrowing entity has a right to defer settlement of the liability for at least 12 months after the reporting date.

Debt is derecognised when the obligation in the contract is discharged, cancelled or has expired. Premiums or discounts arising from the difference between the fair value of debt raised and the amount repayable at maturity date are charged to the income statement as finance expenses based on the effective interest rate method. A debt modification gain or loss is recognised immediately when a debt measured at amortised cost has been modified. The convertible bond is a hybrid financial instrument consisting of a non-derivative host representing the obligation to make interest payments and to deliver cash to the holder on redemption of the bond ('the bond component'); and a conversion feature which is accounted for as an embedded derivative financial liability. The bond component was recognised at fair value at inception date. The fair value was determined by subtracting the fair value attributable to the embedded derivative from the fair value of the combined instrument. The bond component is measured subsequently at amortised cost using the effective interest rate of 8,5%. The option component is recognised as a derivative financial liability, measured at fair value, with changes in fair value recorded in profit or loss and reported separately in the statement of financial position in long-term financial liabilities.

The bond component and related embedded derivative are classified as current liabilities as the holders may convert at any time.

Refer to note 35 for the accounting policies relating to embedded derivatives.

48 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **14** | **Leases** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Plant,  |  |  |
|  |  |  | equipment  | Mineral  |  |
|  | Land | Buildings | and vehicles | assets | **Total** |
| for the year ended 30 June | Rm | Rm | Rm | Rm | **Rm** |
| **Right of use assets** |  |  |  |  |  |
| **Carrying amount at 30 June 2023** | 127 | 4 712 | 6 845 | 1 | **11 685** |
| Cost | 333 | 8 264 | 13 174 | 4 | **21 775** |
| Accumulated depreciation and impairment | (206) | (3 552) | (6 329) | (3) | **(10 090)** |
| Additions | 11 | 1 274 | 1 559 |  | **2 844** |
| Modifications and reassessments | (6) | (13) | 882 |  | **863** |
| Translation of foreign operations | (5) | (45) | (191) |  | **(241)** |
| Terminations |  | (99) | (57) |  | **(156)** |
| Current year depreciation charge | (10) | (627) | (1 840) | (1) | **(2 478)** |
| Impairment of right of use assets (note 8) |  | (101) | (65) |  | **(166)** |
| **Carrying amount at 30 June 2024** | **117** | **5 101** | **7 133** | **—** | **12 351** |
| **Cost** | 326 | 8 919 | 14 647 | **—** | **23 892** |
| **Accumulated depreciation and impairment** | (209) | (3 818) | (7 514) | **—** | **(11 541)** |
| Additions | 13 | 868 | 1 072 |  | **1 953** |
| Modifications and reassessments |  | 35 | 654 |  | **689** |
| Reclassification to assets |  |  | (129) |  | **(129)** |
| Translation of foreign operations | 7 | 28 | (25) |  | **10** |
| Terminations | (17) | (5) | (132) |  | **(154)** |
| Current year depreciation charge | (8) | (553) | (1 942) |  | **(2 503)** |
| Net impairment of right of use assets (note 8) | 142 | (352) | (173) |  | **(383)** |
| **Carrying amount at 30 June 2025** | **254** | **5 122** | **6 458** | **—** | **11 834** |
| **Cost** | 305 | 9 840 | 14 740 |  | **24 885** |
| **Accumulated depreciation and impairment** | (51) | (4 718) | (8 282) |  | **(13 051)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | 2024 |
| for the year ended 30 June | Note | **Rm** | Rm |
| **Lease liabilities** |  |  |  |
| Total long-term lease liabilities |  | **15 177** | 15 173 |
| Short-term portion (included in short-term debt) | 15 | **2 183** | 2 264 |
|  |  | **17 360** | 17 437 |
| **Reconciliation** |  |  |  |
| Balance at beginning of year |  | **17 437** | 16 297 |
| New lease contracts |  | **1 928** | 2 884 |
| Payments made on lease liabilities |  | **(3 077)** | (2 698) |
| Modifications and reassessments |  | **685** | 865 |
| Interest accrued  |  | **530** | 520 |
| Termination of lease liability |  | **(168)** | (155) |
| Translation of foreign operations |  | **25** | (276) |
| **Balance at end of year**  |  | **17 360** | 17 437 |

---

49 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

**14** **Leases continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| for the year ended 30 June | **Rm** | Rm | Rm |
| **Amounts recognised in income statement** |  |  |  |
| Interest expense (included in net finance cost) | **1 669** | 1 557 | 1 451 |
| Expense relating to short-term leases\* | **634** | 626 | 596 |
| Expense relating to leases of low-value assets that are not shown above as short-term leases\* | **73** | 82 | 87 |
| Expense relating to variable lease payments not included in lease liabilities (included in other operating expenses and income)\* | **55** | 56 | 49 |
| **Amounts recognised in statement of cash flows** |  |  |  |
| Total cash outflow on leases | **4 978** | 4 499 | 4 159 |

---

**\*** **Included in cash paid to suppliers and employees in the statement of cash flows.**

**The Group leases a number of assets as part of its activities. These primarily include corporate office buildings in Sandton and Houston, rail yard, rail cars, retail convenience centres and storage facilities. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.**

#### Areas of judgement:
Various factors are considered in assessing whether an arrangement contains a lease including whether a service contract includes the implicit right to substantially all of the economic benefits from assets used in providing the service and whether the Group directs how and for what purpose such assets are used. In performing this assessment, the Group considers decision-making rights that will affect the economic benefits that will be derived from the use of the asset such as changing the type, timing, or quantity of output that is produced by the asset.

Incorporating optional lease periods where there is reasonable certainty that the option will be extended is subject to judgement and has an impact on the measurement of the lease liability and related right of use asset. Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option, including consideration of the significance of the underlying asset to the operations and the expected remaining useful life of the operation where the leased asset is used.

The incremental borrowing rate that the Group applies is the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions. The estimation of the incremental borrowing rate is determined for each lease contract using the risk-free rate over a term matching that of the lease, adjusted for other factors such as the credit rating of the lessee, a country risk premium and the borrowing currency. A higher incremental borrowing rate would lead to the recognition of a lower lease liability and corresponding right of use asset.

The range of incremental borrowing rates of lease contracts entered into during the year are as follows:

---

| | |
|:---|:---|
| Southern Africa | 9,00 – 14,83% (2024: 11,09 – 15,59%) |
| North America | 6,37 – 7,34% (2024: 7,86 – 9,22%) |
| Eurasia | 2,46 – 7,78% (2024: 3,35 – 14,89%) |

---

50 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **14** | **Leases continued** |

---

#### Accounting policies:
At contract inception all arrangements are assessed to determine whether it is, or contains, a lease. At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include:

● fixed payments (including in-substance fixed payments) less any lease incentives receivable;

● variable lease payments that depend on an index or a rate;

● amounts expected to be paid under residual value guarantees;

● the exercise price of a purchase option reasonably certain to be exercised;

● payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate; and

● lease payments to be made under reasonably certain extension options.

Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are capitalised as part of the cost of inventories or assets under construction) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is generally not readily determinable. The incremental borrowing rate is the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions.

After the commencement date, finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

The Group applies the recognition exemptions to short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option) and leases of assets that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses over the lease term.

51 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **14** | **Leases continued** |

---

Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes:

● the amount of the initial measurement of lease liability;

● any lease payments made at or before the commencement date less any lease incentives received;

● any initial direct costs; and

● restoration costs.

Right of use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right of use asset is depreciated over the underlying asset's useful life. The depreciation charge is recognised in the income statement unless it is capitalised as part of the cost of inventories or assets under construction.

The right of use assets are also subject to impairment. Refer to the accounting policies in note 8 on Remeasurement items affecting profit or loss.

Where the Group transfers control of an asset to another entity (buyer-lessor) and leases that same asset back from the buyer-lessor, the Group derecognises the underlying asset and recognises a right-of-use asset at the proportion of the previous carrying amount of the transferred asset that relates to the right of use retained by the Group. The Group also recognises a lease liability measured at the present value of all expected future lease payments with the resulting gain or loss being included in remeasurement items.

---

| | |
|:---|:---|
| **15** | **Short-term debt** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | 2024 |
|  |  |  | Reclassified\* |
| for the year ended 30 June | Note | **Rm** | Rm |
| Short-term debt |  | **666** | 566 |
| Short-term portion of |  |  |  |
| &nbsp;&nbsp;long-term debt¹ | 13 | **14 091** | 13 160 |
| &nbsp;&nbsp;lease liabilities | 14 | **2 183** | 2 264 |
|  |  | **16 940** | 15 990 |

---

\*Prior year numbers have been reclassified on adoption of the amendments to IAS 1, refer to note 1.

1 At 30 June 2025, the short-term portion of long-term debt mainly relates to the convertible bond.

52 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

**Capital allocation and utilisation**

---

| | |
|:---|:---|
| [**Investing activities**](#INVESTINGACTIVITIES_497076) | **54** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Property, plant and equipment](#a20Propertyplantandequipment_631616) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Long-term receivables and prepaid expenses](#a23Longtermreceivablesandprepaidexpenses) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Equity accounted investments](#a24Equityaccountedinvestments_815373) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Interest in joint operations](#a25Interestinjointoperations_708631) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Interest in significant operating subsidiaries](#a26Interestinsignificantoperatingsubsidi) | 64 |
| [**Working capital**](#WORKINGCAPITAL_556802) | **66** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Inventories](#a27Inventories_519742) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Trade and other receivables](#a28Tradeandotherreceivables_473726) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Trade and other payables](#a29Tradeandotherpayables_625232) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Decrease/(increase) in working capital](#a30Decreaseincreaseinworkingcapital_8325) | 68 |
| [**Cash management**](#CASHMANAGEMENT_942759) | **69** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cash and cash equivalents](#a31Cashandcashequivalents_332819) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cash generated by operating activities](#Cashgeneratedbyoperatingactivities_14136) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cash flow from operations](#a33Cashflowfromoperations_51584) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dividends paid](#a34Dividendspaid_853435) | 70 |

---

53 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

#### INVESTING ACTIVITIES

---

| | |
|:---|:---|
| **16** | **Property, plant and equipment** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Building  | Plant, |  | Assets |  |
|  |  | and | equipment | Mineral  | under |  |
|  | Land | improvements  | and vehicles | assets | construction\* | **Total** |
| for the year ended 30 June | Rm | Rm | Rm | Rm | Rm | **Rm** |
| **Carrying amount at 30 June 2023** | 4 592 | 11 258 | 169 176 | 14 009 | 26 437 | **225 472** |
| **Cost** | 5 023 | 24 252 | 399 595 | 53 259 | 26 437 | **508 566** |
| **Accumulated depreciation and impairment** | (431) | (12 994) | (230 419) | (39 250) |  | **(283 094)** |
| Additions |  | 14 | 683 | 354 | 29 514 | **30 565** |
| &nbsp;&nbsp;to sustain existing operations |  | 14 | 676 | 250 | 23 245 | **24 185** |
| &nbsp;&nbsp;to expand operations |  |  | 7 | 104 | 6 269 | **6 380** |
| Reduction in rehabilitation provisions capitalised |  |  | (47) | (493) | (189) | **(729)** |
| Finance costs capitalised |  |  |  |  | 1 644 | **1 644** |
| Assets capitalised or reclassified |  | 744 | 13 367 | 3 541 | (17 997) | **(345)** |
| Reclassification to held for sale | (6) |  | 119 |  | 9 | **122** |
| Translation of foreign operations | (148) | (341) | (4 768) |  | (171) | **(5 428)** |
| Disposals and scrapping | (3) | (31) | (349) | (6) | (493) | **(882)** |
| Current year depreciation charge |  | (531) | (10 391) | (1 945) |  | **(12 867)** |
| Net impairment of property, plant and equipment (note 8) | (196) | (237) | (67 450) | (1 024) | (5 056) | **(73 963)** |
| **Carrying amount at 30 June 2024** | **4 239** | **10 876** | **100 340** | **14 436** | **33 698** | **163 589** |
| **Cost** | 4 849 | 24 248 | 398 678 | 56 164 | 33 698 | **517 637** |
| **Accumulated depreciation and impairment** | (610) | (13 372) | (298 338) | (41 728) |  | **(354 048)** |
| Additions |  | 2 | 511 | 295 | 25 000 | **25 808** |
| &nbsp;&nbsp;to sustain existing operations |  | 2 | 505 | 244 | 22 062 | **22 813** |
| &nbsp;&nbsp;to expand operations |  |  | 6 | 51 | 2 938 | **2 995** |
| Reduction in rehabilitation provisions capitalised (note 29) |  |  |  |  | (212) | **(212)** |
| Finance costs capitalised |  |  |  |  | 1 883 | **1 883** |
| Assets capitalised or reclassified |  | 1 260 | 16 324 | 3 509 | (21 059) | **34** |
| Reclassification from/(to) held for sale | 47 | (6) | (7) |  |  | **34** |
| Translation of foreign operations | (78) | (67) | (831) |  | 132 | **(844)** |
| Disposals and scrapping | (1) | (13) | (242) | (40) | (528) | **(824)** |
| Current year depreciation charge |  | (609) | (8 243) | (2 335) |  | **(11 187)** |
| Net impairment of property, plant and equipment (note 8) | (124) | 320 | (5 572) | (4 218) | (10 646) | **(20 240)** |
| **Carrying amount at 30 June 2025** | **4 083** | **11 763** | **102 280** | **11 647** | **28 268** | **158 041** |
| **Cost** | 4 838 | 24 849 | 408 717 | 59 169 | 28 268 | **525 841** |
| **Accumulated depreciation and impairment** | (755) | (13 086) | (306 437) | (47 522) |  | **(367 800)** |

---

\*Includes intangible assets and exploration and evaluation assets under construction.

54 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **16** | **Property, plant and equipment continued** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| for the year ended 30 June | **Rm** | Rm | Rm |
| **Additions to property, plant and equipment (cash flow)** |  |  |  |
| Current year additions | **25 808** | 30 565 | 30 943 |
| Adjustments for non-cash items | **(463)** | (491) | (217) |
| &nbsp;&nbsp;movement in environmental provisions capitalised | **(264)** | (473) | (50) |
| &nbsp;&nbsp;Reduction in capital project pre-payment | **(191)** |  |  |
| &nbsp;&nbsp;Rig leases | **(10)** |  |  |
| &nbsp;&nbsp;Area A5-A receivable | **2** | (18) | (167) |
| Per the statement of cash flows | **25 345** | 30 074 | 30 726 |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| **Capital commitments (excluding equity accounted investments)** |  |  |
| Capital commitments, excluding capitalised interest, include all projects for which specific Board approval has been obtained. Projects still under investigation for which specific Board approvals have not yet been obtained are excluded from the following: |  |  |
| Authorised and contracted for | **45 106** | 50 551 |
| Authorised but not yet contracted for | **21 015** | 26 897 |
| Less expenditure to the end of year | **(38 700)** | (42 057) |
|  | **27 421** | 35 391 |
| &nbsp;&nbsp;to sustain existing operations | **25 012** | 29 988 |
| &nbsp;&nbsp;to expand operations | **2 409** | 5 403 |
| **Estimated expenditure** |  |  |
| Within one year | **20 634** | 24 796 |
| One to five years | **6 787** | 10 595 |
|  | **27 421** | 35 391 |

---

#### Significant capital commitments and expenditure at 30 June comprise mainly of:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Capital commitments** | **Capital commitments** | **Capital expenditure** | **Capital expenditure** |
|  |  |  | **2025** | 2024 | **2025** | 2024 |
| Project | Project location  | Business segment | **Rm** | Rm | **Rm** | Rm |
| **Projects to sustain operations** |  |  |  |  |  |  |
| Shutdown and major statutory maintenance | Various | Various | **5 972** | 9 362 | **6 977** | 7 239 |
| Environmental projects | Various | Various | **1 025** | 5 102 | **2 569** | 3 143 |
| Clean fuels II | Various | Fuels | **1 642** | 1 960 | **1 271** | 1 495 |
| **Projects to expand operations** |  |  |  |  |  |  |
| Exploration and development | Mozambique | Gas | **1 779** | 3 422 | **3 309** | 6 475 |

---

#### Areas of judgement:
The depreciation methods, estimated remaining useful lives and residual values are reviewed at least annually. The estimation of the useful lives of property, plant and equipment is based on historic performance as well as expectations about future use and the impact of climate change and therefore requires a significant degree of judgement to be applied by management. The remaining useful lives of property, plant and equipment have been reassessed considering the Group's targeted reduction in GHG emissions and remain appropriate.

55 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

**16** **Property, plant and equipment continued**

The following depreciation rates apply in the Group:

---

| | |
|:---|:---|
| Buildings and improvements | 1 - 17%, units of production over life of related reserve base |
| Retail convenience centres (included in buildings and improvements) | 3 – 5% |
| Plant | 2 – 50% |
| Equipment | 3 – 91% |
| Vehicles | 5 – 33% |
| Mineral assets  | Units of production over life of related reserve base |
| Life-of-mine coal assets (included in mineral assets) | Units of production over life of related reserve base |

---

#### Accounting policies:
**Property, plant and equipment**

Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Land is not depreciated.

When plant and equipment comprises major components with different useful lives, these components are accounted for as separate items.

Depreciation of mineral assets on producing oil and gas properties is based on the units-of-production method calculated using estimated proved developed reserves. The natural oil and gas reserves are calculated using a methodology designed to be compliant with SEC Regulations S-K and FASB ASC 932.

Life-of-mine coal assets are depreciated using the units-of-production method and is based on proved and probable reserves assigned to that specific mine (accessible reserves) or complex which benefits from the utilisation of those assets. The proved and probable reserves are determined using the SAMREC code. Other coal mining assets are depreciated on the straight-line method over their estimated useful lives.

Depreciation of property acquisition costs, capitalised as part of mineral assets in property, plant and equipment, is based on the units-of-production method calculated using estimated proved reserves.

Property, plant and equipment, other than mineral assets, is depreciated to its estimated residual value on a straight-line basis over its expected useful life.

#### Assets under construction
Assets under construction include land and expenditure capitalised for work in progress in respect of activities to develop, expand or enhance items of property, plant and equipment. The cost of self-constructed assets includes expenditure on materials, direct labour and an allocated proportion of project overheads. Cost also includes the estimated costs of dismantling and removing the assets and site rehabilitation costs to the extent that they relate to the construction of the asset as well as gains or losses on qualifying cash flow hedges attributable to that asset. When regular major inspections are a condition of continuing to operate an item of property, plant and equipment, and plant shutdown costs will be incurred, an estimate of these shutdown costs are included in the carrying value of the asset at initial recognition. Land acquired, as well as costs capitalised for work in progress in respect of activities to develop, expand or enhance items of property, plant and equipment are classified as part of assets under construction.

Finance expenses in respect of specific and general borrowings are capitalised against qualifying assets as part of assets under construction. Where funds are borrowed specifically for the purpose of acquiring or constructing a qualifying asset, the amount of finance expenses eligible for capitalisation on that asset is the actual finance expenses incurred on the borrowing during the period less any investment income on the temporary investment of those borrowings.

56 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

**16** **Property, plant and equipment continued**

Where funds are made available from general borrowings and used for the purpose of acquiring or constructing qualifying assets, the amount of finance expenses eligible for capitalisation is determined by applying a capitalisation rate to the expenditures on these assets. The capitalisation rate of 7,4% (2024 – 7,3%) is calculated as the weighted average of the interest rates applicable to the borrowings of the Group that are outstanding during the period, including borrowings made specifically for the purpose of obtaining qualifying assets once the specific qualifying asset is ready for its intended use. The amount of finance expenses capitalised will not exceed the amount of borrowing costs incurred.

---

| | |
|:---|:---|
| **17** | **Long-term receivables and prepaid expenses** |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| Total long-term receivables | **3 635** | 3 716 |
| Impairment of long-term receivables\* | **(83)** | (156) |
| Short-term portion | **(668)** | (509) |
|  | **2 884** | 3 051 |
| Long-term prepaid expenses<sup>1</sup> | **659** | 979 |
|  | **3 543** | 4 030 |
| **Comprising:** |  |  |
| Long-term receivables (interest-bearing) - joint operations  | **1 086** | 879 |
| Long-term loans | **1 798** | 2 172 |
|  | **2 884** | 3 051 |

---

1 Includes non-cash movement of R145 million (2024: R758 million) related to an electricity supply contract at our Secunda Operations.

**The majority of movements in long-term receivables are cash movements including loans granted of R431 million (2024 - R298 million) and repayments of R511 million (2024 – R357 million).**

**\*** **Impairment of long-term loans and receivables**

Long-term loans and receivables are considered for impairment under the expected credit loss model. Refer to note 35.2 for detail on the impairments recognised.

57 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **18** | **Equity accounted investments** |

---

At 30 June, the Group's interest in equity accounted investments and the total carrying values were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Country of |  | **Interest** | **2025** | 2024 |
| Name | incorporation | Nature of activities | **%**  | **Rm** | Rm |
| **Joint ventures** |  |  |  |  |  |
| ORYX GTL Limited | Qatar | GTL plant | **49** | **8 530** | 10 379 |
| Sasol Dyno Nobel (Pty) Ltd | South Africa | Manufacturing and distribution of explosives | **50** | **400** | 321 |
| **Associates** |  |  |  |  |  |
| Enaex Africa (Pty) Ltd | South Africa | Manufacturing and distribution of explosives | **23** | **562** | 483 |
| The Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO) | South Africa | Owning and operating of the natural gas transmission pipeline between Temane in Mozambique and Secunda in South Africa for the transportation of natural gas produced in Mozambique to markets in Mozambique and South Africa | **20** | **2 737** | 2 823 |
| **Other equity accounted investments** |  |  | **Various** | **730** | 736 |
| **Carrying value of investments** |  |  |  | **12 959** | 14 742 |

---

There are no significant restrictions on the ability of the joint ventures or associates to transfer funds to Sasol Limited in the form of cash dividends or repayment of loans or advances.

**Impairment testing of equity accounted investments**

Based on impairment indicators at each reporting date, impairment tests in respect of investments in joint ventures and associates are performed. The recoverable amount of the investment is compared to the carrying amount, as described in note 8, to calculate the impairment.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| **Summarised financial information for the Group's share of equity accounted investments which are not material\*** |  |  |
| Operating profit | **233** | 181 |
| Profit before tax | **284** | 211 |
| Taxation | **(109)** | (64) |
| **Profit for the year\*** | **175** | 147 |
| **Other comprehensive income** | **13** | 57 |

---

\* The financial information provided represents the Group's share of the results of the equity accounted investments.

58 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **18** | **Equity accounted investments continued** |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Capital commitments relating to equity accounted investments** | **Rm** | Rm |
| Capital commitments, excluding capitalised interest, include all projects for which specific Board approval has been obtained up to the reporting date. Projects still under investigation for which specific Board approvals have not yet been obtained are excluded from the following: |  |  |
| Authorised and contracted for | **2 188** | 3 579 |
| Authorised but not yet contracted for | **491** | 852 |
| Less: expenditure to the end of year | **(1 731)** | (2 963) |
|  | **948** | 1 468 |

---

#### Areas of judgement:
Joint ventures and associates are assessed for materiality in relation to the Group using a number of factors such as investment value, strategic importance and monitoring by those charged with governance.

ORYX GTL and ROMPCO are considered to be material as they are closely monitored by and reported on to the decision makers and are considered to be strategically material investments.

59 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **18** | **Equity accounted investments continued** |

---

**Summarised financial information for the Group's material equity accounted investments**

In accordance with the Group's accounting policy, the results of joint ventures and associates are equity accounted. The information provided below represents the Group's material joint venture and associate. The financial information presented includes the full financial position and results of the joint venture and includes intercompany transactions and balances.

---

| | | |
|:---|:---|:---|
|  | **Joint venture** | **Joint venture** |
|  | **ORYX GTL Limited** | **ORYX GTL Limited** |
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| **Summarised statement of financial position** |  |  |
| Non-current assets\* | **17 784** | 14 985 |
| Deferred tax asset | **490** | 1 218 |
| Cash and cash equivalents | **861** | 1 147 |
| Other current assets | **6 833** | 6 416 |
| **Total assets** | **25 968** | 23 766 |
| Non-current liabilities | **6 602** | 778 |
| Current liabilities | **1 350** | 1 807 |
| Tax payable | **608** |  |
| **Total liabilities** | **8 560** | 2 585 |
| **Net assets** | **17 408** | 21 181 |
| **Summarised income statement** |  |  |
| Turnover | **14 475** | 10 871 |
| Depreciation and amortisation | **(3 316)** | (2 106) |
| Other operating expenses | **(7 728)** | (5 263) |
| **Operating profit before interest and tax** | **3 431** | 3 502 |
| Finance income | **49** | 178 |
| Finance cost | **(189)** | (46) |
| **Profit before tax** | **3 291** | 3 634 |
| Taxation | **(1 357)** | (1 286) |
| **Profit and total comprehensive income for the year** | **1 934** | 2 348 |
| **The Group's share of profits of equity accounted investment** | **948** | 1 151 |
| 49% share of profit before tax | **1 613** | 1 781 |
| Taxation | **(665)** | (630) |
| **Reconciliation of summarised financial information** |  |  |
| Net assets at the beginning of the year | **21 181** | 21 824 |
| Earnings before tax for the year | **3 291** | 3 634 |
| Taxation | **(1 357)** | (1 286) |
| Foreign exchange differences | **(440)** | (767) |
| Dividends paid\*\* | **(5 267)** | (2 224) |
| **Net assets at the end of the year** | **17 408** | 21 181 |
| **Carrying value of equity accounted investment** | **8 530** | 10 379 |

---

\* Non current assets mainly include property plant and equipment.

\*\* In 2025 ORYX GTL Limited declared a dividend of R5,3 billion (R2,2 billion in 2024).

The year-end for ORYX GTL Limited is 31 December, however the Group uses the financial information at 30 June.

The carrying value of the investment represents the Group's interest in the net assets thereof.

60 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **18** | **Equity accounted investments continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Associate** | **Associate** |
|  | **The Republic of**  | **The Republic of**  |
|  | **Mozambique Pipeline**  | **Mozambique Pipeline**  |
|  | **Investment Company**  | **Investment Company**  |
|  | **(Pty) Ltd (ROMPCO)\*\*** | **(Pty) Ltd (ROMPCO)\*\*** |
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| **Summarised statement of financial position** |  |  |
| Non-current assets\* | **2 658** | 4 570 |
| Cash and cash equivalents | **964** | 1 051 |
| Other current assets | **2 219** | 721 |
| **Total assets** | **5 841** | 6 342 |
| Non-current liabilities | **514** | 659 |
| Current liabilities | **220** | 162 |
| Tax payable | **166** | 501 |
| **Total liabilities** | **900** | 1 322 |
| **Net assets** | **4 941** | 5 020 |
| **Summarised income statement** |  |  |
| Turnover | **4 777** | 4 800 |
| Depreciation and amortisation | **(651)** | (622) |
| Other operating expenses | **(442)** | (437) |
| **Operating profit before interest and tax** | **3 684** | 3 741 |
| Finance income | **231** | 169 |
| Finance cost | **(17)** | (15) |
| **Profit before tax** | **3 898** | 3 895 |
| Taxation | **(1 051)** | (1 247) |
| **Profit and total comprehensive income for the period** | **2 847** | 2 648 |
| **The Group's share of profits of equity accounted investment** |  |  |
| 20% share of profit before tax | **780** | 779 |
| Taxation | **(210)** | (249) |
|  | **570** | 530 |
| Amortisation of fair value adjustment on acquisition of investment | **(70)** | (70) |
| **Share of profits of equity accounted investment** | **500** | 460 |
| **Reconciliation of summarised financial information** |  |  |
| Net assets at the beginning of the year | **5 020** | 4 672 |
| Earnings before tax for the year | **3 898** | 3 895 |
| Taxation | **(1 051)** | (1 247) |
| Dividends paid | **(2 926)** | (2 300) |
| **Net assets at the end of the year** | **4 941** | 5 020 |
| **Carrying value of equity accounted investment** | **2 737** | 2 823 |
| &nbsp;&nbsp;Historical net asset value | **988** | 1 004 |
| &nbsp;&nbsp;Group's share of fair value adjustment on acquisition of investment | **1 749** | 1 819 |

---

\* Non current assets mainly include property plant and equipment.

\*\* Based on management accounts.

The carrying value of the investment represents the Group's interest in the net assets thereof.

61 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

#### 18 Equity accounted investments continued

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| for the year ended 30 June | **Rm** | Rm | Rm |
| **Transactions with joint ventures** |  |  |  |
| Total sales and services rendered from subsidiaries to joint ventures | **335** | 3 | 743 |
| Total purchases by subsidiaries from joint ventures | **10** | 18 | 7 |
| **Transactions with associates** |  |  |  |
| Total sales and services rendered from subsidiaries to associates | **2 214** | 2 574 | 2 924 |
| Total purchases by subsidiaries from associates | **3 991** | 4 332 | 3 441 |

---

The amounts have been disaggregated and reported separately between joint ventures and associates.

#### Accounting policies:
The financial results of associates and joint ventures are included in the Group's results according to the equity method from acquisition date until the disposal date. Associates and joint ventures whose financial year-ends are within three months of 30 June are included in the consolidated financial statements using their most recently audited financial results. Adjustments are made to the associates' and joint ventures financial results for material transactions and events in the intervening period.

---

| | |
|:---|:---|
| **19** | **Interest in joint operations** |

---

At 30 June, the Group's interest in material joint operations were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **% of equity owned** | **% of equity owned** |
|  |  |  | **2025** | 2024 |
| **Name** | **Country of incorporation** | **Nature of activities** | **%** | % |
| Louisiana Integrated Polyethylene JV LLC (LIP JV) | United States of America | Manufactures ethylene and polyethylene chemicals. The joint operation with LyondellBasell operates as a tolling arrangement. Sasol retains control of our portion of the goods during the toll processing, for which a fee is paid, and only recognises revenue when the finished goods are transferred to a final customer. Equistar, a subsidiary of LyondellBasell, acts as an independent agent, for a fee, to exclusively market and sell all of Sasol's Linear low-density polyethylene and Low-density polyethylene produced by the joint operation to customers. | **50** | 50 |
| National Petroleum Refiners of South Africa (Pty) Ltd (Natref) | South Africa | Inland refinery that uses crude oil to produce liquid fuels. Natref is a joint venture between Sasol and the PRAX Group. During the year, TotalEnergies disposed of its interest in the joint operation to the PRAX Group, resulting in a change in the joint arrangement's shareholder structure. | **64** | 64 |

---

62 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **19** | **Interest in joint operations continued** |

---

The information provided is Sasol's share of joint operations (excluding unincorporated joint operations) and includes intercompany transactions and balances.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Total** | Total |
|  | LIP JV | Natref | **2025** | 2024 |
| for the year ended 30 June | Rm | Rm | **Rm** | Rm |
| **Statement of financial position** |  |  |  |  |
| External non-current assets | 25 696 |  | **25 696** | 26 495 |
| External current assets | 1 547 | 777 | **2 324** | 1 842 |
| Intercompany current assets | 209 | 3 | **212** | 104 |
| **Total assets** | 27 452 | 780 | **28 232** | 28 441 |
| Shareholders' equity | 25 900 | (4 294) | **21 606** | 22 673 |
| Long-term liabilities | 32 | 3 600 | **3 632** | 3 082 |
| Interest-bearing current liabilities | 6 | 104 | **110** | 90 |
| Non-interest-bearing current liabilities | 1 091 | 599 | **1 690** | 1 858 |
| Intercompany current liabilities | 423 | 771 | **1 194** | 738 |
| **Total equity and liabilities** | 27 452 | 780 | **28 232** | 28 441 |

---

At 30 June 2025, the Group's share of the total capital commitments of joint operations amounted to R2 003 million (2024 – R1 383 million).

**Accounting policies:**

The Group recognises its share of any jointly held or incurred assets, liabilities, revenues and expenses along with the Group's income from the sale of its share of the output and any liabilities and expenses that the Group has incurred in relation to the joint operation. These have been incorporated in the financial statements under the appropriate headings.

63 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **20** | **Interest in significant operating subsidiaries** |

---

Sasol Limited is the ultimate parent of the Sasol group of companies. Our wholly-owned subsidiary, Sasol Investment Company (Pty) Ltd, a company incorporated in the Republic of South Africa, primarily holds our interests in companies incorporated outside of South Africa. The following table presents each of the Group's significant subsidiaries (including direct and indirect holdings), the nature of activities, the percentage of shares of each subsidiary owned and the country of incorporation at 30 June 2025.

There are no significant restrictions on the ability of the Group's subsidiaries to transfer funds to Sasol Limited in the form of cash dividends or repayment of loans or advances.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Country of |  | **% of equity owned** | **% of equity owned** |
| Name | incorporation | Nature of activities | **2025** | 2024 |
| **Significant operating subsidiaries** |  |  |  |  |
| **Direct** |  |  |  |  |
| Sasol Mining Holdings (Pty) Ltd | South Africa | Holding company of the Group's mining interests | **100** | 100 |
| Sasol Technology (Pty) Ltd | South Africa | Engineering services, research and development and technology transfer | **100** | 100 |
| Sasol Financing Limited | South Africa | Management of cash resources, investments and procurement of loans (for South African operations) | **100** | 100 |
| Sasol Investment Company (Pty) Ltd | South Africa | Holding company for foreign investments | **100** | 100 |
| Sasol South Africa Limited<sup>1</sup> | South Africa | Integrated petrochemicals and energy company | **100** | 100 |
| Sasol Middle East and India (Pty) Ltd | South Africa | Develop and implement international GTL and CTL ventures | **100** | 100 |
| Sasol Africa (Pty) Ltd | South Africa | Exploration, development, production, marketing and distribution of natural oil and gas and associated products | **100** | 100 |
| Sasol Oil (Pty) Ltd | South Africa | Marketing of fuels and lubricants | **75** | 75 |

---

---

| | |
|:---|:---|
| 1 | Sasol Khanyisa shareholders indirectly have an 18,4% shareholding in Sasol South Africa Limited. Once the Khanyisa funding is settled, the Sasol Khanyisa ordinary shares will be exchanged for Sasol BEE Ordinary (SOLBE1) shares listed on the empowerment segment of the JSE. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Country of |  | **% of equity owned** | **% of equity owned** |
| Name | incorporation | Nature of activities | **2025** | 2024 |
| **Significant operating subsidiaries** |  |  |  |  |
| **Indirect** |  |  |  |  |
| Sasol Financing International Limited | South Africa | Management of cash resources, investment and procurement of loans (for our foreign operations) | **100** | 100 |
| Sasol Germany GmbH | Germany | Production, marketing and distribution of chemical products | **100** | 100 |
| Sasol Italy SpA | Italy | Trading and transportation of oil products, petrochemicals and chemical products and derivatives | **100** | 100 |
| Sasol Mining (Pty) Ltd | South Africa | Coal mining activities | **90** | 90 |
| Sasol Chemicals (USA) LLC | United States of America | Production, marketing and distribution of chemical products | **100** | 100 |
| Sasol Financing USA LLC | United States of America | Management of cash resources, investment and procurement of loans (for our North American operations) | **100** | 100 |

---

Our other interests in subsidiaries are not considered significant.

#### Non-controlling interests
The Group subsidiaries with non-controlling interests, Sasol Oil (Pty) Ltd and Sasol Mining (Pty) Ltd, however none of them were material to the Statement of financial position.

64 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **20** | **Interest in significant operating subsidiaries continued** |

---

#### Areas of judgement:
The disclosure of subsidiaries is based on materiality taking into account the contribution to turnover, assets of the Group, and the way the business is managed and reported on.

Control is obtained when Sasol is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through our power over the subsidiary.

**The financial results of all entities that have a functional currency different from the presentation currency of their parent entity are translated into the presentation currency. Income and expenditure transactions of foreign operations are translated at the average rate of exchange for the year except for significant individual transactions which are translated at the exchange rate ruling at that date. All assets and liabilities, including fair value adjustments and goodwill arising on acquisition, are translated at the rate of exchange ruling at the reporting date. Differences arising on translation are recognised as other comprehensive income and are included in the foreign currency translation reserve until there is a disposal of the foreign operation. When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal and included in remeasurement items.**

65 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

#### WORKING CAPITAL

---

| | |
|:---|:---|
| **21** | **Inventories** |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| **Carrying value** |  |  |
| Crude oil and other raw materials | **5 087** | 5 624 |
| Process material | **3 326** | 2 865 |
| Maintenance materials | **8 504** | 7 754 |
| Work in progress | **2 827** | 3 012 |
| Manufactured products | **21 669** | 21 104 |
| Consignment inventory | **380** | 360 |
|  | **41 793** | 40 719 |

---

A net realisable value write-down of R171 million was recognised in 2025 (2024 – R370 million; 2023 – R948 million).

Inventory of R2 981 million (2024 – R2 248 million) is held at net realisable value. This relates mainly to manufactured products.

#### Accounting policies:
Inventories are stated at the lower of cost and net realisable value. Cost includes expenditure incurred in acquiring, manufacturing and transporting the inventory to its present location. Manufacturing costs include an allocated portion of production overheads which are directly attributable to the cost of manufacturing such inventory. The allocation is determined based on the greater of normal production capacity and actual production. The costs attributable to any inefficiencies in the production process are charged to the income statement as incurred.

By-products are incidental to the manufacturing processes, are usually produced as a consequence of the main product stream, and are immaterial to the group. Revenue from sale of by-products is offset against the cost of the main products.

Cost is determined as follows:

---

| | |
|:---|:---|
| Crude oil and other raw materials | First-in-first-out valuation method (FIFO) |
| Process, maintenance and other materials | Weighted average purchase price |
| Work-in-progress | Manufacturing costs incurred |
| Manufactured products including consignment inventory | Manufacturing costs according to FIFO |

---

66 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **22** | **Trade and other receivables** |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| Trade receivables | **30 370** | 28 313 |
| Other receivables (financial assets)<sup>1</sup> | **5 333** | 3 480 |
| Related party receivables | **378** | 349 |
| third parties | **53** | 29 |
| equity accounted investments  | **325** | 320 |
| Impairment of trade and other receivables\* | **(901)** | (870) |
|  | **35 180** | 31 272 |
| Other receivables (non-financial assets) | **89** | 259 |
| Duties recoverable from customers | **92** | 214 |
| Prepaid expenses and other | **1 995** | 1 553 |
| Value added tax | **2 730** | 3 235 |
|  | **40 086** | 36 533 |

---

---

| | |
|:---|:---|
| **1** | **Other receivables include a receivable of R1,4 billion for the proceeds on disposal of Uzbekistan GTL that reached specified capacity per sales agreement. This receivable is measured at fair value through profit or loss.** |

---

#### \*Impairment of trade and other receivables
Trade receivables are considered for impairment under the expected credit loss model. Trade receivables are written off when there is no reasonable prospect that the customer will pay. Refer to note 35 for detail on the impairments recognised.

No individual customer represents more than 10% of the Group's trade receivables.

#### Collateral
The Group holds no collateral over the trade receivables which can be sold or pledged to a third party.

#### Accounting policies:
Trade and other receivables are recognised initially at transaction price and subsequently stated at amortised cost using the effective interest rate method, less impairment losses. Other receivables that fail the business model and solely payments of principal and interest tests are classified at fair value through profit or loss. A simplified expected credit loss model is applied for recognition and measurement of impairments in trade receivables, where expected lifetime credit losses are recognised from initial recognition, with changes in loss allowances recognised in profit or loss. The group did not use a provisional matrix. Trade and other receivables are written off where there is no reasonable expectation of recovering amounts due. The trade receivables do not contain a significant financing component.

67 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **23** | **Trade and other payables** |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| Trade payables<sup>1</sup> | **28 272** | 24 972 |
| Capital project related payables<sup>2</sup> | **284** | 861 |
| Accrued expenses | **3 914** | 4 045 |
| Other payables (financial liabilities) | **1 757** | 2 080 |
| Related party payables | **530** | 593 |
| &nbsp;&nbsp;third parties | **20** | 25 |
| &nbsp;&nbsp;equity accounted investments | **510** | 568 |
|  | **34 757** | 32 551 |
| Other payables (non-financial liabilities)<sup>3</sup> | **8 586** | 7 664 |
| Duties payable to revenue authorities | **3 866** | 3 632 |
| Value added tax | **202** | 351 |
|  | **47 411** | 44 198 |

---

1 The increase in trade payables mainly relate to higher material and utility cost.

2 Decrease mainly due to the development cost on the Production Sharing Agreement project in Mozambique nearing completion.

3 Other payables (non-financial liabilities) include employee-related payables.

Trade and other payables are initially recognised at fair value and subsequently stated at amortised cost. Capital project related payables are excluded from working capital, as the nature and risks of these payables are not considered to be aligned to operational trade payables.

---

| | |
|:---|:---|
| **24** | **Decrease/(increase) in working capital** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**Rm** | 2024<br>Rm | 2023<br>Rm |
| (Increase)/decrease in inventories | **(457)** | **(54)** | 1 913 |
| (Increase)/decrease in trade receivables | **(1 114)** | **(3 094)** | 9 002 |
| Increase/(decrease) in trade payables | **2 847** | **(1 693)** | (2 865) |
| **Decrease/(increase) in working capital** | **1 276** | **(4 841)** | 8 050 |

---

#### Movements exclude non-cash movements and translation effects.
68 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

#### CASH MANAGEMENT

---

| | |
|:---|:---|
| **25** | **Cash and cash equivalents** |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| Cash and cash equivalents | **38 423** | 42 967 |
| Restricted cash and cash equivalents | **2 627** | 2 416 |
|  | **41 050** | 45 383 |
| Bank overdraft | **(1)** | (121) |
| Per the statement of cash flows | **41 049** | 45 262 |
| **Cash by currency** |  |  |
| Rand | **28 480** | 28 548 |
| Euro | **2 258** | 3 902 |
| US dollar | **9 023** | 11 859 |
| Other currencies | **1 288** | 953 |
|  | **41 049** | 45 262 |

---

Included in restricted cash and cash equivalents are cash in respect of various special purpose entities and joint operations in the Group for use within those entities.

#### Accounting policies:
Cash includes cash on hand and demand deposits that can be withdrawn at any time without prior notice or penalty.

Cash equivalents include short-term highly liquid investments with a maturity period of three months or less at date of purchase and money market funds that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

Cash restricted for use comprises cash and cash equivalents which are not available for general use by the Group, including amounts held in escrow, trust or other separate bank accounts.

Cash, cash equivalents and cash restricted for use are stated at carrying amount which is deemed to be fair value.

Bank overdrafts that are repayable on demand and that are integral to the Group's cash management are offset against cash and cash equivalents in the statement of cash flows.

The Statement of cash flows is presented on the direct method. Notes are supplied as supplemental information to the Statement of cash flows. Finance income received, finance costs paid and dividends received and paid are presented under operating activities in the Statement of cash flows.

---

| | |
|:---|:---|
| **26** | **Cash generated by operating activities** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | 2024 | 2023 |
| for the year ended 30 June | Note | **Rm** | Rm | Rm |
| Cash flow from operations | 27 | **46 527** | 57 162 | 56 587 |
| Decrease/(increase) in working capital | 24 | **1 276** | (4 841) | 8 050 |
|  |  | **47 803** | 52 321 | 64 637 |

---

69 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **27** | **Cash flow from operations** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | 2024 | 2023 |
| for the year ended 30 June | Note | **Rm** | Rm | Rm |
| Earnings/(loss) before interest and tax (EBIT/(LBIT)) |  | **18 819** | (27 305) | 21 520 |
| Adjusted for |  |  |  |  |
| &nbsp;&nbsp;share of profits of equity accounted investments |  | **(1 623)** | (1 758) | (2 623) |
| &nbsp;&nbsp;equity-settled share-based payment | 32 | **914** | 986 | 1 033 |
| &nbsp;&nbsp;depreciation and amortisation |  | **14 002** | 15 644 | 16 491 |
| &nbsp;&nbsp;effect of remeasurement items | 8 | **19 645** | 75 414 | 33 898 |
| &nbsp;&nbsp;movement in long-term provisions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;income statement charge | 29 | **(2 807)** | (651) | (718) |
| &nbsp;&nbsp;&nbsp;&nbsp;utilisation | 29 | **(769)** | (459) | (811) |
| &nbsp;&nbsp;movement in short-term provisions  |  | **87** | 280 | (261) |
| &nbsp;&nbsp;movement in post-retirement benefits  |  | **272** | 373 | 381 |
| &nbsp;&nbsp;translation effects |  | **799** | 673 | (1 821) |
| &nbsp;&nbsp;write-down of inventories to net realisable value |  | **171** | 370 | 948 |
| &nbsp;&nbsp;movement in financial assets and liabilities  |  | **(3 063)** | (4 588) | (6 708) |
| &nbsp;&nbsp;movement in other receivables and payables  |  | **334** | (1 119) | (5 205) |
| &nbsp;&nbsp;other non-cash movements<sup>1</sup> |  | **(254)** | (698) | 463 |
|  |  | **46 527** | 57 162 | 56 587 |

---

1 Other non-cash movements include movements in deferred income, expected credit losses and long-term prepaid expenses.

---

| | |
|:---|:---|
| **28** | **Dividends paid** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| for the year ended 30 June | **Rm** | Rm | Rm |
| Final dividend – prior year | **28** | 6 341 | 9 295 |
| Interim dividend – current year | **—** | 1 292 | 4 459 |
|  | **28** | 7 633 | 13 754 |

---

The Board did not declare a dividend for the current year.

70 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

#### Provisions and reserves

---

| | |
|:---|:---|
| [**Provisions**](#PROVISIONS_852835) | **72** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Long-term provisions](#a35Longtermprovisions_34294) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Short-term provisions](#a36Shorttermprovisions_169236) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Post-retirement benefit obligations](#a37Postretirementbenefitobligations_8845) | 76 |
| [**Reserves**](#RESERVES_935588) | **86** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Share-based payment reserve](#a39Sharebasedpaymentreserve_500574) | 86 |

---

71 **Sasol Annual Financial Statements 2025**

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#### PROVISIONS

---

| | |
|:---|:---|
| **29** | **Long-term provisions** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Environmental | Other | **Total** |
|  | 2025 | 2025 | **2025** |
| for the year ended 30 June | Rm | Rm | **Rm** |
| Balance at beginning of year | 16 524 | 694 | **17 218** |
| Capitalised to property, plant and equipment | 264 |  | **264** |
| Reduction in rehabilitation provision capitalised | (212) |  | **(212)** |
| Per the income statement | (2 769) | (38) | **(2 807)** |
| &nbsp;&nbsp;additional provisions and changes to existing provisions | (3 167) | (28) | **(3 195)** |
| &nbsp;&nbsp;reversal of unutilised amounts | (7) | (11) | **(18)** |
| &nbsp;&nbsp;effect of change in discount rate | 405 | 1 | **406** |
| Notional interest | 1 161 | 6 | **1 167** |
| Utilised during year (cash flow) | (629) | (140) | **(769)** |
| Translation of foreign operations | (7) | 4 | **(3)** |
| Foreign exchange differences recognised in income statement | (220) | (1) | **(221)** |
| **Balance at end of year** | **14 112** | **525** | **14 637** |

---

#### Environmental provisions
The environmental obligation includes estimated costs for the rehabilitation of coal mining, oil, gas and petrochemical sites, mainly in South Africa and Mozambique.

The present value of the environmental provisions is determined by discounting the estimated future cash outflows using interest rates of high-quality government bonds that are denominated in the currency in which the amounts will be paid, and that have terms approximating the terms of the related obligation.

72 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **29** | **Long-term provisions continued** |

---

The following discount rates were applied:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **%** | % |
| South Africa | **72 – 105** | 81 – 109 |
| Europe | **20 – 29** | 20 – 36 |
| United States of America (for USD denominated provisions) | **35 – 44** | 32 – 54 |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| A 1% point change in the discount rate would have the following effect on the long-term provisions recognised |  |  |
| Increase in the discount rate | **(1 991)** | (2 185) |
| &nbsp;&nbsp;amount capitalised to property, plant and equipment  | **(666)** | (917) |
| &nbsp;&nbsp;income recognised in income statement | **(1 325)** | (1 268) |
| Decrease in the discount rate | **2 432** | 2 802 |
| &nbsp;&nbsp;amount capitalised to property, plant and equipment  | **808** | 1 375 |
| &nbsp;&nbsp;expense recognised in income statement | **1 624** | 1 427 |

---

The time at which the operations cease to produce economically viable returns and the pace of transition to a low carbon economy will impact the anticipated time period over which decommissioning liabilities are expected to be incurred in future.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | 2024 |
| for the year ended 30 June | Note | **Rm** | Rm |
| **Expected timing of future cash flows** |  |  |  |
| Within one year |  | **1 688** | 2 822 |
| One to five years |  | **1 427** | 2 915 |
| Five to ten years¹ |  | **2 967** | 2 208 |
| More than ten years² |  | **8 555** | 9 273 |
|  |  | **14 637** | 17 218 |
| Short-term portion | 30 | **(1 688)** | (2 822) |
| Long-term provisions |  | **12 949** | 14 396 |
| **Estimated undiscounted obligation\*** |  | **85 097** | 109 845 |

---

1 Relates largely to the rehabilitation of coal mining, oil and gas sites in South Africa.

2 Relates largely to the plugging and abandonment of gas wells in Mozambique, as well as remediation of soil and ground water contamination in South Africa.

\* Decrease relates mainly to a reassessment of cost estimates based on optimised water treatment cost as a result of enhanced evaporating technology and other enhancements.

In line with the requirements of the legislation of South Africa, the utilisation of certain investments is restricted for mining rehabilitation purposes. These investments amounted to R885 million (2024 – R816 million) and are included in Other long-term investments in the statement of financial position. In addition, indemnities of R2 907 million (2024 – R2 860 million) are in place.

73 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **29** | **Long-term provisions continued** |

---

#### Accounting policies:
Estimated long-term environmental provisions, comprising pollution control, rehabilitation and mine closure, are based on the Group's environmental policy taking into account current technological, environmental and regulatory requirements. The provision for rehabilitation is recognised as and when the environmental liability arises. To the extent that the obligations relate to the construction of an asset, they are capitalised as part of the cost of those assets. The effect of subsequent changes to assumptions in estimating an obligation for which the provision was recognised as part of the cost of the asset is adjusted against the asset. Any subsequent changes to an obligation which did not relate to the initial construction of a related asset are charged to the income statement. The increase in discounted long-term provisions as a result of the passage of time is recognised as a finance expense in the income statement.

The estimated present value of future decommissioning costs, taking into account current environmental and regulatory requirements, is capitalised as part of property, plant and equipment, to the extent that they relate to the construction of the asset, and the related provisions are raised. These estimates are reviewed at least annually.

Deferred tax is recognised on the temporary differences in relation to both the asset to which the obligation relates to and rehabilitation provision.

#### Areas of judgement:
The determination of long-term provisions, in particular environmental provisions, remains a key area where management's judgement is required. Estimating the amount and timing of the future cost of these obligations is complex and requires management to make estimates and judgements because most of the obligations will only be fulfilled in the future and contracts and laws are often not clear regarding what is required. The resulting provisions could also be influenced by changing technologies and political, environmental, safety, business and statutory considerations as well as the period in which it will be settled. The pace of transition to a low carbon economy will impact the anticipated time period over which decommissioning liabilities are expected to be incurred.

74 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **30** | **Short-term provisions** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | 2024 |
| for the year ended 30 June | Note | **Rm** | Rm |
| Emission rights |  | **726** | 900 |
| Other provisions |  | **626** | 304 |
| Short-term portion of |  |  |  |
| &nbsp;&nbsp;long-term provisions | 29 | **1 688** | 2 822 |
| &nbsp;&nbsp;post-retirement benefit obligations | 31 | **717** | 724 |
|  |  | **3 757** | 4 750 |

---

#### Accounting policies:
In emission schemes where a cap is set for emissions, the associated emission rights granted are recognised at fair value and classified under intangible assets. An emission liability is recognised under short-term provisions when actual emissions occur that give rise to an obligation. To the extent the liability is covered by emission rights held, the liability is measured with reference to the value of these emission rights held and for the remaining uncovered portion at current market value. The associated expense is presented under Materials, energy and consumables used. Both the emission rights intangible asset and the emission liability are derecognised upon settling the liability with the respective regulator.

75 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **31** | **Post-retirement benefit obligations** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Non-current** | **Non-current** | **Current** | **Current** | **Total** | **Total** |
|  |  | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| for the year ended 30 June | Note | **Rm** | Rm | **Rm** | Rm | **Rm** | Rm |
| **Post-retirement healthcare obligations** | 31.1 |  |  |  |  |  |  |
| South Africa |  | **3 943** | 3 611 | **325** | 304 | **4 268** | 3 915 |
| United States of America |  | **234** | 231 | **6** | 15 | **240** | 246 |
|  |  | **4 177** | 3 842 | **331** | 319 | **4 508** | 4 161 |
| **Pension obligations** | 31.2 |  |  |  |  |  |  |
| Foreign – post-retirement benefit obligation |  | **7 944** | 7 514 | **386** | 405 | **8 330** | 7 919 |
| **Total post-retirement benefit obligations** |  | **12 121** | 11 356 | **717** | 724 | **12 838** | 12 080 |
| **Pension assets** | 31.2 |  |  |  |  |  |  |
| South Africa – post-retirement benefit asset |  | **(113)** | (92) | **—** |  | **(113)** | (92) |
| Foreign – post-retirement benefit asset |  | **(970)** | (818) | **—** |  | **(970)** | (818) |
| **Total post-retirement benefit assets** |  | **(1 083)** | (910) | **—** |  | **(1 083)** | (910) |
| **Net pension obligations** |  | **6 861** | 6 604 | **386** | 405 | **7 247** | 7 009 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Loss/(gain) recognised in the income**  | **Loss/(gain) recognised in the income**  | **Loss/(gain) recognised in the income**  | **Loss/(gain) recognised in other**  | **Loss/(gain) recognised in other**  | **Loss/(gain) recognised in other**  |
|  |  | **statement** | **statement** | **statement** | **comprehensive income** | **comprehensive income** | **comprehensive income** |
|  |  | **2025** | 2024 | 2023 | **2025** | 2024 | 2023 |
| for the year ended 30 June | Note | **Rm** | Rm | Rm | **Rm** | Rm | Rm |
| **Post-retirement benefit obligations** |  |  |  |  |  |  |  |
| Post-retirement healthcare obligations | 31.1 | **523** | 495 | 477 | **137** | 137 | (222) |
| Pension benefits – projected benefit obligation | 31.2 | **10 836** | 10 162 | 9 310 | **1 819** | 2 081 | (1 835) |
| Pension benefits – plan asset of funded obligation | 31.2 | **(9 640)** | (8 998) | (8 259) | **(1 559)** | (3 575) | 2 884 |
| Interest on asset limitation |  | **644** | 665 | 712 | **—** |  |  |
| Net movement on asset limitation and reimbursive right\* |  | **—** |  |  | **(648)** | 1 302 | (1 254) |
|  |  | **2 363** | 2 324 | 2 240 | **(251)** | (55) | (427) |

---

\*Refer to page 81 for the asset not recognised due to asset limitation.

The Group provides post-retirement medical and pension benefits to certain of its retirees, principally in South Africa, Europe and the United States of America. Generally, medical cover provides for a specified percentage of most medical expenses, subject to pre-set rules and maximum amounts. Pension benefits are payable in the form of retirement, disability and surviving dependent pensions. The medical benefits are unfunded. The pension benefits in South Africa are funded. In the United States of America certain of our Pension Funds are funded.

76 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **31** | **Post-retirement benefit obligations continued** |

---

---

| | | |
|:---|:---|:---|
|  | **Healthcare benefits** | **Pension benefits** |
| Last actuarial valuation – South Africa | **31 March 2025** | **31 March 2025** |
| Last actuarial valuation – United States of America | **30 June 2025** | **30 June 2025** |
| Last actuarial valuation – Europe | **n/a** | **30 April 2025** |
| Full/interim valuation | **Full** | **Full** |
| Valuation method adopted | **Projected unit credit** | **Projected unit credit** |

---

The plans have been assessed by the actuaries and have been found to be in sound financial positions.

#### Principal actuarial assumptions
Weighted average assumptions used in performing actuarial valuations determined in consultation with independent actuaries.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **United States of** | **United States of** | **United States of** |  |  |  |
|  | **South Africa** | **South Africa** | **America** | **America** | **America** |  | **Europe** | **Europe** |
|  | **2025** | 2024 | **2025** |  | 2024 |  | **2025** | 2024 |
| at valuation date | **%** | % | **%** |  | % |  | **%** | % |
| Healthcare cost inflation | **75** | 75 | **n/a** | \* | n/a | \* | **n/a** | n/a |
| Discount rate – post-retirement medical benefits | **120** | 126 | **53** |  | 53 |  | **n/a** | n/a |
| Discount rate – pension benefits | **108** | 124 | **53** |  | 52 |  | **39** | 37 |
| Pension increase assumption | **60** | 59 | **n/a** | \*\* | n/a | \*\* | **22** | 22 |
| Average salary increases | **55** | 55 | **42** |  | 42 |  | **32** | 32 |
| Weighted average duration of the obligation – post-retirement medical obligation | **12,5 years** | 12 years | **9 years** |  | 9 years |  | **n/a** | n/a |
| Weighted average duration of the obligation – pension obligation | **10,25 years** | 10 years | **8 years** |  | 6 years |  | **14 years** | 14 years |

---

\* The healthcare cost inflation rate in respect of the plans for the United States of America is capped. All additional future increases due to the healthcare cost inflation will be borne by the participants.

\*\* There are no automatic pension increases for the United States of America pension plan.

Assumptions regarding future mortality are based on published statistics and mortality tables.

77 **Sasol Annual Financial Statements 2025**

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| | |
|:---|:---|
| **31** | **Post-retirement benefit obligations continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.1** **Post-retirement healthcare obligations** 

In South Africa, certain healthcare and life assurance benefits are provided to South African employees hired prior to 1 January 1998, who retire and satisfy the necessary requirements of the medical fund.

#### Reconciliation of the total post-retirement healthcare obligation recognised in the statement of financial position

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **South Africa** | **South Africa** | **United States of America** | **United States of America** | **Total** | **Total** |
|  | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm | **Rm** | Rm | **Rm** | Rm |
| Total post-retirement healthcare obligation at beginning of year | **3 915** | 3 567 | **246** | 260 | **4 161** | 3 827 |
| Movements recognised in the income statement: | **499** | 469 | **24** | 26 | **523** | 495 |
| &nbsp;&nbsp;current service cost  | **22** | 22 | **12** | 14 | **34** | 36 |
| &nbsp;&nbsp;interest cost | **477** | 447 | **12** | 12 | **489** | 459 |
| Actuarial losses/(gains) recognised in other comprehensive income: | **146** | 151 | **(9)** | (14) | **137** | 137 |
| &nbsp;&nbsp;arising from changes in financial assumptions | **222** | 138 | **—** | (10) | **222** | 128 |
| &nbsp;&nbsp;arising from changes in actuarial experience | **(76)** | 13 | **(9)** | (4) | **(85)** | 9 |
| Benefits paid | **(292)** | (272) | **(15)** | (17) | **(307)** | (289) |
| Translation of foreign operations | **—** |  | **(6)** | (9) | **(6)** | (9) |
| **Total post-retirement healthcare obligation at end of year** | **4 268** | 3 915 | **240** | 246 | **4 508** | 4 161 |

---

The sensitivity analysis is performed in order to assess how the post-retirement healthcare obligation would be affected by changes in the key actuarial assumptions underpinning the calculation.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **South Africa** | **South Africa** | **United States of America** | **United States of America** |
|  | **2025** | 2024 | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm | **Rm** | Rm |
| 1% point change in actuarial assumptions: |  |  |  |  |
| Increase in the healthcare cost inflation | **434** | 396 | **—**<br> \* | —<br> \* |
| Decrease in the healthcare cost inflation | **(377)** | (343) | **—**<br> \* | —<br> \* |
| Increase in the discount rate | **(360)** | (326) | **(21)** | (21) |
| Decrease in the discount rate | **419** | 380 | **25** | 25 |

---

\* A change in the healthcare cost inflation for the United States of America will not have an effect on the above components or the obligation as the employer's cost is capped and all future increases due to the healthcare cost inflation are borne by the participants. There are no automatic pension increases for the United States of America pension plan.

A change in the pension increase assumption will not have an effect on the above obligation. In South Africa the post-retirement benefit contributions are linked to medical aid inflation and based on a percentage of income or pension. Where pension increases differ from medical aid inflation, the difference will need to be allowed for in a change in the percentage of income or pension charged.

The sensitivities may not be representative of the actual change in the post-retirement healthcare obligation, as it is unlikely that the changes would occur in isolation of one another, and some of the assumptions may be correlated.

#### Healthcare cost inflation risk
Healthcare cost inflation is consumer price index inflation plus two percentage points over the long term. An increase in healthcare cost inflation will increase the obligation of the plan.

78 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **31** | **Post-retirement benefit obligations continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.1** **Post-retirement healthcare obligations continued** 

#### Discount rate risk
The discount rate is derived from prevailing bond yields. A decrease in the discount rate will increase the obligation of the plan.

#### Pension increase risk
The South African healthcare plan is linked to pension benefits paid, which are to some extent linked to inflation. Accordingly, increased inflation levels represent a risk that could increase the cost of paying the funds committed to benefits.

#### Other
Changes in other assumptions used could also affect the measured liabilities. There is also a regulatory risk as well as foreign funds under the jurisdiction of other countries. To the extent that governments can change the regulatory frameworks, there may be a risk that minimum benefits or minimum pension increases may be instituted, increasing the associated cost for the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 **Pension benefits** 

#### South African operations

#### Background
In 1994, all members were given the choice to voluntarily transfer to the newly established defined contribution section of the pension fund and approximately 99% of contributing members chose to transfer to the defined contribution section.

#### Defined benefit option for defined contribution members
In terms of the rules of the fund, on retirement, employees employed before 1 January 2009 have an option to purchase a defined benefit pension with their member share. Should a member elect this option, the Group is exposed to actuarial risk. In terms of IAS 19, the classification requirements stipulate that where an employer is exposed to any actuarial risk, the fund must be classified as a defined benefit plan.

#### Fund assets
The assets of the fund are held separately from those of the Company in a trustee administered fund, registered in terms of the South African Pension Funds Act, 1956. Included in the fund assets at 31 March 2025 are 2 080 908 (2024 – 2 080 048) Sasol ordinary shares valued at R160 million (2024 – R287 million) at year-end purchased under terms of an approved investment strategy, and property valued at R1 589 million (2024 – R1 533 million) that is currently occupied by Sasol.

#### Membership
A significant number of employees are covered by union sponsored, collectively bargained, and in some cases, multi-employer defined contribution pension plans. Information from the administrators of these plans offering defined benefits is not sufficient to permit the Company to determine its share, if any, of any unfunded vested benefits.

79 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **31** | **Post-retirement benefit obligations continued**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 **Pension benefits continued** 

#### Pension fund assets
The assets of the pension funds are invested as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **South Africa** | **South Africa** | **United States of America** | **United States of America** |
|  | **2025** | 2024 | **2025** | 2024 |
| at 30 June | **%**  | %  | **%**  | %  |
| Equities | **55** | 52 | **33** | 28 |
| &nbsp;&nbsp;resources | **6** | 7 | **3** | 3 |
| &nbsp;&nbsp;industrials | **4** | 3 | **4** | 3 |
| &nbsp;&nbsp;consumer discretionary | **11** | 9 | **4** | 4 |
| &nbsp;&nbsp;consumer staples | **6** | 7 | **3** | 2 |
| &nbsp;&nbsp;healthcare | **4** | 4 | **3** | 3 |
| &nbsp;&nbsp;information technologies | **7** | 7 | **8** | 7 |
| &nbsp;&nbsp;telecommunications | **3** | 3 | **3** | 2 |
| &nbsp;&nbsp;utilities | **1** | 1 | **—** |  |
| &nbsp;&nbsp;financials (ex real estate) | **13** | 11 | **5** | 4 |
| Fixed interest | **17** | 20 | **42** | 45 |
| Direct property | **11** | 10 | **7** | 8 |
| Listed property | **3** | 3 | **—** |  |
| Cash and cash equivalents | **4** | 2 | **—** |  |
| Third party managed assets | **9** | 12 | **—** |  |
| Other | **1** | 1 | **18** | 19 |
| **Total** | **100** | 100 | **100** | 100 |

---

The pension fund assets are measured at fair value at valuation date. The fair value of equity has been calculated by reference to quoted prices in an active market. The fair value of property and other assets has been determined by performing market valuations and using other valuation techniques at the end of each reporting period.

80 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **31** | **Post-retirement benefit obligations continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.2** **Pension benefits continued** 

#### Investment strategy
The trustees target the plans' asset allocation within the following ranges within each asset class:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **South Africa¹** | **South Africa¹** | **United States of America** | **United States of America** |
| <br>**Asset classes** | **Minimum**<br>&nbsp;&nbsp;&nbsp;&nbsp;**%** | **Maximum %**<br> | **Minimum %**<br> | **Maximum %**<br> |
| Equities |  |  |  |  |
| &nbsp;&nbsp;local | **20** | **35** | **—** | **100** |
| &nbsp;&nbsp;foreign | **25** | **40** | **—** | **100** |
| Fixed interest | **10** | **25** | **—** | **100** |
| Property | **10** | **20** | **—** | **100** |
| Other | **—** | **15** | **—** | **100** |

---

---

| | |
|:---|:---|
| 1 | Members of the defined contribution scheme have a choice of four investment portfolios. The portion of fund assets invested in each portfolio is 0,6%, 96,4%, 2,2% and 0,8% for the low risk portfolio, moderate balanced portfolio, aggressive balanced portfolio and money market portfolio, respectively. Defined benefit members' funds are invested in the moderate balanced portfolio. The money market portfolio is restricted to active members from age 55. The targeted allocation disclosed represents the moderate balanced investment portfolio which the majority of the members of the scheme have adopted. |

---

The trustees of the respective funds monitor investment performance and portfolio characteristics on a regular basis to ensure that managers are meeting expectations with respect to their investment approach. There are restrictions and controls placed on managers in this regard.

#### Reconciliation of the projected net pension liability/(asset) recognised in the statement of financial position

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **South Africa** | **South Africa** | **Foreign** | **Foreign** | **Total** | **Total** |
|  | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm | **Rm** | Rm | **Rm** | Rm |
| Projected benefit obligation (funded) | **79 943** | 72 186 | **3 657** | 3 778 | **83 600** | 75 964 |
| &nbsp;&nbsp;defined benefit portion | **38 300** | 34 183 | **3 657** | 3 778 | **41 957** | 37 961 |
| &nbsp;&nbsp;defined benefit option for defined contribution members | **41 643** | 38 003 | **—** |  | **41 643** | 38 003 |
| Plan assets | **(87 141)** | (79 389) | **(4 627)** | (4 596) | **(91 768)** | (83 985) |
| &nbsp;&nbsp;defined benefit portion | **(45 498)** | (41 386) | **(4 627)** | (4 596) | **(50 125)** | (45 982) |
| &nbsp;&nbsp;defined benefit option for defined contribution members | **(41 643)** | (38 003) | **—** |  | **(41 643)** | (38 003) |
| Projected benefit obligation (unfunded) | **—** |  | **8 330** | 7 919 | **8 330** | 7 919 |
| Asset not recognised due to asset limitation | **7 085** | 7 111 | **—** |  | **7 085** | 7 111 |
| **Net (asset)/liability recognised** | **(113)** | (92) | **7 360** | 7 101 | **7 247** | 7 009 |

---

81 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **31** | **Post-retirement benefit obligations continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.2** **Pension benefits continued** 

The obligation which arises for the defined contribution members with the option to purchase into the defined benefit fund is limited to the assets that they have accumulated until retirement date. However, after retirement date, there is actuarial risk associated with the members as full defined benefit members.

Based on the latest actuarial valuation of the fund and the approval of the trustees of the surplus allocation, the Group has an unconditional entitlement to only the funds in the employer surplus account and the contribution reserve. The remaining estimated surplus due to the Company amounts to approximately R113 million (2024 – R92 million) and has been included in the pension asset recognised in the current year.

#### Investment risk
The actuarial valuation assumes certain asset returns on invested assets. If actual returns on plan assets are below the assumption, this may lead to a strain on the fund, which, over time, may lead to a plan deficit. In order to mitigate the concentration risk, the fund assets are invested across equity securities, property securities and debt securities. Given the long-term nature of the obligations, it is considered appropriate that investment is made in equities and real estate to improve the return generated by the fund. These may result in improved pension benefits to members.

#### Pension increase risk
Benefits in these plans are to some extent linked to inflation so increased inflation levels represent a risk that could increase the cost of paying the funds committed to benefits. This risk is mitigated as pension benefits are subject to affordability.

#### Discount rate risk
The discount rate is derived from prevailing bond yields. A decrease in the discount rate used will increase the obligation of the plan.

#### Other
Changes in other assumptions used could also affect the measured liabilities. There is also a regulatory risk as well as foreign funds under the jurisdiction of other countries. To the extent that governments can change the regulatory frameworks, there may be a risk that minimum benefits or minimum pension increases may be instituted, increasing the associated cost for the fund.

82 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **31** | **Post-retirement benefit obligations continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.2** **Pension benefits continued** 

#### Reconciliation of projected benefit obligation

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **South Africa** | **South Africa** | **Foreign** | **Foreign** | **Total** | **Total** |
|  | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm | **Rm** | Rm | **Rm** | Rm |
| Projected benefit obligation at beginning of year | **72 186** | 64 049 | **11 697** | 12 007 | **83 883** | 76 056 |
| Movements recognised in income statement: | **9 961** | 9 268 | **875** | 894 | **10 836** | 10 162 |
| &nbsp;&nbsp;current service cost | **1 196** | 1 145 | **410** | 440 | **1 606** | 1 585 |
| &nbsp;&nbsp;interest cost | **8 765** | 8 123 | **465** | 454 | **9 230** | 8 577 |
| Actuarial losses/(gains) recognised in other comprehensive income: | **2 082** | 2 236 | **(263)** | (155) | **1 819** | 2 081 |
| &nbsp;&nbsp;arising from changes in financial assumptions | **4 652** | 911 | **(204)** | (110) | **4 448** | 801 |
| &nbsp;&nbsp;arising from change in actuarial experience | **(2 570)** | 1 325 | **(59)** | (45) | **(2 629)** | 1 280 |
| Member contributions | **658** | 601 | **—** |  | **658** | 601 |
| Benefits paid | **(4 944)** | (3 968) | **(722)** | (492) | **(5 666)** | (4 460) |
| Translation of foreign operations | **—** |  | **400** | (557) | **400** | (557) |
| **Projected benefit obligation at end of year** | **79 943** | 72 186 | **11 987** | 11 697 | **91 930** | 83 883 |
| &nbsp;&nbsp;unfunded obligation<sup>1</sup> | **—** |  | **8 330** | 7 919 | **8 330** | 7 919 |
| &nbsp;&nbsp;funded obligation | **79 943** | 72 186 | **3 657** | 3 778 | **83 600** | 75 964 |

---

---

| | |
|:---|:---|
| 1 | Certain of the foreign defined benefit plans have reimbursement rights under contractually agreed legal binding terms that match the amount and timing of some of the benefits payable under the plan. This reimbursive right has been recognised in long-term receivables at fair value of R112 million (2024 – R122 million). A loss of R23 million (2024 – R14 million) has been recognised as a loss in other comprehensive income in respect of the reimbursive right. |

---

83 **Sasol Annual Financial Statements 2025**

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---

| | |
|:---|:---|
| **31** | **Post-retirement benefit obligations continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.2** **Pension benefits continued** 

#### Reconciliation of plan assets of funded obligation

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **South Africa** | **South Africa** | **Foreign** | **Foreign** | **Total** | **Total** |
|  | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm | **Rm** | Rm | **Rm** | Rm |
| Fair value of plan assets at beginning of year | **79 389** | 69 291 | **4 596** | 4 478 | **83 985** | 73 769 |
| Movements recognised in income statement: | **9 420** | 8 802 | **220** | 196 | **9 640** | 8 998 |
| &nbsp;&nbsp;interest income | **9 420** | 8 802 | **220** | 196 | **9 640** | 8 998 |
| Actuarial (losses)/gains recognised in other comprehensive income: | **1 283** | 3 351 | **276** | 224 | **1 559** | 3 575 |
| &nbsp;&nbsp;arising from return on plan assets (excluding interest income) | **1 283** | 3 351 | **276** | 224 | **1 559** | 3 575 |
| Plan participant contributions<sup>1</sup> | **658** | 601 | **—** |  | **658** | 601 |
| Employer contributions<sup>1</sup>  | **1 335** | 1 312 | **66** | 71 | **1 401** | 1 383 |
| Benefit payments | **(4 944)** | (3 968) | **(419)** | (213) | **(5 363)** | (4 181) |
| Translation of foreign operations | **—** |  | **(112)** | (160) | **(112)** | (160) |
| **Fair value of plan assets at end of year** | **87 141** | 79 389 | **4 627** | 4 596 | **91 768** | 83 985 |
| **Actual return on plan assets** | **10 703** | 12 153 | **496** | 420 | **11 199** | 12 573 |

---

1 Contributions, for the defined contribution section, are paid by the members and Sasol at fixed rates.

#### Contributions
Funding is based on actuarially determined contributions. The following table sets forth the projected pension contributions of funded obligations for the 2026 financial year.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **South Africa** |  | **Foreign** |
|  |  | **Rm** |  | **Rm** |
| Pension contributions |  | **1 402** |  | **66** |

---

#### Sensitivity analysis
A sensitivity analysis is performed in order to assess how the post-retirement pension obligation would be affected by changes in the key actuarial assumptions underpinning the calculation.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **South Africa** | **South Africa** | **Foreign** | **Foreign** |
|  | **2025** | 2024 | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm | **Rm** | Rm |
| **1% point change in actuarial assumptions** |  |  |  |  |
| Increase in average salaries increase assumption | **6** | 5 | **247** | 265 |
| Decrease in average salaries increase assumption | **(5)** | (4) | **(215)** | (234) |
| Increase in the discount rate | **(1 443)** | (1 479) | **(1 212)** | (1 143) |
| Decrease in the discount rate | **1 722** | 1 744 | **1 473** | 1 402 |
| Increase in the pension increase assumption | **1 770** | 1 838 | **821**<br> \* | 877<br> \* |
| Decrease in the pension increase assumption | **(1 513)** | (1 589) | **(689)**<br> \*  | (673)<br> \* |

---

\* This sensitivity analysis relates only to the Europe obligations as there are no automatic pension increases for the United States of America pension plan, and thus it is not one of the inputs utilised in calculating the obligation.

The sensitivities may not be representative of the actual change in the post-retirement pension obligation, as it is unlikely that the changes would occur in isolation of one another, and some of the assumptions may be correlated.

84 **Sasol Annual Financial Statements 2025**

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| | |
|:---|:---|
| **31** | **Post-retirement benefit obligations continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.2** **Pension benefits continued** 

#### Accounting policies:
The Group contributes to defined contribution pension plans and defined benefit pension plans for its employees in certain of the countries in which it operates. These plans are generally funded through payments to trustee-administered funds as determined by annual actuarial calculations.

Defined contribution pension plans are plans under which the Group pays fixed contributions into a separate legal entity and has no legal or constructive obligation to pay further amounts. Contributions to defined contribution pension plans are charged to the income statement as an employee expense in the period in which the related services are rendered by the employee.

The Group's net obligation in respect of defined benefit pension plans is actuarially calculated separately for each plan by deducting the fair value of plan assets from the gross obligation for post-retirement benefits. The gross obligation is determined by estimating the future benefit attributable to members in return for services rendered to date.

This future benefit is discounted to determine its present value, using discount rates based on government bonds for South African obligations, and corporate bonds in Europe and the US, that have maturity dates approximating the terms of the Group's obligations and which are denominated in the currency in which the benefits are expected to be paid. Independent actuaries perform this calculation annually using the projected unit credit method.

Defined contribution members employed before 2009 have an option to purchase a defined benefit pension with their member share. This option gives rise to actuarial risk, and as such, these members are accounted for as part of the defined benefit fund and are disclosed as such.

Past service costs are charged to the income statement at the earlier of the following dates:

● when the plan amendment or curtailment occurs; or

● when the Group recognises related restructuring costs or termination benefits.

Actuarial gains and losses arising from experience adjustments and changes to actuarial assumptions, the return on plan assets (excluding amounts included in net interest on the defined benefit liability/(asset)) and any changes in the effect of the asset ceiling (excluding amounts included in net interest on the defined benefit liability/(asset)) are remeasurements that are recognised in other comprehensive income in the period in which they arise.

Where the plan assets exceed the gross obligation, the asset recognised is limited to the lower of the surplus in the defined benefit plan and the asset ceiling, determined using a discount rate based on government bonds.

Surpluses and deficits in the various plans are not offset.

The entitlement to healthcare benefits is usually based on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued on a systematic basis over the expected remaining period of employment, using the accounting methodology described in respect of defined benefit pension plans above. Independent actuaries perform the calculation of this obligation annually.

85 **Sasol Annual Financial Statements 2025**

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#### RESERVES

---

| | |
|:---|:---|
| **32** | **Share-based payment reserve** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | 2024 | 2023 |
| for the year ended 30 June | Note | **Rm** | Rm | Rm |
| During the year, the following share-based payment expense was recognised in the income statement relating to the equity-settled share-based payment schemes: |  |  |  |  |
| Long-term incentives | 32.1 | **844** | 891 | 909 |
| Sasol Khanyisa Employee Share Ownership Plan (ESOP): Tier 2 – Qualifying employees | 32.2 | **70** | 95 | 124 |
| **Equity-settled – recognised directly in equity** |  | **914** | 986 | 1 033 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 **Sasol 2022 Long-term incentive plan** 

The objective of the Sasol Long-term Incentive (LTI) plans is to provide qualifying senior employees the opportunity of receiving an incentive linked to the value of Sasol Limited ordinary shares and to align the interest of participants with the interest of shareholders. The LTI plans allow certain senior employees to earn variable pay in the form of a long-term incentive amount subject to the achievement of vesting conditions. Vesting conditions include a service period and targets relating to return on invested capital and net debt reduction, holistic focus on ESG matters and relative total shareholder return measured against a defined peer group. Allocation of the LTI award is linked to the role category of the individual and performance of the group and subject to line manager discretion. Participants earn dividend equivalent LTI awards over the vesting period on the awarded LTI units after adjusting for corporate performance targets (CPTs).

LTIs which have not yet vested will lapse on resignation. On death, unvested LTIs vest immediately. There is no service penalty or early vesting under the latest (2022) LTI plan rules in respect of good leavers who have been employed for more than 270 days from award date. The standard vesting period is three years, with the exception of top management, who have a split three and five year vesting period of 50% of the awards respectively. Restricted LTIs offered to members of the GEC, have a 5-year vesting period. Top management are subjected to minimum shareholding and post-employment shareholding requirements.

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| | |
|:---|:---|
| **32** | **Share-based payment reserve continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 **Sasol 2022 Long-term incentive plan continued** 

The maximum number of shares issued under the 2022 plan may not exceed 32 million representing 5% of Sasol Limited's issued share capital at the time of approval.

---

| | | |
|:---|:---|:---|
| <br>**Movements in the number of incentives outstanding** | <br>**Number of**<br>**incentives** | **Weighted average**<br>**fair value**<br>**Rand** |
| Balance at 30 June 2023\* | 11 923 890 | 22380 |
| LTIs granted | 5 096 901 | 23792 |
| LTIs exercised | (5 269 601) | 15597 |
| Effect of CPTs and LTIs forfeited | (757 993) | 28549 |
| Balance at 30 June 2024\* | **10 993 197** | **25852** |
| LTIs granted | **8 423 943** | **15252** |
| LTIs exercised | **(3 674 018)** | **24057** |
| Effect of CPTs and LTIs forfeited | **(1 116 914)** | **21142** |
| **Balance at 30 June 2025\*** | **14 626 208** | **20557** |

---

\* The incentives outstanding as at 30 June 2025 have a weighted average remaining vesting period of 1,7 years (30 June 2024: 1,5 years). The exercise price of these options is Rnil.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** |  | 2024 |
| for year ended 30 June |  | **Rand** |  | Rand |
| Average weighted market price of LTIs vested |  | **126,36** |  | 184,73 |

---

---

| | | |
|:---|:---|:---|
| **Average fair value of incentives granted** | **2025** | 2024 |
| Model | **Monte-Carlo** | Monte-Carlo |
| Risk-free interest rate – Rand | **704 - 776** | 769 - 833 |
| Risk-free interest rate – US$ | **36 - 425** | 224 - 246 |
| Expected volatility | **4555** | 3764 |
| Expected dividend yield | **488** | 727 |
| Expected forfeiture rate | **5** | 5 |
| Expected vesting percentage | **9032** | 9526 |
| Vesting period – top management | **3/5 years** | 3/5 years |
| Vesting period – all other participants | **3 years** | 3 years |

---

87 **Sasol Annual Financial Statements 2025**

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| | |
|:---|:---|
| **32** | **Share-based payment reserve continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 **Sasol 2022 Long-term incentive plan continued** 

**Accounting policies:**

The equity-settled schemes allow certain employees the right to receive ordinary shares in Sasol Limited after a prescribed period. Such equity-settled share-based payments are measured at fair value at the date of the grant. The fair value determined at the grant date of the equity-settled share-based payments is charged as employee costs, with a corresponding increase in the share-based payment reserve, on a straight-line basis over the period that the employees become unconditionally entitled to the shares, based on management's estimate of the shares that will vest and adjusted for the effect of non-market-based vesting conditions. These equity-settled share-based payments are not subsequently revalued.

**Areas of judgement:**

The valuation of the share-based payment expense requires a significant degree of judgement to be applied by management.

The risk-free rate for periods within the contractual term of the rights is based on the Rand and US$ swap curve in effect at the time of the valuation of the grant.

The expected volatility in the value of the rights granted is determined using the historical volatility of the Sasol share price.

The expected dividend yield of the rights granted is determined using expected dividend payments of the Sasol ordinary shares.

The overall expected vesting percentage takes into consideration service, market and non-market conditions. Refer to the Report of the Remuneration Committee for details on the vesting conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 **The Sasol Khanyisa share transaction** 

Sasol Khanyisa was implemented on 1 June 2018. Sasol Khanyisa has been designed to comply with the revised B-BBEE legislation in South Africa and seeks to ensure ongoing and sustainable B-BBEE ownership credentials for Sasol Limited.

Sasol Khanyisa contains a number of elements structured at both a Sasol Limited and at a subsidiary level, Sasol South Africa Limited (SSA) which is a wholly-owned subsidiary of Sasol Limited and houses the majority of the Group's South African operations. Sasol Khanyisa Tier 1 was concluded in 2021.

At the end of 10 years, or earlier if the underlying funding has been settled, the participants in Khanyisa Tier 2, will exchange their SSA shareholding on a fair value-for-value basis for Sasol BEE ordinary shares to the extent that value was created during the transaction term.

Sasol BEE ordinary shares can only be traded between Black Persons on the Empowerment Segment of the JSE. This transaction will therefore ensure evergreen B-BBEE ownership credentials for Sasol Limited.

88 **Sasol Annual Financial Statements 2025**

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| | |
|:---|:---|
| **32** | **Share-based payment reserve continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 **The Sasol Khanyisa share transaction continued** 

#### Remaining components of the transaction:

#### Tier 2 — SSA qualifying employees
Qualifying Black employees participate via the Khanyisa Employee Share Ownership plan (Khanyisa ESOP) through a beneficial interest, funded wholly by Sasol (vendor funding), in approximately 9,2% in SSA. As dividends are declared by SSA, 97,5% of these will be utilised to repay the vendor funding, as well as the related financing cost, calculated at 75% of prime rate. 2,5% of dividends are distributed to participants as a trickle dividend and accounted for as a non-controlling interest. At the end of the 10 year transaction term, or earlier, if the vendor funding is repaid, the net value in SSA shares will be exchanged for SOLBE1 shares on a fair value-for-value basis which will be distributed to participants. Any vendor funding not yet settled by the end of the transaction term will be settled using the SSA shares, and will reduce any distribution made to participants. Since any ultimate value created for participants will be granted in the form of SOLBE1 shares, the accounting for this transaction is similar to an option over Sasol shares granted for no consideration.

The Tier 2 options have a staggered vesting period with portions vesting from 3 years, and then each year until the end of the transaction term, being 10 years. The last available options were awarded in June 2023. The outstanding options at 30 June 2025 have a weighted average remaining vesting period of 1,6 years (2024: 1,9 years). The weighted average fair value of the outstanding options is R61,69 (2024: R61,69) and was derived from the Monte-Carlo option pricing model. The estimated strike price value for Tier 2 is R168,00 (2024: R172,98) and represents the remaining vendor funding per share at 30 June 2025.

#### Accounting policies:
To the extent that an entity grants shares or share options in a BEE transaction and the fair value of the cash and other assets received is less than the fair value of the shares or share options granted, such difference is charged to the income statement in the period in which the transaction becomes effective. Where the BEE transaction includes service conditions, the difference will be charged to the income statement over the period of these service conditions. Trickle dividends paid to participants during the transaction term are taken into account in measuring the fair value of the award.

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| | |
|:---|:---|
| **32** | **Share-based payment reserve continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 **The Sasol Khanyisa share transaction continued** 

#### Areas of judgement:
The measurement of the Khanyisa SSA share based payment is subject to estimation and judgement, as there are a number of variables affecting the Monte-Carlo option pricing model used in the calculation of the share based payment. The value of the share based payment is determined with reference to the extent the fair value of SSA and any dividends declared by SSA is expected to exceed any outstanding vendor financing at the end of the transaction period.

● Equity value attributable to participants:

The value attributable to the participants by virtue of their shareholding in SSA was calculated with reference to the expected future cash flows and budgets of the SSA Group. The underlying macroeconomic assumptions utilised for this valuation are based on latest forecast and estimates and include brent crude oil prices, US$/Rand exchange rates and pricing assumptions.

● Forecasted dividend yield:

The forecasted dividend yield of the SSA Group was calculated based on a benchmarked EBITDA multiple, and the available free cash flow anticipated over the term of the transaction of 10 years.

● Other assumptions:

Impacts of non-transferability and appropriate minority and liquidity discounts have also been taken into account. Discount rates applied incorporate the relevant debt and equity costs of the Group, and are aligned to the WACC rates for the entity.

● A zero-coupon Rand interest rate swap curve was constructed and utilised as an appropriate representation of a risk-free interest rate curve.

● A Rand prime interest rate curve was estimated utilising the historical Rand Prime Index and the 3 month Johannesburg Interbank Agreed Rate (soon to be replaced by ZARONIA).

90 **Sasol Annual Financial Statements 2025**

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**Other disclosures**

---

| | |
|:---|:---|
| [**Other disclosures**](#otherdisclosures_New) | **92** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Contingent liabilities](#a40Contingentliabilities_973702) | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Related party](#a41Relatedpartytransactions_414262) | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial risk management and financial instruments](#Financialriskmanagementandfinancialinstr) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Subsequent events](#a42Subsequentevents_394172) | 122 |

---

91 **Sasol Annual Financial Statements 2025**

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#### OTHER DISCLOSURES

---

| | |
|:---|:---|
| **33** | **Contingent liabilities** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1 **Litigation** 

#### Sasol Oil (Pty) Ltd / SFT Energy (Pty) Ltd Claim
Sasol Oil entered into an agreement for the supply of various product grades with SFT Energy. The duration of the agreement was 6 months, from July 2023 to December 2023. Sasol Oil agreed to supply ULP95, ULP93, Diesel and Illuminating Paraffin to SFT Energy. However, the claim from SFT Energy is only in relation to the supply of Diesel. As part of the agreement, a particular volume of Diesel to be supplied by Sasol Oil was agreed with SFT Energy.

SFT Energy alleges that Sasol Oil breached the agreement in that for each month during the duration of the agreement, they placed Diesel orders and Sasol Oil reduced the volumes of supply without prior notice to them. In addition SFT Energy alleges that Sasol Oil failed to formally notify SFT Energy of the events which resulted in Sasol Oil's inability to supply the Diesel as required in terms of the agreement.

Based on the alleged breach of the supply agreement SFT Energy is claiming damages of R1,2 billion (plus interest at the prescribed rate from date of the summons). The claims relate to amongst others, loss of sales and claims of loss of financial facilities by SFT Energy.

After receipt of the summons on 25 June 2025 Sasol Oil filed a notice of its intention to defend the claim. On 12 August 2025 a further summons was served on Sasol Oil in terms of which SFT Energy is claiming damages of R2,2 billion (plus interest from the date of summons). Sasol Oil instructed its attorneys to file a further notice of intention to defend this second matter. The Sasol Oil legal and business teams are evaluating the facts of the matter in order to comprehensively determine the defenses it has and which will serve as a basis for its responses to the claims in due course. It should be noted that the claims from SFT Energy are consequential/indirect in nature and the agreement has a limitation of liability clause which limits all claims in terms of the agreement only to direct damages.

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| | |
|:---|:---|
| **33** | **Contingent liabilities continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.1** **Litigation continued** 

**Legal review of Sasol Gas National Energy Regulator of South Africa (NERSA) maximum price decision (March 2013, November 2017 and July 2021)**

Following the legal review applications in terms of which the 2013 and 2017 NERSA Maximum Gas Price (MGP) decisions were overturned, NERSA in 2020 adopted a MGP Methodology in terms of which MGP for Sasol Gas is determined with reference to international benchmark prices. Pursuant to the Sasol Gas price application submitted to NERSA in December 2020, NERSA, on 6 July 2021 published its MGP decision in which it approved MGPs for Sasol Gas for the period from 2014 up to 2021 and determined how the maximum gas prices are to be determined for 2022 and 2023. With effect from 1 September 2021 Sasol Gas adopted a revised actual gas price methodology in terms of its supply agreements with customers in order to comply with the 2021 NERSA MGP decision.

In December 2021 the Industrial Gas Users Association of Southern Africa (IGUA-SA) launched a legal review application in which it seeks to overturn the 2021 NERSA MGP decision that approved MGPs for Sasol Gas for the period from 2014 – 2023. Both NERSA and Sasol Gas opposed this further litigation. The matter was heard by the High Court in May 2023. On 20 June 2024 the court handed down its decision to grant the review application. In its order the court overturned the 2021 NERSA MGP decision and remitted the matter back to NERSA to take a new MGP decision. Sasol Gas brought an application for leave to appeal the decision by the High Court, which application was granted on 2 June 2025. The appeal will now proceed to the Supreme Court of Appeal and a hearing date for the appeal will be set in due course. An adverse outcome in this litigation could potentially lead to liability on the part of Sasol Gas, the extent of which is undeterminable as at 30 June 2025.

**Competition Commission referral to Competition Tribunal of Gas Price complaints**

During 2022 certain customers of Sasol Gas submitted complaints to the Competition Commission relating to alleged pricing conduct prohibited by the South African Competition Act, 1998 (Act No 89 of 1998). Sasol Gas launched a review application in the Competition Appeal Court to overturn the decisions by the Competition Commission relating to its investigation of the complaints as it relates to the gas prices because in terms of the Gas Act, NERSA is the industry regulator with the applicable jurisdiction for the regulation of gas prices in the South African piped gas market as long as there is inadequate competition in the market. This application was dismissed by the Competition Appeal Court (CAC) on 5 March 2024. On 22 July 2024 the Constitutional Court dismissed the Sasol Gas application for leave to appeal the decision of the CAC. The referral on 10 July 2023 by the Competition Commission of the price complaints will proceed before the Competition Tribunal. The exchange of pleadings in the matter has closed and Sasol Gas is preparing for the hearing of the matter, the date of which will be determined in due course.

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|:---|:---|
| **33** | **Contingent liabilities continued** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.1** **Litigation continued** 

**Sasol Oil (Pty) Ltd and TotalEnergies Marketing South Africa (Pty) Ltd (Total) v Transnet SOC Ltd (Transnet) – Crude Oil Transportation Tariff dispute**

Sasol Oil uses the crude oil pipeline owned by Transnet Pipelines to transport crude oil to Natref for processing and is charged for this service at a specific crude oil tariff. This tariff was historically determined through a commercial agreement between the Parties, which agreement also included the so-called Variation Agreement relating to the inland nature of the Natref refinery. After the tariffs started to be determined by NERSA in terms of the Petroleum Pipelines Act, 2003 (Act 60 of 2003) a dispute arose between the parties regarding the tariff applicable to the conveyance of crude oil.

In September 2017, Sasol Oil issued summons against Transnet for damages resulting from the difference between the transportation costs that should have been charged by Transnet in terms of the Variation Agreement compared to the tariffs that were actually charged by Transnet in terms of the NERSA approved tariffs. The NERSA approved tariffs do not distinguish between the tariff for crude oil and the tariff for refined products. The other user of Natref during the same period, Total South Africa, instituted legal proceedings of a similar nature against Transnet in 2013.

Transnet defended the matter. Sasol Oil and Total's actions were consolidated and the parties have been involved in the legal proceedings over several years. The High Court ruled on the merits of the matter in favour of Sasol Oil and Total in its decision of 9 October 2020. As part of Transnet's appeal against this decision, the Constitutional Court on 21 June 2022 concluded that the Variation Agreement was validly terminated on 13 September 2020 but dismissed the remainder of the Transnet appeal.

The High Court litigation regarding the quantum of these claims was concluded in May 2024. On 18 June 2024, the High Court handed down judgment in Sasol Oil's and Total's favour. In terms of that judgement, the Court awarded damages in the amount of R3,9 billion to Sasol Oil plus interest. Sasol did not recognise the awarded damages in its financial statements for the year ended 30 June 2024 as the outcome of the legal process remained subject to appeal and was therefore not the final conclusive decision in the matter. After Transnet's applications for leave to appeal this High Court judgment was dismissed by the High Court and the Supreme Court of Appeal (SCA) respectively. Transnet subsequently brought an application for the SCA to reconsider its application for leave to appeal. The effect of this reconsideration application was that the High Court judgement against Transnet, remained suspended.

After the High Court judgement in 2020 mentioned above, Sasol Oil and Total proceeded to apply their own calculation of the corrected crude oil tariff in line with the High Court judgement and made payment for crude oil conveyance from December 2020 in accordance with this calculation. The calculation has been adjusted for each tariff year. These payments were made at the reduced tariff and therefore constituted a shortfall to Transnet in respect of the tariff invoiced by Transnet over this period. In July 2022, Transnet instituted legal proceedings against Sasol Oil for payment of R855 million (exclusive of VAT) plus interest. Sasol Oil defended these proceedings.

Pursuant to Transnet's threats to not accept crude oil orders from Sasol Oil unless Sasol Oil makes payment of the full NERSA tariff on a pre-payment basis, Sasol Oil agreed with Transnet to make payment of Transnet's invoices in full in respect of crude oil conveyance from 1 June 2023, but under protest so as to not compromise the legal proceedings. Sasol Oil had subsequently raised a payable for the shortfall according to Transnet's formula for the period up to 1 June 2023. The trial in this matter took place from July to August 2024. Judgment in the matter remained pending.

Sasol Oil and Transnet engaged in a mediation process to finally resolve the on-going disputes. On 18 May 2025, the Parties signed an agreement to settle their respective disputes, which became effective on 23 May 2025 after all the suspensive conditions were met. In terms of this settlement agreement, Transnet made a net payment to Sasol Oil of R4,3 billion (exclusive of VAT) on 30 June 2025 in full and final settlement of the abovementioned legal proceedings and Transnet withdrew its claim against Sasol Oil in respect of which the Court judgment was still pending. Refer to note 5 for details on the recognition of the amount received from Transnet on 30 June 2025. This matter is now closed.

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| | |
|:---|:---|
| **33** | **Contingent liabilities continued** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.1** **Litigation continued** 

In June 2023, Sasol Oil also launched a legal review application against the 2023/4 Transnet Tariff approval by NERSA to set the NERSA decision aside in which NERSA persisted with a single tariff and did not differentiate between the tariffs for crude oil and white product conveyance respectively. Sasol Oil also brought a review application against the 2024/5 Transnet Tariff approval by NERSA on the similar grounds. These legal review applications are ongoing and Sasol Oil's application in respect of NERSA's 2023/4 Transnet Tariff approval was heard by the High Court from 4 to 6 August 2025. The court reserved judgement and will hand down its decision in the matter in due course. NERSA's decision, published on 11 April 2025, in respect of Transnet's Pipeline Tariff Application for 2025/6 and 2026/7, also does not comply with the requirements of the Petroleum Pipelines Act. In the circumstances, it is likely that Sasol Oil will need to bring another legal review application to overturn NERSA's decision for the 2025/6 and 2026/7 pipeline tariffs. Sasol Oil will, through the NERSA tariff setting process, continue to pursue a fair and non-discriminatory tariff for the conveyance of crude oil by Transnet.

**Clause 12A application** 

Our emission sources at our operations in South Africa are regulated in accordance with atmospheric emission licences (AELs) which are based on the Minimum Emission Standards (MES) published in terms of section 21 of the National Environmental Management: Air Quality Act, 39 of 2004 (NEMAQA).

We previously reported that Sasol sought a dispensation in terms of Clause 12A of the MES for the Sulphur Dioxide (SO2) emissions from the boilers at the steam plants at our Secunda Operations (SO) to be regulated under alternative load-based emissions standards from 1 April 2025 onwards. The application was initially declined by the National Air Quality Officer (NAQO) and Sasol subsequently filed an appeal to the Minister of Forestry, Fisheries and the Environment (the Minister) in July 2023. On 5 April 2024, the Minister issued her decision in which she upheld Sasol's appeal, set aside the decision of the NAQO and permitted that load-based limits be applied from 1 April 2025 up to 31 March 2030. On 25 July 2024 Sasol was notified of the Minister's further decision determining concentration-based limits to apply with the load-based limits previously granted in parallel. SO's AEL was accordingly varied on 28 February 2025 to give effect to the above and enable continued lawful operations from 1 April 2025 to 31 March 2030. SO achieved a milestone in submitting a required independent consultant report to the NAQO, the local licensing officer and on Sasol's website for public access regarding its compliance with the load-based and concentration based limits for SO2 emissions from the boilers at the steam plants. The first monthly report for April confirmed compliance with the load-based and concentration-based limits. Further monthly reports will subsequently be submitted in a similar vein.

The Minister's decisions do not expressly refuse or grant a load-based dispensation beyond 31 March 2030, although this has been requested by Sasol in our initial application and appeal. The implementation of the integrated roadmap, as a condition of the decision, is contingent on SO2 also being regulated on a load-based limit beyond 31 March 2030. In light of this open issue and the conditions of the Minister's decisions, a further dispensation is likely to be required as available in law, the outcome of which cannot be guaranteed.

**Other litigation matters**

From time to time, Sasol companies are involved in other litigation and similar proceedings in the normal course of business.

A detailed assessment is performed on each matter and a provision is recognised where appropriate. Although the outcome of these proceedings and claims cannot be predicted with certainty, the Company does not believe that the outcome of any of these cases would have a material effect on the Group's financial results.

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| | |
|:---|:---|
| **33** | **Contingent liabilities continued** |

---

**33.2** **Competition matters**

Sasol continuously evaluates its compliance programmes and controls in general, including its competition law compliance programmes and controls. As a consequence of these compliance programmes and controls, including monitoring and review activities, Sasol has adopted appropriate remedial and/or mitigating steps, where necessary or advisable, lodged leniency applications and made disclosures on material findings as and when appropriate. These ongoing compliance activities have already revealed, and may still reveal, competition law contraventions or potential contraventions in respect of which we have taken, or will take, appropriate remedial and/or mitigating steps including lodging leniency applications.

**33.3** **Environmental orders**

Sasol's environmental obligation accrued at 30 June 2025 was R14 112 million compared to R16 524 million at 30 June 2024.

Although Sasol has provided for known environmental obligations that are probable and reasonably estimable, the amount of additional future costs relating to remediation and rehabilitation may be material to results of operations in the period in which they are recognised. It is not expected that these environmental obligations will have a material effect on the financial position of the Group.

---

| | |
|:---|:---|
| **34** | **Related parties** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.1** **Transactions with related parties** 

Group companies, in the ordinary course of business, entered into various purchase and sale transactions with associates and joint ventures. The effect of these transactions is included in the financial performance and results of the Group. Amounts owing (after eliminating intercompany balances) to related parties are disclosed in the respective notes to the financial statements for those statement of financial position items. No impairment loss on receivables related to the amount of outstanding balances has been recognized as it is immaterial. Disclosure in respect of transactions with joint ventures and associates is provided in note 18.

Except for the Group's interests in joint ventures and associates, there are no other related parties with whom material individual transactions have taken place.

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| | |
|:---|:---|
| **34** | **Related parties continued** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.2** **Key management remuneration** 

Key management comprises Directors and members of the Group Executive Committee (GEC), who have been determined to be Prescribed Officers of Sasol Limited.

**Executive directors' remuneration and benefits**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **S Baloyi³** | **S Baloyi³** | **WP Bruns**<sup>4</sup> | **WP Bruns**<sup>4</sup> | **FR Grobler**<sup>5</sup> | **FR Grobler**<sup>5</sup> | **VD Kahla** | **VD Kahla** | **HA Rossouw**<sup>6</sup> | **HA Rossouw**<sup>6</sup> |
|  | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Executive Directors | **R'000** | R'000 | **R'000** | R'000 | **R'000** | R'000 | **R'000** | R'000 | **R'000** | R'000 |
| Salary | **12 514** | 2 503 | **5 982** |  | **—** | 10 615 | **8 499** | 8 216 | **1 336** | 7 901 |
| Risk and Retirement funding | **1 276** | 385 | **788** |  | **—** |  | **382** | 388 | **151** | 894 |
| Vehicle benefit | **300** | 75 | **—** |  | **—** |  | **—** |  | **—** |  |
| Healthcare | **160** | 36 | **147** |  | **—** | 117 | **147** | 132 | **—** |  |
| Taxable fringe benefits | **96** | 7 | **17** |  | **—** | 55 | **606** | 570 | **—** | 38 |
| **Total salary and benefits** | **14 346** | 3 006 | **6 934** |  | **—** | 10 787 | **9 634** | 9 306 | **1 487** | 8 833 |
| Annual short-term incentive<sup>1</sup> | **11 213** | 1 473 | **3 984** |  | **—** | 4 882 | **4 360** | 2 579 | **—** | 2 804 |
| Long-term incentive gains<sup>2</sup> | **353** | 2 675 | **387** |  | **—** | 5 492 | **3 569** | 2 794 | **—** |  |
| **Total annual remuneration** | **25 912** | 7 154 | **11 305** |  | **—** | 21 161 | **17 563** | 14 679 | **1 487** | 11 637 |

---

---

| | |
|:---|:---|
| 1 | Short-term incentives approved based on the Group results for 2025 and payable in the 2026 financial year. Incentives are calculated as a percentage of total guaranteed package/base salary as at 30 June 2025 x role category % x [(Group STI achievement x 80%) + (Individual Performance Achievement x 20%)] – fatality penalty. |

---

---

| | |
|:---|:---|
| 2 | Long-term incentives gains for 2025 includes the Restricted LTI awards made on 4 December 2020 and the annual and on-appointment awards made between 6 September 2022 and 10 November 2022. The illustrative amount is calculated in terms of the number of LTIs x Corporate performance target achieved where relevant (between 84% and 95%) x June 2025 average share price. The actual vesting date for the awards is between 6 September 2025 and 4 December 2025 subject to the company being in an open period. Dividend equivalents accrue at the end of the vesting period, to the extent that the LTIs vest. 50% of the vested LTIs and accrued dividends will be released in 2026 and the balance in 2028, subject to the rules of the LTI plan. As there are no further performance conditions attached to the balance of the 50%, the full amount is disclosed in the single figure table. |

---

3 Mr Baloyi was appointed as President and CEO from 1 April 2024. His prior year remuneration was apportioned between his 9 months' service as a Prescribed Officer and 3 months' service as President and CEO.

4 Mr Bruns was appointed as CFO from 1 September 2024. His current remuneration has been apportioned in respect of his 10-month service as an Executive Director.

5 Mr Grobler stepped down from the position of President and CEO on 31 March 2024.

6 Mr Rossouw stepped down as executive director and CFO effective 31 August 2024. All unvested LTIs were forfeited upon his resignation.

97 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **34** | **Related parties continued** |

---

**34.2** **Key management remuneration continued**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Executive directors' unvested LTI holdings (number and intrinsic value) for 2025** | **Executive directors' unvested LTI holdings (number and intrinsic value) for 2025** | **Executive directors' unvested LTI holdings (number and intrinsic value) for 2025** | **Executive directors' unvested LTI holdings (number and intrinsic value) for 2025** | **Executive directors' unvested LTI holdings (number and intrinsic value) for 2025** | **Executive directors' unvested LTI holdings (number and intrinsic value) for 2025** | **Executive directors' unvested LTI holdings (number and intrinsic value) for 2025** | **Executive directors' unvested LTI holdings (number and intrinsic value) for 2025** | **Executive directors' unvested LTI holdings (number and intrinsic value) for 2025** |
|  | **S Baloyi** | **S Baloyi** | **WP Bruns** | **WP Bruns** | **VD Kahla** | **VD Kahla** | **HA Rossouw** | **HA Rossouw** |
|  |  | Intrinsic |  | Intrinsic |  | Intrinsic |  | Intrinsic |
|  | **Number** | value<sup>1</sup> | **Number** | value<sup>1</sup> | **Number** | value<sup>1</sup> | **Number** | value<sup>1</sup> |
| Executive Directors |  | R'000 |  | R'000 |  | R'000 |  | R'000 |
| Balance at beginning of the year | **79 004** | 10 910 | **—** |  | **180 870** | 24 978 | **76 820** | 10 609 |
| Awards granted<sup>2</sup> | **152 150** | 22 509 | **110 950** | 14 885 | **65 915** | 9 751 | **—** |  |
| Change in value<sup>1</sup> | **—** | (14 930) | **—** | (9 555) | **—** | (14 939) | **—** | (40) |
| Effect of corporate performance targets | **(1 988)** | (196) | **(392)** | (39) | **(3 420)** | (338) | **—** |  |
| Dividend equivalents | **6 543** | 646 | **2 241** | 221 | **7 909** | 781 | **—** |  |
| Awards settled<sup>3</sup> | **(18 191)** | (1 807) | **(6 027)** | (689) | **(28 498)** | (2 687) | **—** |  |
| Awards forfeited<sup>4</sup> | **—** |  | **—** |  | **—** |  | **(76 820)** | (10 569) |
| Effect of changes in Executive Directors | **—** |  | **60 986** | 8 390 | **—** |  | **—** |  |
| **Balance at the end of the year**<sup>5</sup> | **217 518** | 17 132 | **167 758** | 13 213 | **222 776** | 17 546 | **—** |  |

---

1 Intrinsic values at the beginning and end of the year have been determined using the closing price of:

30 June 2025 R78,76

30 June 2024 R138,10

Change in intrinsic value for the year results from changes in share price.

2 LTIs granted on 26 August 2024 and 15 November 2025 (WP Bruns only on his appointment).

---

| | |
|:---|:---|
| 3 | Long-term incentives settled represent long-term incentives that vested with reference to the group results for 2024 that was settled in the 2025 financial year. The difference between the long-term incentive gains disclosed in 2024 and the amount settled in 2025 is due to difference in actual share price at vesting date and the share price at date of disclosure. 50% of the award that vested in 2025 is still subject to a continued employment period of two years. |

---

4 Mr Rossouw resigned effective 31 August 2024. In terms of the LTI plans rules his awards lapsed on resignation.

---

| | |
|:---|:---|
| 5 | Includes a total of 22 761 award issued in FY21 for which the renewable energy CPT has been deferred up to 31 December 2026. |

---

98 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **34** | **Related parties continued** |

---

**34.2** **Key management remuneration continued**

**Prescribed Officers' remuneration and benefits**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **S Baloyi**<sup>3</sup> | **S Baloyi**<sup>3</sup> | **V Bester**<sup>4</sup> | **V Bester**<sup>4</sup> | **AGM Gerber**<sup>5</sup> | **AGM Gerber**<sup>5</sup> | **BV Griffith**<sup>6</sup> | **BV Griffith**<sup>6</sup> |
|  | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Prescribed Officers | **R'000** | R'000 | **R'000** | R'000 | **R'000** | R'000 | **R'000** | R'000 |
| Salary | **—** | 4 352 | **6 044** | 1 386 | **9 375** | 1 943 | **—** | 9 594 |
| Risk and Retirement funding | **—** | 857 | **920** | 211 | **873** | 51 | **—** | 2 012 |
| Vehicle benefit | **—** | 225 | **—** |  | **308** | 75 | **—** |  |
| Healthcare | **—** | 106 | **121** | 28 | **104** | 21 | **—** | 311 |
| Taxable fringe benefits<sup>7</sup> | **—** | 20 | **100** | 1 001 | **217** | 113 | **—** | 469 |
| **Total salary and benefits** | **—** | 5 560 | **7 185** | 2 626 | **10 877** | 2 203 | **—** | 12 386 |
| Annual short-term incentive<sup>1</sup> | **—** | 4 418 | **3 549** | 479 | **4 867** |  | **—** | 2 730 |
| Long-term incentive gains<sup>2</sup> | **—** |  | **119** | 1 086 | **—** |  | **—** | 2 935 |
| **Total annual remuneration** | **—** | 9 978 | **10 853** | 4 191 | **15 744** | 2 203 | **—** | 18 051 |

---

---

| | |
|:---|:---|
| 1 | Short-term incentives approved based on the Group results for 2025 and payable in the 2026 financial year. Incentives are calculated as a percentage of total guaranteed package/base salary as at 30 June 2025 x role category % x [(Group STI achievement x 80%) + (Individual Performance Achievement x 20%)] – fatality penalty. |

---

---

| | |
|:---|:---|
| 2 | Long-term incentives gains for 2025 includes the Restricted LTI awards made on 4 December 2020 and the annual and on-appointment grant awards made between 6 September 2022 and 9 May 2023. The illustrative amount is calculated in terms of the number of LTIs x Corporate performance target achieved where relevant (between 84% and 96%) x June 2025 average share price. The actual vesting date for the awards is between 6 September 2025 and 9 May 2026 subject to the company being in an open period. Dividend equivalents accrue at the end of the vesting period, to the extent that the LTIs vest. 50% of the vested LTIs and accrued dividends will be released in 2026 and the balance in 2028, subject to the rules of the LTI plan. As there are no further performance conditions attached to the balance of the 50%, the full amount is disclosed in the single figure table. |

---

3 Mr Baloyi was appointed as President and CEO from 1 April 2024. His prior year remuneration was apportioned between his 9 months' service as a Prescribed Officer and 3 months' service as President and CEO.

---

| | |
|:---|:---|
| 4 | Mr Bester was appointed as EVP: Energy Operations and Projects from 1 April 2024. His prior year earnings include a last tranche of R1 million offered as a buy-out on his appointment and paid in May 2024, as part of a staggered buy-out agreement to partially compensate for variable pay forfeited upon resignation from his previous employer. |

---

5 Ms Gerber was appointed on 15 April 2024 as EVP: International Chemicals on a German employment contract, payable in Euros. Other Benefits in the prior year include accommodation costs for a three month period, per her contract of employment.

6 Mr Griffith stepped down as EVP Chemicals business on 14 April 2024.

7 Taxable Fringe Benefits include optional security services and private chauffer trips on which fringe benefit tax is levied.

99 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **34** | **Related parties continued** |

---

**34.2** **Key management remuneration continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **C Herrmann**<sup>3</sup> | **C Herrmann**<sup>3</sup> | **BP Mabelane**<sup>4</sup> | **BP Mabelane**<sup>4</sup> | **CK Mokoena** | **CK Mokoena** |
|  | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Prescribed Officers | **R'000** | R'000 | **R'000** | R'000 | **R'000** | R'000 |
| Salary | **7 969** | 1 845 | **—** | 6 153 | **6 915** | 6 655 |
| Risk and Retirement funding | **595** | 142 | **—** | 290 | **327** | 363 |
| Vehicle benefit | **252** |  | **—** |  | **—** |  |
| Healthcare | **224** | 25 | **—** | 47 | **174** | 157 |
| Taxable fringe benefits<sup>5</sup> | **2 634** | 648 | **—** | 22 625 | **72** | 21 |
| **Total salary and benefits** | **11 674** | 2 660 | **—** | 29 115 | **7 488** | 7 196 |
| Annual short-term incentive<sup>1</sup> | **3 894** | 577 | **—** |  | **3 637** | 2 119 |
| Long-term incentive gains<sup>2</sup> | **637** | 2 062 | **—** |  | **2 931** | 2 295 |
| **Total annual remuneration** | **16 205** | 5 299 | **—** | 29 115 | **14 056** | 11 610 |

---

---

| | |
|:---|:---|
| 1 | Short-term incentives approved based on the Group results for 2025 and payable in the 2026 financial year. Incentives are calculated as a percentage of total guaranteed package/base salary as at 30 June 2025 x role category % x [(Group STI achievement x 80%) + (Individual Performance Achievement x 20%)] – fatality penalty. |

---

---

| | |
|:---|:---|
| 2 | Long-term incentives gains for 2025 includes the Restricted LTI awards made on 4 December 2020 and the annual and on-appointment grant awards made between 6 September 2022 and 9 May 2023. The illustrative amount is calculated in terms of the number of LTIs x Corporate performance target achieved where relevant (between 84% and 96%) x June 2025 average share price. The actual vesting date for the awards is between 6 September 2025 and 9 May 2026 subject to the company being in an open period. Dividend equivalents accrue at the end of the vesting period, to the extent that the LTIs vest. 50% of the vested LTIs and accrued dividends will be released in 2026 and the balance in 2028, subject to the rules of the LTI plan. As there are no further performance conditions attached to the balance of the 50%, the full amount is disclosed in the single figure table. |

---

---

| | |
|:---|:---|
| 3 | Mr Herrmann was appointed as EVP: Marketing and Sales Energy and Chemicals Southern Africa from 1 April 2024 on a German employment contract, expatriated to South Africa. His salary continues to be paid in Euros. Other Benefits in the prior year include relocation costs from Germany to South Africa. Other Benefits in the current year include accommodation and transportation offered under the Expatriation policy. |

---

4 Ms Mabelane resigned from Sasol on 31 March 2024.

5 Taxable Fringe Benefits include optional security services and private chauffer trips on which fringe benefit tax is levied.

100 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **34** | **Related parties continued** |

---

**34.2** **Key management remuneration continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SD Pillay**<sup>3</sup> | **SD Pillay**<sup>3</sup> | **CF Rademan⁴** | **CF Rademan⁴** | **H Wenhold** | **H Wenhold** |
|  | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Prescribed Officers | **R'000** | R'000 | **R'000** | R'000 | **R'000** | R'000 |
| Salary | **5 039** | 1 192 | **—** | 2 314 | **6 288** | 3 548 |
| Risk and Retirement funding | **795** | 192 | **—** |  | **824** | 1 039 |
| Vehicle benefit | **150** | 38 | **—** |  | **—** | 71 |
| Healthcare | **121** | 28 | **—** |  | **121** | 75 |
| Taxable fringe benefits<sup>5</sup> | **11** |  | **—** | 249 | **34** | 28 |
| **Total salary and benefits** | **6 116** | 1 450 | **—** | 2 563 | **7 267** | 4 761 |
| Annual short-term incentive<sup>1</sup> | **3 072** | 422 | **—** | 1 624 | **3 439** | 1 378 |
| Long-term incentive gains² | **947** | 778 | **—** |  | **671** | 3 791 |
| **Total annual remuneration** | **10 135** | 2 650 | **—** | 4 187 | **11 377** | 9 930 |

---

---

| | |
|:---|:---|
| 1 | Short-term incentives approved based on the Group results for 2025 and payable in the 2026 financial year. Incentives are calculated as a percentage of total guaranteed package/base salary as at 30 June 2025 x role category % x [(Group STI achievement x 80%) + (Individual Performance Achievement x 20%)] – fatality penalty. |

---

---

| | |
|:---|:---|
| 2 | Long-term incentives gains for 2025 includes the Restricted LTI awards made on 4 December 2020 and the annual and on-appointment grant awards made between 6 September 2022 and 9 May 2023. The illustrative amount is calculated in terms of the number of LTIs x Corporate performance target achieved where relevant (between 84% and 96%) x June 2025 average share price. The actual vesting date for the awards is between 6 September 2025 and 9 May 2026 subject to the company being in an open period. Dividend equivalents accrue at the end of the vesting period, to the extent that the LTIs vest. 50% of the vested LTIs and accrued dividends will be released in 2026 and the balance in 2028, subject to the rules of the LTI plan. As there are no further performance conditions attached to the balance of the 50%, the full amount is disclosed in the single figure table. |

---

3 Dr Pillay was appointed as EVP: Business Building, Strategy and Technology from 1 April 2024.

4 Mr Rademan's contract employment as EVP: Sasol Mining ended on 31 October 2023.

5 Taxable Fringe Benefits include optional security services and private chauffer trips on which fringe benefit tax is levied.

101 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **34** | **Related parties continued** |

---

**34.2** **Key management remuneration continued**

**Prescribed Officers' unvested LTI holdings (number and intrinsic value) for 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **V Bester**<sup>6</sup> | **V Bester**<sup>6</sup> | **AGM Gerber** | **AGM Gerber** | **C Herrmann** | **C Herrmann** |
|  |  | Intrinsic  |  | Intrinsic |  | Intrinsic  |
|  | **Number** | value<sup>1</sup> | **Number** | value<sup>1</sup> | **Number** | value<sup>1</sup> |
| Prescribed Officers |  | R'000 |  | R'000 |  | US$'000 |
| Balance at beginning of the year | **20 927** | 2 890 | **—** |  | **58 840** | 597 |
| Awards granted<sup>2</sup> | **60 437** | 8 941 | **85 378** | 709 | **70 611** | 587 |
| Change in value<sup>1</sup> | **—** | (5 343) | **—** | (332) | **—** | (597) |
| Effect of corporate performance targets | **(351)** | (35) | **—** |  | **(696)** | (5) |
| Dividend equivalents | **2 864** | 283 | **—** |  | **3 007** | 23 |
| Awards settled<sup>3</sup> | **(6 262)** | (623) | **—** |  | **(9 741)** | (66) |
| **Balance at the end of the year**<sup>4</sup> | **77 615** | 6 113 | **85 378** | 377 | **122 021** | 539 |

---

1 Intrinsic values at the beginning and end of the year have been determined using the closing price of:

30 June 2025 R78,76 ($4,42)

30 June 2024 R138,10 ($10,14)

Change in intrinsic value for the year results from changes in share price.

2 LTIs granted on 26 August 2024. On appointment awards for Dr Pillay and Ms Gerber was combined with the annual award as they could not be made in May 2024, due to them being placed in a precautionary closed period.

---

| | |
|:---|:---|
| 3 | Long-term incentives settled represent long-term incentives that vested with reference to the group results for 2024 that was settled in the 2025 financial year. The difference between the long-term incentive gains disclosed in 2024 and the amount settled in 2025 is due to difference in actual share price at vesting date and the share price at date of disclosure. |

---

---

| | |
|:---|:---|
| 4 | Includes a total of 12 565 award issued in FY21 for which the renewable energy CPT has been deferred up to 31 December 2026. |

---

102 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **34** | **Related parties continued** |

---

**34.2** **Key management remuneration continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CK Mokoena** | **CK Mokoena** | **S Pillay** | **S Pillay** | **H Wenhold** | **H Wenhold** |
|  | **Number** | Intrinsic value<sup>1</sup> | **Number** | Intrinsic value<sup>1</sup> | **Number** | Intrinsic value<sup>1</sup> |
| Prescribed Officers |  | R'000 |  | R'000 |  | R'000 |
| Balance at beginning of the year | **127 621** | 17 624 | **20 178** | 2 787 | **105 070** | 14 510 |
| Awards granted<sup>2</sup> | **54 144** | 8 010 | **53 927** | 7 978 | **39 608** | 5 860 |
| Change in value<sup>1</sup> | **—** | (11 369) | **—** | (4 728) | **—** | (8 498) |
| Effect of corporate performance targets | **(2 810)** | (277) | **(208)** | (21) | **(706)** | (70) |
| Dividend equivalents | **6 282** | 620 | **1 440** | 142 | **9 366** | 925 |
| Awards settled<sup>3</sup> | **(22 268)** | (1 773) | **(6 306)** | (721) | **(30 240)** | (3 032) |
| **Balance at the end of the year**<sup>4</sup> | **162 969** | 12 835 | **69 031** | 5 437 | **123 098** | 9 695 |

---

1 Intrinsic values at the beginning and end of the year have been determined using the closing price of:

30 June 2025 R78,76 ($4,42)

30 June 2024 R138,10 ($10,14)

Change in intrinsic value for the year results from changes in share price.

2 LTIs granted on 26 August 2024. On appointment awards for Dr Pillay and Ms Gerber was combined with the annual award as they could not be made in May 2024, due to them being placed in a precautionary closed period.

---

| | |
|:---|:---|
| 3 | Long-term incentives settled represent long-term incentives that vested with reference to the group results for 2024 that was settled in the 2025 financial year. The difference between the long-term incentive gains disclosed in 2024 and the amount settled in 2025 is due to difference in actual share price at vesting date and the share price at date of disclosure. |

---

---

| | |
|:---|:---|
| 4 | Includes a total of 12 565 award issued in FY21 for which the renewable energy CPT has been deferred up to 31 December 2026. |

---

103 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **34** | **Related parties continued** |

---

**34.2** **Key management remuneration continued**

The total IFRS charge for LTI's awarded to the Executive Directors and the Prescribed Officers in 2025 amounted to R15 million (30 June 2024: R30 million) and R26 million (30 June 2024: R41 million) respectively.

**Non-executive Directors' remuneration**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Ad Hoc or |  |  |
|  |  | Lead |  | special |  |  |
|  | Board | independent |  | purpose |  |  |
|  | meeting | Director | Committee | board | **Total**<sup>1</sup> | Total<sup>1</sup> |
|  | fees<sup>2</sup> | fees<sup>2</sup> | fees<sup>2</sup> | committee<sup>2</sup> | **2025** | 2024 |
| Non-executive Directors | R'000 | R'000 | R'000 | R'000 | **R'000** | R'000 |
| SA Nkosi<sup>3</sup> |  |  |  |  | **—** | 1 936 |
| MBN Dube (Chairman)<sup>4</sup> | 6 671 |  |  |  | **6 671** | 4 268 |
| S Westwell<sup>5</sup> |  |  |  |  | **—** | 5 612 |
| M Flöel (Lead Independent Director)<sup>6</sup> | 2 221 | 744 | 1 269 |  | **4 234** | 3 543 |
| K Harper<sup>7</sup> | 2 203 |  | 883 |  | **3 086** | 3 109 |
| DGP Eyton<sup>8</sup> | 1 935 |  | 1 154 |  | **3 089** |  |
| MJ Cuambe<sup>9</sup> | 1 933 |  | 673 |  | **2 606** | 2 685 |
| A Schierenbeck<sup>10</sup> |  |  |  |  | **—** | 975 |
| GMB Kennealy | 1 957 |  | 1 025 |  | **2 982** | 2 723 |
| S Subramoney | 1 957 |  | 607 |  | **2 564** | 2 338 |
| TJ Cumming<sup>11</sup> | 1 957 |  | 960 |  | **2 917** | 217 |
| NNA Matyumza<sup>12</sup> | 321 |  | 100 |  | **421** | 2 338 |
| MEK Nkeli<sup>13</sup> | 321 |  | 137 |  | **458** | 2 547 |
| **Total** | 21 476 | 744 | 6 808 |  | **29 028** | 32 291 |

---

1 Fees exclude VAT.

---

| | |
|:---|:---|
| 2 | Board and Committee fees are based in USD, thus impacted by the USD/ZAR foreign exchange rates as determined from time to time. For non-Executive Directors permanently residing outside of the UK, Europe and North America, effective 1 January 2024, the exchange rate from US$to the currency paid in, was fixed for the following 12 month period using the average exchange rate from July 2022 to October 2023. Effective 1 January 2025, the exchange rate was fixed for the period using the average exchange rate from July 2023 to December 2024. A cost-of-living factor is also applied to the fees for these directors. |

---

3 Mr Nkosi resigned from the Board, effective 10 November 2023.

4 Ms Dube was appointed as Chairman of the Sasol Limited Board, effective 13 September 2024.

5 Mr Westwell retired from the Board effective 1 June 2024.

6 Dr Flöel was appointed as Lead Independent Director effective 13 September 2024.

7 Ms Harper was appointed as member of Remuneration Committee effective 14 September 2024. Ms Harper was a member of the Capital Investment Committee until 30 April 2025 and received a pro rata portion of the Committee fee in Q4 FY25.

104 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **34** | **Related parties transactions continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**34.2** **Key management remuneration continued** 

---

| | |
|:---|:---|
| 8 | Mr Eyton was appointed as a Sasol Limited NED and member of the Capital Investment, Remuneration and Safety, Social & Ethics Committees, effective 1 September 2024 and received a pro rata portion of the Board and Committee fees in Q1 FY25. Mr Eyton was appointed as the Chairman of the Safety, Social & Ethics Committee and member of the Audit Committee, effective 14 September 2024. |

---

---

| | |
|:---|:---|
| 9 | Mr Cuambe was a member of the Capital Investment Committee until 30 April 2025 and was appointed as a member of the Nomination Governance Committee effective 1 May 2025. The Q4 FY25 payment was pro rated accordingly for these Committee memberships. Mr Cuambe was appointed as the Chairman of the Capital Investment Committee, effective 6 June 2025. |

---

10 Mr Schierenbeck resigned from the Board effective 31 October 2023.

---

| | |
|:---|:---|
| 11 | Mr Cumming was appointed as the Chairman of the Remuneration Committee and member of the Nomination Governance Committee, effective 1 September 2024. A pro rata portion of the Remuneration Committee member, Remuneration Committee Chair and Nomination Governance Committee fees were paid in Q1 FY25. Mr Cumming was a member of the Capital Investment Committee until 30 April 2025 and received a pro rata portion of the Committee fee in Q4 FY25. Mr Cumming resigned from the Sasol Limited Board on 6 June 2025. |

---

12 Ms Matyumza retired from the Board effective 8 September 2024. A pro rata portion of the Board and Committee fees were paid in Q1 FY25.

13 Ms Nkeli retired from the Board effective 31 August 2024. A pro rata portion of the of Board and Committee fees were paid in Q1 FY25.

105 **Sasol Annual Financial Statements 2025**

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|:---|:---|
| **35** | **Financial risk management and financial instruments** |

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**35.1**Financial instruments classification and fair value measurement

The following table shows the classification, carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

**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.

The carrying values of the long-term restricted cash, cash and cash equivalents, trade and other receivables, short-term debt and bank overdrafts, and trade and other payables are considered to be a reasonable approximation of their fair values.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Carrying**  |  | Carrying  |  |  |
|  |  | **value** | **Fair value** | value | Fair value | Fair value |
|  |  | **2025** | **2025** | 2024 | 2024 | hierarchy |
| Financial instrument | Note | **Rm** | **Rm** | Rm | Rm | of inputs |
| **Financial assets** |  |  |  |  |  |  |
| **At amortised cost** |  |  |  |  |  |  |
| Long-term restricted cash<sup>6</sup> |  | 1 945 | 1 945 | 1 709 | 1 709 |  |
| Long-term receivables | 17 | 2 884 | 2 848 | 3 051 | 2 906 | Level 3<sup>1</sup> |
| Trade and other receivables | 22 | 33 752 | 33 752 | 31 272 | 31 272 |  |
| Cash and cash equivalents | 25 | 41 050 | 41 050 | 45 383 | 45 383 |  |
| **At fair value through profit or loss** |  |  |  |  |  |  |
| Long-term and short-term financial assets |  | 6 395 | 6 395 | 3 978 | 3 978 |  |
| Commodity and currency derivative assets |  | 2 360 | 2 360 | 1 297 | 1 297 | Level 2 |
| Oxygen supply contract embedded derivative assets |  | 863 | 863 | 508 | 508 | Level 3 |
| Other short-term investments |  | 3 172 | 3 172 | 2 173 | 2 173 | Level 1 |
| Other long-term investments<sup>4</sup> |  | 1 052 | 1 052 | 814 | 814 | Level 1<sup>2</sup> |
| Other receivables |  | 1 428 | 1 428 |  |  | Level 3<sup>7</sup> |
| **Designated at fair value through other comprehensive income** |  |  |  |  |  |  |
| Investments in unlisted securities<sup>4</sup> |  | 8 | 8 | 9 | 9 | Level 3<sup>3</sup> |
| **Financial liabilities** |  |  |  |  |  |  |
| **At amortised cost** |  |  |  |  |  |  |
| Total long-term debt | 13 | 102 645 | 98 316 | 117 031 | 113 315 |  |
| Listed long-term debt (USD bonds)<sup>5</sup> |  | 58 313 | 53 959 | 59 687 | 55 778 | Level 1<sup>2</sup> |
| Listed long-term debt (ZAR bonds)<sup>5</sup> |  | 4 522 | 4 445 | 4 530 | 4 453 | Level 2<sup>2</sup> |
| Listed convertible bonds<sup>6</sup> |  | 12 238 | 12 263 | 12 099 | 12 276 | Level 3<sup>6</sup> |
| Unlisted long-term debt<sup>5</sup> |  | 27 572 | 27 649 | 40 715 | 40 808 | Level 3<sup>1</sup> |
| Short-term debt and bank overdraft |  | 668 | 668 | 687 | 687 |  |
| Trade and other payables | 23 | 34 757 | 34 757 | 32 551 | 32 551 |  |
| **At fair value through profit or loss** |  |  |  |  |  |  |
| Long-term and short-term financial liabilities |  | 66 | 66 | 619 | 619 |  |
| Commodity and currency derivative liabilities |  | 45 | 45 | 18 | 18 | Level 2 |
| Convertible bond embedded derivative liability |  | 7 | 7 | 59 | 59 | Level 3 |
| Oxygen supply contract embedded derivative liabilities |  | 14 | 14 | 542 | 542 | Level 3 |

---

1 Determined with a discounted cash flow model using market related interest rates.

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| **35** | **Financial risk management and financial instruments continued** |

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**35.1**Financial instruments classification and fair value measurement continued

2 Based on quoted market price for the same instrument. The ZAR bonds have been classified as a level 2 fair value measurement due to the relatively low level of liquidity in the local debt market.

3 Determined using discounted cash flows modelling forecasted earnings, capital expenditure and debt cash flows of the underlying business, based on the forecasted assumptions of inflation, exchange rates, commodity prices and an appropriate WACC for the region.

4 Presented as part of Other long-term investments in the Statement of financial position.

5 Carrying value includes unamortised loan costs.

---

| | |
|:---|:---|
| 6 | The fair value of the amortised cost host liability of the US$ Convertible Bond is based on the quoted price of the instrument after separating the fair value of the derivative component. |

---

7 The fair value of the contingent consideration receivable was determined using a scenario-based technique which involved developing discrete scenario specific cash flow estimates.

There were no transfers between levels for recurring fair value measurements during the period. There was no change in valuation techniques compared to the previous financial period.

**Other receivable - Contingent consideration from disposal of Uzbekistan GTL LLC**

The other receivable is measured at fair value through profit or loss. The fair value at 30 June 2025 was R1 436 million, classified within level 3. The fair value was determined using a scenario - based technique which incorporated non - performance of the counterparty and country risk. The inputs for the non - performance and country risk were 5,87% and 4,23% respectively. Changes in these inputs by 1% considered to a reasonable possible change (increase or decrease) would result in fair value changes ranging from R1 412 million to R1 444 million. The following table reconciles the opening and closing balance of the receivable:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| **Balance at the beginning of the year** | **—** |  |
| Amounts recognised in remeasurement items affecting operating income | **1 436** |  |
| Balance at the end of the year | **1 436** |  |

---

**Commodity and currency derivative assets and liabilities**

Valued using forward rate interpolator model, appropriate currency specific discount curve, discounted expected cash flows and numerical approximation as appropriate. Significant inputs include forward exchange contracted rates, market foreign exchange rates, forward contract rates and market commodity prices such as crude oil prices.

**Oxygen supply contract embedded derivative assets and liabilities**

Relates to the US labour and inflation index and ZAR/USD exchange rate embedded derivatives contained in the SO long-term gas supply agreements. The following table reconciles the opening and closing balance of the net embedded derivative asset/(liability):

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| **Balance at the beginning of the year** | **(34)** | (477) |
| Amounts settled during the year | **(41)** | 1 |
| Unrealised fair value gain recognised in other expenses and income in operating profit | **924** | 442 |
| Balance at the end of the year | **849** | (34) |

---

107 **Sasol Annual Financial Statements 2025**

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| **35** | **Financial risk management and financial instruments continued** |

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**35.1**Financial instruments classification and fair value measurement continued

The fair value of the embedded derivative financial instrument contained in a long-term oxygen supply contract to our SO is impacted by a number of observable and unobservable variables at valuation date. The embedded derivative was valued using a forward rate interpolator model, discounted expected cash flows and numerical approximation, as appropriate. The table below provides a summary of the significant unobservable inputs applied in the valuation together with the expected impact on profit or loss as a result of reasonably possible changes thereto at reporting date, holding other inputs constant:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Increase/(decrease) in** | **Increase/(decrease) in** |
|  |  |  | **profit or loss** | **profit or loss** |
|  | Inputs | Change  | **2025** | 2024 |
| Input | applied | in input | **Rm** | Rm |
| Rand/US$ Spot price | R17,75/US$ | +R1/US$ | **(469)** | (478) |
|  | (2024: R18,19/US$)  | -R1/US$ | **469** | 478 |
| US$ Swap curve | 3,42% - 4,07% | +10bps | **73** | 81 |
|  | (2024: 3,63% – 5,06%) | -10bps | **(74)** | (82) |
| Rand Swap curve | 6,94% - 10,07% | +100bps | **(699)** | (688) |
|  | (2024: 7,76% – 10,35%) | -100bps | **791** | 784 |

---

**Convertible bond embedded derivative liability**

Relates to the embedded derivative contained in the US$750 million convertible bond issued on 8 November 2022. The following table reconciles the opening and closing balance of the embedded derivative liability:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| for the year ended 30 June | **Rm** | Rm |
| **Balance at the beginning of the year** | **59** | 1 302 |
| Unrealised fair value gain recognised in other expenses and income in operating profit | **(52)** | (1 233) |
| Translation of foreign operations | **—** | (10) |
| Balance at the end of the year | **7** | 59 |

---

The embedded derivative was valued using quoted bond market prices and binomial tree approach. Significant inputs include conversion price (US$18,79;30 June 2024: US$18,79), spot share price (R78,76; 30 June 2024: R138,10), converted to USD at the prevailing USD/ZAR FX spot rate (R17,75/US$; 30 June 2024: R18,19/US$), observable bond market price (92,17% of par; 30 June 2024: 90,42% of par). Although many inputs into the valuation are observable, the valuation method separates the fair value of the derivative from the quoted fair value of the US$ Convertible Bond by adjusting certain observable inputs. These adjustments require the application of judgement and certain estimates. Changes in the relevant inputs impact the fair value gains and losses recognised. The table below provides a summary of these inputs together with the expected impact on profit or loss as a result of reasonably possible changes thereto at reporting date:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Increase/(decrease) in** | **Increase/(decrease) in** |
|  |  |  | **profit or loss** | **profit or loss** |
|  | Inputs | Change | **2025** | 2024 |
| Input | applied | in input | **Rm** | Rm |
| Credit spread | 485bps | +100bps | **(261)** | (364) |
|  | (2024: 372bps) | +100bps\* | **7** | 59 |
| Calibrated volatility | 34% | +5% | **(12)** | (81) |
|  | (2024: 21,39%) | +5% | **6** | 45 |

---

\* A 100bps decrease in the applied credit spread will result in the bond floor exceeding the market price of the instrument and as such the impact has been limited to the value of the embedded derivative at 30 June 2025.

For purposes of the sensitivity analysis, the market value of the overall instrument was kept stable and so the actively changed variable (e.g., volatility) results in an offsetting change to the other (e.g. credit spread).

108 **Sasol Annual Financial Statements 2025**

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| **35** | **Financial risk management and financial instruments continued** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.2** **Financial risk management** 

The group is exposed in varying degrees to a number of financial instrument related risks. The Group Executive Committee (GEC) has the overall responsibility for the establishment and oversight of the Group's risk management framework. The GEC established the Safety, Social and Ethics Committee, which is responsible for providing the Board with the assurance that significant business risks are systematically identified, assessed and reduced to acceptable levels. A comprehensive risk management process has been developed to continuously monitor and assess these risks. Based on the risk management process Sasol refined its hedging policy and the Sasol Limited Board appointed a subcommittee, the Audit Committee, that meets regularly to review and, if appropriate, approve the implementation of hedging strategies for the effective management of financial market related risks.

The Group has a central treasury function that manages the financial risks relating to the Group's operations.

#### Capital allocation
The Group's objectives when managing capital (which includes share capital, borrowings, working capital and cash and cash equivalents) is to maintain a flexible capital structure that reduces the cost of capital to an acceptable level of risk and to safeguard the Group's ability to continue as a going concern while taking advantage of strategic opportunities in order to grow shareholder value sustainably.

The Group manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, repurchase shares currently issued, issue new shares, issue new debt, issue new debt to replace existing debt with different characteristics and/or sell assets to reduce debt.

The Group monitors capital utilising a number of measures, including the gearing ratio (net debt to shareholders' equity). Gearing takes into account the Group's substantial capital investment and susceptibility to external market factors such as crude oil prices, exchange rates and commodity chemical prices. The Group's gearing level for 2025 decreased to 54% (2024 – 64%; 2023 – 45%) largely due to the significant impairment charge in the current period. The net debt to EBITDA ratio (as defined in the debt agreements) is 1,5 times in 2025 (2024 - 1,3 times).

#### Financing risk
Financing risk refers to the risk that financing of the Group's debt requirements and refinancing of existing debt could become more difficult or more costly in the future. This risk can be decreased by managing the Group within tolerable debt levels measured by key ratios and the available capacity of the market for Sasol, maintaining an appropriate spread of maturities, and managing short-term borrowings within acceptable levels.

#### Credit rating

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Credit rating** | **Credit rating** |
| Agency |  | **2025** | 2024 |
| S&P |  | **BB+ (stable)** | BB+ (stable) |
| Moody's |  | **Ba1 (Negative)** | Ba1 (stable) |

---

On 29 May 2025, Moody's affirmed Sasol's rating at Ba1, changing the outlook from stable to negative. The change of outlook was driven by continued operating performance deterioration, primarily due to weak demand dynamics in the chemicals market and low oil prices, with uncertainty regarding the pace of recovery.

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| **35** | **Financial risk management and financial instruments continued** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.2** **Financial risk management continued** 

#### Risk profile
Risk management and measurement relating to each of these risks is discussed under the headings below (sub-categorised into credit risk, liquidity risk, and market risk) which entails an analysis of the types of risk exposure, the way in which such exposure is managed and quantification of the level of exposure in the statement of financial position.

#### Credit risk
Credit is the risk of financial loss due to counterparties not meeting their contractual obligations. Credit risk is deemed to be low when, based on the forward available information, it is highly probable that the customer will service its debt in accordance with the agreement throughout the period.

#### How we manage the risk
The credit risk is managed by the application of credit approvals, limits and monitoring procedures. All credit applications undergo a comprehensive assessment which includes an analysis of financial strength, country and industry risks as well as historic payment performance. Where appropriate, the group obtains security in the form of guarantees to mitigate risk, meaning that these receivables do not carry significant credit risk. Counterparty credit limits are in place and are reviewed and approved by the respective subsidiary credit management committees to manage our exposure to counterparty credit risk. The central treasury function provides credit risk management for the group-wide exposure in respect of a diversified group of banks and other financial institutions. These are evaluated regularly for financial robustness especially in the current global economic environment. Management has evaluated treasury counterparty risk and does not expect any treasury counterparties to fail in meeting their obligations. The group maximum exposure is the outstanding carrying amount of the financial asset. The credit risk is considered to be low as it is mitigated through various security types ranging from high-quality insurance and guarantees to lower-quality shareholder or director guarantees.

For all financial assets measured at amortised cost, the group calculates the expected credit loss based on contractual payment terms of the asset. The exposure to credit risk is influenced by the individual characteristics, the industry and geographical area of the counterparty with whom we have transacted. Financial assets at amortised cost are carefully monitored and reviewed on a regular basis for expected credit loss and impairment based on our credit risk policy. Any provision for expected credit losses is considered to be immaterial as the credit risk is considered to be low.

Expected Credit Loss (ECL) is calculated by considering the probability of default, loss given default, contractual terms of payment and account receivable balance (exclusive of specifically provided debtors) as at a particular time of calculation.

● The probability of default (PD) rate is based on external and internal information. The PD rate is the average of Moody's, Fitch and S&P Corporate and/or Sovereign rates, depending on whether the customer is corporate, or government related. For customers or debtors that are not rated by a formal rating agency, the group allocates internal credit ratings and default rates taking into account forward looking information, based on the debtor's profile, security/surety obtained and financial status.

● Loss given default (LGD) is based on the Basel model. World-wide, and especially in South Africa, economies have faced a series of global and local disruptions, including price volatility, elevated energy costs, high inflation, higher cost of debt, etc. As a result, the group applies the Board of Governors of the Federal Reserve System's formula to derive a downturn LGD to be used for 2025, namely 50% for unsecured financial assets and 40% for secured financial assets. Credit enhancements is only taken into account if it is integral to the asset. The group considers financial assets measured at amortised cost to be credit impaired if there is reasonable and supportable evidence that one or more events that have a detrimental impact such as insolvency has occurred and the possibility of recovering the debt is low.

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| **35** | **Financial risk management and financial instruments continued** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.2** **Financial risk management continued** 

Trade receivables expected credit loss is calculated over its lifetime. Long-term and other receivables that are rated as investment grade are considered to have low credit risk, and the Group considers credit risk to have increased significantly when the customer's credit rating has been downgraded to a lower grade (e.g. from Investment grade to Speculative grade). The Group considers customers to be in default when the receivable is past its due standard or agreed credit terms. The contractual payment terms for receivables vary according to the credit policy.

No single customer represents more than 10% of the Group's total turnover or more than 10% of total trade receivables for the years ended 30 June 2025, 2024 and 2023. The majority of the Group's turnover is generated from sales within South Africa, Europe, and the United States – refer to the Segment information. The geographical concentration of credit risk is largely aligned with the regions in which the turnover was earned.

A summary of the Group's exposure to credit risk for trade, other and long - term receivables is as follows:

**Trade receivables**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lifetime ECL** | **Lifetime ECL** | **Lifetime ECL** | **Lifetime ECL** | **Lifetime ECL** |
|  | **Simplified**<br>**approach¹**<br>**Low risk**<br>**Rm** | **Simplified**<br>**approach²**<br>**Medium risk**<br>**Rm** | **Simplified**<br>**approach**<br>**Total**<br>**Rm** | **Credit-**<br>**impaired**<br>**High risk**<br>**Rm** | <br>**Total**<br>**lifetime ECL**<br>**Rm** |
| **2025** |  |  |  |  |  |
| Gross carrying amount  | **28 585** | **1 374** | **29 959** | **411** | **30 370** |
| Expected credit loss | **(86)** | **(7)** | **(93)** | **(145)** | **(238)** |
| **2024** |  |  |  |  |  |
| Gross carrying amount  | 26 254 | 1 528 | 27 782 | 531 | 28 313 |
| Expected credit loss | (173) | (11) | (184) | (116) | (300) |

---

1 Simplified approach – low risk for trade receivables with no significant increase in credit risk since initial recognition.

2 Simplified approach – medium risk for trade receivables with significant increase in credit risk but not credit impaired.

**Other receivables**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lifetime ECL** | **Lifetime ECL** | **Lifetime ECL** | **12-month**<br>**ECL** | |
|  | <br>**Significant**<br>**increase in**<br>**credit risk**<br>**since initial**<br>**recognition**<sup>1</sup><br>**Medium risk**<br>**Rm** | <br>**Credit-**<br>**impaired**<sup>2</sup><br>**High risk**<br>**Rm** | <br>**Total lifetime**<br>**ECL**<br>**Rm** | **No**<br>**significant**<br>**increase in**<br>**credit risk**<br>**since initial**<br>**recognition**<br>**Low risk** <br>**Rm** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total**<br>**Rm** |
| **2025** |  |  |  |  |  |
| Gross carrying amount<sup>3</sup> | **1 122** | **728** | **1 850** | **2 425** | **4 275** |
| Expected credit loss<sup>4</sup> | **(3)** | **(658)** | **(661)** | **(2)** | **(663)** |
| **2024** |  |  |  |  |  |
| Gross carrying amount | 658 | 660 | 1 318 | 2 511 | 3 829 |
| Expected credit loss | (128) | (438) | (566) | (4) | (570) |

---

1 Significant increase in credit risk since initial recognition but not credit impaired.

2 A significant balance has been fully provided for and this reflects management's assessment that there is no reasonable expectation of recovery.

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| | |
|:---|:---|
| 3 | This gross carrying amount excludes financial assets classified as measuring at fair value through profit or loss. |

---

4 The ECL relating to Other receivables increased due to deteriorating credit ratings.

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| **35** | **Financial risk management and financial instruments continued** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.2** **Financial risk management continued** 

**Long-term receivables**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lifetime ECL** | **Lifetime ECL** | **Lifetime ECL** | **12-month**<br>**ECL** | |
|  | <br>**Significant**<br>**increase in**<br>**credit risk**<br>**since initial**<br>**recognition**<br>**Medium risk**<br>**Rm** | <br>**Credit-**<br>**impaired**<br>**High risk**<br>**Rm** | <br>**Total lifetime**<br>**ECL**<br>**Rm** | **No**<br>**significant**<br>**increase in**<br>**credit risk**<br>**since initial**<br>**recognition**<br>**Low risk**<br>**Rm** | <br>**Total**<br>**Rm** |
| **2025** |  |  |  |  |  |
| Gross carrying amount  | **399** | **169** | **568** | **3 067** | **3 635** |
| Expected credit loss | **(5)** | **(50)** | **(55)** | **(28)** | **(83)** |
| **2024** |  |  |  |  |  |
| Gross carrying amount  | 97 | 348 | 445 | 3 271 | 3 716 |
| Expected credit loss |  | (132) | (132) | (24) | (156) |

---

1 Significant increase in credit risk since initial recognition but not credit impaired.

#### Liquidity risk
Liquidity risk is the risk that an entity in the Group will be unable to meet its obligations as they become due.

**The global economic landscape remains volatile, including fluctuating oil and petrochemical prices, an unstable product demand environment and inflationary pressure. In South Africa, the underperformance of state-owned enterprises and socio-economic challenges continues to impact volumes, margins and resultant profitability.**

#### How we manage the risk
The Group manages liquidity risk by effectively managing its working capital, capital expenditure and cash flows, making use of a central treasury function to manage pooled business unit cash investments and borrowing requirements. Currently the Group has a positive liquidity position, conserving the Group's cash resources through continued focus on working capital management, cost savings and capital reprioritisation.

The Group meets its financing requirements through a mixture of cash generated from its operations and, short and long-term borrowings and strives to maintain adequate banking facilities and reserve borrowing capacities. Adequate banking facilities and reserve borrowing capacities are maintained. In April 2023, the Group has refinanced its existing banking facilities, which was due to mature in calendar year 2024, into a new banking facility totaling nearly USD 3 billion comprising of a revolving credit facility and term loan facility, both with a five-year maturity and with two extension options of one year each. The Group is in compliance with all of the financial covenants per its loan agreements, none of which are expected to present a material restriction on funding or its investment policy in the near future. The net debt to EBITDA (as defined in the debt agreements) at 30 June 2025 was 1,5 times (2024 - 1,3 times), significantly below the covenant threshold level of 3 times which is applicable to the term loan and revolving credit facility.

Protection of downside risk for the balance sheet is a key priority for the Group during volatile times, resulting in the execution of our hedging programme to address oil price and currency exposure.

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| **35** | **Financial risk management and financial instruments continued** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.2** **Financial risk management continued** 

#### Our exposure to and assessment of the risk
The maturity profile of the undiscounted contractual cash flows of financial instruments at 30 June were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>Note | **Carrying**<br>**amount**<br>**Rm** | **Contractual**<br>**cash flows\***<br>**Rm** | **Within one**<br>**year**<br>**Rm** | **One to**<br>**three years**<br>**Rm** | **Three to** <br>**five years**<br>**Rm** | **More than**<br>**five years**<br>**Rm** |
| **2025** |  |  |  |  |  |  |  |
| **Financial assets** |  |  |  |  |  |  |  |
| **Non-derivative instruments** |  |  |  |  |  |  |  |
| Long-term receivables | 17 | **2 884** | **3 074** | **42** | **1 228** | **246** | **1 558** |
| Trade and other receivables | 22 | **35 180** | **35 180** | **35 180** | **—** | **—** | **—** |
| Cash and cash equivalents | 25 | **41 050** | **41 050** | **41 050** | **—** | **—** | **—** |
| Investments through other comprehensive income |  | **8** | **8** | **8** | **—** | **—** | **—** |
| Long-term and short-term investments through profit or loss |  | **3 172** | **3 172** | **3 172** | **—** | **—** | **—** |
|  |  | **82 294** | **82 484** | **79 452** | **1 228** | **246** | **1 558** |
| **Derivative instruments** |  |  |  |  |  |  |  |
| Forward exchange contracts |  | **696** | **18 546** | **18 546** | **—** | **—** | **—** |
| Crude oil put options |  | **1 055** | **1 055** | **1 055** | **—** | **—** | **—** |
| Foreign exchange zero cost collars |  | **609** | **609** | **609** | **—** | **—** | **—** |
| Oxygen supply contract embedded derivative |  | **863** | **(215)** | **89** | **201** | **292** | **(797)** |
|  |  | **85 517** | **102 479** | **99 751** | **1 429** | **538** | **761** |
| **Financial liabilities** |  |  |  |  |  |  |  |
| **Non-derivative instruments** |  |  |  |  |  |  |  |
| Long-term debt\*\* | 13 | **(102 645)** | **(127 539)** | **(7 237)** | **(40 933)** | **(62 285)** | **(17 084)** |
| Lease liabilities | 14 | **(17 360)** | **(38 780)** | **(3 659)** | **(5 475)** | **(4 361)** | **(25 285)** |
| Short-term debt | 15 | **(666)** | **(666)** | **(666)** | **—** | **—** | **—** |
| Trade and other payables | 23 | **(34 757)** | **(34 757)** | **(34 757)** | **—** | **—** | **—** |
| Bank overdraft | 25 | **(1)** | **(1)** | **(1)** | **—** | **—** | **—** |
|  |  | **(155 429)** | **(201 743)** | **(46 320)** | **(46 408)** | **(66 646)** | **(42 369)** |
| **Derivative instruments** |  |  |  |  |  |  |  |
| Forward exchange contracts |  | **(15)** | **(17 866)** | **(17 866)** | **—** | **—** | **—** |
| Other commodity derivatives |  | **(37)** | **(39)** | **(39)** | **—** | **—** | **—** |
| Oxygen supply contract embedded derivative |  | **(14)** | **15** | **15** | **—** | **—** | **—** |
|  |  | **(155 495)** | **(219 633)** | **(64 210)** | **(46 408)** | **(66 646)** | **(42 369)** |

---

\* Contractual cash flows include interest payments.

\*\* The repayment of the notional amount of the convertible bonds is included in the one to three years category, in line with the contractual maturity date. The conversion rights are exercisable at any time.

113 **Sasol Annual Financial Statements 2025**

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|:---|:---|
| **35** | **Financial risk management and financial instruments continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.2** **Financial risk management continued** 

Current financial assets are sufficient to cover financial liabilities for the next year. The shortfall beyond one year will be funded through cash generated from operations, utilisation of available facilities and the refinancing of existing debt.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>Note | Carrying<br>amount<br>Rm | Contractual<br>cash flows\*<br>Rm | Within one<br>year<br>Rm | One to<br>three years<br>Rm | Three to<br>five years<br>Rm | More than<br>five years<br>Rm |
| **2024** |  |  |  |  |  |  |  |
| **Financial assets** |  |  |  |  |  |  |  |
| **Non-derivative instruments** |  |  |  |  |  |  |  |
| Long-term receivables | 17 | 3 051 | 3 283 | 90 | 1 630 | 588 | 975 |
| Trade and other receivables | 22 | 31 272 | 31 272 | 31 272 |  |  |  |
| Cash and cash equivalents  | 25 | 45 383 | 45 383 | 45 383 |  |  |  |
| Investments through other comprehensive income |  | 9 | 9 | 9 |  |  |  |
| Investments through profit or loss |  | 2 987 | 2 987 | 2 987 |  |  |  |
| Long-term restricted cash |  | 1 709 | 1 709 |  |  |  | 1 709 |
|  |  | 84 411 | 84 643 | 79 741 | 1 630 | 588 | 2 684 |
| **Derivative instruments** |  |  |  |  |  |  |  |
| Forward exchange contracts |  | 711 | 22 090 | 22 090 |  |  |  |
| Crude oil put options |  | 279 | 279 | 279 |  |  |  |
| Foreign exchange zero cost collars |  | 302 | 302 | 302 |  |  |  |
| Other commodity derivatives |  | 5 | 5 | 5 |  |  |  |
| Oxygen supply contract embedded derivative |  | 508 | 822 | 69 | 138 | 138 | 477 |
|  |  | 86 216 | 108 141 | 102 486 | 1 768 | 726 | 3 161 |
| **Financial liabilities** |  |  |  |  |  |  |  |
| **Non-derivative instruments** |  |  |  |  |  |  |  |
| Long-term debt\*\* | 13 | (117 031) | (153 995) | (7 805) | (28 914) | (99 312) | (17 964) |
| Lease liabilities | 14 | (17 437) | (37 769) | (3 718) | (5 595) | (4 289) | (24 167) |
| Short-term debt | 15 | (566) | (566) | (566) |  |  |  |
| Trade and other payables | 23 | (32 551) | (32 551) | (32 551) |  |  |  |
| Bank overdraft | 25 | (121) | (121) | (121) |  |  |  |
|  |  | (167 706) | (225 002) | (44 761) | (34 509) | (103 601) | (42 131) |
| **Derivative instruments** |  |  |  |  |  |  |  |
| Forward exchange contracts |  | (11) | (21 390) | (21 390) |  |  |  |
| Other commodity derivatives |  | (7) | (7) | (7) |  |  |  |
| Oxygen supply contract embedded derivative |  | (542) | (3 654) | (34) | (35) | 14 | (3 599) |
|  |  | (168 266) | (250 053) | (66 192) | (34 544) | (103 587) | (45 730) |

---

\* Contractual cash flows include interest payments.

\*\* The repayment of the notional amount of the convertible bonds is included in the one to three years category, in line with the contractual maturity date, based on obtaining the requisite shareholder approval for the convertible bonds to be settled in Sasol ordinary shares.

114 **Sasol Annual Financial Statements 2025**

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|:---|:---|
| **35** | **Financial risk management and financial instruments continued** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.2** **Financial risk management continued** 

#### Market risk
Market risk is the risk arising from possible market price movements and their impact on the future cash flows of the business. The Group's financial market risk management objectives, which inform the hedging philosophy of the Group, are:

● To prudently manage the Group's financial market risks in order to reduce the financial impact due to adverse movements in market rates/prices (i.e. protect cash flows), contributing to Sasol meeting its strategic financial objectives and remaining within Sasol Ltd Board's approved risk appetite and risk tolerance levels; and

● To reduce earnings volatility in order to increase certainty and predictability of future cash flows for planning purposes.

The market price movements that the Group is exposed to include:

#### Foreign currency risk
Foreign currency risk is a risk that earnings and cash flows will be affected due to changes in exchange rates.

#### How we manage the risk
The Audit Committee sets broad guidelines in terms of tenor and hedge cover ratios specifically to assess future currency exposure, which have the potential to materially affect our financial position. These guidelines and our hedging policy are reviewed from time to time. This hedging strategy enables us to better forecast cash flows and thus manage our liquidity and key financial metrics more effectively. Foreign currency risks are managed through the Group's hedging policy and financing policies and the selective use of various derivatives.

#### Our exposure to and assessment of the risk
The Group's transactions are predominantly entered into in the respective functional currency of the individual operations. The construction of the LCCP has largely been financed through funds obtained in US dollar, with a small portion of funds obtained from Rand sources. A large portion of our turnover and capital investments are significantly impacted by the rand/US$ and rand/EUR exchange rates. Some of our fuel products are governed by the BFP, of which a significant variable is the rand/US$ exchange rate. Our export chemical products are mostly commodity products whose prices are largely based on global commodity and benchmark prices quoted in US dollars and consequently are exposed to exchange rate fluctuations that have an impact on cash flows. These operations are exposed to foreign currency risk in connection with contracted payments in currencies not in their individual functional currency. The most significant exposure for the Group exists in relation to the US dollar and the Euro. The translation of foreign operations to the presentation currency of the Group is not taken into account when considering foreign currency risk.

#### Zero-cost collars
In line with the risk mitigation strategy, the Group hedges a significant portion of its estimated foreign currency exposure in respect of forecast sales and purchases over the following 12 months. The Group mainly uses zero-cost collars to hedge its currency risk, most with a maturity of less than one year from the reporting date.

#### Forward exchange contracts
Forward exchange contracts (FECs) are utilised throughout the Group to hedge the risk of currency depreciation on committed and highly probable forecast transactions. Transactions hedged with FECs include capital and goods purchases (imports) and sales (exports).

Refer to the summary of our derivatives below.

115 **Sasol Annual Financial Statements 2025**

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|:---|:---|
| **35** | **Financial risk management and financial instruments continued** |

---

**35.2** **Financial risk management continued**

The following significant exchange rates were applied during the year:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average rate** | **Average rate** | **Closing rate** | **Closing rate** |
|  | **2025**<br>**Rand** | 2024<br>Rand | **2025**<br>**Rand** | 2024<br>Rand |
| Rand/Euro | **1976** | 2024 | **2092** | 1949 |
| Rand/US$ | **1817** | 1871 | **1775** | 1819 |

---

The table below shows the significant currency exposure where entities within the Group have monetary assets or liabilities that are not in their functional currency, have exposure to the US dollar or the Euro. The amounts have been presented in rand by converting the foreign currency amount at the closing rate at the reporting date.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | 2024 | 2024 |
|  | **Euro**<br>**Rm** | **US dollar**<br>**Rm** | Euro <br>Rm | US dollar<br>Rm |
| Long-term receivables | **127** | **645** | 67 | 745 |
| Trade and other receivables | **429** | **3 912** | 564 | 2 595 |
| Cash and cash equivalents | **1 479** | **783** | 3 319 | 1 241 |
| **Net exposure on assets** | **2 035** | **5 340** | 3 950 | 4 581 |
| Trade and other payables | **(547)** | **(3 631)** | (227) | (2 949) |
| **Net exposure on liabilities** | **(547)** | **(3 631)** | (227) | (2 949) |
| **Exposure on external balances** | **1 488** | **1 709** | 3 723 | 1 632 |
| Net exposure on balances between Group companies | **(1 409)** | **18 867** | (2 014) | 25 769 |
| **Total net exposure** | **79** | **20 576** | 1 709 | 27 401 |

---

#### Sensitivity analysis
The following sensitivity analysis is provided to show the foreign currency exposure of the individual entities at the end of the reporting period. This analysis is prepared based on the statement of financial position balances that exist at year-end, for which there is currency risk, before consideration of currency derivatives, which exist at that point in time. The effect on equity is calculated as the effect on profit and loss. The effect of translation of results into presentation currency of the Group is excluded from the information provided.

116 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

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| | |
|:---|:---|
| **35** | **Financial risk management and financial instruments continued** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.2** **Financial risk management continued** 

A 10% weakening in the Group's significant exposure to the foreign currency at 30 June would have increased either the equity or the profit by the amounts below, before the effect of tax. This analysis assumes that all other variables, in particular, interest rates, remain constant, and has been performed on the same basis for 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** |  | 2024 | 2024 |
|  |  | **Euro**<br>**Rm** | **US dollar**<br>**Rm** |  | Euro<br>Rm | US dollar<br>Rm |
| Equity |  | **8** | **2 058** |  | 171 | 2 740 |
| Income statement |  | **8** | **2 058** |  | 171 | 2 740 |

---

A 10% movement in the opposite direction in the Group's exposure to foreign currency would have an equal and opposite effect to the amounts disclosed above.

#### Interest rate risk
Interest rate risk is the risk that the value of short-term investments and financial activities will change as a result of fluctuations in the interest rates.

Fluctuations in interest rates impact on the value of short-term investments and financing activities, giving rise to interest rate risk. The Group has significant exposure to interest rate risk due to the volatility in South African, European and US interest rates.

#### How we manage the risk
Our debt is comprised of different instrument notes, which by their nature either bear interest at a floating or a fixed rate. We monitor the ratio of floating and fixed interest in our loan portfolio and manage this ratio, by electing to incur either bank loans, bearing a floating interest rate, or bonds, which bear a fixed interest rate. We may also use interest rate swaps, where appropriate, to convert some of our debt into either floating or fixed rate debt to manage the composition of our portfolio. There were no open interest rate swaps at 30 June 2025 or 30 June 2024.

In respect of financial assets, the Group's policy is to invest cash at floating rates of interest and cash reserves are to be maintained in short-term investments (less than one year) in order to maintain liquidity, while achieving a satisfactory return for shareholders.

117 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

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| | |
|:---|:---|
| **35** | **Financial risk management and financial instruments continued** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.2** **Financial risk management continued** 

#### Our exposure to and assessment of the risk
At the reporting date, the interest rate profile of the Group's interest-bearing financial instruments was:

---

| | | |
|:---|:---|:---|
|  | **Carrying value** | **Carrying value** |
|  | **2025**<br>**Rm** | 2024<br>Rm |
| **Variable rate instruments** |  |  |
| Financial assets | **37 790** | 42 053 |
| Financial liabilities<sup>\*</sup> | **(30 886)** | (44 471) |
|  | **6 904** | (2 418) |
| **Fixed rate instruments** |  |  |
| Financial assets  | **6 895** | 7 046 |
| Financial liabilities | **(71 759)** | (72 680) |
|  | **(64 864)** | (65 634) |
| Interest profile (variable: fixed rate as a percentage of total financial assets) | **85:15** | 86:14 |
| Interest profile (variable: fixed rate as a percentage of total financial liabilities) | **30:70** | 38:62 |

---

\* The decrease in variable exposure is mainly due to the repayments made on the RCF. Refer to note 13.

**Cash flow sensitivity for variable rate instruments**

Financial instruments affected by interest rate risk include borrowings, deposits, trade receivables and trade payables. A change of 1% in the prevailing interest rate in a particular currency at the reporting date would have increased/(decreased) earnings by the amounts shown below before the effect of tax. The sensitivity analysis has been prepared on the basis that all other variables, in particular foreign currency rates, remain constant and has been performed on the same basis since 2024. Interest is recognised in the income statement using the effective interest rate method.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income statement — 1% increase** | **Income statement — 1% increase** | **Income statement — 1% increase** | **Income statement — 1% increase** |
|  | <br>**South Africa**<br>**Rm** | <br>**Europe**<br>**Rm** | **United States** <br>**of America**<br>**Rm** | <br>**Other**<br>**Rm** |
| **30 June 2025** | **247** | **15** | **(218)** | **22** |
| 30 June 2024 | 250 | 32 | (328) | 21 |

---

A 1% decrease in interest rates would have an equal and opposite effect to the amounts disclosed above.

118 **Sasol Annual Financial Statements 2025**

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. **Financial risk management and financial instruments continued** 

**35.2** **Financial risk management continued**

The Group's remaining exposure to IBORs relate mainly to loans denominated in JIBAR. Refer to note 1.

#### Commodity price risk
Commodity price risk is the risk of fluctuations in our earnings as a result of fluctuation in the price of commodities.

#### How we manage the risk
The Group makes use of derivative instruments, including options and commodity swaps as a means of mitigating price movements and timing risks on crude oil purchases and sales. The Group entered into hedging contracts which provide downside protection against decreases in commodity prices. Refer to the summary of our derivatives below.

#### Our exposure to and assessment of the risk
A substantial proportion of our turnover is derived from sales of petroleum and petrochemical products. Market prices for crude oil fluctuate because they are subject to international supply and demand and political factors. Our exposure to the crude oil price centres primarily around the selling price of the fuel marketed by our Energy business which is governed by the Basic Fuel Price (BFP) formula, the crude oil related raw materials used in our Natref refinery and certain of our offshore operations including where chemical prices are linked to the crude oil price. Key factors in the BFP are the Mediterranean and Singapore or Mediterranean and Arab Gulf product prices for petrol and diesel, respectively.

Dated Brent crude oil prices applied during the year:

---

| | | |
|:---|:---|:---|
|  | **Dated Brent Crude** | **Dated Brent Crude** |
|  | **2025**<br>**US$** | 2024<br>US$ |
| High | **8910** | 9792 |
| Average | **7459** | 8474 |
| Low | **6109** | 7356 |

---

119 **Sasol Annual Financial Statements 2025**

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| | |
|:---|:---|
| **35** | **Financial risk management and financial instruments continued** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.2** **Financial risk management continued** 

**Summary of our derivatives**

In the normal course of business, the Group enters into various derivative transactions to mitigate our exposure to foreign exchange rates, interest rates and commodity prices. Derivative instruments used by the Group in hedging activities include swaps, options, forwards and other similar types of instruments.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Income statement gain/(loss)** | **Income statement gain/(loss)** | **Income statement gain/(loss)** |
|  | **Financial**<br>**asset**<br>**2025**<br>**Rm** | **Financial**<br>**liability**<br>**2025**<br>**Rm** | **Financial**<br>**asset**<br>2024<br>Rm | **Financial**<br>**liability**<br>2024<br>Rm | **2025**<br>**Rm** | 2024<br>Rm | 2023<br>Rm |
| **Commodity and currency derivatives** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crude oil put options | **1 055** | **—** | 279 |  | **(391)** | (953) | (507) |
| &nbsp;&nbsp;Crude oil zero cost collars | **—** | **—** |  |  | **—** |  | 3 953 |
| &nbsp;&nbsp;Crude oil futures | **—** | **—** |  |  | **—** | (180) | 401 |
| &nbsp;&nbsp;Ethane swap options | **—** | **—** |  |  | **—** | (17) | (272) |
| &nbsp;&nbsp;Coal swap options | **—** | **—** |  |  | **—** |  | 1 099 |
| &nbsp;&nbsp;Other commodity derivatives | **—** | **(30)** | 5 | (7) | **(36)** | (63) | 180 |
| &nbsp;&nbsp;Forward exchange contracts | **696** | **(15)** | 711 | (11) | **1 132** | 1 091 | (1 339) |
| &nbsp;&nbsp;Foreign exchange zero cost collars | **609** | **—** | 302 | **—** | **323** | 810 | (301) |
| **Embedded derivatives** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Convertible bond embedded derivative | **—** | **(7)** |  | (59) | **52** | 1 233 | 867 |
| &nbsp;&nbsp;Oxygen supply contract embedded derivatives\* | **863** | **(14)** | 508 | (542) | **924** | 442 | (794) |
| **Non-derivative financial instruments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Investments at fair value through profit or loss\*\* | **3 172** | **—** | 2 173 |  | **—** |  |  |
|  | **6 395** | **(66)** | 3 978 | (619) | **2 004** | 2 364 | 3 287 |

---

\* Relates to a US dollar derivative that is embedded in long-term oxygen supply contracts to our Secunda Operations.

\*\* Fair value gains and losses are presented in other operating income and expenses, separately from derivative gains and losses.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Contract/Nominal amount\*** | **Contract/Nominal amount\*** | **Contract/Nominal amount\*** | **Contract/Nominal amount\*** |  | **Average price** | **Average price** |
|  |  | **Open**<br>**2025**<br>**Million** | **Settled**<br>**2025**<br>**Million** | Open<br>2024<br>Million | Settled<br>2024<br>Million |  | **Open**<br>**2025**<br>| **Open**<br>**2024**<br>|
| &nbsp;&nbsp;Crude oil put options purchased<sup>\*\*</sup> | barrels | **225** | **168** | **168** | 180 | US$/bbl | **598** | 587 |
| &nbsp;&nbsp;Forward exchange contracts | US$ | **907** | **—** | **1 080** |  | R/US$ | **1851** | 1890 |
| &nbsp;&nbsp;Forward exchange contracts | EUR | **54** | **—** | **43** |  | US$/EUR | **111** | 108 |
| &nbsp;&nbsp;Foreign exchange zero cost collars | US$ | **1 720** | **1 652** | **1 530** | 2 760 | R/US$ Floor | **1760** | 1753 |
|  |  |  |  |  |  | R/US$ Cap | **2113** | 2265 |

---

\* The notional amount is the sum of the absolute value of all contracts for both derivative assets and liabilities.

\*\* Total premium paid for contracts entered into in the year US$114,09 million (2024: US$94,8 million). 

120 **Sasol Annual Financial Statements 2025**

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|:---|:---|
| **35** | **Financial risk management and financial instruments continued** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.2** **Financial risk management continued** 

#### Accounting policies:

#### Derivative financial instruments and hedging activities
The Group is exposed to market risks from changes in interest rates, foreign exchange rates and commodity prices. The Group uses derivative instruments to hedge its exposure to these risks. Additionally, there are embedded derivatives that have been bifurcated in certain of the Group's long-term supply agreements and borrowings.

All derivative financial instruments are initially recognised at fair value and are subsequently stated at fair value at the reporting date. Attributable transaction costs are recognised in the income statement when incurred. Resulting gains or losses on derivative instruments, excluding designated and effective hedging instruments, are recognised in the income statement.

To the extent that a derivative instrument has a maturity period of longer than one year, the fair value of these instruments will be reflected as a non-current asset or liability.

Contracts to buy or sell non-financial items (e.g. gas or electricity) that were entered into and continue to be held for the purpose of the receipt of the non-financial items in accordance with the Group's expected purchase or usage requirements are not accounted for as derivative financial instruments. Purchase commitments relating to these contracts are disclosed in note 3.

#### Hedge accounting
The Group continues to apply the hedge accounting requirements of IAS 39 'Financial Instruments: Recognition and Measurement'.

Where a derivative instrument is designated as a cash flow hedge of an asset, liability or highly probable forecast transaction that could affect the income statement, the effective part of any gain or loss arising on the derivative instrument is recognised as other comprehensive income and is classified as a cash flow hedge accounting reserve until the underlying transaction occurs. The ineffective part of any gain or loss is recognised in the income statement. If the hedging instrument no longer meets the criteria for cash flow hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively.

If the forecast transaction results in the recognition of a non-financial asset or non-financial liability, the associated gain or loss is transferred from the cash flow hedge accounting reserve, as other comprehensive income, to the underlying asset or liability on the transaction date. If the forecast transaction is no longer expected to occur, then the cumulative balance in other comprehensive income is recognised immediately in the income statement as reclassification adjustments. Other cash flow hedge gains or losses are recognised in the income statement at the same time as the hedged transaction occurs.

**Economic hedges**

When derivative instruments, including forward exchange contracts, are entered into as fair value hedges, no hedge accounting is applied. All gains and losses on fair value hedges are recognised in the income statement.

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| **36** | **Subsequent events** |

---

**Floating rate bond**

On 23 July 2025, Sasol Financing International Limited (' SFIL") successfully issued a floating rate bond of R5,3 billion. In exchange, SFIL received USD 300 million. The bond is guaranteed by Sasol Limited, has a 5-year maturity, bears quarterly interest, repayable in ZAR with covenants similar to those in the existing USD bond documents and no new covenants introduced. The issuance supports our efforts to diversify the funding base, reduce US dollar debt exposure and financing costs. In addition, it provides the flexibility to address upcoming bond maturities using available liquidity if required.

**Natref**

On 30 June 2025, State Oil Limited, the parent company of Prax South Africa (Pty) Limited (PraxSA), which owns a minority stake in the Natref refinery, was placed under administration. Natref continues to operate to plan, and engagements with PraxSA are ongoing to understand the implications of this development and ensure there is no impact on operational continuity.

**US tariffs**

Following a 90-day suspension of the US import tariffs, the US government announced on 8 July 2025 that new tariff rates will take effect on 1 August 2025. Engagements with the relevant stakeholders are ongoing, and we remain focused on ensuring continuity, mitigating potential disruptions, and identifying any opportunities for Sasol.

122 **Sasol Annual Financial Statements 2025**

## Exhibit 99.2

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## Exhibit 99.3

#### Exhibit 99.3
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## Exhibit 99.4

#### Exhibit 99.4
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## Exhibit 99.5

#### Exhibit 99.5
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## Exhibit 99.6

#### Exhibit 99.6
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## Exhibit 99.7

#### Exhibit 99.7
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## Exhibit 99.9

**Exhibit 99.9.1**

![Graphic](ssl-20250630xex99d91001.jpg)

**SASOL LIMITED**

**BOARD CHARTER**

Latest revision approved: 21 February 2025

1Sasol Limited Board CharterLatest revision approved: 21 February 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **INTRODUCTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 This Board Charter is subject to the provisions of the South African Companies Act, 71 of 2008, (the Companies Act), Sasol Limited's (the Company) Memorandum of Incorporation (MOI) and any other applicable law or regulatory provision. This charter does not replace or amend the MOI in any way whatsoever. References to the male gender are intended to equally reflect as references to the female gender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Company is listed on the Johannesburg Stock Exchange and is the holding company of a number of unlisted South African and non-South African subsidiaries. As such, the Sasol Limited board of directors (the Board) has oversight responsibility for all statutory and operating entities comprising the Sasol group of companies (the Group) and this Board Charter should be interpreted as applicable to both the Company and the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **PURPOSE OF THE BOARD CHARTER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The purpose of the Board Charter is to provide a concise overview of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 the roles, responsibilities, functions and powers of the Board, individual directors and the executives of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 the powers delegated to various committees of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 relevant principles of the Company's limits and delegations of authority and matters reserved for decision-making by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 the policies and practices of the Board in respect of matters such as corporate governance, trading by directors in the securities of the Company, declarations and conflicts of interests, Board meeting documentation and procedures, composition of the Board and the nomination, appointment, induction, training and evaluation of directors and members of Board committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **THE BOARD, DIRECTORS, SHAREHOLDERS, EXECUTIVES AND THE COMPANY SECRETARY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **The Shareholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 Matters reserved for decision-making by the shareholders of the Company are set out in the MOI<sup>1</sup>and the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 A matter reserved for decision-making by the shareholders is considered by the Board before it is recommended to the shareholders for decision-making. The Board will, where appropriate, provide the shareholders with its recommendation and the relevant material information in respect of resolutions proposed for shareholder approval.

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<sup>1</sup> For a copy of the MOI adopted by shareholders on 2 December 2022 refer to https://www.sasol.com/investor-centre/corporate- governance/memorandum-incorporation

2Sasol Limited Board CharterLatest revision approved: 21 February 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 It is the policy of the Company to accurately disclose company information to shareholders and potential investors in such a way that the shareholders are apprised of all material aspects of the business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 Directors and executive management are expected to attend shareholders' meetings. The Chairmen of all Board committees are expected to be available at the Company's annual general meeting to respond to relevant questions or queries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 Proceedings at meetings of shareholders are governed by the provisions of the Companies Act and the MOI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **The Board** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** **General powers of the Board** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1.1 The role, function and powers of the Board, its members and its committees as well as its relationship vis-à-vis other organs of the Company and its direct and indirect subsidiaries and joint ventures are determined by law, the MOI of the Company, agreements such as shareholders' agreements (where relevant), corporate governance best practices and decisions and policies of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1.2 The Board is responsible for steering the Company and setting its strategic direction<sup>2</sup>. In managing or directing the affairs of the Company the Board has authority to exercise all the powers and perform any of the functions of the Company except to the extent that the Companies Act or MOI provide otherwise<sup>3</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1.3 The Board accordingly has the power to make any decision in respect of the Company which has not been specifically reserved for decision-making by the shareholders. This power includes the power to exercise the rights as direct or indirect shareholder of Group companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1.4 The Board exercises its powers responsibly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in the best interests of the Company over time with due regard to the legitimate and reasonable needs, interests and expectations of stakeholders of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. in compliance with the requirements of applicable laws and adopted, non-binding rules, codes and standards, and the listings requirements of the stock exchanges on which the securities of the Company are listed, principles of sound corporate governance and Board policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** **The role, functions and responsibilities of the Board** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2.1 Within the powers conferred upon the Board by the MOI and the Companies Act, the Board has determined its main function and responsibility as being to add significant value to the Company by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Retaining full and effective control over the Company and providing effective and ethical leadership in the best interest of the Company;

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<sup>2</sup> King IV Report on Corporate Governance for South Africa 2016 (King IV)

<sup>3</sup> Section 66 Companies Act and paragraph 26.1 of the MOI

3Sasol Limited Board CharterLatest revision approved: 21 February 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Informing and setting the strategic direction of the Company and ensuring that strategy, risk, compliance, performance and sustainability considerations are effectively integrated and appropriately balanced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Determining and setting the tone of the Company values including principles of ethical business practice, human rights considerations and the requirements of being a responsible corporate citizen, which includes assessing and responsibly responding to the negative consequences of the Company's activities and outputs on the triple context<sup>4</sup>in which it operates and the capitals<sup>5</sup>to which it applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Bringing independent, informed and effective judgment to bear on material decisions of the Company and Group companies including material Company and group policies, the governance framework and delegated authorities, appointment and removal of the President and Chief Executive Officer (CEO) and Group Executive Committee members, major capital expenditure, material transactions and Company and consolidated group budgets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Satisfying itself that the Company and Group companies are governed effectively in accordance with corporate governance best practices, appropriate and relevant non- binding industry rules, codes and standards and internal control systems to (i) maximise returns sustainably, (ii) safeguard the people, assets and reputation of the Group, and (iii) ensure an effective control environment and compliance with applicable laws, adopted, non-binding rules, codes and standards and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Monitoring and implementation by Group companies, Board committees and executive management of the Board's strategies, decisions, values and policies with a structured approach to governance, compliance, integrated reporting, risk management and combined assurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Ensuring that the Company has duly constituted, and effective Board committees as required by the Companies Act, MOI and recommended by best corporate governance practice that the Company chooses to apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Ensuring that there is an effective risk based internal audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Governing the disclosure control processes of the Company including ensuring the integrity of the Company's integrated report<sup>6</sup>,<sup></sup>Form 20F and reporting on the effectiveness of the Company's system of internal controls and internal controls over financial reporting (ICFR) and the prompt disclosure of price sensitive information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Ensuring that disputes are resolved as effectively, efficiently and expeditiously as possible; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Monitoring of the relationship between the Company and its stakeholders.

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<sup>4</sup> Defined in King IV as "the combined context of the economy, society and environment in which the Company operates"

<sup>5</sup> Defined in King IV as "the stocks of value on which all organisations depend for their success as inputs to their business model, and which are increased, decreased or transformed through the organisation's business activities and outputs"

<sup>6</sup> King IV defines integrated reporting as "a process founded on integrated thinking that results in a periodic integrated report by an organisation about value creation over time. It includes related communications regarding aspects of value creation. An integrated report could be a standalone report which connects the more detailed information I other reports."

4Sasol Limited Board CharterLatest revision approved: 21 February 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.3** **Matters reserved for decision-making by the Board** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3.1 Without derogating in any way from the general powers of the Board<sup>7</sup>, the Board from time to time determines, in terms of the governance framework and delegated authorities, which matters are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. reserved for final decision-making by the Board or Board committees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. require the Board's or Board committees' consent before a final decision is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3.2 The Board has delegated all authority, not expressly reserved for the Board, to the CEO, who shall be liable and accountable to the Board, and obliged to report all material matters to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.4** **Composition of the Board, promotion of broader diversity policy, appointment, rotation and independence** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.1 The Board comprises a balance of executive and non-executive directors, with a majority of non-executive directors. A majority of the non-executive directors are independent. The Board should at all times be suitably constituted and do everything necessary to appropriately fulfil its role and responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.2 The Board may determine the number of directors on the Board at any time, subject to the proviso that the Board may comprise a maximum of sixteen (16) directors and a minimum of ten (10) directors. A maximum of five (5) salaried employees of the Company may simultaneously hold the office of director<sup>8</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.3 The directors must elect a Chairman, Deputy Chairman and/ or Lead Independent Director and determine the period for which they are to hold office<sup>9</sup>. In addition, the Board must appoint a Chief Executive Officer and an executive financial director<sup>10</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.4 The Board is empowered to fill vacancies on the Board<sup>11</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.5 Only individuals with sound ethical reputations and business or professional acumen and who have sufficient time to effectively fulfil their role as Board member, will be considered for appointment to the Board. In order to determine whether a director is over committed the following criteria, amongst others, will be considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If the director is not an executive office officer of any public company, he may hold the chairmanship of the Company as well as that of one other public listed company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Non-executive directors of the Company should not hold a total of more than three (3) directorships of public listed companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If the director is an executive office holder (including an executive director) of a public company, he cannot hold any other directorships of a public listed company.

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<sup>7</sup> See 3.2.2 above and clause 26.1 of the MOI

<sup>8</sup> See clause 22.1 of the MOI

<sup>9</sup> See clause 29.4 of the MOI

<sup>10</sup> See clause 26.3 of the MOI

<sup>11</sup> See clause 22.4 of the MOI

5Sasol Limited Board CharterLatest revision approved: 21 February 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.6 Should the Nomination and Governance Committee be of the view that a director is over committed, the Chairman will meet with that director to discuss the resolution of the matter to the satisfaction of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.7 Individuals with material enduring conflicts of interest with the Company or any Group company that cannot be reasonably managed by the normal methods of declaration of interests and temporary recusal from meetings will not be considered for appointment. Directors shall not co-invest with the Company in any project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.8 The Board recognises and embraces the benefits of having a diverse Board, appreciates that diversity at Board level is an essential component for sustaining a competitive advantage and is committed to ensuring a diverse and inclusive culture at Board level where directors believe that their views are heard, their concerns are attended to and they serve in an environment where bias, discrimination and harassment are not tolerated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.9 Race, age, culture and gender diversity, underpinned by the relevant field of knowledge, relevant skills as well as business, geographic and academic experience and background, enhance the composition of a truly diverse Board. It is the policy of the Board that broader diversity at Board level will be promoted, all facets of diversity will be considered in determining the optimal composition of the Board. All Board appointments are made on merit, having due regard for the benefits of diversity to enable the Board to be effective in the exercise of its responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.10 Directors are appointed through a formal process and the Nomination and Governance Committee assists with the process of identifying suitable candidates to be proposed to the Board and shareholders. The Nomination and Governance Committee also assists with the review of Board effectiveness, which includes, amongst others, its composition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In reviewing independence, the Nomination and Governance Committee considers the listings requirements of the Johannesburg Stock Exchange (JSE) and New York Stock Exchange (NYSE) as well as the Companies Act and King IV. In particular King IV provides that a director can be determined to be independent if, when judged from the perspective of a reasonable and informed third party, that the director has no interest, position, association or relationship which is likely to unduly influence or cause bias in decision-making in the best interests of the Company. In addition to the indicators to be considered to determine independence; friendships, and long- standing relationships, will also be considered to determine whether it may unduly influence the independence of a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In reviewing Board composition, the Nomination and Governance Committee will consider the benefits of all aspects of diversity in order to enable the Board to discharge its duties and responsibilities effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. In identifying suitable candidates for appointment to the Board, the Nomination and Governance Committee will consider candidates on merit against objective criteria based on the requisite skills determined by the Committee from time to time and with due regard for the benefits of diversity on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. As part of the performance evaluation of the effectiveness of the Board, its committees and individual directors, the Nomination and Governance Committee will

6Sasol Limited Board CharterLatest revision approved: 21 February 2025

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consider the balance of diversity requirements and representation on the Board, including gender and other factors relevant to its effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.11 The Nomination and Governance Committee may annually review and agree measurable objectives for achieving diversity on the Board that are appropriate for the Company. Progress against these objectives will be disclosed in the annual integrated report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.12 Directors appointed by the Board, retire as directors at the first subsequent annual general meeting unless elected at such meeting<sup>12</sup>. At least one third of incumbent directors retire by rotation at each annual general meeting and are eligible for re-election, subject to 3.2.4.15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.13 A director that has held office for a period of five (5) years since his/her last election, which election took place prior to 25 November 2016, or if he/she has held office for a period of nine (9) years since his/her first election, which election took place on or after 25 November 2016, shall retire at the annual general meeting if not included as one of the directors to retire by rotation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.14 Retiring directors may be re-elected provided they are eligible<sup>13</sup>and subject to 3.2.4.15. The Board may, under exceptional circumstances only, nominate a director who served for nine(9) years for re-election for additional periods of one year at a time, but no such director's term of office shall exceed twelve (12) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.15 The Nomination and Governance Committee shall take into account, among other considerations, the performance of each director recommended for re-election by shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.16 There is no age restriction and directors are allowed to serve irrespective of their age.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.17 Executive directors retire as members of management at the age of sixty (60), unless the Board agrees to a later retirement age in the interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4.18 This Board Charter is considered to be an integral part of the conditions of appointment of all directors. Future letters of appointment should attach the Board Charter and specifically incorporate its terms by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.5** **Board committees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5.1 In terms of the MOI<sup>14</sup>the Board is empowered to appoint Board committees and to delegate powers to such committees. The Board delegates certain functions to well-structured committees but without abdicating its own responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5.2 Directors may attend any Board committee meeting on prior arrangement with the Chair of that committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5.3 Delegation is formal and involves the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. formal Terms of Reference, which includes the determination of responsibilities and delegated authority, are established and approved for each committee of the Board;

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<sup>12</sup> See clause22.4.1 of the MOI

<sup>13</sup> See clause 22.2 of the MOI for greater clarity on director rotation

<sup>14</sup> See clause 27.1 of the MOI

7Sasol Limited Board CharterLatest revision approved: 21 February 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the committees' Terms of Reference are reviewed every second year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the committees are appropriately constituted with due regard to the skills required by each committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the Board is supported by its committees and notes reports from and/or minutes of the meetings of each committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5.4 The Board has the following committees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Audit Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Remuneration Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Nomination and Governance Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Safety, Social and Ethics Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Capital Investment Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5.5 Refer to https://www.sasol.com/investor-centre/corporate-governance/board-charter for the terms of reference of these committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Board meetings and documentation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.1** **Frequency** 

The Board must hold a sufficient number of meetings to discharge all its duties as set out in this Charter. The Board meets at least quarterly and at such additional ad hoc times as may be required. The CEO ensures that the Board is kept apprised of developments between quarterly Board meetings by way of additional meetings or written reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.2** **Agenda, meeting papers and minutes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2.1 The Board must establish an annual work plan for each year to ensure that all relevant matters are covered by the agendas of the meetings planned for the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2.2 A detailed agenda, together with supporting documentation must be circulated approximately five (5) business days prior to each meeting to the members of the Board and other invitees. The Chairman, with the assistance of the Company Secretary, must ensure that the agenda, as prepared, raises all relevant issues requiring attention in such a way and sequence that effective proceedings are facilitated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2.3 The Nomination and Governance Committee shall consider when required, whether the format and content of standard Board reports and submissions are appropriate and recommend to the Board such changes to Board reports or submissions as would improve the Board's efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2.4 All meeting papers and submissions made at the Board meeting are strictly confidential and directors must under no circumstances circulate them to any other parties. Hard copies of meeting papers and Board submissions will only be provided to directors in exceptional

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circumstances, and should be handed to the Company Secretary at the conclusion of the meeting for disposal. Directors are expected to manage their security passwords providing electronic access to their meeting packs with due care and vigilance. A record of Board submissions shall be maintained and held by the Company Secretary in line with the retention policy. Directors may arrange with the Company Secretary to obtain access to records of Board documentation and minutes if required by them in the course of discharging their duties as directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2.5 The minutes must be completed as soon as possible after the meeting and circulated to the Chairman of the Board for review thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.3** **Attendance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3.1 Board members will use their best endeavours to attend all meetings of the Board and Board committees, including meetings called on an ad hoc basis for special matters, unless prior apology with reasons have been submitted to the Chairman or Company Secretary. Board members must be fully prepared for Board meetings to be able to provide appropriate and constructive input on matters for discussion. They are expected to participate fully, frankly, and constructively in Board discussions and to bring the benefit of their particular knowledge, experience, skills and abilities to bear in discharging their duties as directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3.2 Attendance in person at quarterly meetings of the Board and Board committees is preferred under ordinary circumstances, but electronic conferencing that allows full and effective participation in the meeting will be made available should attendance in person not be possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3.3 If the nominated Chairman of the Board is absent from a meeting, the Lead Independent Director will act as Chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3.4 Executive management, assurance providers and advisors may attend meetings, but by invitation only and they may not vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.4** **Quorum** 

A representative quorum for meetings is five (5) directors of which not less than three (3) directors shall be non-executive.<sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.5** **Written Resolutions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.5.1 It is the policy of the Board to limit the use of written resolutions to instances where the resolution is not contentious or where the matter requiring decision by written resolution is of such an urgent nature that it cannot be deferred until the next Board meeting. The Chairman, with the assistance of the Company Secretary, should consider in respect of each written resolution whether an urgent extraordinary Board meeting would be a more appropriate decision-making procedure than a written resolution. Each member of the Board who is able to receive notice must receive notice of the matter to be decided by written resolution.

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<sup>15</sup> See clause 29.3.1 of the MOI

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.5.2 Decisions taken by written resolution other than at a meeting are valid decisions of the Board if approved by a majority of directors in office<sup>16</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **The Chairman** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1 The Chairman is elected by members of the Board<sup>17</sup>and should be a non-executive director of the Board with no executive or management responsibilities. The Chairman provides leadership at Board level, represents the Board to the shareholders and is responsible for ensuring the integrity and effectiveness of the Board and its committees. The Chairman is also the Chairman of the meetings of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2 To this end the Chairman is required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2.1 Set the ethical tone for the Board and the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2.2 Provide overall leadership to the Board without limiting the principle of collective responsibility for Board decisions, while at the same time being aware of the individual duties of Board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2.3 Oversee the formal succession plan for the Board, the CEO and certain executive management appointments, such as the Chief Financial Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2.4 Maintain regular dialogue with the CEO in respect of all material matters affecting the Company and the group and to consult with the other Board members promptly when considered appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2.5 Identify and participate in selecting Board members (via the Nomination and Governance Committee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2.6 Formulate, in consultation with the CEO and Company Secretary, the yearly work plan for the Board against agreed objectives, and play an active part in setting the agenda for Board meetings - ensure that material matters in respect of the business or governance of the Company or group that he is aware of, are tabled at Board meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2.7 Preside over Board meetings and ensure that material issues for consideration are tabled and interrogated effectively to ensure optimal Board decision-making and governance, manage conflicts of interest and act as a link between the Board and management, particularly the Board and the CEO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2.8 Ensure that directors play a full and constructive role in the affairs of the Company and take a leading role in the process of removing non-performing or unsuitable directors from the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2.9 Monitor how the Board works together and how individual directors perform and interact at meetings and ensure that a formal performance evaluation of the Board, Board committees and individual directors is conducted at least every two years and that every alternate year, an opportunity is provided for reflection and discussion by the Board of its performance and that of its committees, its chair and its members as a whole;

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<sup>16</sup> See clause 29.5.6 of the MOI and subject to section 75(5)(f) of the Companies Act

<sup>17</sup> See clause 29.4.1 of the MOI

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2.10 Ensure that all directors are appropriately made aware of their responsibilities through a tailored induction programme, and ensure that a formal programme of continual professional education is adopted at Board level;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2.11 Be accessible to the CEO between Board meetings to provide counsel and advice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2.12 In consultation with the Remuneration Committee and the Board determine the performance objectives of the CEO and his/her performance against the objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2.13 Ensure that good relations are maintained with the Company's major shareholders and strategic stakeholders, and preside over shareholders' meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2.14 Attend to administrative approvals in respect of the CEO, including approvals in relation to the conflict of interest and gifts and entertainment policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3 The Chairman:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3.1 May not be a member or chairman of the Remuneration Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3.2 must be a member of, and chair the Nomination and Governance Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3.3 may be a member of, but not chair the Safety, Social and Ethics and Capital Investment Committees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3.4 may not be a member of the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.4 The Chairman's ability to add value to the Company, and the Chairman's actual performance against criteria developed from his/her formalised role and functions should form part of an evaluation by the Board led by the Lead Independent Director or another independent non- executive director appointed by the Board at least every two years. The evaluation should consider other external chairmanships to determine whether the Chairman has the capacity to discharge his/her duties to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Deputy Chairman and Lead Independent Director** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.1 The Board may appoint a Deputy Chairman and / or Lead Independent Director to assist the Chairman in the execution of his/her duties and such other functions as the Board may wish to delegate to the Deputy Chairman or Lead Independent Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.2 Where the Chairman is absent or unable to perform his/her duties or where the independence of the Chairman is questionable or impaired, the Lead Independent Director must serve in this capacity for as long as the circumstances that caused the Chairman's absence, inability or conflict exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.3 The Lead Independent Director is appointed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.3.1 Assist the Board to deal with management of any actual or perceived conflicts of interest that arise on the part of the Chairman;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.3.2 Preside over all meetings of the Board at which the Chairman is not present or where the Chairman is conflicted, ;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.3.3 Call meetings of the independent directors if the Chairman is conflicted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.3.4 Serve as principal liaison between the independent directors and the Chairman if the Chairman is conflicted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.3.5 Perform all such functions that cannot be performed by the Chairman due to his/her absence or the existence of a conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.3.6 Liaise with major shareholders if requested by the Board in circumstances or transactions in which the Chairman is conflicted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.3.7 Perform other duties that the Board may from time to time delegate to him/her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** **The President and Chief Executive Officer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.1 The Board appoints the President and Chief Executive Officer (CEO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.2 The CEO, who is the highest executive decision-making authority of the Company and the Group, is delegated with authority from, and accountable to, the Board for the development and successful implementation of the group strategy and the overall management and performance of the Sasol group within the framework of its policies, reserved powers and routine reporting requirements, consistent with the primary aim of enhancing long-term shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.3 The CEO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.3.1 provides executive leadership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.3.2 must inform the Board of any material matter, which may have a significant impact on the financial results or substantially impact the reputation of the group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.3.3 may sub-delegate any of the powers delegated to him/her to the GEC, the Chief Financial Officer, Executive Director and any Executive Vice President or other committee, forum or individual within the group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.3.4 attends to or delegates administrative approvals in respect of the other executive directors and Company Secretary, unless specifically required otherwise, including approvals in relation to the conflict of interest and gifts and entertainment policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.3.5 may exercise power and authority on, or sub-delegate, any matter necessary for the effective management and performance of the group, which is not specifically reserved for the Board or the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.4 His/her role is formalised and his/her performance is evaluated against criteria developed for their roles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5 The CEO is accountable to the Board to, amongst other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5.1 Set the tone in providing ethical leadership and creating an ethical environment;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5.2 Agree and recommend for approval to the Board matters specified in the group limits and delegation of authority framework;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5.3 Recommend the appointment of members of the executive team (members of the GEC) and ensure proper succession planning and performance appraisals of members of the executive team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5.4 Develop and recommend to the Board the long-term strategy and vision of the Company and its quantified expression by way of critical short-, and long-term performance and sustainability targets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5.5 Develop and recommend to the Board the annual consolidated budget, including the Company's capital expenditure programme, that support the Company's long-term strategy and approach to sustainability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5.6 Ensure that the Company and Group statutory and operating entities have effective management teams and management structures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5.7 Ensure that appropriate Company and group policies are formulated and implemented and that effective internal Company and Group controls, including internal controls over financial reporting (ICFR), legal compliance and governance measures are deployed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5.8 Monitor and report to the Nomination and Governance Committee and the Board on the effectiveness of legal compliance controls, processes, systems and resource capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5.9 Monitor the performance of the Company and the Group companies against agreed performance and sustainability targets and report appropriately to the Board about such performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5.10 Establish an organisational structure and operating model for the Company and the Group to ensure effective execution of the strategy, sustainability, governance and control imperatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5.11 Ensure adherence to the relevant industry best practices standards unless there are cogent reasons for not implementing such standards and best practices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5.12 Serve as chief spokesperson of the Company and the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.6 The CEO is appointed by the Board on recommendation of the Nomination and Governance Committee. The duration of his/her appointment, terms of appointment and compensation are determined by the Board upon recommendation of the Remuneration Committee. The Board is accountable for ensuring, with the assistance of the Nomination and Governance Committee, that a succession plan is in place for the CEO and other members of the GEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.7 The CEO may not be a member of the Remuneration, Audit, or Nomination and Governance Committees but may attend on invitation and should recuse himself/herself when conflicts arise, particularly when his/her performance and remuneration are discussed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7** **The rights and duties of individual directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.1 The Board exercises its functions jointly and no non-executive director of the Company has any authority to severally perform any act on behalf of the Company or the Group unless specifically authorised or requested by the Board. Directors are jointly accountable for the decisions of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.2 Directors' duties, standards of conduct and liabilities are captured in the Companies Act<sup>18</sup>. Directors have a legal obligation to act in the best interest of the Company, to act with due care, diligence and skill in discharging their duties as directors, to declare and avoid conflicts of interest with the Company and the Group and to account to the Company for any advantages gained in discharging their duties on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.3 Directors may at any time request a meeting with the Chairman and will individually meet with the Chairman on an annual basis to discuss the Board and committee matters. The Chairman will invite non-executive directors from time to time to indicate whether they have a need to meet as a group without him/her and/or the executive management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.4 Directors have access to executive management and the Company Secretary for advice about the governance of the Company, group and Board procedures and may after consultation with the Chairman, obtain such external advice as they may consider necessary to properly discharge their duties to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.5 The Nomination and Governance Committee is required to consider and approve the induction and training programme of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8** **The Company Secretary** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.1 The decision to appoint or remove the Company Secretary is a Board decision. The Board should be assisted by a competent, suitably qualified and experienced Company Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.2 The Company Secretary provides a central source of guidance and support to the Board and within the Company on matters of good governance and changes in legislation. The Board is aware of the duties of the Company Secretary and empowers him/her to fulfil those duties. As gatekeeper of good governance, the Company Secretary maintains an arm's length relationship with the Board and its directors as far as is reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.3 The Company Secretary is not a director of the Company but has a direct channel of communication to the Chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4 The Company Secretary is accountable to the Board to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4.1 Ensure that Board procedures are followed and reviewed regularly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4.2 Ensure that the applicable rules and regulations for the conduct of the affairs of the Board are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4.3 Maintain statutory records in accordance with legal requirements;

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<sup>18</sup> See sections 76 and 77 Companies Act

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4.4 Provide the Board as a whole, and individual Board members with detailed guidance as to how their responsibilities should be properly discharged in the best interest of the Company and on good governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4.5 Keep abreast of, and inform the Board of current corporate governance thinking and practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4.6 Assist the Nomination and Governance Committee with the appointment of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4.7 Advise the Nomination and Governance Committee on all legal and regulatory matters, including legal frameworks and processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4.8 Advise the Nomination and Governance Committee with respect to all regulatory filing and public disclosure relating to the Company's governance processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4.9 Assist with director induction and training programmes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4.10 Ensure that the Board Charter and the Terms of Reference of Board committees are kept up to date and assist in drafting annual work plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4.11 Prepare and circulate Board and Board committee papers and elicit responses, input, feedback for Board and Board committee meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4.12 Ensure preparation and circulation of minutes of Board and committee meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4.13 Assist with the evaluation of the Board, committees and individual directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **GOVERNANCE FRAMEWORK** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The CEO has been delegated by the Board with all executive decision-making authority, except to the extent expressly reserved by the Board for decision-making.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The CEO is supported by the Group Executive Committee (GEC) which is accountable to him/her, and subject to the authority of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Company and the Group's Limits and Delegations of Authority Framework authorises any member of the GEC to sign and execute any documents required to implement a decision taken by the CEO, the GEC or the Board, unless specifically indicated otherwise by the CEO, the GEC or the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Company has several direct and indirect subsidiaries<sup>19</sup>and is operated, managed and supported through operating model entities within the portfolios of the GEC members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Unless otherwise provided for in terms of a joint venture or similar agreement entered into with a third party, all operating model entities and subsidiaries are subject to Group policies which prescribe and monitor minimum Group requirements and best practice in respect of matters such as governance, internal controls and internal controls over financial reporting, financial management, disclosure controls, risk management, legal compliance, safety, health and

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<sup>19</sup> Refer to the Annual Financial Statements of the Company for a list of its significant operating entities

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environmental management, internal audit, ethics and human rights management, human resource management, information management, stakeholder management and sustainability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 Group functions are operating model entities which support the businesses, systems, processes and capacity to ensure adherence by all subsidiaries and operating model entities to minimum Group requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **DISCLOSURE AND CONFLICTS OF INTEREST** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 In terms of the Companies Act<sup>20</sup>and the MOI<sup>21</sup>a director who has a personal financial interest in respect of a matter to be considered at a Board meeting, or knows that a related person has a personal financial interest in the matter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 must disclose the general nature of the interest before the matter is considered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 must disclose all material information known to the director to the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 may disclose observations and insights relating to the matter if requested by the other directors to do so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.4 may not be present at the meeting where the matter is discussed and may not participate in the consideration of the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 A director may disclose any personal financial interest in advance by delivering to the Company Secretary a notice setting out the nature and extent of the financial interest to be used until changed or withdrawn. A director who acquires a direct personal financial interest after an agreement or other matter has been approved by the Company, must promptly disclose the nature and extent of that interest to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Failure to make disclosure of interest in compliance with the Companies Act will render decisions, transactions or agreements invalid, unless subsequently ratified by shareholders or a court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 A director may disclose any personal financial interest in advance by delivering to the Company Secretary a notice setting out the nature and extent of the financial interest to be used until changed or withdrawn. The Company Secretary will submit all disclosures of interest to the Nomination and Governance Committee at the first subsequent meeting. The Nomination and Governance Committee is required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 Consider all declarations of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 Report to the Board any conflicts of interests which require specific action by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.3 Categorise directors for governance purposes as executive directors, non-executive directors and independent non-executive directors and report any concerns in this regard to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Enduring material conflicts of interest are regarded by the Board as incompatible with the fiduciary duties of directors. Directors are appointed on the express understanding and

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<sup>20</sup> Section 75 of the Companies Act

<sup>21</sup> Clause 28 of the MOI

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agreement that they may be removed by the Board if and when they develop an actual or prospective material, enduring conflict of interest with the Company or a Group company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 As a general principle, no director shall co-invest with the Company or a Group Company in any project in which the Company or Group Company invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **POLICY IN RESPECT OF CORPORATE GOVERNANCE AND RISK MANAGEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Company complies with all applicable corporate governance legislation. It is also the policy of the Company to apply the principles of the King IV Report on Corporate Governance for South Africa 2016 to the extent that they advance effective business leadership. In addition, the Company's corporate governance practices are reviewed frequently in view of changes to the Company and national and international developments in respect of corporate governance in order to proactively adapt the corporate governance practices of the Company should it be in the best interests of the Company to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Board directly assumes responsibility for the governance of risk; it approves Sasol's risk policy that gives effect to its set direction on risk, ensuring that Sasol's strategy takes account of the risks and opportunities Sasol may be exposed to. The Board also approves Sasol's risk profile<sup>22</sup>and risk appetite and tolerance levels, ensuring that risks are managed within these levels and considers the risk environment based on materiality and changes in the external, transactional and internal environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 To support the Board in ensuring effective risk management oversight, the Board committees are responsible for ensuring the effective monitoring of risks, in compliance with Sasol's Enterprise Risk Management Framework, risk policy and profile, within the ambit of each Committee's scope. In monitoring and providing oversight on Sasol's risk, each committee will consider potential opportunities as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **DEALING IN THE SECURITIES OF THE COMPANY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 All directors of the Company and its major subsidiaries are required to adhere to the Company's policy on dealing in the Company's securities, which is designed to prevent insider trading in terms of the Financial Markets Act, 2012.<sup>23</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 The Company Secretary should be notified of any dealing by a director in the securities of the Company. In terms of the JSE requirements the Company is required to promptly announce all dealings in the securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **PERFORMANCE EVALUATION: BOARD, BOARD COMMITTEES AND INDIVIDUAL DIRECTORS AND MEMBERS OF COMMITTEES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 A formal evaluation of the Board, its committees and individual directors, including the Chairman, must be performed, either externally facilitated or not in accordance with methodology agreed with the Chairman of the Board, at least every two years. Every alternate

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<sup>22</sup> Also referred to as the Sasol risk landscape

<sup>23</sup> Refer to <u>https://www.sasol.com/investor-centre/corporate-governance/board-charter</u> for Sasol's policy on dealing in securities

17Sasol Limited Board CharterLatest revision approved: 21 February 2025

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year, opportunity is provided for reflection and discussion by the Board of its performance and that of its committees, its chair and its members as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 The Nomination and Governance Committee is responsible to review the effectiveness of the Board and Board committees and its individual members. For this purpose, the Nomination and Governance Committee adopts an appropriate methodology to perform the performance evaluations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The Lead Independent Director, or in the absence of a Lead Independent Director, an independent non-executive director appointed by the Board, shall ensure that the performance of the Chairman is evaluated and shall chair those portions of meetings at which the Chairman's performance appraisal is discussed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **POLICY IN RESPECT OF BUSINESS RESCUE PROCEEDINGS OR OTHER TURNAROUND MECHANISMS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Board shall continuously monitor the solvency and liquidity of the Company and shall obtain adequate assurances from management about the solvency and liquidity of Group companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 As soon as the Company is financially distressed as defined in the Companies Act, the Board shall consider business rescue proceedings or other turnaround mechanism and implement such steps as required by the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **POLICY IN RESPECT OF DISPUTE RESOLUTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 It is the policy of the Company to ensure that internal and external disputes are resolved as effectively and expeditiously as possible. To this end consideration shall be given in respect of each financial and reputational material dispute whether settlement, litigation, arbitration, mediation or other forms of alternative dispute resolution would be the most effective methodology to resolve a dispute in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The merits of claims against the Company or Group companies or allegations of misconduct or non-compliance against the Company or a Group company should be investigated thoroughly before a final decision is made to defend the claim or not to act in respect of an allegation of misconduct or non-compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 If non-compliances are uncovered, consideration should be given to engage with the relevant authorities or, if relevant, to apply for leniency if it would be in the interest of the Company or a Group company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 The validity and veracity of reasons for defending a claim against the Company or the Sasol group should be confirmed before the commencement of formal legal proceedings to institute a legal action by way of formal legal proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 The authority to make decisions in respect of dispute resolution and to represent the Company or a Group company is governed by the delegations of authority as approved by the Board from time to time.

18Sasol Limited Board CharterLatest revision approved: 21 February 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **MEMORANDUM OF INCORPORATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 This Board Charter is not intended to replace or amend the MOI in any way whatsoever. In the event of a conflict between the MOI and the Board Charter, the provisions of the MOI shall prevail. The Board Charter is also not intended to contain a comprehensive summary of the applicable legal principles. Board members requiring advice in respect of any matter referred to in this Charter should consult the Company Secretary in this regard.

19Sasol Limited Board CharterLatest revision approved: 21 February 2025

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## Exhibit 99.9

**Exhibit 99.9.2**

**TERMS OF REFERENCE**

**SASOL LIMITED**

**AUDIT COMMITTEE**

**1.** **PURPOSE AND OBJECTIVES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The Audit Committee (the Committee) is constituted as a statutory committee of Sasol Limited (the Company) in respect of its statutory duties in terms of section 94(7) of the Companies Act, 71 of 2008 (the Act) (as set out in Appendix 1) and a committee of the Sasol Limited Board of Directors (the Board) in respect of all other duties assigned to it by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 These Terms of Reference are subject to the provisions of the Act, the Company ' s Memorandum of Incorporation (MOI) and any other applicable law or regulatory provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 The Committee shall perform the functions listed below and perform, on behalf of all subsidiaries of the Company that are required in terms of the Act to have audit committees (collectively herein referred to as " the South African subsidiaries "), the functions listed in section 94(7) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 In addition, the Committee is also responsible for leading the strategic direction of technology, Information Management (IM) and Digital development in a manner that supports the Group in achieving its strategic objectives and ensures the optimal return on technology investment, IM investment and Digital enablement. It supports the Board in overseeing that the control environment of information and technology is appropriately managed and that risks posed by pursuing or not advancing certain digital strategies are addressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 The Committee assists the Board in overseeing the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1 quality and integrity of the Company ' s integrated reporting, incorporating the financial statements (including the consolidated Sasol group (the Group) financial statements), Form 20F, sustainability reporting, and public announcements in respect of the financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2 the qualification and independence of the external auditors for the Company and all Group companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.3 the scope and effectiveness of the external audit function for the Company and all Group companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.4 the effectiveness of the Group ' s internal controls, its internal controls over financial reporting (ICFR environment) and internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.5 the effectiveness of the Group ' s financial risk management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.6 compliance with legal and regulatory requirements to the extent that it might have an impact on financial statements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2.** **CONSTITUTION AND MEMBERSHIP**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Committee shall comprise no less than three members nominated by the Board and elected annually by shareholders, all of whom shall be independent non-executive directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Board shall, taking into consideration the minimum number of directors required as stipulated in clause 2.1, determine the number of members who shall constitute this Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Each member of the Committee shall meet all applicable independence, financial literacy and other requirements prescribed by law, the Johannesburg Stock Exchange Limited (JSE) and the New York Stock Exchange (NYSE). At least one member of the Committee must meet the applicable Securities and Exchange Commission ' s (SEC) definition of a " financial expert " .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Board shall appoint a Chairman of the Committee and determine the period for which he/ she shall hold office. The Chairman of the Board shall not be eligible to serve as a member of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The Board must fill any vacancy on the Committee within 40 business days after the vacancy arises but may not remove any member elected by shareholders from the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 The Company Secretary of Sasol Limited shall be the secretary of the Committee.

**3.** **MANDATE**

3.1Integrated reporting<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 The Committee will oversee integrated reporting, having regard to all factors and risks that may impact on the integrity of the integrated report, and will approve the Company ' s annual Integrated Report on behalf of the Board. In this regard, the Committee will also consider and review the findings and recommendations of the Group Executive Committee (GEC) sub-committees and Board committees insofar as they are relevant to the functions of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Financial statements and other matters

The Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 will examine, review and approve the annual report to be filed with the US Securities and Exchange Commission under Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 will examine and review the Annual Financial Statements of the Company (including consolidated Group financial statements), the interim reports, the

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<sup>1</sup> King IV defines integrated reporting as "a process founded on integrated thinking that results in a periodic integrated report by an organisation about value creation over time. It includes related communications regarding aspects of value creation. An integrated report could be a standalone report which connects the more detailed information in other reports."

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preliminary announcement of results and any other announcement regarding the Company's results or other financial information to be made public, prior to submission and approval by the Board, focusing particularly on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) compliance with accounting standards, local and international, compliance with stock exchange and legal requirements (in respect to compliance with stock exchange and legal requirements, the Committee will consider the recommendations of the Nomination and Governance Committee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) major judgemental areas and significant adjustments resulting from the audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the basis on which the Company has been determined a going concern as well as solvency and liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) capital adequacy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any changes in accounting policies and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the appropriateness of major adjustments processed at year end;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) amendment of and compliance with the financial conditions of loan covenants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) tax and litigation matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 regarding the annual financial statements of major subsidiaries as defined by the JSE, delegates the review and approval of the annual financial statements of such subsidiaries to the Governance Committees and Boards of those companies. The annual financial statements of those subsidiaries must be reviewed by the Sasol Group Financial Controlling team and Group Company Secretarial Services prior to submission to the respective Governance Committees and Boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4 will review the Sasol Limited and group consolidated annual budget (including the application of accounting principles and assumptions), as well as the status update of financial risk appetite and tolerance in relation to the budget, the Group Funding Plan, the Sasol Limited dividend policy and dividend declaration and the provision of financial assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5 will continuously monitor the solvency and liquidity of the Company and shall obtain adequate assurances from management about the solvency and liquidity of Group companies, making relevant recommendations to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Financial market risk management and hedging matters

The Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 approves Sasol ' s financial market risk management (hedging) policy and any subsequent changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 considers and reviews hedging status and approves proposed hedging mandates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3 approves deviations from the hedging policy (including but not limited to, hedging levels, hedging instruments, hedging periods, hedge cover ratios); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4 monitors financial market risks and the execution of hedges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 The Committee will review all documents that contain material financial information or other information which could impact materially on the financial results or performance of the Company, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1 circulars and prospectuses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2 press releases on earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3 trading statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 disclosure controls and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.1 The Committee shall review with management, and any outside professionals as the Committee considers appropriate, the effectiveness of the Company's disclosure controls and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Sustainability reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.1 The Committee will ensure that assurance is provided on material sustainability issues, the scope of which and engagement of external assurance provider(s), as appropriate, to be approved by the Safety, Social and Ethics Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.2 The Committee shall be entitled to place reliance on the assurance obtained as presented to the Safety, Social and Ethics Committee regarding the integrity, reliability and validation of the sustainable development information as well as the review and approval of the sustainable development information by the Safety, Social and Ethics Committee as incorporated into the integrated report or published on the Sasol website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.3 The Committee shall consider recommendations by the Safety, Social and Ethics Committee that may have an impact on the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 External audit and auditors

The Committee will, with regard to all Group companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.1 consider and make recommendations on the appointment and retention of the external auditor(s), subject to the applicable laws and the rules of any stock exchange on which the Company ' s shares are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.2 evaluate the independence and performance of the external auditor(s), and consider whether any non-audit services rendered by such auditors substantively impair their independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.3 pre-approve all permissible non-audit services in line with approved thresholds, to be provided by the external auditors;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.4 discuss and review, with the external auditor(s) before the audit commences, the auditor(s) engagement letter, the terms, nature and scope of the audit function and the audit fee and where more than one auditor is involved, the maintenance of a professional relationship and co-ordination between them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.5 approve the external auditor(s) engagement letter, the terms, nature and scope of the audit function and the audit fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.6 make suggestions on areas of emphasis that the audit should address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.7 consider any accounting treatments, significant unusual transactions or accounting judgements, that could be contentious;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.8 consider the effects of significant ventures, investments or operations which are not subject to external audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.9 review the overall audit role, minimise duplication, discuss implications of new auditing standards and ensure that the external audit fee will sustain a proper audit and provide value for money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.10 obtain assurance from the external auditor(s) that adequate accounting records are being maintained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.11 obtain and review with the lead audit partner and a more senior representative of the independent auditor, annually or more frequently as the Committee considers appropriate, a report by the external auditor describing: the external auditor ' s internal quality-control procedures; any material issues raised by the most recent internal quality-control review, or peer review of the external auditor, or by any inquiry, review or investigation by governmental, professional or other regulatory authorities, within the preceding five years, in respect of independent audits carried out by the external auditor, and any steps taken to deal with these issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.12 pre-approve the hiring of any senior employee or former senior employee of the external auditors who was a member of the audit team during the preceding financial year; In addition, the Committee shall pre-approve the hiring of any employee or former employee of the external auditors for top management positions within a specific Group company, regardless of whether that person was a member of such a Company ' s audit team or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.13 receive and consider, in accordance with a formalised procedure, any Reportable Irregularities identified and reported by the external auditors in terms of the Auditing Profession Act 26 of 2005;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.14 consider the use of technology to improve audit coverage and efficiency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.15 obtain assurance from management in respect of the functions specifically performed by the Committee for South African subsidiaries in terms of section 94(7) of the Act (see Appendix 1); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.16 liaise with and monitor the activities of any committee in the Group that performs the functions normally performed by an audit committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3.8Internal control and assurance services<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.1 An important role of the Committee will be to monitor the effective functioning of the Group ' s internal audit, ensuring that the roles and functions of the external audit and internal audit are sufficiently clarified and co-ordinated to provide an objective overview of the operational effectiveness of the Group ' s systems of internal control and reporting. This will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) quarterly assessing the independence and effectiveness of the internal audit function including the adequacy of available internal audit resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reviewing the internal audit function ' s compliance with the internal audit charter as approved by the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) quarterly assessing the report of internal audit on the effectiveness of the Group ' s systems of internal control, including internal financial control and business risk management and maintaining effective internal control systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) considering the appointment, dismissal or re-assignment of the Chief Assurance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) assessing the performance of the Chief Assurance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ensuring that the internal audit function is subject to an independent quality review, at least every four years or such other period deemed appropriate by the Audit Committee but not later than five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ensuring that the internal audit plan is in accordance with the internal audit charter and that it is executed timely;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reviewing the adequacy of corrective action taken in response to significant internal audit findings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reviewing significant matters reported by the internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) reviewing the co-operation and co-ordination between the internal and external audit functions and co-ordinating the formal internal audit work plan with external auditors to avoid duplication of work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) reviewing significant differences of opinion between management and the internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) reporting on the maintenance of proper and adequate accounting records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) reporting on the overall operational and financial reporting environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) reporting on the systems to safeguard the Company ' s assets against unauthorised use or disposal;

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<sup>2</sup>Assurance services is a collective term for Sasol's internal audit and forensic services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) requesting investigations into matters within its scope, for example, evaluations of the effectiveness of the Group ' s internal controls, significant cases of employee fraud, misconduct or conflict of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) reviewing forensic audit reports that relate to matters that could have a material impact on the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 Internal controls over financial reporting (ICFR/ Sarbanes Oxley Act (SOX))

The Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.1 will assess any significant changes to the SOX sustainment strategy, including materiality thresholds and those arising from regulatory requirements (effective date applicable) and approve the SOX sustainment strategy at least annually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.2 will consider major findings relating to the internal control over financial reporting environment and any remediation plans for significant deficiencies and material weaknesses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.3 will review disclosures made to the Committee by the Chief Executive Officer and Chief Financial Officer regarding the Form 20-F certifications on the status of the Group ' s ICFR environment and in particular regarding any material weaknesses identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 Digital and Information Management (IM) matters

With respect to digital and IM matters, the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.1 monitors and oversees Sasol ' s Digital and IM strategies and technology solutions, in the context of the overall Sasol Group strategy, ensuring the integration of people, technologies, information and processes across the Group and the leveraging of information to sustain and enhance the Group ' s intellectual capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.2 ensures that Digital and IM policy is set that articulates and gives effect to its set direction and ensures ethical and responsible use of information technology and compliance with relevant laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.3 receives and considers reports on IM and Digital strategy and policy, status on IM material strategic initiatives, enterprise architecture, technology roadmap and cyber security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.4 obtains confirmation that there is adequate assurance and controls in relation to Digital and IM risks and that they are appropriate in design and effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 Compliance of the Group with legal and regulatory requirements to the extent that it may have an impact on financial statements. The Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.1 review with management, and any internal or external counsel as the Committee considers appropriate, any legal matters (including the status of pending litigation) that may have a material impact on the Group and any material reports or inquiries from regulatory or governmental agencies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.2 review with management:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the receipt, retention and treatment of complaints received by the Group regarding accounting matters, internal audit, internal accounting controls, content of the financial statements, auditing matters or potential violations of law relating to matters within the mandate of the Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the confidential, anonymous submission by employees of the Group of concerns regarding questionable accounting or auditing matters and potential violations of law relating to matters within the mandate of the Committee.

3.12Risk management and information technology

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12.1 The Committee is an integral part of the risk management process. In this regard the Committee will also consider and review the findings and recommendations of the Safety, Social and Ethics Committee and any other Board committee insofar as they are relevant to the functions of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12.2 The Committee supports the Board in ensuring effective risk management oversight, specifically in relation to material risks within its scope (Group top risk themes allocated to the Committee). The Committee gives effect to its responsibility through:

3.12.2.1 ensuring the effective monitoring of the allocated Group top risk themes, ie, risk themes allocated to the Committee;

3.12.2.2 considering and reviewing management's feedback and/or assurance provider reports on the design and operating effectiveness of existing key risk responses (focus on major or significant deficiencies), aligned to the Combined Assurance Plans;

3.12.2.3 considering management updates on action plans identified to remediate any key responses with significant or major deficiencies;

3.12.2.4 considering management's feedback on key developments that have a potential material impact on the allocated Group top risk themes (materiality informed by the risk materiality lens applied at Group level), as well as the appropriateness of existing key responses or any new/additional key responses required; and

3.12.2.5 providing feedback through the Committee Chairman to the Board on any material risk related matters, specifically the key responses with major or significant deficiencies, key developments with a material impact, any new/additional key responses required or any potential breach of approved financial risk appetite and tolerance levels (as relevant and appropriate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12.3 assisting the Board in carrying out its information and communication technology responsibilities by ensuring the ethical and responsible use of technology and information and compliance with relevant laws and to ensure an appropriate

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control environment and management of material information and communication technology risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 Reviewing the adequacy of insurance coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 Coordination of assurance activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14.1 The Committee, shall ensure that a combined assurance model is applied to provide a coordinated approach to all assurance activities and will be supported by the GEC, which provides management oversight, assurance and alignment on Group-wide, high risk activities and the Disclosure Working Group, a sub-committee of the GEC, which ensures that the information publicly disclosed complies with requirements of the JSE, NYSE and SEC rules.

3.15The Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15.1 ensure that the combined assurance received is appropriate to address all the significant risks facing the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15.2 ensure the independence of the external service providers appointed by the Company to provide assurance on internal audit or the integrated report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15.3 monitor the relationship between the external service providers and the Company.

3.16Finance function

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16.1 The Committee shall review the expertise, resources and experience of the finance function annually and shall include a report on the results of the review in the annual Integrated Report. The review shall include a review of the expertise and experience of the Chief Financial Officer as may be required from time to time by any stock exchange on which the securities of the Company are listed.

3.17Performance assessment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17.1 The Committee shall assess its and its members ' effectiveness at least once every two years.

3.18Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18.1 The Committee shall annually insert in the financial statements of the Company and where required, those of its South African subsidiaries, a report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) describing how the Committee carried out its functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) stating whether the Committee is satisfied that the external auditor is independent of the Company and subsidiaries and its views on the quality of the external audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) significant matters that the Committee has considered in relation to the annual financial statements and how these were addressed by the Committee; and

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Latest revision approved: 21 February 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) commenting in any way the Committee considers appropriate on the financial statements, the accounting practices and the internal financial control of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18.2 In addition, the Committee shall prepare such reports as may be required from time to time in terms of the Act or applicable corporate governance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 The Chairman of the Committee shall report to the Board on its activities and make recommendations to the Board concerning the adoption of the annual and interim financial statements and any other matters arising from the work of the Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 The Chairman (or, in his/her absence, another member) of the Committee shall attend the annual general meeting to report to shareholders on how the Committee discharged its responsibilities and mandate for the year under review.

**4.** **MEETINGS AND PROCEEDINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Meetings of the Committee will be held as frequently as the Committee considers appropriate, but it will normally meet not less than four times a year. The Board or any member thereof, including members of the Committee, the external auditors, and the Chief Assurance Officer may, through the Chairman, call further meetings of the Committee. The Committee shall periodically have separate meetings with management, internal audit and the external auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The meetings of the Committee may be held in person, by telephone, or other form of long-distance conference facility as circumstances may require (such person shall be deemed as being present at the meeting), provided that the required quorum is met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Reasonable notice of meetings and the business to be conducted shall be given to the members of the Committee, the Chairman of the Board, the President and Chief Executive Officer (CEO), executives and managers responsible for finance, the Chief Assurance Officer and the external auditor to make proposals as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The quorum of the Committee shall be a majority of independent members present. A decision shall be deemed as passed by the Committee if a majority vote on the matter for decision is passed by the members present at the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 A decision that could be voted on at a meeting of the Committee may instead be adopted by written consent of a quorum of members, given in person, or by electronic means, provided that each member received notice of the matter to be decided. A decision made in such manner has the same effect as if it had been approved at a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 Where decisions are required by way of written resolution, a quorum shall be a majority of independent members, one of whom shall be the Committee Chairman.

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Latest revision approved: 21 February 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 The Chief Financial Officer, Chief Risk Officer, senior audit partner in charge of the external audit and Chief Assurance Officer shall be in attendance at meetings of the Committee as required and shall have unrestricted access to the Chairman or any other member of the Committee as is required in relation to any matter falling within the remit of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 The Chairman, in his discretion, may invite other executives to attend and to be heard at meetings of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 No attendee shall have a vote at meetings of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 The minutes of all meetings of the Committee, or summaries thereof, shall be made available to directors of the Company and the agenda for each such Board meeting shall provide an opportunity for the Chairman of the Committee to report verbally on any matters of importance as well as on the Committee ' s findings and recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 Unless varied by these Terms of Reference, meetings and proceedings of the Committee will be governed by the Company ' s MOI regulating the meetings and proceedings of directors and committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 The Committee Secretary shall take minutes of meetings. These minutes shall be reviewed and approved by the members of the Committee.

**5.** **AUTHORITY OF THE COMMITTEE AND RESOURCES AVAILABLE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Committee has decision-making authority with regard to its statutory duties and is accountable in this regard to both the Board and the shareholders. On all responsibilities delegated to it by the Board outside of the statutory duties, the Committee makes recommendations for approval by the Board or approves, to the extent that such duty has been delegated to the Committee by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The Committee, in carrying out its tasks under these Terms of Reference: 5.2.1 is authorised to investigate any activity within its Terms of Reference;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 may, at the discretion of the Committee, require other employees of the Company to attend meetings or parts of meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 may consult with and seek any information it required from any employees, and all employees shall be required to co-operate with any request made by the Committee in the course of its duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4 shall at least quarterly meet separately with the external and internal auditors without any executive member of the Board in attendance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.5 shall have the power to delegate its authority and duties to subcommittees or individual members of the Committee as it deems appropriate, provided it is not precluded by legal or regulatory requirements from doing so.

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Latest revision approved: 21 February 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6.** **LIMITED LIABILITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The deliberations of the Committee do not reduce the individual and collective responsibilities of Board members, with regard to their fiduciary duties and responsibilities, and they must continue to exercise due care, skill and judgment, in accordance with their legal and statutory obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Subject to the above provisions and any relevant legislation and codes of best practice, the members of the Committee shall not attract any personal liability arising from their appointment and the Company shall indemnify members of the Committee to the extent possible in terms of its approved directors ' and officers ' liability insurance coverage.

**7.** **GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The Committee, in carrying out its tasks under these Terms of Reference, may obtain such outside or other independent professional advice as it considers necessary to carry out its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 The Board will ensure that the Committee will have access to professional advice both internal and external to the Group in order for it to perform its duties.

**8.** **REVIEW**

These Terms of Reference shall be reviewed every second year and may be amended as and when required by the Board.

ToR: Audit Committee

Latest revision approved: 21 February 2025

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**APPENDIX 1**

**STATUTORY PRESCRIBED FUNCTIONS OF AN AUDIT COMMITTEE**

The statutory prescribed functions of an audit committee are listed in section 94(7) of the Companies Act, 71 of 2008 as follows:

(7)An audit committee of a company has the following duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To nominate, for appointment as auditor of the company under section 90, a registered auditor who, in the opinion of the audit committee, is independent of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to determine the fees to be paid to the auditor and the auditor ' s terms of engagement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to ensure that the appointment of the auditor complies with the provisions of this Act and any other legislation relating to the appointment of auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to determine, subject to the provisions of this Chapter, the nature and extent of any non-audit services that the auditor may provide to the company, or that the auditor must not provide to the company, or a related company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to pre-approve any proposed agreement with the auditor for the provision of non-audit services to the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to prepare a report, to be included in the Annual Financial Statements for that financial year —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) describing how the audit committee carried out its functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) stating whether the audit committee is satisfied that the auditor was independent of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commenting in any way the committee considers appropriate on the financial statements, the accounting practices and the internal financial control of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to receive and deal appropriately with any concerns or complaints, whether from within or outside the company, or on its own initiative, relating to —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the accounting practices and internal audit of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the content or auditing of the company ' s financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the internal financial controls of the company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any related matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to make submissions to the Board on any matter concerning the company ' s accounting policies, financial control, records and reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to perform such other oversight functions as may be determined by the Board.

ToR: Audit Committee

Latest revision approved: 21 February 2025

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