Sasol Chief Financial Officer Update

                     Sasol Chief Financial Officer Update

PR Newswire

JOHANNESBURG, Dec. 3, 2012

JOHANNESBURG, Dec. 3, 2012 /PRNewswire/ --

Sasol Limited (NYSE: SSL): Highlights for the period

  oSasol Synfuels delivers a strong operational performance.
  oORYX GTL continues to achieve new production records.
  oUS$1 billion bond successfully issued.
  oUS ethane cracker and GTL projects advanced to FEED phase.

Dear stakeholder

In the first three months of the 2013 financial year*, we have delivered
strong financial results, despite the ongoing global economic uncertainty and
labour turmoil in South Africa. The group benefited from improvements in the
operational performance of its foundation businesses, as well as a weaker
rand/dollar exchange rate. Sasol Synfuels delivered an exceptional operational
performance, despite a planned phased maintenance outage in September 2012.
The average Brent crude oil price for the three months softened and chemical
prices remained depressed, negatively impacting our chemicals businesses,
where demand continues to remain soft. Our Canadian shale gas assets have
continued to ramp up production, and our ORYX GTL and Arya Sasol Polymer
Company ventures continue to exceed performance expectations.

Delivering sustainable value for our shareholders underpins all our actions.
Accordingly, taking into account the financial and human resource requirements
as well as the strategic implications, we have reviewed and prioritised the
projects in our project pipeline. Based on our review, we have staggered our
growth opportunities to sharpen our focus on successful project execution and
delivery. Furthermore, we continue to focus on those factors within our
control including cost containment, operational efficiencies and margin

We were very pleased to announce our successful US$1 billion bond issuance.
The bond, with a tenure of 10 years and a fixed coupon rate of 4,5%, was
oversubscribed by 3,47 times. The coupon is the lowest ever achieved by a
South African non-state owned enterprise. This reflects the confidence that
investors have in our company and in our ability to deliver value. The
proceeds from this offering will be used for general corporate purposes,
including the funding of our capital investments.

We remain confident that, based on the production guidance and our
macroeconomic assumptions, we will deliver solid operational performance and
earnings for the 2013 financial year compared to the reported attributable
earnings of R23,6 billion in the 2012 financial year, excluding the impact
resulting from the Arya Sasol Polymer Company potential impairment. This
impairment will not have an impact on headline earnings per share. The
increased uncertainty within the Iranian environment coupled with the
devaluation of the Iranian currency, may further negatively impact our

Best regards

Christine Ramon
3 December 2012

*This update is based on information for the three months ended 30 September
2012, however, where practical, information to 31 October 2012 has been
included to indicate business performance.

1. Weakening macroeconomics

                             Oct 2012    Sept 2012    Sept 2011    % Change
                             YTD         YTD          YTD          Sept YTD
Macroeconomic indicators
Average rand/US$             8,36        8,26         7,15         16%
Brent crude oil (US$/b)      110         110          113          (3%)
Henry Hub gas price          2,99        2,88         4,13         (30%)
Product prices
SA fuel price (US$/b)        132         129          135          (4%)
Ethylene (US$/ton)           1 519       1 468        1 571        (7%)
Propylene (US$/ton)          1 358       1 317        1 571        (16%)
Polymers basket (US$/ton)    1 205       1 195        1 349        (11%)
Solvents basket (US$/ton)    1 168       1 144        1 467        (22%)
Prices reflect international commodities or baskets of commodities and are not
necessarily Sasol specific.
Sources: RSA Department of Energy, ICIS-LOR, Reuters, Platts, International
Energy Agency

Global economic conditions remained challenging in the first quarter of our
2013 financial year, with the Euro-zone remaining in the grip of recession and
the growth in China's gross domestic product easing further. On a more
positive note, economic activity in the United States (US) improved and early
second quarter economic indicators suggest a stabilisation in the housing
market and improved consumer confidence. In South Africa, economic growth
remained subdued and below potential. Of particular concern is the labour
unrest in the country, particularly in the mining sector, which was
significantly impacted. Our own mining operations were not affected by any
strike action during the period, owing to healthy labour relations and our
ongoing corporate social investment in our surrounding communities. As a
result of these challenges, South Africa recently received a downgrade in its
credit rating from Standard & Poor's as well as Moody's Investor services.

Overall, the global economy continues to weather the economic crisis. However,
the outlook remains subject to a number of downside risks, which include the
ongoing European debt crisis, the potential US "fiscal cliff", as well as the
possibility of a faster-than-expected slowdown in China's economic growth.
Given these uncertainties, it is expected that currency and oil price
volatility will persist for some time to come.

In the first quarter of the 2013 financial year, the average rand Brent crude
oil price rose by 2,7% on a quarter-by-quarter basis. International chemical
prices were weaker, due to lower demand in downstream markets because of
reduced consumer confidence in Europe and a slowdown in the Chinese economy.

Chemical product margins continued to be under pressure as feedstock price
increases, in line with higher oil prices, outweighed the increases in selling
prices. This has been particularly evident in our Sasol Polymers and Sasol
Solvents businesses, which have experienced lower demand and softer product
prices on the back of weakening European macroeconomic conditions. Our Sasol
Olefins and Surfactants (O&S) business has been able to reduce volumes, while
maintaining total gross margin.

Across our operations, we remain focused on working capital management, cost
containment, production planning and optimisation as well as margin
improvement activities.

2. Improved operational performance

                                 Oct 2012 Sept 2012 Sept 2011 % Change
                                 YTD       YTD        YTD        Sept YTD
Total production
Sasol Mining (mt)                13,1      9,6        9,8        (2%)
Sasol Gas (mGJ)                  56,8      41,8       37,3       12%
Sasol Synfuels (kt)              2 426     1 785      1 590      12%
ORYX GTL* (mbbl)                 1,75      1,50       1,27       18%
Sasol O&S (kt)                  632,6     471,9      529,7      (11%)
Arya Sasol Polymer Company* (kt) 143,8     113,9      80,6       41%
Canada shale gas assets* (bscf)  8,1       5,9        2,9        100%
* Sasol's share of production

Sasol Synfuels' year-to-date production for the three months to 30 September
2012 was 1,8 milliontons. This represents a 12% increase compared to the
prior year comparable period, which was underpinned by stable operations of
the running plant during a planned phased maintenance outage in September
2012. Although start-up was somewhat later than anticipated, the maintenance
outage was completed by the end of September 2012. The commissioning of new
equipment during the period, in particular the additional four gasifiers and
the impact of the 17^th reformer, contributed to the performance of the plant.
The strong production performance, as well as favourable prices, supported
increased operating margins for the period. These were, however, partially
offset by increased energy costs as well as increased maintenance costs
related to renewal maintenance. Sasol Synfuels' cash unit costs remain under
pressure as a result of higher coal and natural gas feedstock prices (which
are largely internal to the group), as well as increased energy and
maintenance costs.

Due to technical and labour productivity challenges, there will be a delay in
the conversion of the two auto thermal reformers to gas heated heat exchange
reformers (GHHERs). Accordingly, the GHHERs programme will be extended to run
through to the second half of the 2013 calendar year. As a consequence,
additional capital expenditure of around R850 million will be required. We,
however, do not anticipate this to have an impact on our production volumes
guidance of between 7,2 and 7,4 million tons for the full 2013 financial

Our ORYX GTL joint venture, in Qatar, continues to perform well, achieving
1,5million barrels (mbbl) (Sasol's 49% share) cumulative production over the
three month period, which on average is above design capacity.

The performance of our Sasol Olefins & Surfactants' business for the three
month period highlights the contrasting supply and market conditions that
prevail between our US and European operations. The US continues to be
supported by favourable feedstock prices, in particular ethane, while our
European operations, most notably the surfactants and alkylate value chains,
are experiencing pressure on earnings and margins due to softer demand and
difficulties in securing feedstock at favourable prices. Overall production
and sales volumes, in the three months to 30 September 2012, decreased by 11%
and 6%, respectively, when compared to the prior year comparable period. Our
focus remains on improving margins through product portfolio optimisation and
strict cost management. The ethylene tetramerisation unit, currently being
constructed for Sasol Solvents at our Lake Charles, Louisiana site in the US,
remains on schedule and is expected to start-up during the third quarter of
the 2013 calendar year.

Arya Sasol Polymer Company (ASPC) continues to perform well. Production
volumes were 41% up compared to the prior year comparable period. Sasol's 50%
share of the year-to-date total production output from the plants was 114 kt,
achieving an average utilisation rate for the three month period of
approximately 96,9% of design capacity. However, due to market challenges,
specifically in the Far East, sales volumes were negatively impacted. Further
challenges emerged during the period as a result of the devaluation of the
average Iranian rial exchange rate against the US dollar by more than 100%
over the last six months of the 2012 calendar year. We previously announced
our intention to divest of our investment in ASPC. The divestiture process is
continuing. The investment in ASPC is being considered for classification as
an asset held-for-sale. However, significant uncertainty remains regarding the
fair value of the asset. Accordingly, it is possible that the carrying value
of the investment may be impaired at 31 December 2012.

Figure 1: Global chemical prices for 2013 (US$/metric ton)


Prices reflect international prices and are not necessarily Sasol specific.
Sources: ICIS-LOR, Platts

Our South African-based polymers business continues to experience margin
pressure in line with the global polymers industry, incurring an operating
loss of R682 million for the three months ended 30 September 2012 (operating
losses amounted to R912 million for the period to 31 October 2012). While
sales prices are increasing in rand terms on the back of a weaker rand/US
dollar exchange rates and lower US dollar-based prices, higher feedstock costs
are eroding these benefits. Sales volumes were 5% higher than the prior year
comparable period on the back of the slow recovery in the polymers market,
however, this was partially offset by the recent road freight industrial
action. This performance was underpinned by an 8% increase in saleable
production, despite a number of prolonged scheduled maintenance outages at a
number of the polymer plants. Cash fixed costs in this business continue to
remain under pressure and during the period, in addition to normal inflation
increases, additional maintenance outage costs were incurred compared to the
prior year comparable period due to the phasing of scheduled maintenance
outages. Our projects identified to improve production performance are making
significant progress. The Ethylene Purification Unit (EPU5) project, which
will increase ethylene available for our polyethylene plants, is expected to
be operational in the second half of the 2013 calendar year, while the C3
stabilisation project will achieve beneficial operation during the middle of
the 2014 calendar year.

Sasol Solvents' business performance for the three months to 30 September 2012
remains under pressure. While production volumes were 10% below those of the
prior year comparable period due mainly to planned maintenance outages both in
South Africa and Germany, as well as reduced production in Germany following a
demand slowdown, sales volumes were 10% above those of the prior year
comparable period resulting from customers restocking. The economic crisis in
Europe and slowdown in the Chinese economy adversely impacted our solvents
business, resulting in our co-monomers products and our German operations
incurring losses in the first quarter. The reduction in selling prices
experienced across the solvents product portfolio, coupled with increasing
feedstock prices, resulted in severe margin pressure. The weaker rand did,
however, provide some relief but not to the same extent as in the prior year
comparable period. Given the current weak market conditions, we continue to
focus on our business improvement and optimisation initiatives to improve the
performance of our plants and marketing activities.

In our other chemical businesses, the ongoing difficult economic conditions in
Europe and the US have negatively impacted the global demand for paraffin
waxes. Despite these challenges, total wax production volumes have increased
marginally for the three months to 30 September 2012 compared to the prior
year comparable period. In Hamburg, Germany, the installation of an
electricity co-generation plant is progressing well. It is expected that this
plant, which will start-up early in the 2013 calendar year, will yield an
energy cost saving of around 16%. In Sasolburg, the installation of an
electricity generator from blow-off nitric acid plant surplus steam was
successfully commissioned, achieving an energy cost saving of 10% in the
production of explosives. Our fertiliser and explosives businesses have
experienced challenging market conditions, mainly related to ongoing
industrial action in the mining sector and delays in the summer rainfall
planting season.

Sasol Petroleum International (SPI) is currently in the process of appraising
the Inhassoro field in Mozambique to determine its commercial viability. We
are encouraged by the extended well test results and expect to make a decision
for development in the first half of the 2013 calendar year. Unfortunately,
the wildcat exploration well, Mupeji-1, which was drilled in the offshore M-10
concession did not encounter hydrocarbons and was subsequently plugged and
abandoned as a dry well. Sasol's share of the estimated costs is US$53 million
and will be expensed. We completed the acquisition of 1 836 square kilometres
(km^2) of 3D seismic in the offshore Sofala block and are acquiring a 2 000 km
2D seismic survey in the onshore Area A block. We continue to investigate
prospects and consider development plans in the area to support current

In Gabon, where we hold a 27,75% working interest, oil production remained on
track. For the quarter to 30 September 2012, we produced a total of 439 000
barrels of oil, compared to 487 000 barrels in the prior year comparable
period. No lifting took place during September 2012 due to the suspension of
two wells, however, the impact thereof was negated by positive stock
movements. We will continue to develop this area over the next four years.

Our Canadian shale gas assets (Farrell Creek and Cypress A) continue to remain
under pressure resulting from the slow recovery of gas prices and the related
slow down in development activities, coupled with higher depreciation. We
anticipate a continuation of the current loss position for the 2013 financial
year. At 30 September 2012, our share of the capital expenditure on the
Canadian shale gas assets amounted to CAD93 million for the period. At that
date, there were a total of 90 wells on stream, with 19 wells which have been
drilled but not yet completed. The gas production rate for the quarter to the
end of September averaged 127 million standard cubic feet per day (mmscf/d)
(100% gross). The cumulative year-to-date production for these assets to 30
September 2012 was 11,9 billion standard cubic feet (bscf) (100% gross).

Aeromagnetic surveys of the coal bed methane licences in Botswana have been
completed and the 9 core hole drilling programme commenced at the end of
November 2012.

3. Financial performance

Weaker rand increases inflationary cost pressures

A 14% weaker average rand/US dollar exchange rate (R8,36/US$ at 31 October
2012) negatively impacted cash fixed costs for the four months ended 31
October 2012. Cash fixed costs, excluding once-off, growth costs and the
impact of exchange rates, reflect inflationary pressure, resulting primarily
from increased labour and maintenance costs.

Increased free cash flow

Our cash flow generation from operations for the three months ended 30
September 2012 was higher than the prior year comparable period, mainly due to
increased production volumes and the positive impact of the weaker average
rand/US dollar exchange rate. We continue to maintain a strong cash position,
sustaining a strong balance sheet. This, in turn, supports the funding of our
capital investment programme, as well as our progressive dividend policy,
while providing a buffer against volatility and retaining financial
flexibility in uncertain credit markets where the cost of corporate credit is
above risk free rates. We continue to focus on strengthening working capital
management and monitoring credit exposure and counterparty risks.

4. Projects update

We are fortunate to have a healthy portfolio of attractive capital investment
opportunities for the next ten years. However, to execute such a large
portfolio of opportunities requires a significant amount of financial and
human resources. Therefore, with the aim of achieving maximum benefit from our
growth portfolio, we have reviewed and prioritised the projects in our project
pipeline. In determining the prioritisation of our projects, we have
considered the financial and human resource requirements as well as the
strategic implications of each capital investment opportunity. Taking into
account the impact on our consolidated growth portfolio, we have staggered our
growth opportunities accordingly, to sharpen our focus on successful project
execution and delivery.

US integrated GTL complex

Following the successful completion of the feasibility studies to determine
the technical and commercial viability of an integrated, two phase 96000bbl/d
GTL and chemicals facility in Louisiana in the United States, we have decided
to proceed with front-end engineering and design (FEED). Total current project
costs are estimated to be between US$11 billion and US$14 billion, which are
higher than previous estimates primarily due to 30% of the fuels being
upgraded to high value chemicals, as well as higher cost escalations due to
the phasing of the project after the ethane cracker. We expect beneficial
operation to be achieved during the 2018 and 2019 calendar years for the two
phases, respectively.

US integrated ethane cracker complex

Following the successful completion of the feasibility studies to determine
the technical and commercial viability of a world scale 1,5 million tons per
annum ethane cracker and associated derivatives facility in Louisiana in the
United States, we have decided to proceed with FEED. Total current project
costs are estimated to be between US$5 billion and US$7 billion, which are
higher than previous estimates primarily due to increased plant capacity, the
inclusion of additional downstream derivative units and undertaking the
project without a partner. We expect beneficial operation to be achieved
during the 2017 calendar year.

Canada GTL

The feasibility study to determine the technical and commercial viability of a
GTL facility in Western Canada was successfully completed. In accordance with
the need to prioritise our growth portfolio, a decision was made to phase this
investment opportunity after the integrated US GTL and ethane cracker complex.
A FEED decision will, therefore, be considered at a later stage.

Uzbekistan GTL

Our Uzbekistan GTL FEED activities are progressing well and are expected to be
completed during the second half of the 2013 calendar year. An investment
decision for this project is, amongst others, dependent on appropriate project

Good progress made with our mining replacement projects

The newly inaugurated R3,5billion Thubelisha Shaft at the Twistdraai Colliery
in Mpumalanga, South Africa, has largely been completed. We anticipate that
all work, including gaining access to areas around the burnt coal section,
will be finalised in the third quarter of the 2013 calendar year. Progress on
the Impumelelo and Shondoni Collieries, which are part of Sasol Mining's R14
billion mine replacement programme, is progressing. Despite shaft sinking
challenges due to productivity at the Impumelelo Colliery, it is anticipated
that the project will be completed within budget during the fourth quarter of
the 2014 calendar year. Construction of the Shondoni Colliery is progressing
and we expect that the first development section will start opening up the
underground area during the first quarter of the 2014 calendar year.
Beneficial operation in respect of this colliery is anticipated for the 2015
calendar year.

Acquisition of coal reserves at Lake DeSmet

We purchased a property at Lake DeSmet, Wyoming, in the United States for an
amount of US$31 million. The property's coal reserve will form part of our
overall strategic resource portfolio. However, there are no plans to develop
the resource at this time.

FT wax expansion project

Construction on the FT wax expansion project facility in Sasolburg, South
Africa, continues to progress. As reported previously, the commissioning of
the new Slurry Bed Reactor, which is key equipment for the capacity expansion,
has been delayed until the end of the 2013 calendar year. While this will not
jeopardise the completion date of 2015 for the full project, it will delay the
first ramp up stage versus the original schedule. The cost implications
associated with the delay will be communicated during our interim results
announcement once these costs have been finalised.

Progressing our sustainability initiatives

The construction of the R1,9 billion Sasolburg project to produce
140megawatts (MW) of power using natural gas is largely completed.
Commissioning activities have started and the project should be completed
ahead of schedule and below budget. We expect that the facility will be on
line and reach full capacity before the end of December 2012, in support of
Sasol's ambition to generate up to 60% of our South African electricity

During the period, through Sasol New Energy (SNE), we advanced the development
of our US$246 million additional gas-fired electricity generation in
Mozambique, in partnership with the country's state-owned power utility
Electricidade de Mozambique at Ressano Garcia. Negotiations of the commercial
contracts have been finalised and we are in the process of finalising the
definitive agreements with our partner and obtaining concession rights. A
final funding and investment decision has been made by our board, subject to
certain suspensive conditions.

We acquired a 30,8% share in the UK-based OXIS Energy for GBP15 million during
the period. This strategic investment will allow us to apply our extensive
experience of commercialising and scaling up chemical processes to assist OXIS
in realising the potential associated with their development of next
generation battery technology.

Clean Fuels 2 update

The high level Clean Fuels 2 (CF2) specifications were gazetted on 1 June
2012, and are in line with expectations. Our latest estimates on the capital
expenditure needed to comply with the core specifications is between R10
billion and R11 billion, attributable to both our share in the Natref joint
venture and Sasol Synfuels. These estimates are subject to change, based on
the finalisation of feasibility studies being carried out in this regard by
Natref. Additional projects, that may be required to further mitigate the
volume and octane impact of CF2 and to restore capacity to pre-CF2 levels, are
currently being investigated in respect of Sasol Synfuels. Based on the
finalisation of the feasibility studies and the additional projects, we
estimate additional capital expenditure to range between R2 billion and R3

We continue to engage with the South African government (National Treasury and
the Department of Energy) on cost-recovery mechanisms and specifications to be
prepared and published by the South African Bureau of Standards.

5. Update on strategic issues

Credit rating

Our foreign currency credit rating according to Standard & Poor's (S&P) is
BBB/Negative/A-2 and the local currency rating is A-/Negative/A-2. The latest
S&P corporate rating on Sasol was published on 16 October 2012. Sasol was
downgraded in line with the downgrade of South Africa from BBB+ to BBB. The
downgrade of South Africa resulted primarily from the perceived deterioration
of the country's socioeconomic environment. Our foreign currency credit rating
according to Moody's is Baa1/stable/P-2/stable and our national scale issuer
rating is The Moody's latest credit opinion on the group was
published on 30 March 2012. Their rating was reaffirmed on 1 October 2012.

The credit ratings reflect our diversified and highly profitable domestic
activities along the energy value chain, as well as our current strong
financial risk profile and prudent financial policies.

US dollar bond offering

On 7 November 2012, we were very pleased to announce our US$1 billion bond
issuance. The bond, with a tenure of 10 years and a fixed coupon rate of 4,5%,
was oversubscribed by 3,47 times. This coupon is the lowest US dollar fixed
coupon rate achieved by a South African domiciled corporate (non-state owned
enterprise) with this term. The proceeds from this offering will be used for
general corporate purposes, including the funding of our capital investments.

What to expect from COP18

The outcomes of COP17, held in Durban in December 2011, comprised a set of
work programmes to allow parties to reach agreement over a longer period of
time on issues relating to adaptation and mitigation targets, and measurement,
reporting and verification processes. With the COP18 meeting entering its
second week in Qatar, we do not anticipate that significant decisions will be
taken as the work programmes provide for ongoing work between now and COP21,
to be convened during the 2015 calendar year.

Polymers competition enquiry

As reported previously, the South African Competition Commission (the
Commission) alleges that Sasol Chemical Industries Limited charged excessive
prices for propylene and polypropylene in the South African market from 2004
to 2007. We continue to dispute the Commission's allegations. In 2010, the
matter was referred by the Commission to the Competition Tribunal. The trial
was originally set down to be heard before the Competition Tribunal from 16
July 2012 to 10 August 2012. However, as a result of an application brought by
the Commission to postpone the hearing, the trial is now set down for 13 May
to 7 June 2013.

Liquid fuels competition enquiry

The South African Competition Commission (the Commission), referred its diesel
fuel market investigation to the South African Competition Tribunal at the end
of October 2012. We began engaging with the Commission in 2008 as part of our
group-wide competition law compliance review, which preceded the Commission's
investigation into the liquid fuels sector. At the time, we found no evidence
to support the Commission's concerns of possible anti-competitive conduct in
the diesel market. Our view was informed by a rigorous internal review
process, as well as external legal opinion and expert economic analysis.

We have reviewed the referral and do not agree with the Commission's
allegations. We are, accordingly, defending the matter.

Our activities in Iran

In November 2011, we announced that we had entered into preliminary talks for
a possible divestiture of our share in Arya Sasol Polymer Company (ASPC). The
plant produces integrated ethylene and polyethylene products for export. The
products are not used in the development of petroleum or natural gas resources
or nuclear power in Iran. We continue to engage with a number of interested
parties who include business and government stakeholders. Further
announcements will be made once sufficient progress has been made.

In October 2012, the Export-Import Regulation Office of Iranian Trade
Promotion Organization, issued an order prohibiting the export of certain
products. The list of 52 prohibited export products includes polymers. In
terms of ASPC's business licence, they are compelled to export its production
and may not trade in the local market. Sasol and ASPC engaged with the Iranian
government in order to obtain approval to continue exporting polymer. On 6
November 2012, the Iranian government revised the export ban on the 52
products. Polyethylene is amongst those products on which the restriction has
been removed.

The Iranian environment, in which we operate, remains uncertain, coupled with
the devaluation of the Iranian currency. This will potentially negatively
impact our earnings.

6. Guidance for the full year

We expect the global environment and South African economy to maintain a
modest recovery into the financial year. However, weakening demand in Europe
and lower growth in emerging markets and the US remain a concern. In addition,
the US faces additional pressure following the aftermath of superstorm Sandy.
In South Africa, the outcome of the governing African National Congress
party's elective conference in Mangaung, South Africa, in December 2012
remains an area to be watched with interest.

We expect an overall solid production performance for the 2013 financial year
with our production guidance remaining unchanged:

  oSasol Synfuels' volumes will be between 7,2 and 7,4 million tons;
  oThe full year average utilisation rate at ORYXGTL in Qatar is expected to
    be between 80% and 90% of nameplate capacity; and
  oFull year production at ASPC in Iran will be approximately 90% of
    nameplate capacity.
  oOur shale gas venture in Canada will continue to show flat volumes in line
    with the prior year;

As costs are incurred to improve plant stability and the weaker rand continues
to exert pressure on our South African businesses, we expect that our
normalised fixed costs will increase above the South African producers price
index (PPI) inflation. Cost control is a specific target within our short-term
incentive scheme and, accordingly, management continues to focus on
controllable cost elements. Oil prices are expected to remain volatile over
the near term, due to weakening demand for oil in Europe, softer growth in
emerging markets and the US, as well as stronger-than-expected increases in
supply. Expected currency and commodity price volatility will impact the
valuation of closing balances at year end.

An update on earnings guidance will be provided once we have a reasonable
degree of certainty on the interim results for the 2013 financial year, taking
into account any adjustments arising from our half-year reporting closure
process, as well as remeasurement effects, including the potential impact
resulting from the ASPC impairment. This potential impairment will not have an
impact on headline earnings per share. The increased uncertainty within the
Iranian environment and the devaluation of the Iranian currency, may further
negatively impact our earnings.

The forecast financial information appearing in this update has not been
reviewed or reported on by Sasol's external auditors. We will release Sasol's
half-year results on Monday, 11 March 2013.

7. Other events 2013

11 March    Half-year 2013 financial results release
11 March    Dividend declaration
10 June     CFO letter
9 September Full-year 2013 financial results release
9 September Dividend declaration
22 November Sasol Limited Annual General Meeting
25 November CFO letter

8. Investor Relations contacts

Please feel free to contact us as follows:
+27 11 441 3113

The Investor Relations team:

  oRaj Naidu (Analyst Contact) Executive: Investor Relations and Shareholder
    Value Management
  oSam Barnfather (Financial Contact)
  oZanele Salman (Technical Contact)

Sponsor: Deutsche Securities (SA) (Pty) Ltd.

Forward-looking statements:

Sasol may, in this document, make certain statements that are not historical
facts and relate to analyses and other information which are based on
forecasts of future results and estimates of amounts not yet determinable.
These statements may also relate to our future prospects, developments and
business strategies. Examples of such forward-looking statements include, but
are not limited to, statements regarding exchange rate fluctuations, volume
growth, increases in market share, total shareholder return and cost
reductions. Words such as "believe", "anticipate", "expect", "intend", "seek",
"will", "plan", "could", "may", "endeavour" and "project" and similar
expressions are intended to identify such forward-looking statements, but are
not the exclusive means of identifying such statements. By their very nature,
forward-looking statements involve inherent risks and uncertainties, both
general and specific, and there are risks that the predictions, forecasts,
projections and other forward-looking statements will not be achieved. If one
or more of these risks materialise, or should underlying assumptions prove
incorrect, our actual results may differ materially from those anticipated.
You should understand that a number of important factors could cause actual
results to differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking statements. These
factors are discussed more fully in our most recent annual report under the
Securities Exchange Act of 1934 on Form 20-F filed on 12 October 2012 and in
other filings with the United States Securities and Exchange Commission. The
list of factors discussed therein is not exhaustive; when relying on
forward-looking statements to make investment decisions, you should carefully
consider both these factors and other uncertainties and events.
Forward-looking statements apply only as of the date on which they are made,
and we do not undertake any obligation to update or revise any of them,
whether as a result of new information, future events or otherwise.

SOURCE Sasol Limited
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