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Sasol Limited Reviewed interim financial results for the six months ended 31 December 2012

 Sasol Limited Reviewed interim financial results for the six months ended 31
                                December 2012

PR Newswire

JOHANNESBURG, March 11, 2013

JOHANNESBURG, March 11, 2013 /PRNewswire/ -- Committed to excellence in all we
do, Sasol (NYSE: SSL; JSE: SOL) is an international integrated energy and
chemical company that leverages the talent and expertise of our more than 34
000 people working in 38 countries. We develop and commercialise technologies,
and build and operate world-scale facilities to produce a range of high-value
product streams, including liquid fuels, chemicals and low-carbon electricity.

  oSasol Synfuels' production up 10%
  oOperating profit up by 9% excluding once-offs
  oHeadline earnings per share up by 2% to R24,01
  oInterim dividend of R5,70 per share
  oCash flow from operations up by 6%
  oUS projects progressed to front-end engineering and design phase
  oUS dollar bond oversubscribed by 3,47 times



Segment report for the period ended
 Turnover (R million)                                                      Operating profit (R
                                                                           million)
 full    half     half                                                     half     half     full
 year    year     year                                                     year     year     year
 30 Jun  31 Dec   31 Dec                                                   31 Dec   31 Dec   30 Jun
 12      11       12                                                       12       11       12
 Audited Reviewed Reviewed Business unit analysis        Reviewed Reviewed Audited
 133 814 63 057   71 002   South African energy cluster      16 704   13 469   28 957
 10 672  5 107    6 180    Mining     1 301    1 002    2 287
 6 931   3 292    4 077    Gas    2 038    1 461    2 985
 48 791  22 337   27 959   Synfuels      12 458   9 909    22 095
 67 420  32 321   32 786   Oil  907      1 099    1 592
 -       -        -        Other  -        (2)      (2)
                           
 8 429   4 416    4 795    International energy cluster   528      1 154    (55)
 5 318   2 910    2 986    Synfuels International     1 235    1 033    1 881
 3 111   1 506    1 809    Petroleum International     (707)    121      (1 936)
 94 752  47 162   48 571   Chemical cluster  11       4 339    6 500
 20 081  9 398    10 510   Polymers       (2 440)  546      716
 18 914  9 082    9 826    Solvents 48       1 115    1 403
 37 698  19 493   18 417   Olefins & Surfactants     1 567    1 660    3 193
 18 059  9 189    9 818    Other chemical businesses   836      1 018    1 188
 8 598   4 205    4 410    Other businesses     1 691    1 514    1 356
 245 593 118 840  128 778                                                  18 934   20 476   36 758
 (76     (35 537) (43 338) Intercompany turnover
 147)
 169 446 83 303   85 440



Overview
Advancing sustainably
Chief Executive Officer, David E. Constable says:
"We are entering a significant chapter in Sasol's history. The strategic
mega-projects we advance in the medium term will serve to enhance the
company's position as an international energy and chemicals player. We know
that by focusing on the factors we can influence, in the near term, we will
set ourselves up for greater success in the years ahead. For us, safety and
the wellbeing of our people and the environment; enhanced operational
performance; world-class project execution; cost reduction; and strengthened
stakeholder relations remain paramount.

We have shown, time and again, that Sasol continues to be resilient in
challenging times. Notwithstanding, ongoing global economic uncertainty,
international socio-political instability and commodity market volatility, we
continue to maintain a strong operational performance, while advancing our
exciting growth projects in a measured and responsible manner. Through our
high performing Sasol people working in tandem with our partners, service
providers, suppliers, customers and host governments, we are committed to
delivering long-term shareholder value responsibly and sustainably."

Interim results overview
Earnings attributable to shareholders for the six months ended 31 December
2012 declined by 13% to R12,1 billion from R13,9 billion in the prior year*.
Headline earnings per share increased by 2% to R24,01 and earnings per share
decreased by 13% to R20,10, over the same period.

Sasol recorded an operating profit of R18,9 billion for the period. Excluding
the impact of once-off charges, amounting to R3,6 billion, operating profit
increased by 9% compared with the prior year, on the back of a solid
operational performance. The increase in operating profit, excluding the
impact of once-off charges, was primarily due to increased sales volumes,
underpinned by an 11% weaker average rand/US dollar exchange rate (R8,48/US$
for the six months ended 31 December 2012 compared with R7,63/US$ for the six
months ended 31 December 2011), despite a marginally lower average crude oil
price (average dated Brent was US$109,81/barrel at 31 December 2012 compared
with US$111,41/barrel at 31 December 2011) and moderately lower product
prices.

The operating profit in the current year was negatively impacted by once-off
charges totalling R3,6 billion (31 December 2011: R0,3 billion). These items
relate primarily to the partial impairments of our Arya Sasol Polymer Company
(ASPC) investment and the Solvents Germany business of R1 974 million and R198
million, respectively, as well as the write off of an unsuccessful exploration
well in Mozambique amounting to R428 million. In addition, included in the
once-off charges is an amount of R1 015 million related to translation losses,
primarily at our ASPC operations, resulting from the depreciation of the
Iranian Rial against the US dollar. These once-off items also include a gain
relating to the remeasurement to fair value of our existing shareholding in
the Merisol business, which arose from the step up acquisition.

Sasol Synfuels delivered production for the period of 3,7 million tons (mt).
The significant improvement in the overall production run-rate of the facility
seen during the second half of the 2012 financial year has continued during
this period. In light of the continuing weak European market conditions, our
European chemical businesses' production was optimised to match lower demand
and optimise margins. Production performance at our ASPC and ORYX
gas-to-liquids (GTL) operations was strong and in line with our expectations.

* All comparisons refer to the prior year comparable period unless otherwise
stated

Chief Financial Officer, Christine Ramon says:
"Our solid operational performance underpinned the continued strong cash flow
generation across our businesses. We have demonstrated our commitment to a
progressive dividend policy and to delivering value to shareholders, despite
the significant impact of impairments and other once-off charges. Our strong
balance sheet continues to position the company well to fund our attractive
growth projects that are steadily advancing. We are comfortable that we will
manage the long-term gearing of the company within our targeted range, taking
into account the phasing of our US growth projects, a buffer for volatility
and our progressive dividend policy."

Cash fixed costs, excluding once-off and growth costs and the impact of
exchange rates, increased by 6,9% in real terms, due to a challenging South
African cost environment, in respect of labour, maintenance and electricity
costs. In order to contain the impact of these cost increases, we have
successfully ramped up our electricity generation capacity to 67% of our own
requirements. In addition to procurement and maintenance cost reduction
strategies, we are actively analysing the cash fixed cost drivers in the group
to identify opportunities where we can further reduce and contain our cost
base sustainably, with a greater drive for shared services in the group.

The effective tax rate of 31,8% is higher than the prior year's effective tax
rate of 29,3%. This resulted primarily from an increase in non-deductible
expenses relating mainly to once-off charges.

Cash flow generated by operating activities was R21,4 billion compared with
R22,7 billion in the prior year. Cash flow from operations increased by 6%,
however this was offset by increased working capital, both as a result of
price and volume effects. Capital investments for the period amounted to R14,4
billion.

Taking into account the ongoing strength of our financial position and current
capital investment plans, as well as the progressive dividend policy,
management has recommended and the board has approved the interim dividend.
This approach remains in line with our commitment consistently to return
sustainable value to shareholders.

Delivering on growth and operations excellence
We are making progress on the delivery of our project pipeline and are pleased
to see the following:

  oLooking at our upstream activities:
  oIn December 2012, the Sasol and Talisman Montney Partnership approved the
    annual work programme and budget for the 2013 calendar year in respect of
    our Canadian shale gas assets. The capital expenditure for the 2013
    financial year is expected to be approximately CAD500 million, including
    the Talisman carry amount.
  oDuring the period, two major compression projects were advanced to ensure
    that the Pande and Temane natural gas fields, as well as the facilities at
    the Central Processing Facility (CPF), in Mozambique, will be able to meet
    the anticipated market ramp-up resulting from the 183 million gigajoules
    CPF expansion.
  oAn amount of US$168,2 million has been approved for the development of the
    South East Etame and North Tchibala projects, as well as the expansion
    project of the Main Etame field in Gabon. This investment will ensure that
    we will be able to profitably mature additional discovered hydrocarbon
    resources in the permit area and extend the life of our assets in Gabon.
    The capital will be spent between the 2013 and 2016 financial years.
  oIn October 2012, the work programme and budget for the drilling of the
    nine corehole exploration programme at our coal bed methane assets in
    Botswana,during the 2013 financial year, was approved. Drilling commenced
    on 2 December 2012.
  oThe Mozambique Inhassoro light oil appraisal well has been on a long-term
    test since March 2012 and will be shut in, as per contractual obligation,
    at the end of February 2013. The well has cumulatively produced 200 000
    barrels of light oil. We now have, with effect from 25 February 2013, up
    to 24 months to submit a Field Development Plan.
  oTurning to our growth projects:
  oOn 3 December 2012, we announced that we will proceed with the front-end
    engineering and design (FEED) phases of an integrated, world-scale ethane
    cracker and downstream derivatives units and a 96 000 barrels per day
    (bbl/d) GTL facility in the US:
  oThe ethane cracker will produce 1,5 million tons of ethylene that will be
    used to produce a range of ethylene derivatives. The total project costs
    of the ethane cracker and downstream derivative units are estimated at
    between US$5 billion and US$7 billion. We expect beneficial operation for
    the ethane cracker to be achieved during the 2017 calendar year.
  oThe GTL facility, a first of its kind in the United States, will produce
    four million tons per annum of high quality fuel and other value-added
    products. Total project costs are estimated at between US$11 billion and
    US$14 billion. The GTL project will be delivered in two phases after the
    ethane cracker, with each phase comprising at least 48 000 bbl/d. At this
    stage, the final investment decision for the US GTL project is expected to
    be taken in 18 to 24 months, appropriately phased after the final
    investment decision for the US ethane cracker.
  oAs part of FEED, we will be assessing in detail ways in which to manage
    and mitigate potential risks associated with executing these
    mega-projects, as well as the phasing of the projects to enable us to meet
    our internal gearing targets and our progressive dividend policy before a
    final investment decision is taken.
  oThe 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.
  oThe FEED activities for the Uzbekistan GTL plant, which commenced in
    October 2011, are progressing well. FEED activities, including the
    assessment of project financing, are expected to be completed during the
    second half of the 2013 calendar year.
  oIn Nigeria, the Escravos GTL project is progressing steadily, with
    commissioning and start-up activities. The plant is expected to be in
    operation towards the end of the 2013 calendar year.
  oOur foundation businesses:
  oThe Sasol Synfuels growth programme is progressing, with the start of
    installation of the gas heated heat exchange reformers (GHHERs). The
    progress on this project will be closely monitored. Once the first pair of
    GHHERs is installed and operational, the site will have increased
    flexibility and the timing of the second set of GHHERs installation will
    be planned to maximise volumes. The last of the four new gasifiers was
    successfully commissioned in September 2012.

The complex brownfields volatile organic compound abatement project continues,
along with the replacement of tar tanks and separators as well as the coal tar
filtration east project.

  oThe R3,5 billion Thubelisha Shaft at the Twistdraai Colliery in
    Mpumalanga, South Africa, has largely been completed within budget. We
    anticipate that all work, including gaining access to areas around the
    devolatized coal section, will be finalised in the third quarter of the
    2013 calendar year. The development of the Impumelelo and Shondoni
    Collieries, which are part of Sasol Mining's R14 billion mine replacement
    programme, are 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.
  oConstruction on the FT wax expansion facility in Sasolburg, South Africa,
    continues to progress. The commissioning of the new Slurry Bed Reactor,
    which is critically important for the capacity expansion, is expected to
    take place at the end of the 2013 calendar year. The Sasol board
    originally approved a budget of R8,4 billion in respect of the total
    project, which is expected to be sufficient for completion of phase 1 as
    well as pre-investment of common facilities of phase 2. The capital cost
    of phase 2 of the project is currently being assessed together with other
    key project parameters. There could be a further delay in the previously
    announced beneficial operation dates for phase 2 with additional cost
    impacts.
  oProgress on the construction of our R1,9 billion ethylene purification
    unit project in Sasolburg, and the R1,3 billion C3 stabilisation project
    in Secunda continues. These projects are expected to be in operation in
    the second half of the 2013 calendar year and in the middle of the 2014
    calendar year, respectively.
  oDuring the period, through Sasol New Energy (SNE), we continued to advance
    the development of our US$246 million gas-fired power generation plant in
    Mozambique, in partnership with the country's state-owned power utility
    Electricidade de Moçambique at Ressano Garcia. All conditions precedent to
    a final funding and investment decision were finalised and ground works
    have commenced on site. Beneficial operation is expected during the first
    half of the 2014 calendar year.
  oThe Secunda Natref integration pipeline, which facilitates the transfer of
    liquid fuels components between the two facilities, was commissioned in
    December 2012, below the approved budgeted amount of R1 billion.

Doing business responsibly
We continued to deliver on our broader sustainability contributions during the
period:

  oOur gas engine power plant in Sasolburg successfully started operations
    and began producing electricity at full capacity by the end of December
    2012, three months ahead of schedule and almost 20% below budget. The
    plant, which uses natural gas as feedstock, has an operating capacity of
    140 megawatts (MW) and marks a significant step in boosting our own power
    generation capacity and improving energy efficiency. In addition, this
    plant contributes to the reduction of our greenhouse gas emissions
    intensity, while easing the load on the national grid for the benefit of
    the South African communities.
  oSNE continues to progress alternative energy studies and projects,
    including electricity generation from natural gas as feedstock,
    solar-based renewable energy projects and liquefied natural gas
    opportunities. In addition, we continue to advance our in-house knowledge
    on carbon capture, utilisation and storage as well as underground coal
    gasification (UCG).
  oOur external water conservation partnerships have started yielding
    results, with the first water savings of R2 million being achieved in the
    Emfuleni Municipality in the Sasolburg region. The concept of water
    off-setting has been positively received by the South African
    Parliamentary Portfolio Committee on Water and Environmental Affairs and
    further development of a water off-setting policy by the Department of
    Water Affairs is being supported by SNE.
  oAs at previous United Nations Framework Convention on Climate Change
    conferences, we were represented at COP 18 in Doha, Qatar, and provided
    technical input to various working groups considering sustainable climate
    change solutions. Our joint venture, ORYX GTL, was one of the key sponsors
    supplying fuel to branded buses which transported delegates to the various
    conference venues.
  oIn terms of South African climate change policy, our experts are
    participating in several working groups, together with the South African
    government and other stakeholders, to develop the standards and guidelines
    which would give effect to the country's climate change response policy,
    which was published in 2011. We continue to engage stakeholders on climate
    change-related policies and initiatives, to find workable and sustainable
    solutions to the climate change challenge.
  oDuring the period, we paid R15 billion in direct and indirect taxes to the
    South African government. Sasol remains one of the largest corporate
    taxpayers in South Africa, contributing significantly to the South African
    economy.
  oSasol supports the move to a lower-carbon economy, taking into account
    South Africa's critical developmental challenges. The South African
    Finance Minister's proposal is for a R120/ton carbon tax with effect from
    1 January 2015, increasing by 10% per annum for five years.
    Coal-to-liquids and GTL will receive a 60% basic exemption. An updated
    policy paper is expected at the end of March 2013. Implementation of a
    carbon tax, as currently proposed, cannot proceed without a full
    understanding of its consequences on the economy in the form of aspects
    such as employment, competitiveness and trade measures. Sasol will
    continue to engage with the South African government on carbon taxes.
  oThe safety incident recordable case rate (RCR) for employees and service
    providers, including injuries and illnesses, of 0,36 at 31 December 2012
    has improved compared with the RCR rate of 0,39 at 30 June 2012. Notably,
    our RCR for employees and service providers, excluding illnesses, of 0,32
    at 31 December 2012 (30 June 2012: 0,35) is at its lowest level in our
    recent history.
  oDuring the period, we committed to R800 million over the next four years
    to the municipalities in the Sasolburg and Secunda regions as part of our
    commitment to enhance development in these areas.

Our operations deliver solid performance

South African energy cluster
Sasol Mining – higher sales volumes and prices to Sasol Synfuels
Operating profit of R1 301 million was 30% higher than the prior year.
Production volumes were down 1% compared to those of the prior year due to
some challenging geological conditions as some collieries near the end of
their life of mine. Operating profit was supported by higher sales prices and
volumes to Sasol Synfuels as well as the weaker rand/US dollar exchange rate,
offset by lower US dollar export coal prices and volumes.

Sasol Gas – improved sales prices and volumes
Operating profit increased by 39% to R2 038 million compared to the prior year
mainly as a result of higher sales prices and increased demand for volumes,
which supported Sasol's initiatives to increase energy efficiencies and reduce
carbon emission intensity.

Sasol Synfuels – production volumes up by 10%
Sasol Synfuels' operating profit increased by 26% to R12 458 million compared
to the prior year primarily due to a weaker average rand/US dollar exchange
rate resulting in favourable product prices and margins. The commissioning of
new equipment, notably the four additional gasifiers, as well as the impact of
the 17th reformer, coupled with plant stability, resulted in production
volumes being 10% higher than the prior year. Cash unit costs increased by 13%
compared to the prior year, due to higher feedstock prices (which are largely
internal to the group), as well as increased maintenance and energy costs,
which negatively impacted operating profit. Sasol Synfuels completed a
successful planned shutdown in September 2012.

Sasol Oil – higher margins despite lower volumes
Operating profit decreased by 17% to R907 million compared to the prior year
primarily due to lower production volumes at the Natref refinery resulting
from an extended planned shutdown and late start-up of the refinery. These
lower volumes were somewhat offset by the higher volumes from Sasol Synfuels,
however, sales volumes were lower than the prior year. Higher marketing and
refining margins contributed positively to operating profits for the period.

International energy cluster
Sasol Synfuels International (SSI) – ORYX GTL excels in performance
SSI's operating profit increased by 20% to R1 235 million compared to the
prior year. This was mainly due to the contribution of the ORYX GTL plant in
Qatar on the back of higher volumes, supported by the weaker rand/US dollar
exchange rate. The ORYX GTL plant, which has maintained an RCR of zero,
produced above 90% of design capacity ahead of a planned statutory shutdown
that started in February 2013.

Sasol Petroleum International (SPI) – Mozambique volume growth, however low
North American gas prices impact Canadian asset performance
SPI recorded an operating loss of R707 million compared with an operating
profit of R121 million in the prior year. Oil and gas production increased by
25% to 11,2 million barrels oil equivalent (mmboe) compared to the prior
period. The increase is mainly attributable to higher production from the
Mozambican (18%) and Canadian (90%) ventures. Production from Gabon remained
stable despite the ongoing field decline. During the current period, our
Canadian operations produced 2,2 mmboe (31 December 2011: 1,1 mmboe) of
natural gas.

However, the positive impact of the increased production was offset by higher
depreciation of CAD94 million related to our Canadian shale gas assets, as
well as the write off of dry well Mupeji-1 in Mozambique amounting to R428
million.

Chemical cluster
Sasol Polymers – margin pressure and negative impact of Arya impairment
Sasol Polymers South Africa recorded an operating loss of R1 187 million.
Sales and production volumes in our South African polymers business were 10%
and 9% respectively, higher than the prior year, despite the slow recovery in
the polymer market, which was exacerbated by the road freight and mining
industries strike action. Margins continue to be squeezed in the South African
polymers business, where feedstock price increases outweighed the increases in
selling prices. We have commenced with a business turnaround programme in our
South African operations and are positive that this will begin yielding
positive results.

Our international operations contributed R1 736 million to operating profit,
excluding the partial impairment of our investment in ASPC of R1 974 million
and translation losses of R1 015 million, relating primarily to our ASPC
operations, mainly due to the depreciation of the Iranian Rial against the US
dollar. ASPC achieved a capacity utilisation rate of 84%. The divestiture of
our investment in ASPC is continuing.

Sasol Solvents – higher sales volumes but trading environment remains
challenging
Operating profit decreased to R48 million compared to an operating profit of
R1 115 million in the prior year. Production volumes increased by 8% compared
to the prior year, despite protracted road freight industrial action in South
Africa and production cut-backs, mainly in Europe, due to market constraints.
While sales volumes increased, these benefits were partially offset by lower
US dollar selling prices and contracting margins, resulting from continued
high feedstock prices over this period. Operating profit includes a partial
impairment of R198 million related to our German operations.

Sasol Olefins & Surfactants (Sasol O&S) – European operations under margin
pressure
Operating profit decreased by 6% to R1 567 million compared to the prior year.
While our US operations continued to benefit from the low US ethane prices,
our European based businesses came under increased pressure as a result of
reduced volumes due to softer demand and lower lauric oil prices, coupled with
continued high petrochemical feedstock prices.

Other chemical businesses – Sasol Nitro delivers strong performance despite
difficulties in explosives business
Operating profit in our other chemical businesses decreased by 18% to R836
million compared to the prior year. The operating profit of our Sasol Wax
business has remained flat compared to the prior year on the back of improved
production volumes in the wax markets, coupled with increased sales of hard
wax from South Africa.

The Sasol Nitro business delivered solid financial results. This was despite
the negative effects of labour unrest in the mining sector and significantly
higher feedstock cost in the fertiliser business. Operating profit for the
prior year includes a once-off profit of R120 million resulting from the sale
of Sasol Nitro's Phalaborwa assets and certain of its downstream fertiliser
businesses.

Competition law compliance
We continue to evaluate and enhance our compliance programmes and controls in
general, and our competition law compliance programme and controls, in
particular. As a consequence of these programmes and controls, including
monitoring and review activities, we have also adopted appropriate remedial
and/or mitigating steps, and made disclosures on material findings, as and
when appropriate.

The South African Competition Commission (the Commission) is conducting
investigations into several industries in which Sasol operates, including the
piped gas, petroleum, coal mining, fertilisers and polymer industries. We
continue to cooperate with the Commission in these investigations. To the
extent appropriate, further announcements will be made in future.

As part of its investigation into the polymer industry, the Commission has
contended that the prices at which Sasol Polymers supplies propylene and
polypropylene are excessive. Sasol Polymers does not agree with the
Commission's assessment and is contesting the Commission's allegations. The
Competition Tribunal hearing in respect of this matter is scheduled to
commence on 13 May 2013.

The Commission has referred allegations of price-fixing and market division
against Chevron SA, Engen, Shell SA, Total SA, Sasol Limited, BP SA and the
South African Petroleum Industry Association (SAPIA) to the South African
Competition Tribunal for adjudication. The Commission is alleging that the
respondents exchanged commercially sensitive information, mainly through
SAPIA, in order to ensure that their respective prices for diesel followed the
Wholesale List Selling Price published by the South African Department of
Energy. This is not a new matter and Sasol began engaging with the Commission
in this regard in 2008 as part of its group-wide competition law compliance
review, which preceded the Commission's investigation into the liquid fuels
sector. Sasol has reviewed the Commission's referral documents and does not
agree with the Commission's allegations. Accordingly, Sasol will take the
appropriate legal steps available to it.

US dollar bond offering a success
Gearing at 31 December 2012 of 6,6% (30 June 2012: 2,7%) remains low. On 7
November 2012, 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. 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. The low gearing is supported by the continued healthy cash flow
generation, particularly from our foundation businesses. This low level of
gearing is expected to be maintained in the short term, but is likely to
return to within our targeted range of 20% to 40% in the medium term, taking
into account our growth programme as well as our progressive dividend policy.

Profit outlook* – strong management focus on improved operational performance
and cost reduction
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. Crude oil
prices are expected to remain stable over the near term. Product prices are
expected to remain volatile. The resolution of the European debt crisis and
concerns regarding the US debt ceiling remain uncertain. The rand/US dollar
exchange rate remains one of the biggest external factors impacting our
profitability.

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 ORYX GTL in Qatar is expected to
    be between 80% and 90% of nameplate capacity due to a planned shutdown;
  oFull year production at ASPC in Iran will be approximately 75% to 80% of
    nameplate capacity due to feedstock constraints; and
  oOur shale gas venture in Canada will continue to show flat volumes in line
    with the prior year.

We continue to actively engage with an interested party to divest from our
share in ASPC. Further losses relating to the foreign currency translation
reserve of approximately US$100 million may be recognised in income once we
finally divest from ASPC. There may be further impairments linked to the fair
value of the asset as a result of a deteriorating Iranian environment and the
accounting requirement to continue recognising operating profits, which might
not be recuperated through the divestiture.

We remain on track to deliver on our expectations for improved operational
performance. 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 reduction is a specific target
within our short-term incentive scheme and, accordingly, management continues
to focus on controllable cost elements. The macroeconomic conditions continue
to be volatile, impacting our assumptions in respect of a stable crude oil
price and volatile product prices, stronger refining margins as well as the
weaker rand/US dollar exchange rate. We continue to focus on factors within
our control: volume growth, margin improvement and cost reduction. The current
volatility and uncertainty of global markets and geopolitical activities makes
it difficult to be more precise in this outlook statement.

* In accordance with standard practice, it is noted that this information has
not been reviewed nor reported on by the company's auditors.

Acquisitions and disposals of businesses
During December 2012, Sasol Gas began the process of disposing of its 49%
share in Spring Lights Gas. Negotiations with external parties, as well as
approval by the South African Competition Commission, are expected to be
concluded within the next 12 months. In addition, Sasol Oil disposed of its
bitumen business, operated by Tosas, for a consideration of R120 million. This
disposal is subject to the South African Competition Commission's approval.

In December 2012, Sasol acquired the remaining 50% shareholding in Merisol for
a purchase consideration of US$85 million.

Subsequent events
Activities to further the potential disposal of our investment in ASPC are
progressing well. We have concluded a memorandum of understanding with an
interested party regarding the disposal of ASPC. With effect from 28 February
2013, the investment is classified as a disposal group held-for-sale. Further
announcements will be made once more progress has been made.

Declaration of cash dividend number 67
An interim gross cash dividend of South African 570 cents per ordinary share
(31 December 2011: 570 cents per share) has been declared for the six months
ended 31 December 2012. The interim cash dividend is payable on the ordinary
shares and the Sasol BEE ordinary shares. The dividend has been declared out
of retained earnings (income reserves). The South African dividend withholding
tax rate is 15% and no credits in terms of secondary tax on companies have
been utilised. At the declaration date there are 646 283 316 Sasol ordinary,
25 547 081 Sasol preferred ordinary and 2 838 565 Sasol BEE ordinary shares in
issue. The net dividend amount payable to shareholders, who are not exempt
from the dividend withholding tax, is 484,50000 cents per share, while the
dividend amount payable to shareholders who are exempt from dividend
withholding tax is 570,0 cents per share.

The salient dates for holders of ordinary shares and BEE ordinary shares are:
Declaration date
Monday, 11 March 2013

Last day for trading to qualify for and participate in the interim dividend
(cum dividend)
Friday, 5 April 2013

Trading ex dividend commences
Monday, 8 April 2013

Record date
Friday, 12 April 2013

Dividend payment date
Monday, 15 April 2013

The salient dates for holders of our American Depository Receipts are 1:
Ex dividend on New York Stock Exchange (NYSE)
Wednesday, 10 April 2013

Record date
Friday, 12 April 2013

Approximate date of currency conversion
Tuesday, 16 April 2013

Approximate dividend payment date
Thursday, 25 April 2013

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

On Monday, 15 April 2013, dividends due to certificated shareholders on the
South African registry will either be electronically transferred to
shareholders' bank accounts or, in the absence of suitable mandates, dividend
cheques will be posted to such shareholders. Shareholders who hold
dematerialised shares will have their accounts held by their CSDP or broker
credited on Monday, 15 April 2013.

Share certificates may not be dematerialised or re-materialised between
Monday, 8 April 2013 and Friday, 12 April 2013, both days inclusive.

On behalf of the board

Hixonia Nyasulu
Chairman

David E. Constable
Chief Executive Officer

Christine Ramon
Chief Financial Officer

Sasol Limited
11 March 2013

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







Statement of financial position
at
                                                                              31 Dec   31 Dec 11  30 Jun
                                                                              12                  12
                                                                              Reviewed Reviewed   Audited
                                                                                       Restated^1
                                                                              Rm       Rm         Rm
Assets
Property, plant and equipment    99 149   86 566     95 872
Assets under construction    38 452   35 437     33 585
Goodwill 851      792        787
Other intangible assets  1 445    1 104      1 214
Investments in associates   2 487    3 718      2 560
Post-retirement benefit                                                       384      276        313
assets
Deferred tax assets   1 377    1 241      1 514
Other long-term assets   2 249    2 997      2 437
Non-current assets     146 394  132 131    138 282
Assets held for sale 238      343        18
Inventories    24 069   21 712     20 668
Trade and other receivables    26 128   23 975     26 299
Short-term financial                                                          626      408        426
assets
Cash restricted for use   5 525    7 817      5 314
Cash   22 622   8 857      12 746
Current assets    79 208   63 112     65 471
Total assets     225 602  195 243    203 753
Equity and liabilities
Shareholders' equity     132 428  119 391    125 234
Non-controlling interest   3 294    2 788      3 080
Total equity     135 722  122 179    128 314
Long-term debt    21 402   14 162     12 828
Long-term financial                                                           74       39         38
liabilities
Long-term provisions    10 991   9 405      10 518
Post-retirement benefit obligations  7 785    6 150      6 872
Long-term deferred income 413      404        455
Deferred tax liabilities    14 863   13 316     13 839
Non-current liabilities    55 528   43 476     44 550
Liabilities in disposal groups held for sale                                  20       36         -
Short-term debt   9 129    3 097      3 072
Short-term financial liabilities 123      127        135
Other current liabilities    24 245   26 044     27 460
Bank overdraft 835      284        222
Current liabilities   34 352   29 588     30 889
Total equity and liabilities     225 602  195 243    203 753
1 The groups' accounting policy in respect of employee benefits was amended during the year ended 30 June
2012 due to the adoption of the amendments to IAS 19, Employee Benefits. This change in accounting policy
was applied retrospectively and the 31 December 2011 comparative figures were restated. As a result,
post-retirement benefit obligations increased by R1 006 million at 31 December 2011 and the
post-retirement benefit assets decreased by R626 million at 31 December 2011.





Income statement
for the period ended
                                                                               half     half     full
                                                                               year     year     year
                                                                               31 Dec   31 Dec   30 Jun
                                                                               12       11       12
                                                                               Reviewed Reviewed Audited
                                                                               Rm      Rm      Rm
Turnover 85 440   83 303   169 446
Cost of sales and services rendered   (53 010) (53 936) (111
                                                                                                 042)
Gross profit 32 430   29 367   58 404
Other operating                                                                609      613      1 416
income
Marketing and distribution expenditure  (3 267)  (3 589)  (6 701)
Administrative expenditure (6 373)  (5 331)  (11
                                                                                                 672)
Other operating expenditure  (4 465)  (584)    (4 689)
Effect of crude oil                                                           (7)      50       214
hedges
Share-based payment                                                           (439)    (721)    (691)
expenses
Effect of remeasurement items  (2 621)  (303)    (1 860)
Translation                                                                   (299)    1 642    243
(losses)/gains
Other expenditure  (1 099)  (1 252)  (2 595)
Operating profit 18 934   20 476   36 758
Finance                                                                        379      428      796
income
Share of profits of associates (net of                                         204      269      479
tax)
Finance expenses  (1 033)  (972)    (2 030)
Profit before                                                                  18 484   20 201   36 003
tax
Taxation  (5 876)  (5 927)  (11
                                                                                                 746)
Profit for the period 12 608   14 274   24 257
Attributable to
Owners of Sasol Limited 12 157   13 894   23 583
Non-controlling interest in                                                    451      380      674
subsidiaries
                                                                               12 608   14 274   24 257
Earnings per                                                                   Rand   Rand   Rand
share
Basic earnings per                                                             20,10    23,05    39,10
share
Diluted earnings per                                                           20,06    22,91    38,95
share^1
1 Diluted earnings per share are calculated taking the Sasol Share Incentive Scheme and Sasol Inzalo
share transaction into account.





Statement of comprehensive income
for the period ended
                                                                                  half     half year  full
                                                                                  year               year
                                                                                  31 Dec   31 Dec 11  30 Jun
                                                                                  12                  12
                                                                                  Reviewed Reviewed   Audited
                                                                                           Restated^1
                                                                                  Rm       Rm         Rm
Profit for the period    12 608   14 274     24 257
Other comprehensive income, net of tax
Items that can be subsequently reclassified to the income statement    2 127    4 600      4 101
Effect of translation of foreign operations    2 111    4 575      4 063
Effect of cash flow hedges 17       38         41
Investments                                                                       5        (4)        (3)
available-for-sale
Tax on items that can be subsequently reclassified to the income
statement  (6)      (9)        -
Items that cannot be subsequently reclassified to the income
statement    (225)    (634)      (821)
Actuarial losses on post-retirement benefit obligations   (324)    (841)      (1 195)
Tax on items that cannot be subsequently reclassified to the income
statement 99       207        374
Total comprehensive income for the period     14 510   18 240     27 537
Attributable to
Owners of Sasol Limited     14 060   17 853     26 853
Non-controlling interests in subsidiaries  450      387        684
                                                                                  14 510   18 240     27 537
1 The groups' accounting policy in respect of employee benefits was amended during the year ended 30
June 2012 due to the adoption of the amendments to IAS 19, Employee Benefits. This change in
accounting policy was applied retrospectively and the 31 December 2011 comparative figures were
restated. As a result, total comprehensive income decreased by R634 million as at 31 December 2011.







Statement of changes in equity
for the period ended
                                                                      half     half year  full
                                                                      year                year
                                                                      31 Dec   31 Dec 11  30 Jun
                                                                      12                  12
                                                                      Reviewed Reviewed   Audited
                                                                               Restated^1
                                                                      Rm       Rm        Rm
Opening balance     128 314  109 860    109 860
Shares issued during the period  227      217        325

Share-based payment expenses  193      240        485

Acquisition of businesses (20)     -          -
Transactions with non-controlling shareholders in
subsidiaries 13       -          101

Total comprehensive income for the period   14 510   18 240     27 537
Dividends paid     (7 267)  (6 090)    (9 600)
Dividends paid to non-controlling shareholders in
subsidiaries  (248)    (288)      (394)
Closing balance     135 722  122 179    128 314
Comprising
Share capital    28 211   27 876     27 984
Share repurchase programme     (2 641)  (2 641)    (2 641)
Sasol Inzalo share transaction      (22 054) (22 054)   (22
                                                                                          054)
Retained earnings    117 437  106 368    112 547
Share-based payment reserve   8 702    8 264      8 509
Foreign currency translation reserve   4 232    2 655      2 137
Actuarial gains and losses     (1 479)  (1 067)    (1 250)
Investment fair value reserve 19       2          15

Cash flow hedge accounting                                            1        (12)       (13)
reserve 
Shareholders' equity     132 428  119 391    125 234
Non-controlling interest in subsidiaries   3 294    2 788      3 080
Total equity     135 722  122 179    128 314
1 The groups' accounting policy in respect of employee benefits was amended during the year ended
30 June 2012 due to the adoption of the amendments to IAS 19, Employee Benefits. This change in
accounting policy was applied retrospectively and the 31 December 2011 comparative figures were
restated. As a result, total shareholders' equity decreased by R1 114 million as at 31 December
2011.



Statement of cash flows
for the period ended
                                                                     half     half     full
                                                                     year     year     year
                                                                     31 Dec   31 Dec   30 Jun
                                                                     12       11       12
                                                                     Reviewed Reviewed Audited
                                                                     Rm       Rm       Rm
Cash receipts from customers   86 252   83 633   168 934
Cash paid to suppliers and employees      (64 817) (60 975) (121
                                                                                       033)
Cash generated by operating activities    21 435   22 658   47 901
 Cash flow from operations    27 461   25 946   50 172
 Increase in working capital     (6 026)  (3 288)  (2 271)
Finance income                                                       564      639      1 149
received
Finance expenses paid   (410)    (343)    (666)
Tax paid     (4 745)  (5 163)  (10
                                                                                       760)
Dividends paid     (7 267)  (6 090)  (9 600)
Cash retained from operating activities   9 577    11 701   28 024
Additions to non-current assets      (14 350) (14 540) (29
                                                                                       160)
Acquisition of businesses   (721)    -        -
Acquisition of interests in joint                                    -        (28)     (24)
ventures
Disposal of                                                          -        33       713
businesses
Additional investments in associate   (199)    (80)     (81)
Other net cash flows from investing activities 906      (36)     936
Cash utilised in investing activities      (14 364) (14 651) (27
                                                                                       616)
Share capital issued 227      217      325
Contributions from non-controlling                                   27       -        11
shareholders
Dividends paid to non-controlling shareholders   (248)    (288)    (394)
Increase/(decrease) in long-term debt   7 522    (913)    (859)
Increase/(decrease) in short-term debt   6 513    1 503    (112)
Cash effect of financing activities    14 041   519      (1 029)
Translation effects on cash and cash equivalents of foreign
operations 249      1 011    649
Increase/(decrease) in cash and cash equivalents  9 503    (1 420)  28
Cash and cash equivalents at beginning of year    17 838   17 810   17 810
Cash in disposal groups held for sale  (29)     -        -
Cash and cash equivalents at end of year    27 312   16 390   17 838





Salient features
for the period ended
                                                                     half   half   full
                                                                     year   year   year
                                                                     31 Dec 31 Dec 30 Jun
                                                                     12     11     12
Selected ratios
Return on                                                    %       19,3*  25,8*  20,3
equity 
Return on total                                              %       18,6*  23,9*  20,0
assets
Operating profit                                             %       22,2   24,6   21,7
margin 
Finance expense                                              times   47,6   61,7   57,3
cover 
Dividend                                                     times   3,5    4,1    2,3
cover 
* Annualised
Share statistics
Total shares in issue million 674,6  672,5  673,2

Sasol ordinary shares in issue million 646,2  644,1  644,8

Treasury shares (share repurchase programme) million 8,8    8,8    8,8

Weighted average number of shares million 604,9  602,7  603,2

Diluted weighted average number of shares million 616,5  615,0  616,2

Share price                                                  Rand    362,80 385,50 342,40
(closing)
Market capitalisation
- Sasol ordinary                                             Rm      234    248    220
shares                     441    300    788
- Sasol BEE ordinary                                         Rm      821    710    686
shares
Net asset value per                                          Rand    219,72 198,79 208,27
share
Dividend per                                                 Rand    5,70   5,70   17,50
share
-                                                           Rand    5,70   5,70   5,70
interim
-                                                           Rand    -      -      11,80
final
Other financial information
Total debt (including bank overdraft)
- interest                                                   Rm      30 817 16 895 15 596
bearing
- non-interest                                               Rm      549    648    526
bearing
Finance expense                                              Rm      148    13     24
capitalised
Capital                                                      Rm      64 299 49 692 46 140
commitments
- authorised and                                            Rm      58 335 46 973 50 665
contracted
- authorised, not yet                                       Rm      43 622 33 892 28 621
contracted
- less expenditure to                                       Rm      (37    (31    (33
date                           658)   173)   146)
Guarantees and contingent liabilities
- total                                                      Rm      34 130 39 073 25 299
amount
- liability included in the statement of financial           Rm      19 563 11 401 11 194
position
Significant items in operating profit
- employee                                                   Rm      10 213 9 182  19 921
costs
- depreciation and amortisation of non-current               Rm      5 445  4 393  9 651
assets
- share-based payment                                        Rm      439    721    691
expenses
Sasol share incentive                                       Rm      248    490    221
schemes
Sasol Inzalo share                                          Rm      191    231    470
transaction



                                                                                 half   half   full
                                                                                 year   year   year
                                                                                 31 Dec 31 Dec 30 Jun
                                                                                 12     11     12
Effective tax
rate^1 %          31,8   29,3   32,6

Number of                                                             number     34 857 34 626 34 916
employees 
Average crude oil price - dated Brent                                 US$/barrel 109,81 111,41 112,42
Average rand/US$ exchange                                             1US$ =     8,48   7,63   7,78
rate                       Rand
Closing rand/US$ exchange                                             1US$ =     8,46   8,09   8,17
rate                       Rand
1 The increase in the effective tax rate from 29,3% to 31,8% resulted primarily from the increase in
non-deductible expenses related to the impairment of Arya Sasol Polymer Company and other once-off
items, compared with the prior year.



                                                                                                                   half  half  full
                                                                                                                   year  year  year
                                                                                                                   31    31    30
                                                                                                                   Dec   Dec   Jun
                                                                                                                   12    11    12
Reconciliation of headline earnings                                                                               Rm    Rm    Rm
Profit for the year attributable to owners of Sasol Limited                                                        12    13    23
                                                                                                                   157   894   583
Effect of remeasurement items                     2 621 303   1 860
 Impairment of assets
 - impairment of investment in Arya Sasol Polymer Company                                                         1 974 -     -
 - other impairments                  333   208   1 642
 Reversal of impairment                    (13)  (23)  (12)
 Profit on acquisition of business                    (245) (120) (354)
 Profit on disposal of associate                   -     (6)   (7)
 Profit on disposal of assets                 7     (4)   (138)
 Scrapping of non-current assets                   137   240   459
 Write off of unsuccessful exploration wells                   428   8     270
Tax effects and non-controlling interests                                                                          (256) (36)  61
Headline earnings                      14    14    25
                                                                                                                   522   161   504
Remeasurement items per above
Mining                  2     54    61
Gas                -           11
Synfuels                  43    108   238
Oil                  60    4     14
Synfuels International                  (7)   33    34
Petroleum International                    449   9     1 609
Polymers                    1 988 45    62
Solvents                  243   61    83
Olefins & Surfactants                 28    102   (179)
Other chemical businesses                   2     (119) (94)
Nitro                8     (113) (88)
Wax                2     (1)   (2)
Infrachem                    (12)  5     8
Merisol                  4     (10)  (12)
Other businesses                      (187) 6     21
Remeasurement items                    2 621 303   1 860
Headline earnings per share                    Rand 24,01 23,50 42,28
Diluted headline earnings per share                                                                 Rand 23,89 23,34 42,07

The reader is referred to the definitions contained in the 2012 Sasol Limited
annual financial statements.

Basis of preparation and accounting policies

The condensed consolidated interim financial results for the six months ended
31 December 2012 have been prepared in accordance with International
Accounting Standard 34 Interim Financial Reporting, Listings Requirements of
the JSE Limited, the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Reporting Pronouncements as
issued by the Financial Reporting Standards Council, as well as the South
African Companies Act, 2008, as amended.

The accounting policies applied in the condensed consolidated interim
financial results are consistent with those applied for the year ended 30 June
2012 and are in terms of International Financial Reporting Standards (IFRS) as
issued by the International Accounting Standards Board.

The condensed consolidated interim financial results do not include all the
disclosure required for complete annual financial statements prepared in
accordance with IFRS.

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

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

Christine Ramon CA(SA), Chief Financial Officer, is responsible for this set
of financial results and has supervised the preparation thereof in conjunction
with the Executive: Group Finance, Paul Victor CA(SA).

Related party transactions

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

Significant changes in contingent liabilities since 30 June 2012

As a result of the fine imposed on Sasol Wax GmbH in October 2008 by the
European Commission, on 23 September 2011, Sasol Wax GmbH was served with a
law suit in The Netherlands by a company to which potential claims for
compensation of damages have been assigned to by eight customers. On 30
September 2011, another law suit has been lodged with the London High Court by
30 plaintiffs against Sasol Wax GmbH, Sasol Wax International AG and Sasol
Holding in Germany GmbH. The result of these proceedings cannot be determined
at present.

Independent review by the auditors

These condensed consolidated interim financial results for the six months
ended 31 December 2012 have been reviewed by KPMG Inc. KPMG Inc. has issued an
unmodified review report on these condensed consolidated interim financial
results. The auditor's unmodified report is available for inspection at the
registered office of the company.

Registered office: Sasol Limited, 1 Sturdee Avenue, Rosebank, Johannesburg
2196
PO Box 5486, Johannesburg 2000, South Africa

Share registrars: Computershare Investor Services (Pty) Ltd., 70 Marshall
Street, Johannesburg 2001
PO Box 61051, Marshalltown 2107, South Africa, Tel: +27 11 370-7700 Fax: +27
11 370-5271/2

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

Directors (non-executive): Mrs TH Nyasulu (Chairman), Mr C Beggs*, Mr HG
Dijkgraaf (Dutch)*, Dr MSV Gantsho*, Ms IN Mkhize*, Mr ZM Mkhize*, Mr MJN
Njeke*, Mr PJ Robertson (British and American)*, Prof JE Schrempp (German)**,
Mr S Westwell (British)* (executive): Mr DE Constable (Chief Executive
Officer) (Canadian), Mrs KC Ramon (Chief Financial Officer), Ms VN Fakude

*Independent **Lead independent director

Company secretary: Mr VD Kahla

Company registration number: 1979/003231/06, incorporated in the Republic of
South Africa
Income tax reference number: 9520/018/60/8

Sasol Ordinary shares
JSE
Share code: SOL
ISIN: ZAE000006896

Sasol BEE Ordinary shares
NYSE Share code: SOLBE1
SSL
Share code: US8038663006
ISIN:ZAE000151817

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

Depositary: The Bank of New York Mellon, 22nd floor, 101 Barclay Street, New
York, NY 10286, USA

Disclaimer - Forward-looking statements: Sasol may, in this document, make
certain statements that are not historical facts and relate to analyses and
other information which are based on forecasts of future results and estimates
of amounts not yet determinable. These statements may also relate to our
future prospects, developments and business strategies. Examples of such
forward-looking statements include, but are not limited to, statements
regarding exchange rate fluctuations, volume growth, increases in market
share, total shareholder return 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.

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

Contact: Sasol Investor Relations Team
Tel.: +27 (0)11 441 3113



SOURCE Sasol Limited
 
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