19 September 2013 · EO/MEG . LLDPE LDPE CRACKER . strictly confidential - not for further dissemination 27better together … we deliver using world-class technology and engineering

better together … we deliver

Sasol US Mega Projects Investor Presentation

19 September 2013

strictly confidential - not for further dissemination 2 better together … we deliver

forward-looking statements

Forward-looking statements: Sasol may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return and cost reductions. Words such as “believe”, “anticipate”, “expect”, “intend”, “seek”, “will”, “plan”, “could”, “may”, “endeavour” and “project” and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors are discussed more fully in our most recent annual report under the Securities Exchange Act of 1934 on Form 20-F filed on 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.


what will we cover today

● Overview of the Sasol Group

● North American Operations

● Our North American projects

– Competitive advantage

– Execution plan

● Closing remarks


Sasol at a glance

● An integrated energy and chemicals company

● The world’s largest producer of synthetic fuels

● South Africa’s leading energy and chemicals company

● Pioneer in gas-to-liquids (GTL) and coal-to-liquids (CTL)

technologies

● Over 60 years experience in CTL, GTL and related

technologies

● In-house technology development capacity (~255

engineering and science PhDs)

● Strong intellectual property portfolio (490 registered patent

families)

● Turnover ($20.5bn in FY13)

● Operating profit ($4.6 bn in FY13)

● Market cap (~$30 bn)

● Listed on JSE and NYSE-Euronext


expanding globally

our vision is to grow profitable sustainably and inclusively, while delivering value to shareholders through technology and the talent of our people in the energy and chemical markets in Southern Africa and worldwide

Sasol has exploration, development, production, marketing and sales operations in 38 countries across the world, employing more than 34 000 people


Sasol North America Lake Charles Chemical Complex


● Originated in 1961 as the Petrochemical Division of Conoco, later renamed Conoco Chemicals

● Acquired by Du Pont in 1982

● MBO formed Vista Chemical in 1984

● Acquired by RWE-DEA in 1991

● PVC Business Sold to Georgia Gulf in 1999

● Acquired by Sasol in 2001

Sasol North America – our history


an advantaged site with access to major highway, rail and port infrastructure

Sasol North America


City of Lake Charles City of Sulphur

City of Westlake

NISCO

Georgia Gulf MG Industries

BioLab

Phillips 66 Refinery

ARCH

Certainteed PPG

Citgo Refinery

Louisiana Pigment

Basell

Air Liquide

Firestone

Westlake Petrochem

Grace Davison Calcasieu

Refining

Trunkline LNG

Alcoa

Cameron LNG

Entergy

EXCEL Paralubes

Air Products

Targa Southern Ionics

Sabine Pass LNG

a thriving downstream and petrochemicals hub

Sasol North America


● Safety and Environmental Excellence

● Reliability and Plant Operations

● Cost/Profitability Improvement Focus

north american operations – our priorities


striving for zero harm

1stQuartile

2ndQuartile

4thQuartile

3rdQuartile

Recordable Case Rate*

* 12 month rolling average

--


3% Inflation Base

Fiscal Year

20 % reduction

continuous improvement – proven track record


achieving operational excellence in North America

steadily higher volumes and revenues without a major debottleneck FY 93/94 FY 95/96 FY 97/98 FY 99/00 FY 01/02 FY 03/04 FY 05/06 FY 07/08 FY 09/10 FY 11/12 FY13/14B

Hurricane Rita

Global Economic Downturn

Ann

ual p

rodu

ctio

n


the opportunity for Sasol


one of the largest foreign direct investment manufacturing projects in the US

● Approval for front-end engineering and design (FEED) for our world-scale ethane cracker complex and GTL project in December 2012

● GTL FID 18-24 months after LCCP FID

● Estimated total project capital investment: $16 to $21 billion

● More than 1,200 permanent jobs, up to 7,000 construction jobs at peak and 50,000 indirect jobs in Louisiana and across the U.S.

● Louisiana offers a business-friendly climate with predictable regulatory structures and attractive incentives

● Robust energy and chemicals industry in the Gulf Coast

● Access to best natural gas infrastructure

Copyright @ 2012, Sasol New Business Development


gas-to-liquids in a nutshell

a commercially proven technology

Product work-up

10 mcf 1 barrel of product

1 bcf/d 100 000 bbl/day

1 tcf reserve 100 million bbl of products Over 30 years

GTL synthesis Reforming Natural gas as feedstock

Diesel: 75%

Naphtha: 20%

LPG: 5%

GTL products


not only shale gas, but also shale ethane has changed North American energy and chemical markets

estimates vary from 40-100 years of supply

Source: EIA, Annual Energy Outlook 2011

0

5

10

15

20

25

30

1990 1995 2000 2005 2010 2015 2020 2025 2030 2035

US

dry

gas

(tril

lion

cubi

c fe

et p

er y

ear) 2009History Projections

11%

14%

20%

9%

28%

8%2%9%

Net imports

Shale gas

Non-associated onshore

Non-associated offshore

Tight gas

Coal-bed methaneAlaska

Associated with oil

1%

45%

8%

8%

22%

7%1%7%


the US GTL opportunity is advantaged by favorable oil/gas price ratios

0

10

20

30

40

1992 1997 2002 2007 2012 2017 2022 2027 2032 2037

Crude oil (Brent) prices expressed as a multiple of natural gas prices (Henry Hub)

actual EIA (2013)

● More than 400 tcf of gas in the US can be commercially produced at <$6/mmbtu

● All reputable long-term energy consultants forecast Henry Hub in a USD 4-6/mmbtu range (real ‘12)

● Oil/gas price differential forecast to remain favourable

● Investment in Montney shale provides virtual feedstock price hedge


● resulting output of 30% chemicals and 70% fuels (by mass)

natural gas reforming

sasol LTFT process

wax extraction

paraffin extraction

fuels product work - up

Process *

oxygen

natural gas

syngas

reactor wax

condensate

Paraffin for LAB production

natural gas reforming

sasol LTFT process

paraffin extraction

fuels product work - up Process *

syngas reactor wax

condensate

wax products

LPG

naphtha

diesel

paraffins

LPG

naphtha

diesel

base oils base oils

phas

e 1

phas

e 2 oxygen

natural gas

a Sasol wholly owned facility with a nameplate capacity of 4 million tons per annum

debottleneck in Hamburg, Germany

four new emulsification

units

new LAB unit in Lake Charles

minor modifications in

Augusta, Italy

* flexible design allows for operation in fuels only or value adds mode

GTL value addition


Long term defensible position - bottom 30% of supply curve on a cash cost basis

Source: CMAI

ethane associated with gas leads to global leadership position for US crackers


LCCP: world scale cracker and derivatives plants

backward-integrated growth for Sasol into a well-established and uniquely diversified market

To HDPE (with INEOS)


execution is critical


proactive actions to address execution challenges

Recent mega-project experience in the Gulf Coast

Contracting strategies

Labour availability and productivity

● Utilization of standard designs where possible

● Disciplined stage-gate discipline to control change during design evolution

● Extended FEED programme to allow sufficient time to complete designs prior to construction

● Integrated project management team ● Leverage local mega-project expertise and

execution

● Well-defined contracting strategies ● Comprehensive contractor scan and development

effort to ensure most competitive pool of qualified EPCs

● Detailed market analysis of key labour supply/demand balances, productivity and labour rates

● Market intelligence and resource planning ● Modularisation and other strategies

Mitigation


mega project experience

● Actively recruiting local, experienced people for Sasol North America

● Experienced IPMT* – Experienced international Sasol and Sasol

North America employees – Hire experienced local people – Experts from WorleyParsons and others

● Independent contractor expertise utilizing

WorleyParsons’ systems and tools – No execution responsibilities, thus no

conflict of interest – Own FEED & EPC management control

systems

* IPMT: Integrated Project Management Team

mitigating execution risks and applying best practices


hands-on management structure for basic development of LCCP packages

Integrated Project Management Team (IPMT) Sasol + Worley Parsons + others

Main FEED Contractor - Fluor Manages all Engineering Contractors (ECs), develops Basic Engineering Packages (BEPs) for its scope and integrates all BEPs into consolidated package

Infrastructure, Utilities & Off-sites

Alcohols & Ethoxylates

Licensors produce Process Design Package and hand over to selected ECs for BEP development

EO/MEG LLDPE LDPE CRACKER


using world-class technology and engineering partners

Licensor Engineering Partner

Ethane Cracker

LLDPE

LDPE

EO / MEG

HDPE (through JV)

Facility


modularization mitigates shortage of skills

ethane cracker project modularization study (feasibility)


favorable location enables modularization

MATERIALSLABORHEAVY HAULRAILROAD

EV

ER

GR

EE

N R

D

MATERIAL OFF-LOADINGFACILITY

PotentialModule

Laydown Area

I-10

SULPHUR ROAD


revisiting our investment considerations

robust project economics remain cornerstone of our investment decisions

Financing

Feedstock

Technology

Market

Capability

robust project

economics

● Prioritised portfolio ● Maintaining gearing target ● Good market appetite for Sasol debt

● Abundant low-cost feedstock supply ● Volume and price feedstock cover for GTL

investment

● Record performance levels at Oryx ● Superior technology value proposition ● Utilisation of proven technologies

● Well-established and uniquely diversified market ● Good market positioning of products ● Balanced portfolio of commodity and

differentiated products

● Experienced, well-resourced team ● Independent, reputable industry partners ● Lessons learnt executing mega-projects


strong investment case

sustainable value creation

Documents

19 September 2013 · EO/MEG . LLDPE LDPE CRACKER . strictly confidential - not for further dissemination 27better together … we deliver using world-class technology and engineering