financial results

for the six months ended 31 December 2011

JSE: SOL | NYSE: SSL

2

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 7 October 2011 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.

JSE: SOL | NYSE: SSL

introduction

David E Constable chief executive officer

4

going to the 2012 games:

Olympics and Paralympics

Banyana Banyana Sasol South Africa Wheelchair Basketball Team

5

what you will hear today

● Record interim earnings

● Solid group operational performance

● Our strategic agenda continues to serve us well

● Project pipeline offers significant opportunity

● Compelling investment proposition

key messages

We remain committed to maximising long-term shareholder value

6

Global consumption of fossil fuels %

global energy trends

towards the golden age of gas

● Global energy demand will be ~ 30% higher

by 2040 led by developing regions

● Most widely used fuels will remain oil, coal

and gas

● Natural gas will grow dramatically over time

to overtake oil

● By 2040, 30% of global electricity will be

produced through natural gas

● 30% of global gas production will be

through unconventional sources - shale gas

Sasol is well positioned with gas being a clear bridge to the future

15

25

35

45

55

1970 1977 1984 1991 1998 2005 2012 2019 2026 2033 2040

Oil Coal Gas

Source: International Energy Agency

7

making a positive contribution

● Largest corporate taxpayer

● Hundreds of millions of rand invested in bursaries, skills development initiatives,

artisan learnerships and continuing tertiary education

● R14bn Sasol Mining investment in three mines, resulting in

• more than 4 000 jobs retained

• approximately 5 000 jobs created during the construction phase

in South Africa

Synfuels Middelbult colliery

8

making a positive contribution

● Energy supply and socio-economic development

● An alternative to ensure cost-effective energy security and downstream manufacturing

● In-country investment and use of resources

● Driving significant skills transfer to the local workforce

● Supplier of world-class products

in the countries in which we operate

ORYX GTL, Qatar Uzbekistan GTL site visit

9

pursuing responsible growth

sustainable operations

Mozambique operations Open cycle gas turbines, Synfuels

● Safety

• RCR maintained

• Safety improvement plans implemented

● Energy efficiency initiatives and policies

• On track for 15% reduction in energy consumption in 2015

• 60% self-generated power capacity in 2013

• Active member of “Team SA” at COP17

10

solid operations

● Production improvements at ORYX GTL and Arya Polymers

● Canadian shale gas assets ramping up

● Chemicals maintain strong contribution to group operating profit

● Decrease in Synfuels production contained to 1,3%, despite industrial action and plant

incidents

operations highlights

ORYX GTL Synfuels

11

delivering superior shareholder returns

● Operating profit up 70% to R20,5bn

● Headline earnings per share up 81% to R23,50

● Cash generated by operations up 50% to R22,7bn

● Interim dividend up by 84% to R5,70 per share

● Strong balance sheet maintained

financial performance highlights

Record first half performance

JSE: SOL | NYSE: SSL

financial and operational review

Christine Ramon chief financial officer

13

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

Sources: RSA Department of Energy, ICIS-LOR, Reuters, Platts, McCloskey and RSA coal report, International Energy Agency

favourable macro environment

Commodity prices

Rand/unit

Average

1H12

% ∆ vs 1H11

Brent/bbl 849 ▲ 46

Fuel products/bbl 961 ▲ 45

Polymers/ton 9 609 ▲ 12

Solvents/ton 10 745 ▲ 18

Export coal/ton 850 ▲ 25

US

$/t

on

Chemical prices

Solvents Basket Avg Polymers

$1 210

$1 279

$1 265

$1 417

1H11 1H12

0

5

10

0

80

160

$/m

mb

tu (

ga

s p

rice)

US

$/b

bl

Fuel, oil and US gas prices

Brent

Product price

Henry Hub (RHS)$91

$82

$130

$111

1H11 1H12

US

$1

= R

an

d

Currency

1H11 1H12

R7,11

R7,63

$4,04 $3,72

14

Operating profit (Rbn) 1H12

% ∆ vs

1H11

SA Energy 13,5 ▲81

International Energy 1,2 ▲32

Chemicals 4,3 ▲26

Other 1,5

Total group 20,5 ▲70

Operating margin (%) 24,6 ▲ 7

Earnings per share (R) 23,05 ▲82

Dividend per share (R) 5,70 ▲84

Cash from operating

activities (Rbn) 22,7 ▲50

strong growth in operating profit

● SA Energy benefits from higher prices

● Strong performance from ORYX GTL

● Chemicals deliver higher product prices and wider

margins

● Mark-to-market gains on forward exchange

contracts

66% 6%

21%

7%

Operating profit split

SA Energy International Energy Chemicals Other

International operations1 contribute 28% to group performance

1. Includes Mozambican gas value chain

15

cash fixed costs (Rm)

weaker rand, energy costs and plant maintenance

impact cash fixed costs

14 632 1% 14 707 8% 2% 2%

13% ∆ 16 484

0

5 000

10 000

15 000

20 000

1H11 Growth Period-on-period

normalised

Inflation Exchangerate

Maintenance 1H12

Cash

fixed costs

in real terms

up 3%

16

SA energy:

strong profit and cash flow generator

● Mining achieves higher prices, production up

● Gas benefits from improved sales prices and

higher volumes

● Synfuels higher average rand oil prices drive

improved product prices

● Oil benefits from wider wholesale margins despite

lower volumes at Natref

Operating profit (Rm) 1H12

% ∆ vs

1H11

Mining 1 002 ▲42²

Gas 1 461 ▲14

Synfuels 9 909 ▲84

Oil 1 099 ▲65

Other (2)

Total cluster 13 469 ▲81

Sasol forecourt Thubelisha colliery Synfuels

2. After adjusting for once-off Ixia Coal share-based payment of R565m

17

Mozambique central processing facility

international energy:

ORYX drives growth in profitability

● ORYX delivers strong performance

• 28 700 bbl/d, 89% utilisation

• Contributes 8% to group operating profit

● SPI benefits from higher prices in Mozambique

and Gabon

• Canada’s profit contribution offset by

depreciation and forex translations

• Expansion of onshore gas production in

Mozambique achieves beneficial operation

Operating profit (Rm) 1H12 1H11

SSI 1 033 539

● ORYX 1 584 871

● Funding growth (551) (332)

SPI 121 333

● Mozambique and Gabon 747 565

● Canada (373) -

● Exploration and growth (253) (232)

Total cluster 1 154 872

ORYX GTL, Qatar

18

chemicals cluster:

sound business model drives margin expansion

● Polymers strong international contribution, local

margins under pressure

• Arya ramps up to design capacity

● Solvents driven by higher product prices despite

lower sales volumes

● O&S profit margins supported by sound business

model

● Strong prices in Nitro offset lower volumes

• Once-off profit on disposal of Phalaborwa

operations

Operating profit (Rm) 1H12

% ∆ vs

1H11

Polymers 546 ▼ 5

Solvents 1 115 ▲153

O&S 1 660 ▲ 4

Other 1 018 ▲ 21

Total cluster 4 339 ▲ 26

Nitro, Secunda, South Africa O&S, Louisiana, USA Solvents, Secunda, South Africa

19

Estimated total capital investments (Rm)

cash flows drive strong dividends

0

10 000

20 000

30 000

40 000

2011a 2012e 2013e

Other Chemicals SA Energy Int Energy

Potential gas

acquisitions

24 488

29 000

1H12

Uses of cash (Rbn)

5,2

6,1

14,5

Taxation Dividends Capex

32 000

Well positioned to fund growth and provide buffer for volatility

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committed to delivering superior

shareholder returns

3. Source: Bloomberg 31 December 2006 to 31 December 2011, assuming dividends are reinvested in Sasol Ltd securities

0

6

12

18

2006 2007 2008 2009 2010 2011 2012

Dividend per share (ZAR)

Interim Final

Rand TSR³ 77%

US$ TSR³ 53%

Progressive dividend growth

21

Operational performance FY12 Macro environment remains uncertain

● Production

• Synfuels full year target of 7,0 to

7,2 million tons

• Maintain ORYX at 80-90% utilisation

rates

• Arya utilisation above 80%

• Growing Canada gas volumes

● Normalised cash fixed costs contained

within inflation

● Margin expansion

● Oil price remains strong

● Chemical prices under pressure

● Rand strengthening remains a major risk

outlook

Well positioned to deliver increased full year earnings

JSE: SOL | NYSE: SSL

sustainable value creation

David E Constable chief executive officer

23

our strategic agenda continues to serve us well

Operations

Excellence

Foundation

Develop and empower

our people

Gro

up

im

pe

rati

ve

s

Continuously improve

and grow existing asset

base

Deliver on the

South African

transformation agenda

Sustainable growth

Accelerate GTL,

focused CTL growth

Grow related upstream

business

Grow technological lead

Grow chemicals based

on feedstock and/or

technology advantage

Develop and grow new

energy

Definition of victory

Grow

shareholder

value

sustainably

Functional

Excellence

Capital

Excellence

Sales & Marketing

Excellence

Planning &

Optimisation

Values-driven

Leadership

24

project pipeline offers significant opportunity

The list above is not exhaustive and displays only the major projects

Grow upstream

business

Accelerate GTL,

focused CTL

Grow chemicals on

basis of technology or

feedstock advantage

New Energy

Improve and grow

existing asset base

Feasibility

● Mozambique CPF expansion

● Further acquisition of gas assets

● Coal Bed Methane, Southern Africa

● Canada GTL

● US GTL

FEED/EPC

● Uzbekistan GTL

● Escravos GTL

● Mozambique blocks A, M-10, Sofala, Inhassoro

● Canada shale gas

● Australia

● Integrated US chemicals

● Ethane Cracker

● Tetramerisation

● FT wax expansion

● Mozambique electricity generation ● Sasolburg electricity generation

● C₃ stabilisation

● Secunda growth programme

● Mine replacements

● Ethylene purification

25

Canadian upstream assets

● Development at Farrell Creek continues despite production challenges

● Farrell Creek achieved peak production of 107 mmscf/d in December 2011

● Production at Cypress A well above expectations

● Focus on driving down drilling and completion costs and optimising fracking techniques

● Development plan for 2012 curtailed due to low gas prices but appraisal activities continue

● Medium and long-term ramp-up profiles still in line to feed our GTL aspirations

developments

Economic viability of Montney assets remains intact

26

the role of chemicals

● Chemicals generated 21% of group operating profit

● Established competitive market positions

● Optimised integration opportunities spreads risk and maximises value

● Provides balance to Sasol’s GTL portfolio

the contribution of the chemicals cluster

Lake Charles, Louisiana, USA Polymers, Secunda, South Africa O&S, Brunsbuttel, Germany

27

a compelling investment proposition

Solid foundation

businesses,

strong cash flows

Superior

shareholder

returns

Committed to maximising long-term shareholder value

Compelling

growth

strategy

Sustainable

value

creation

● Continuously

improving foundation

businesses

● Proven alternative

energy experience

● Highly cash

generative assets

● Focus on cost

containment and

excellence in all we

do

● Growing demand for

energy security

● Ability to monetise

hydrocarbon

resources

● Commercialising

unique technology

● Well positioned in

growth/emerging

markets

● Solid balance sheet

underpins growth

● Progressive dividend

policy

● Market leading

returns

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questions