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SASOL LIMITED Integrated Report 30 June 2018Sasol creates sustainable VALUE for all stakeholders through a FOCUS on our strategy and having the DISCIPLINE in how we allocate capital. OUR PURPOSE To create superior value for our customers, shareholders and other stakeholders. Through our talented people, we use selected technologies to safely and sustainably source, produce and market chemical and energy products competitively. OUR VISION To be a leading integrated global chemical and energy company, proudly rooted in our South African heritage, delivering superior value to our stakeholders. OUR VALUES We care for our people and support their development We value and promote diversity and inclusion We act with respect and integrity at all times We ensure that safety, health and environment is a top priority We comply with all applicable legal requirements We take ownership and accountability for our individual and team perance We deliver what we promise to our customers, shareholders and other stakeholdersCONTENTS The Sasol Limited Board the Board is ultimately responsible to ensure the integrity of Sasol’s integrated reporting. We confirm that the 2018 Integrated Report addresses all material issues and matters, and fairly represents the Group’s integrated perance. The Audit Committee, authorised by the Board, approved this report and its publication on 27 August 2018. Signed on behalf of the Board. Directors’ approval MSV Gantsho Chairman of the Board B Nqwababa Joint President and Chief cutive Officer SR Cornell Joint President and Chief cutive Officer P Victor Chief Financial Officer C Beggs Chairman of the Audit Committee About this report IFC Driving value-based growth 01 Understanding our business 02 Sasol at a glance 04 Our integrated value chain 06 Using the six capitals to create value 08 Scoreboard of our six capitals 10 Delivering on our promise to create superior value 21 Our external operating context 22 The world in which we operate impacts our strategy 24 Our value-based strategy 26 – Progress on our strategy 28 – Enhancing our robust foundation 30 – LCCP further strengthens our foundation 32 – Environmental, social and Governance overview 34 – Working towards lasting transation in South Africa 36 Measuring the delivery of our strategy 38 Chairman’s statement 12 GOVERNANCE AND STAKEHOLDER MANAGEMENT Risk management 40 Material matters 44 Strengthening our position as a credible stakeholder partner 50 Our Board of Directors 52 Group cutive Committee 56 Our Integrated Report provides cross-references to our suite of reporting publications 20-F Our annual report issued in accordance with the Securities Exchange Act of 1934. Sustainability Report Supporting ination to the Integrated Report. Prepared in accordance with the GRI, Reporting Standards and confirms alignment with the Task Force on Climate Related Financial Disclosures. Annual Financial Statements The financial statements and remuneration report, prepared in accordance with International Financial Reporting Standards, together with the report of the Audit Committee These reports are available on our website, , or on request from Sasol Corporate Affairs. Contact details are on page 90. Chief Financial Officer’s perance overview 58 Operational overviews– Upstream Businesses 66 – Operations 69 – Chemicals Business 70 – Energy Business 72 Our governance framework 74 Report of the Safety, Social and Ethics Committee 78 Report of the Remuneration Committee 79 – Aligning remuneration to our strategic targets 86 Contact details and shareholders’ diary 90 Forward-looking ination; Abbreviations IBC Statement of the Joint Presidents and Chief cutive Officers 14 Chief Financial Officer’s strategic review on value targets 18 PERANCE OVERVIEW OUR GOVERNANCE HOW WE CREATE VALUE OUR STRATEGIC BUSINESS CONTEXTABOUT THIS REPORT Our Integrated Report aims to provide a balanced, accurate and accessible assessment of our strategy, perance and opportunities in relation to material financial, economic, social, environmental and governance value-based issues. This year, we continue to provide a more detailed discussion on the material matters see page 44 which could substantially affect our ability to create value in the short, medium or long term. These matters the anchor of the content throughout this report. The Group cutive Committee is responsible for developing the strategy and manages the business in an integrated manner, taking into consideration available resources and the interests of all our stakeholders. The Board approves the strategy. In preparing our Integrated Report, we were guided by the International Integrated Reporting Framework, published by the International Integrated Reporting Council in December 2013. Our sustainability report SR with supporting ination to the Integrated Report, is ined by the GRI Sustainability Reporting Standards to ensure content is aligned with the material matters impacting our ability to create value. The Board governs the Group’s disclosure control processes, including the integrity of Sasol’s annual reports. All significant items are reported on a like-for-like basis, with no major or significant restatements. Our disclosure and reporting processes and suite of publications are aligned with the applicable disclosure requirements of the Companies Act 71 of 2008, the Johannesburg Stock Exchange, the New York Stock Exchange, the United States Securities and Exchange Commission and the integrated reporting requirements of the King Code of Governance Principles for South Africa 2016 King IV™. Our controls and processes in place to comply with section 404 of the Sarbanes-Oxley Act, 2002 are subject to internal and external audit assessment. Committed to growing the value of Sasol, our Joint Presidents and Chief cutive Officers CEOs are accountable for the successful implementation of the Group strategy and the overall management and perance of Sasol. The Board, with the support of the Audit Committee, is ultimately responsible for Sasol’s system of internal control, designed to identify, uate, manage and provide reasonable assurance against material misstatement and loss. We apply a combined assurance model, which seeks to optimise the assurance obtained from management and internal and external assurance providers while fostering a strong ethical climate and mechanisms to ensure compliance. Through the enterprise risk management approach, approved by the Board, management identifies key risks facing Sasol and implements the necessary internal controls. The process is monitored and uated under the direction of internal audit, while external audit cover key controls and accounting matters in the course of their audit. Other levels of external assurance are obtained as and when where required. The Board and Audit Committee assessed the effectiveness of controls for the year ended 30 June 2018 as satisfactory, principally through a process of management self-assessment, including al confirmation from cutive management and also considered reports from internal audit, external audit and other assurance providers. COMBINED ASSURANCE Management External assurance providers Internal assurance providers Internal control and combined assurance framework The Integrated Report is our primary report to stakeholders. REPORTING BOUNDARY FOR THE INTEGRATED REPORT risks, opportunities and outcomes FINANCIAL REPORTING ENTITY control and significant influence Employees Business partners Customers Suppliers Communities Government and regulators Investments other s Joint arrangements Subsidiaries SASOL Refer to page 26 – 39 for more on our strategy.2018 was a watershed year for Sasol, as we refined our strategy to drive sustainable value creation, sharpened our focus to leverage our core strengths, while embedding increased discipline in how we allocate capital. Our value-based strategy is premised on further enhancing our foundation businesses, leveraging our competitive strengths in specialty chemicals globally, Africa-focused Exploration and Production and growing retail fuels in Southern Africa, underpinned by a robust capital allocation framework. This sets us on a clear path for sustainable growth and accelerated returns benefiting shareholders and stakeholders. Effective stakeholder engagement and delivery of social value is fundamental to delivering our strategy and creating value for all stakeholders. We are confident that we have a compelling investment case which is rooted in our identity as a chemical and energy company with diversification of earnings and geography and grounded by our aspirational culture. Investing in Sasol provides exposure to our robust foundation business, which leverages feedstock advantaged operations and integrated value chains to produce high value products at a low-oil cash break-even levels. This competitive position will be further enhanced by the Lake Charles Chemicals Projects LCCP cash contribution, streamlining the portfolio with our asset review process and delivering further value from our Continuous Improvement drive and digital ambitions. Our Board’s diversity and skills are critical to sustain a competitive advantage 33 women 80 independent 33 international STRONG GOVERNANCE AND HIGH STANDARDS OF BUSINESS ETHICS AND INTEGRITY Promoting water stewardship Driving sustainable air quality - already invested R25 bn over past twelve years Responding to climate change and energy efficiency challenges COMMITTED TO MINIMISE OUR ENVIRONMENTAL FOOTPRINT Prudent Financial Risk management Increased cash flow Reduced gearing Managing an optimal capital structure IMPROVING FLEXIBILITY OF BALANCE SHEET Low cost feedstock Integrated and diversified value chain Cash breakeven under 35/bbl ROBUST BUSINESS FOUNDATION Continuous Improvement drive towards 2 ROIC uplift by 2022 off 2017 base Increased EBITDA LCCP by 1,3 bn – by 2022 real Asset review to improve business perance ENHANCING EXISTING PORTFOLIO Zero harm Targets aligned with stakeholder value creation Competitive dividend payout Increased cash flow generation through the cycle Strong stakeholder relationships Increased delivery of social value DRIVING VALUE-BASED GROWTH Focused strategic choices Committed to a disciplined capital allocation framework Balancing returns through growth and dividends CLEAR AND FOCUSED VALUE-BASED STRATEGY THAT WILL DELIVER SUSTAINABLE GROWTH TO SHAREHOLDERS TRANSLATES TO Volume growth Cost optimisation Focused financial risk management DELIVERING VALUE THROUGH FACTORS WITHIN OUR CONTROL Safe and sustainable operations ENABLED BY OUR COMPELLING INVESTMENT CASE Accelerate development of small transed businesses Making a meaningful socio-economic impact in countries and communities in which we operate DELIVERING INCREASED SOCIAL VALUE Sasol Integrated Report 2018 1TARGETS TO MEASURE STRATEGIC DELIVERY Zero harm at all our operations globally Aspirational culture ensuring engagement and growth of all our employees ROIC US 12 through the cycle CI target 2 uplift of ROIC by 2022 off 2017 base EBIT growth US real 5 CAGR through the cycle Dividend returns targeting a dividend payout of 45 of core HEPS CHEMICALS Deliver value by optimising and leveraging existing chemicals assets Focusing on growth in high-value specialty chemicals in differentiated markets UPSTREAM Explore, develop and produce gas in Southern Africa to its full potential, together with our partners Secure coal and gas feedstock to 2050 Progressively grow upstream positions in Mozambique and West Africa ENERGY Deliver quality growth in Southern Africa by increasing margin in liquid fuels marketing Maximising value of Southern Africa gas value chain Selective gas-to-power opportunities FOUNDATION BUSINESS Leverage competitive advantage for long-term sustainability Pursuing world class operations Continuously improving value chain perance Delivering on focused programmes to respond to a changing environmental and clean fuels landscape Driving incremental value growth enabled by Digital UNDERSTANDING OUR BUSINESS To create superior value for our customers, shareholders and other stakeholders. Through our talented people, we use selected technologies to safely and sustainably source, produce and market chemical and energy products competitively. To be a leading integrated global chemical and energy company, proudly rooted in our South African heritage, delivering superior value to our stakeholders. Sasol is an international integrated chemicals and energy company. Through our talented people, we use selected technologies to safely and sustainably source, produce and market chemical and energy products competitively Our HIGHLY SKILLED PEOPLE with technical, upstream and engineering capabilities STRONG global CUSTOMER RELATIONSHIPS Our ability to manage complex integrated VALUE CHAINS AND PRODUCTION FACILITIES Our highly CASH GENERATIVE diverse asset portfolio STRONG ENERGY BRAND in South Africa STRONG US AND EU PRESENCE in specialty chemicals Sasol Integrated Report 2018 2HOW WE STRUCTURE OURSELVES TO CREATE VALUE Our foundation businesses our existing operations and functions are arranged along an integrated value chain that draws on each business’s unique capabilities and areas of specialisation to enable integrated thinking and decision-making in the organisation. Mining Exploration and Production International Operating business units Upstream Regional operating hubs Operations Strategic business units Energy and Chemicals Energy Chemicals Mozambique Canada Gabon Secunda Synfuels Secunda Chemicals Sasolburg Operations Satellite Operations Natref Operations North American Operations Eurasian Operations Liquid fuels Electricity ORYX GTL Escravos GTL Base Chemicals Perance Chemicals Regional operating hubs Secunda Sasolburg MATERIAL MATTERS WHICH IMPACT ON OUR ABILITY TO CREATE VALUE DELIVERING VALUE- BASED GROWTH Through our clear strategic choices, we are well positioned to remain competitive and drive sustainable, value-based growth for all. We will deliver this by driving Continuous Improvement, enabled by effective digital technologies, high-pering people, fit-for-purpose processes, developing a diverse portfolio and better engagement with our stakeholders. ENVIRONMENTAL SUSTAINABILITY In a context in which industry is increasingly being held accountable for its impact on the environment and is under pressure to deliver greater societal value, Sasol regards its response to environmental challenges not simply as a compliance obligation but rather as a business and social imperative. HUMAN CAPITAL MANAGEMENT Effective human capital management is critical to the cution and delivery of our strategy. By promoting diversity and cultural
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