PRESENTATION OF INFORMATION

We are incorporated in the Republic of South Africa as a public company under South African company law. Our audited consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).

As used in this Form 20-F:

We present our financial information in rand, which is our reporting currency. Solely for your convenience, this Form 20-F contains translations of certain rand amounts into US dollars at specified rates as at and for the year ended 30 June 2021.2022. These rand amounts do not represent actual US dollar amounts, nor could they necessarily have been converted into US dollars at the rates indicated.

All references in this Form 20-F to “years” refer to the financial years ended on 30 June. Any reference to a calendar year is prefaced by the word “calendar”.

Besides applying barrels (b or bbl) and standard cubic feet (scf) for reporting oil and gas reserves and production, Sasol applies the Système International (SI) metric measures for all global operations. A ton, or tonne, denotes one metric ton equivalent to 1 000 kilograms (kg). Sasol’s reference to metric tons should not be confused with an imperial ton equivalent to 2 240 pounds (or about 1 016 kg). Barrels per day, or bpd, or bbl/d, is used to refer to our oil and gas production.

Unless otherwise stated, presentation of financial information in this annual report on Form 20-F will be in terms of IFRS. Our discussion of business segment results follows the basis used by the President and Chief Executive Officer (the company’s chief operating decision maker) for segmental financial decisions, resource allocation and performance assessment, which forms the accounting basis for segmental reporting, that is disclosed to the investing and reporting public.

“Financial Review” means the Chief Financial Officer’s performance overview included in Exhibit 99.3.

“Headline earnings per share (HEPS)” refers to disclosure made in terms of the listings requirements issued by the JSE (JSE Listing Requirements).

“Core headline earnings per share (CHEPS)” refers to a disclosure based on HEPS above, calculated by adjusting headline earnings with non-recurring items, earnings and losses of significant capital projects (exceeding four billion rand) which have reached beneficial operation and are still ramping up, all

FORWARD-LOOKING STATEMENTS

We may from time to time make written or oral forward-looking statements, including in this Form 20-F, in other filings with the US Securities and Exchange Commission (SEC), in reports to shareholders and in other communications. These statements may 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, expectations, developments and business strategies. Examples of such forward-looking statements include, but are not limited to:

The foregoing list of important factors is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider the foregoing factors and other uncertainties and events, and you should not place undue reliance on forward-looking statements. 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. See “Item 3.D—Risk factors”

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ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES

We are a public company incorporated under the company law of South Africa. Most of our directors and officers reside outside the US, principally in South Africa. You may not be able, therefore, to effect service of process within the US upon those directors and officers with respect to matters arising under the federal securities laws of the US.

In addition, most of our assets and the assets of most of our directors and officers are located outside the US. As a result, you may not be able to enforce against us or our directors and officers judgements obtained in US courts predicated on the civil liability provisions of the federal securities laws of the US.

There are additional factors to be considered under South African law in respect of the enforceability in South Africa (in original actions or in actions for enforcement of judgements of US courts) of liabilities predicated on the US federal securities laws. These additional factors include, but are not necessarily limited to:

Based on the foregoing, there is no certainty as to the enforceability in South Africa (in original actions or in actions for enforcement of judgements of US courts) of liabilities predicated on the US federal securities laws.

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Risk related to COVID-19Pandemics

Risks related to our capital investments

higher-than-anticipated capital requirements for projects under development, as well as other risks described in this section, any of which, or a combination of which, could cause us to breach our debt covenants during a reporting period. This risk is exacerbated by the ongoinglasting impact of the COVID-19 pandemic as well as the conflict between Russia and itsUkraine with their impact on ourenergy feedstock costs, supply chain disruptions and subsequent inflationary concerns which all could impact Sasol’s turnover and profitability.

A substantial proportion of our turnover is derived from sales of petroleum, natural/piped gas and petrochemical products, prices of which have fluctuated significantly in recent years and are affected by crude oil prices, changes in the demand for products, the price and availability of substitute fuels, changes in product inventory, product specifications, production capacity and other factors.

The South African government controls and/or regulates certain fuel prices. The pump price of petrol is regulated at an absolute level. Furthermore, maximum price regulation applies to the refinery gate price of liquefied petroleum gas (LPG) and the sale of unpacked illuminating paraffin. South African liquid fuels are valued using the “Basic Fuel Price” (BFP) mechanism. BFP is a formula-driven price that considers, among others, the international prices of refined products (petrol, diesel, jet fuel, illuminating paraffin and LPG), the rand/US dollar exchange rate and the logistical cost of transporting liquid fuels to South Africa. The BFP is then used as a component in the regulated prices that are published by the government on a monthly basis. Short and longer-term review of the BFP and the Regulatory Accounting System (RAS) has been discussed by the Ministers of Finance and of Mineral Resources and Energy. To date the calculation of the logistics component has been amended, by removing the allowed 15% premium on observed freight and demurrage rates from the calculation, resulting in a reduction of the BFP value. The value of the reduction fluctuates with changes in freight and demurrage rates and changes in the ZAR/US$ exchange rate. We expect the change to reduce BFP in a range of 3-12 cents per liter. Sasol will participate in deliberations on the review of BFP as and when Government embarks on such actions, however, there is the risk of potential margin impact as a result of such reviews.

Piped gas prices are regulated through the approval of maximum piped gas prices by the National Energy Regulator of South Africa (NERSA) from time to time. NERSA has issued two discussion documents on, (1) the impact of unitary pricing; and (2) the effect of high international prices on the South African gas market with proposals for interim amendments to the Maximum Gas Price Methodology and longer-term review of the Methodology. Sasol Gas is participating in this public consultation process. As a result of NERSA’s review of the Maximum Gas Price Methodology a revised methodology may be adopted by NERSA for the approval of Maximum Gas Prices. Should NERSA adopt a revised Maximum Gas Price Methodology, it could have an adverse effect on our

Fluctuations in exchange rates may adversely affect our business, operating results, cash flows and financial condition

The rand is the principal functional currency of our operations and we report our financial results in rand. However, a significant portion of our turnover is impacted by the US dollar and the pricing of most petroleum and chemical products is based on global commodity and benchmark prices which are quoted in US dollars.

Further, as explained above, the components of the BFP are US dollar-denominated and converted to rand, which impacts the price at which we sell fuel in South Africa.

A significant part of our borrowings are US dollar-denominated, as they relate to investments outside South Africa or constitute materials, engineering and construction costs imported into South Africa. Fluctuations in the rand/US dollar exchange rate impact our financial leverage and estimated capital expenditure.

We also generate turnover and incur operating costs in eurodollars, euros and other currencies.

Fluctuations in the exchange rates of the rand against the US dollar, euro and other currencies impact the comparability of our financial statements between

disruptions, including the extent of their adverse impact on our financial and operational results, will be determined by the length of time that such disruptions continue, which will, in turn, depend on the duration of the pandemic, the time taken to access and administer vaccines and the impact of governmental regulations that might be imposed in response to it. The most material challenges faced by Sasol are the ability to anticipate or model infection rates, local / regional / global spread patterns, recovery and mortality rates, potential for future recurrent infection waves and the resultantconsequent direct and indirect impacts on our business and continuity of our operations.

A key challenge is the impact of the pandemic on the commodity markets, including the demand for our products, which is not under our control. As we cannot predict the spread of the virus and the impact on the economy in the countries in which we operate, COVID-19 may continue to have an increasinglya negative impact on our business, operating results, cash flows and financial condition, and even put Sasol’s financial viability at risk.condition.

The pandemic impacted, and continues to impact, all economies in which we operate. The current impact varies among the countries and it is difficult to predict the further development of such impact. A

We may not pay dividends or make similar payments to shareholders in the future due to various factors

As further described under “Item 8. Financial Information”, the company’s dividend policy takes into consideration various factors, including overall market and economic conditions, the group’s financial position, capital investment plans as well as earnings growth. Whether funds are available for distribution to shareholders depends on a variety of factors, including the amount of cash available and our capital expenditures and other liquidity requirements existing at the time. Under South African law, the company will be entitled to pay a dividend or similar payment to its

Managing climate change amid South Africa’s developmental challenges, civil discontent, economic structure , residual impacts of COVID-19, pandemic, while transitioning toany potential downgrade of the sovereign credit rating of South Africa, misalignment of the carbon tax design with the carbon budget system, mitigation options and the regulatory uncertainty in the absence of a low-carbon economy.final promulgated Climate Change Act and the need for a just transition, remains a risk. We actively engage with government and various stakeholders regarding a just transition to enable an approach that appropriately manages and balances the need for economic development, job creation, energy security and GHGgreenhouse gas emission reductions.

SasolSasol’s climate change scenario planning foresees a low-carbon emission world representing changes to energy demand, regulations and commodity consumption patterns. Depending on the extent and speed of these changes, companies that doif Sasol does not effectively respond and enable robustness of our business to these possible realities could

but which may not be available in alignment with the proposed timeline.advancement and regulatory developments and customer preferences.

Further, climate change poses a significant risk for both our South African and global business as it relates to potential physical impacts, including change in weather patterns, water scarcity and extreme weather events, such as cyclones/hurricanes, tornadoes, flooding and sea level rise. In this regard, work continues to be refined into our operational strategies and responses for the identified key priority regions such as the US Gulf Coast, Mozambique, and South African operations (Secunda and Sasolburg). Ongoing monitoring efforts guide our interventions to improve our maintenance, asset integrity processes and response procedures. The ongoing COVID-19 pandemic has sharpened our focus on managing these risks as we expect that the effects of changing climate could exacerbate potential future pandemics.

Further, climate change-related laws and regulations may threaten our licence to operate and substantially increase the cost of doing business, because ofincluding the imposition of higher carbon taxes or similar taxes. ReplacementThe replacement of coal with natural gas, sustainably verifiedsustainable biomass and green hydrogen as sustainable feedstocks for our operations in Secunda areis likely to increase the cost of production and reduce our profitability significantly. Current information indicates that imported liquified natural gas and other gas sources, biomass and green hydrogen are more costly feedstocks than coal for our operations in Secunda. In transitioning to these low GHGgreenhouse gas intensity feedstocks, there will bewe anticipate an impact on the margin of some of our products. These climate change-related effects could have a material adverse effect particularly on our South African business, operating results, cash flows, financial condition and future growth. Our relatively high carbon emissions and the use of coal as a key feedstock could also impact negatively on our potential base of shareholders and our ability to source financing in capital and/or bank markets and/or increase our cost of capital.

Businesses like ours face increasing requirements to disclose to the public the climate change risks and impacts associated with their operations. Examples include significant changes that the US Securities and Exchange Commission has proposed to disclosure by US registered companies, like ours, of these risks and impacts. The European Union is about to adopt similar requirements. Further, environmental and other non-governmental organisations as well as regulators increasingly

We operate coal mines, explore for and produce oil and gas and operate a number of plants and facilities for the manufacture, storage, processing and transportation of crude oil, chemicals and gas, related raw materials, products and waste materials. These facilities and their respective operations are subject to various risks, such as fires, explosions, hurricanes,releases and loss of containment of hazardous substances, soil and water contamination, flooding, land subsidence, and geological complexity, among others. As a result, we are subject to the risk of, and in the past have experienced, industry-related incidents. Such incidents can be subjected to inspections by relevant authorities, with the associated potential consequences of enforcement action, including directions to temporarily cease and desist operations and/or the imposition of fines and penalties. This may have a material adverse effect on our business.

Our facilities aremay also be subject to the risk of deliberate acts of terror.

Risks related to legal, regulatory and governance matters

We identified a material weakness in our internal controls over financial reporting in 2020, which we are still in the process of remediating. If we are unable to remediate this material weakness, or if we experience additional material weaknesses or other significant deficiencies in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately and timely report our financial results, which could cause shareholders to lose confidence in our financial and other public reporting, and adversely affect our share price

Our management is responsible for establishing and maintaining adequate internal controls over financial reporting and for evaluating and reporting on the effectiveness of our system of internal control. Under “Item 15— Controls and Procedures”, a material weakness in internal control over financial reporting was disclosed for the financial year ended 30 June 2021.2022. The material weakness was identified in 2020 and relates to the level of precision applied to the impairment assessments performed on the South African integrated value chain cash generating units (CGUs) within one segment of the company and has now beenwas expanded to all CGUs within the South African integrated value chain. This material weakness is still in the process of being remediated.

While the material weakness relating to the LCCP capital cost estimation process was fully remediated as at 30 June 2021 and while we are currently implementingsignificant progress on remedial measures has been undertaken there can be no assurance that our efforts will be successful. TheWe are currently implementing remedial measures therefore the material weakness waswill not be considered remediated until the completion of the design and implementation of the longer-term remediation efforts and the applicable remedial controls operate for a few cycles and

Anti-corruption and anti-bribery laws

Ethical misconduct and non-compliance with applicable anti-corruption/anti-bribery laws could result in criminal or civil sanctions and could have a material adverse impact on our reputation, operations and licence to operate.

Companies need to be particularly vigilant with regard to the risk of bribery, especially when the scale of investments and the corruption perception of the countries where operations take place are considered. We, like other international petrochemical companies, have a geographically diverse portfolio and conduct operations in some countries which have a perceived high prevalence of corruption. Our operations must comply with applicable anti-bribery laws, such as the US Foreign Corrupt Practices Act as well as similar anti-corruption and anti-bribery laws of South Africa and other applicable jurisdictions. There has been a substantial increase in the global enforcement of these laws. In particular, majorMajor investments in countries with a high corruption exposure create an elevated risk when dealing with private companies, governments or government-controlled entities. We have an anti-corruption and anti-bribery compliance and training programme in place which is designed to prevent and reduce the likelihood of violations of such laws by our employees and companies associated with us. However, a violation could result in substantial criminal or civil sanctions and could damage our reputation.

Sanctions laws

Our international operations require compliance with applicable trade and economic sanctions, or other restrictions imposed by governments, such as the US and United Kingdom, and organisations, such as the United Nations, the European Union (EU) and its member countries. We closely monitor developments in these sanction programmes and assess

considering synergies with GHGbe realised from 2025, as well as to reduce GHGs and other pollutants emitted from the boilers. To enable this transition through the integrated reduction effortsroadmap, Sasol applied to the NAQO to be regulated by a load-based emission limit (the mass and the rate of the pollutant emissions) instead of a concentration limit (the mass of pollutant per cubic meter of air emitted). Through this, Sasol aims to achieve a 30% reduction in SO₂ by 2030, which is viewed to be significantly more than what would be achieved under the current concentration limits in the interest of implementingMES. The application (Clause 12A application under the MES ) allows an overall environmentally sustainable solution considering Sasol’s ambitionexisting plant to decarbonise our operations. Introducing incremental amounts of additional gas would allow usapply to accelerate our GHG reduction plans while also enabling the shutdown ofNAQO to operate under an emission load limit (as opposed to a concentration-based limit) and aims to enable the Secunda Operations to lawfully continue operating its boilers thereby reducing the total mass of Sasol’s SO₂ emissions. It, however, remains likely thatat its steam plants beyond 31 March 2025, pending and following the implementation of the selected solution will also extend beyond 1 April 2025.proposed integrated SO₂ and GHG reduction roadmap.

Accordingly, weWe continue to assess available legal mechanisms to leverage in mitigation of any potential non-compliance risks that may arise on 1 April 2025, pending the completion of the air quality roadmaps along adjusted timelines. and the favourable consideration of the abovementioned clause 12A application. We continue to engage with the Department of Forestry, Fisheries and the Environment (DFFE) and the local licensing authorities as necessary. The outcome of these processes and applications cannot be guaranteed and may be successfully challenged by third parties and hence the risk of non-compliance could still materialise. Non-compliance may result in the violation of licence conditions with the associated consequence of administrative and criminal enforcement action, which may include directions to cease operations, and fines and penalties includingas well as criminal prosecution.prosecution and sanctions. This may have a material adverse impact on our business.

We recognise that existing standards may become stricter over time which may pose a risk to some of our maturing operations in South Africa. This may, in some cases, adversely affect our business, financial condition, results of operations and cash flows.

Some of our South African operations are situated in declared air quality priority areas which are subject to the requirements of the Vaal Triangle Air-ShedAir-shed Priority Area Air Quality Management Plan and the Highveld Priority Area Air Quality Management Plan. These plans areEnabling regulations regarding stricter governance of the Highveld Priority Area, in particular

Data privacy laws and regulations

We operate in countries that have data protection laws and regulations. It is our policy to comply with all applicable laws, and we implement numerous training, awareness and data privacy compliance programmes. However, non-compliance with data protection laws could result in fines and/or civil claims and damages. This could have a material adverse impact on our reputation and a consequential financial impact.

South African mining legislation may have an adverse effect on our mineral rights

In December 2019, the Minister of Mineral Resources and Energy (Minister) separated oil and gas-related matters from thatthose of mineral related mattersmineralisation in the Mineral and Petroleum Resource Development

The Mine Health and Safety Amendment Bill was published on 15 June 2022 for public comment. Sasol Mining provided its comments via the Minerals Council South Africa (Minerals Council). The impact of the proposed amendments can only be considered should the whole or any of the proposed amendments be enacted. The proposed amendments however have far-reaching implications and provide inter alia that a mining company can be fined up to 10% of its annual turnover should it be convicted of a non-compliance to the provisions of the Mine Health and Safety Act 26 of 1996 (MHSA).

Legislation in South Africa related to petroleum and energy activities may have an adverse impact on our business, operating results, cash flows and financial condition

Regulation of petroleum products in South Africa

The Petroleum Products Amendment Act 2 of 2005 (Petroleum Products Act)

The Petroleum Products Act requires that persons involved in the manufacture and wholesale and retail sale of petroleum products obtain relevant licences for such activities. Sasol Oil (Pty) Ltd (Sasol Oil), Natref and SSA have submitted applications for their respective operations. The Sasol Oil wholesale licence and SSA manufacturing licence applications have been approved and the licences issued. The Sasol Oil manufacturing licence application pertaining to the Natref refinery has been accepted, however, the licence has not yet been issued. As provided in the Petroleum Products Act, Sasol Oil continues to act as a deemed licence holder in relation to its manufacturing activities.

Accordingly, Sasol Oil and Natref continue to operate as being persons who, as of the effective date of the Petroleum Products Act, are deemed to be holders of a licence until their applications have been finalised. Until then, we cannot provide assurance that the conditions of the licences may not have a material adverse impact on our business, operating results, cash flows and financial condition.

The Petroleum Products Act entitles the Minister to regulate the prices, specifications and stock

legal review application seeking to overturn the 2021 price decision by NERSA, which approved Maximum Gas Prices for Sasol Gas for the period from 2014 – 2021. Both NERSA and Sasol Gas are opposing the application and the parties are currently exchanging pleadings in respectthe matter. The current 2021 NERSA price decision remains in force until such time as it is set aside by a competent court and NERSA makes a new decision. The legal obligations for Sasol Gas also remain unaffected by this application pending the decision of these anticipated claimsthe court.

Due to extraordinary international macro-economic developments, international gas prices have experienced increased volatility and increases during the period for which international benchmark data is used in terms of the 2020 Maximum Gas Price Methodology to determine maximum gas prices. This has led to uncertainty regarding 2023 Maximum Gas Price in terms of the 2021 NERSA Maximum Gas Price decision. Sasol Gas is continuing to engage with NERSA to resolve the issue, pending which the actual gas prices applicable in 2022 will continue to be charged by customers.Sasol Gas. These circumstances may also have a longer term adverse impact on the methodology used by NERSA to determine Maximum Gas Prices.

The outcome of the engagements with NERSA regarding the 2023 gas pricing as well as future implementation of NERSA-approved maximum gas prices could have an adverse effect on our business, operating results, cash flows and financial condition.

The Gas Amendment Bill was gazetted on 13 April 2021. This Bill is currently in the public comment phase and the ultimate effect of the proposed amendments to the Gas Act on our sales and our financial condition cannot be determined at this time.

The outcomes of such decisions and legislations may have an adverse impact on our business, operating results, cash flows and financial condition

Changes in safety, health, environmental and/orand chemical regulations, other legislation and public opinion may adversely affect our business, operating results, cash flows and financial condition

We are subject to a wide range of general and industry-specific environmental, health and safety and other legislation in the jurisdictions in which we operate. See “Item 4.B—Business overview—Regulation—Safety, health and environment—Regions

affect our legal licence to operate and our access to capital and financing”.

Changes to waste management legislation in South Africa, particularly around landfill prohibitions and extended producer liability, are compelling our South African operations to find alternative solutions to waste management, disposal and disposal.management of packaging. The changing regulatory landscape introduces increasingly stringent waste disposal restrictions, extended producer liabilities and punitive fiscal reform measures including potential waste levies. We continue to quantify the potential costs associated with meeting these requirements. We depend on regulatory authorities clarifying the interpretation and applicability of specific requirements to our waste streams, to determine whether there would be compliance challenges associated with technical and feasibility constraints.

Water use licences being issued by the South African Department of Water and Sanitation include increasingly stringent requirements, such as waste water discharge limits, that must be complied with over time. This may not be achievable.

From a chemicals managementSasol chemicals’ business perspective, our products must be registered in accordance with regulatory requirements for many of the countries in which we operate, and sold in line with permit conditions, among other considerations. TheseIn the EU, these include filing of Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) registrations for chemicals we produce in or import into Europe,Europe. In other regions, such as US and China or other Asian countries, chemical notifications have to be filed for other regions, especially the US, Canada and China, as well as South Korea, Taiwan and other Asian countries.new chemicals. Many countries are in the process of revising their chemicals regulations based on the EU REACH regulation, which isregulation. South-Korea and Turkey have already implemented EU REACH-like regulations and Sasol has started activities to ensure that the business with customers in Turkey and Korea can continue. The Eurasian region also expected to be updatedwill implement new chemical regulations soon. TheseAll of these changing chemical regulations come with further obligations and requirements with which Sasol will need to comply. Following Brexit, the UK has introduced a separate UK REACH regulation. Sasol ishas taken all necessary steps to ensure that we can continue to deliver products to customers in the UK. We have started to file new registrations for new business in the UK and are preparing to file UK REACH registrations following Brexit.for other substances.

measuring equipment, errors in manually capturing results, or other mistaken or unauthorised acts of our employees or service providers.

There is growing public opinion and awareness of public health and safety associated with the manufacturing and use of chemicals and industries reliant on fossil fuels. Challenges are also increasingly being raised on these issues. Our manufacturing processes may utilise and result in the emission of or exposure to substances with potential health risks. We also manufacture products which may pose safety, health and environmental risks. We remain committed to apply a duty of care principle and implement measures to eliminate or mitigate associated potential risks, including through our commitment to the Responsible Care® programprogramme and adoption of the GHS.GHS over and above legal compliance. However, we may be subject to liabilities as a result of the use or exposure to these materials or emissions. Non-governmental organisations, activists and other stakeholders increasingly use environmental, health and safety permitting processes, including ours, to challenge a company's practices to promote greater environmental sustainability in its operations and value chain. We expect this kind of participation to increase over time, which could impede our ability to obtain new or renewed permits or result in more stringent standards imposed in them. See “Item 4.B—Business overview—Regulation” for more detail.

We recognise that evolving chemicals control regulations globally may require additional product safety evaluations with the potential for restrictions on product uses. Consequently, markets may apply pressure on us concerning certain of our products, feedstock, manufacturing processes, transportation and distribution arrangements. As a result of these additional pressures, the associated costs of compliance

Sasol Financing International Limitedplc (SFI) tax proceedings described under “Item 3.D —There are country-specific risks relating to the countries in which we operate that could adversely affect our business, operating results, cash flows and financial condition— (c) Legal and regulatory—ii. Tax laws and regulations”,condition

obtained through former employees, may negatively impact this advantage.

Similarly, operating and licensing technology in countries in which intellectual property laws are not well established and enforced may result in an inability to effectively enforce our intellectual property rights. The risk of some transfer of our know-how and trade secrets to our competitors is increased by the increase in the number of licences granted under our intellectual property, as well as the increase in the number of licensed plants which are brought into operation through entities which we do not control. As intellectual property warranties and indemnities are provided under each new licence granted, the cumulative risk increases accordingly. These risks may adversely affect our business, operating results, cash flows and financial condition.

Risk related to geopolitical and stakeholder relationships

There are country-specific risks relating to the countries in which we operate that could adversely affect our business, operating results, cash flows and financial condition

Several of our subsidiaries, joint arrangements and associates operate in countries and regions that are subject to significantly differing political, social, economic and market conditions. See “Item 4.B—Business overview” for a description of the extent of our activities in the main countries and regions in

termcountry’s growth potential, socio-economic inequalities, weak public finances, corruption and addressing weaknesses at state-owned enterprises and other institutions. In addition, South Africa continues to face actual events and potential future risks related to civil and social unrest. In 2021, the country experienced such events which significantly impacted the economy, business as a whole and Sasol specifically across various fronts includingfronts. These included security threats to operations and people, continuity risks in operations and business, reductions in market demand for products, and interruptions in supply chains. These factors remain a significant risk to South Africa’s sovereign credit rating outlook and future socio-economic stability.

In Mozambique, COVID-19-related uncertainties, aroundeffects linked to the durationconflict between Russia and intensity of the impact of COVID-19,Ukraine high levels of public sector debt, political conflict, severe insurgency risks, lack of essential services, the need to further strengthenfor ongoing strengthening of institutions, insufficient fiscal sustainability and extreme weather events are expected to remain significant risks to the sovereign creditcountry’s economic and operational outlook for the foreseeable future.

At a global level, COVID-19 strains and infection waves, vaccine availability, efficacy and hesitancy, strict lockdowns in China, and the supply, equity and pacespill-over effects of the roll-outconflict between Russia and Ukraine lead to unusually high levels of vaccines, as well as their efficacy against new strainsuncertainty. These pose ongoingsignificant downside risks to economic activity, sentiment,the global supply chains, commodity demandeconomy and travel and tourism. Uncertainties related to US and China relations remain a risk. Furthermore, geopolitical tensions, financial vulnerabilities, accentuated by COVID-19, abrupt shifts in financial conditions and their impact on the socio-economic outlook can also influence the countries in which we operate.operate, including their policy developments.

Other countries in which we operate could from time to time face sovereign rating risks, which may impact our counterparties’ ability to access funding and honour commitments.

Government policies, laws and regulations in countries where we operate, or plan to operate, may change in the future. Governments in those countries have in the past and may in the future pursue policies of resource nationalisation and market intervention, including through protectionism like import tariffs and subsidies. The impact of such changes on our ability to deliver on planned projects cannot be determined with any degree of certainty. Such changes may therefore have an adverse effect on our operations and financial results.

Council’s application for the judicial review of various aspects of the 2018 Mining Charter. Sasol Mining will monitor the outcome of this judicial review process which may either result in the status quo being retained or certain amendments being made to the 2018 Mining Charter is an instrument of policy and not subordinate legislation. Current indications are that the ruling will not be appealed. The Minister may however prepare and pass an Amendment Bill through Parliament to address the Minerals Council’s concerns. aspects of the Charter that were set aside or mining rights can be issued or renewed in future on conditions similar to those that were set aside pursuant to the review application.

For more information refer to “Item 3.D—South African mining legislation may have an adverse effect on our mineral rights”.

On 27 March 2020, the Minister published amendments to the Mineral and Petroleum Resources Development Regulations (Amendment Regulations). to "...develop a broad-based socioeconomic empowerment Charter that will set the framework for targets and timetable for effecting the entry into and active participation of historically disadvantaged South Africans into the mining industry…" The Amendment Regulations may have a negative impact on our business in terms of uncertainty regarding the interpretation and higher cost for the business.

In Mozambique, there is still no specific law for local content. However, legal frameworks support the Government in monitoring the implementation of local content plans submitted by international oil companies. The Mozambique National Constitution states that the exploration of natural resources must protect the interest and promote the effective involvement of the national business community (articles 102 and 107). Therefore, the legislation of the petroleum sector (Law 21/2014 of 18 August 2014) imposes some obligations for local content. Local content rules in the oil and gas sector are further complemented by the Mega-Projects Law (15/2011 of 10 August 2011) regarding the national participation in the Concessionaire's shareholder structure. The lack of a specific and detailed local content law constitutes a risk for the operators as there is no common understanding of certain local law content defined terms, which may lead to a misrepresentation of the Sasol Local Content Plan.

In addition, to the existing laws, the Government has been developing initiatives to promote local content (Single Local Content Programme). It is crucial to have an alignment between the Single Local Content Programme and the initiatives being implemented by Sasol.

consolidated matter was not submitted to the Labour Court and since October 2020 it has made no further advances to progress with the matter. The Labour Court recently issued a directive to prepare a pre-trial minute to be filed with the registrar as an alternative to appearing before a judge of the Labour Court on 10 August 2022. The parties filed the pre-trial minute and are awaiting the allocation of the trial date. It is, therefore, not a Sasol-only matter in South Africa and also affects other large companies. The Sasol Inzalo dispute lodged by the CEPPWAWU trade union has lost its momentum and been left dormant by the trade union, and it is no longer regarded as a major threat to Sasol.

On 6 May 2019, Sasol received a statement of claim filed by the trade union Solidarity with the Labour Court in Johannesburg, alleging that the Sasol Khanyisa Employee Share Option Plan (ESOP) element of the Sasol Khanyisa transaction is discriminatory as it does not include whiteWhite employees in South Africa and employees working for Sasol outside South Africa.

Sasol Mining applied to the DMRDMRE for the recognition of the Sasol Khanyisa ESOP to meet the ownership requirements contained in the 2018 Mining Charter. The DMRDMRE declined the request due to the ongoing litigation as the outcome could possibly have an impact on the number of employees participating in the scheme and the resultantconsequent ownership percentage.

Consequently, Sasol Mining is unable to fully comply with the 2018 Mining Charter ownership requirements related to new mining right or mining right renewal applications. At this stage, all applications submitted prior to the 2018 Mining Charter becoming effective are being processed based on Sasol Mining’s historic ownership level. Furthermore, the South African Broad BasedBroad-Based Black Economic Empowerment Commission (B-BBEE) Commissioner may not recognise that the vendor financing mechanism allows us to be allocated points on Enterprise Supplier Development.Development as per B-BEE scorecard.

However, we expect that the long-term benefits of Sasol Khanyisa to the company and South Africa should outweigh any possible adverse effects, such as dilution to existing shareholders, but we cannot assure you that future implications of compliance with these requirements or with any newly imposed conditions will not have a material adverse effect on our shareholders or business, operating results, cash flows and financial condition. For instance, any rights issue, depending on the uptake ‘appetite’ could possibly

Lake Charles East Plant Collective Bargaining Agreement will remain in effect until 7:00am on 16 October 2023.

In Sasol Chemicals America, the Oil City Plant (represented by the United Steel Workers Local 455), located in Oil City, Philadelphia, wages were previously negotiated. The current Oil City Plant Collective Bargaining Agreement terms were effective 1 April 2019 and will remain in effect through 1 April 2024. In February of 2022, Sasol announced the closure of this facility. Throughout the risk of distractions due to uncertainties and change since the announcement, employees have maintained safety and production as priority.

In Sasol Chemicals Germany, the Wage Tariff Agreement term ended 31 March 2022 and due to the volatile inflation, a lump-sum payment was agreed. The negotiations for 2022 have recently resumed with trade unions having submitted demands for 15% wage increments. Should there be no settlementthe increase of salaries will resume in this regard, one or more trade unions bargaining within Sasol Mining may declare a dispute at the Commission for Conciliation, Mediation and Arbitration (CCMA). Inability to reach any resolution pertaining to such dispute could lead to the CCMA issuing a dispute non-resolution certificate which will entitle the relevant trade union to embark on a strike action at Sasol Mining.

The wage negotiations process at Mozambique CPF Plant is imminent. Similarly, the inability to reach a settlement could potentially give rise to strike action by the relevant trade union.

In viewfall of all the aforesaid, although we have positive relationships with our employees and trade union partners, labour disruptions could occur in the future and this may have a bearing on our labour costs which could increase in the future.calendar 2022.

MacroeconomicMacro-economic factors, such as inflation and interest rates, could affect our ability to contain costs and/or ensure cost-effective debt financing in the countries in which we operate.

Our sustainability and competitiveness are influenced by our ability to optimise our cost base. As we are unable to control the price at which our products are sold, an increase in inflation in countries in which we operate may result in significantly higher future operational costs.

South African consumer price inflation averaged 5,7% in 2022 compared to 3,5% in 2021, compared2021. Similarly, inflation in the US rose to 3,7%7,2% in 2020. Recent2022 from 2,3% in the preceding year. In the Eurozone, inflation trends were affectedaccelerated to 5,4% from 0,6% over the same period. Surging inflation was mainly by containeddue to significant increases in food and energy prices, supply chain bottlenecks, and a slow rebalancing of spending towards the services sector. With inflation well above central banks’ inflation targets in several countries and fears of a potential de-anchoring of inflation expectations, rand-denominated oil price movements and generally weak economic conditions. With inflation remaining around the lower-end of the South African central bank’s 3-6% inflation target range during the year, combined with COVID-19-induced economic challenges,banks have already embarked on what appears to be an aggressive monetary policy normalization path. For example, the South African Reserve Bank maintainedhiked the policy interest rate at a relatively lowto 5,50% by July 2022 from 3,50% duringin July 2021.

outside CEMAC and limits a company’s ability to enter into loans, import / export services and assets and make investments. Fines for breach are extremely severe, being up to 50% of the company’s assets. BEAC has issued two moratoria on the regulation withRegulation and the currentfinal moratorium being effective untilexpired on 31 December 2021. The current moratorium is documented2021 and the Regulations are now in Decisioneffect.

transportation routes in order to optimally run our operations and/or move our products. The infrastructure in some countries in which we operate, such as rail infrastructure, inland water systems, electricity and water supply, may need to be further upgraded and expanded, and in certain instances, possibly at our own cost. Should we not have access to reliable electricity supply, or should we have limited access to water or experience infrastructure challenges in the regions in

Given the impact of operating in a volatile macroeconomicmacro-economic environment and considering the falloutnegative consequences of the COVID-19 pandemic, especially in South Africa, where the rate of vaccinations is slower than other jurisdictions in which we operate, we may not be able to meet some of our stakeholder commitments in 2022.commitments. This may have a material impact on stakeholder relations. Various processes are in place to proactively engage with stakeholders and to mitigate associated risks. However, we cannot assure youprovide assurance that the strategy will fully mitigate the risk and therefore, actions taken by stakeholders could have a material adverse effect on our business, operating and financial results, and future growth.

Host governments in some of the resource-rich countries in which we operate or consider making investments may display tendencies of wanting to change existing contracts through early terminations, non-renewal or cancellation of contractual rights. In these jurisdictions, we may not be able to fully enforce our contractual rights or enforce judgements obtained in

mainly in the ethylene and propylene value chains. COVID-19-related supply chain disruption (exacerbated by the conflict between Russia and Ukraine) could continue to impact our ability to reach global markets from South Africa or other producing regions and could also restrict access to specific markets. Consequently, forecasting the timing of the industry business cycle, and prices for chemical products during the current volatility remains difficult and a deterioration in overall conditions may have a material adverse effect on our business, operating results, cash flows and financial condition.

Our coal, synthetic oil natural oil and natural gas reserve estimates may be materially different from quantities and qualities that we eventually recover or ultimately make use of

Our reported coal, synthetic oil natural oil and gas reserves are estimated quantities and qualities based on applicable reporting regulations that, under present conditions, have the potential to be economically mined, processed, produced, delivered to market and sold.

There are numerous uncertainties inherent in estimating quantities and qualities of reserves and in projecting

products, are dependent on the use of advanced technologies. The development, commercialisation and integration of the appropriate advanced technologies can affect, among other things, the competitiveness of our products, the continuity of our operations, our feedstock requirements and the capacity and efficiency of our production.

It is possible that new technologies or novel processes may emerge and that existing technologies may be further developed in the fields in which we operate. Unexpected advances in employed technologies or the development of novel processes can affect our operations and product ranges in that they could render the technologies we utilise or the products we produce obsolete or less competitive in the future. Difficulties in accessing new technologies may impede us from implementing them and competitive pressures may force us to implement these new technologies at a substantial cost.

In addition to the potential technological challenges, expansion projects are often integrated across our value chain. Delays with the development of an integrated project might, accordingly, have an impact on more than one business segment.

significant external threats. However, we recognise that if there is a breach of information security we could experience disruptions ofto critical services or may be exposedvulnerable to cyber and ransomware attacks. In the worst case scenario, thisThis could result in financial loss, and have a material adverse effect on our business, operating results, cash flows, financial condition and our disclosure of control processes.

Risk related to our people

We may not be successful in attracting, developing and retaining sufficiently or appropriately skilled employees

In order for Sasol to deliver on its strategic objectives, sustainably grow into the future, and effectively operate and continuously improve existing and future assets and technologies, we are highly dependent on our human capital.

We maintain a focus on attracting, developing and retaining sufficiently diverse, skilled and experienced employees, including critical or scarce skills like qualified scientists, engineers, project execution managers, artisans and operators and highly skilled employees in business and functional roles.

However, therevarious risks still exist various risks that may impact our ability to attract and retain required skills.

There is constant competition in global labour markets for critical or scarce skills. The quality and availability of skills in certain labour markets may also be impacted by the challenges within the education and training systems. Similar to other organisations, we are seeing high employee turnover in the business due to the current competitive labour market. Localisation, diversity and other similar legislation in countries in which we operate are also key considerations in the attraction and retention of sufficiently skilled employees. The increasing use of digital technologies across our industry is placing increasing demand on data and digital technology skills. The availability and supply of these new skill sets are limited due to demand outweighing supply. The transition to cleaner technologies will also impact the current and future skills demand and supply. In some countries, ageing workforces can also contribute to this risk.

To promote retention on the employee workforce, and to mitigate the risk of the continued challenge to attract highly skilled candidates, we prioritise employee retention initiatives. However, as a result of the above, we may not be successful in

Holders of Sasol’s ordinary shares or ADSs may be subject to dilution as a result of any non-pre-emptive share issuance, and shareholders outside South Africa or ADS holders may not be able to participate in future offerings of securities (including Sasol’s ordinary shares) carried out by or on behalf of Sasol

Future share issuances by Sasol, with or without subscription rights, could (depending on how the share issuance is structured) dilute the interests of existing shareholders or require them to invest further funds to avoid such dilution.

In the case of an equity offering with subscription rights, holders of Sasol’s shares in certain

these products firmly as premium components in the formulation of top-tiertop tier lubricants.

Our Sasol LTFT^TM technology can also be integrated into flow schemes utilising green hydrogen and environmentally friendly carbon feedstocks in order to produce green products including Sustainable Aviation Fuel

Key contracts

ORYX GTL, our 49% joint venture in Qatar, purchases natural gas feedstock from Al Khaleej Gas, a joint venture between ExxonMobil Middle East Gas Marketing Limited and Qatar Petroleum, under a gas purchase agreement with a contracted minimum off-take volume. The agreement commenced in November 2005 and is valid for 25 years. The duration of the agreement may be extended by the parties on terms and conditions that are mutually agreed.

CTRG, our 49% joint operation in Mozambique, purchases natural gas feedstock produced at our natural gas Pande-Temane Petroleum Production Agreement (PPA) asset. CTRG has a gas transport agreement with the Republic of Mozambique Pipeline Investments Company (Pty) Ltd (ROMPCO) and a

transaction, Sasol transferred its entire European wax business, except for the Fischer-Tropsch hard wax business, which remained with Sasol.

Refer to “Item 4.D—Property, plants and equipment—Gas” for detail regarding key contracts in Mozambique.

Legal proceedings and other contingencies

From time to time, Sasol companies are involved in litigation, tax and similar proceedings in the normal course of business. Although the outcome of these claims and disputes cannot be predicted with certainty, a detailed assessment is performed on each matter, and a provision is recognised, or contingent liability disclosed, where appropriate in terms ofas guided by IFRS.

As reported previously, the South African Revenue Service (SARS) conducted an audit over a number of years on SFISasol Financing International Plc (SFI) which performs an offshore treasury function for Sasol. The audit culminated in the issuance of revised assessments in respect of the 2002 to 2012 tax years and the dispute relates to the place of effective management of SFI. SFI has co-operated fully with SARS during the course of the audit relating to these assessments. The potential tax exposure is R2,58R2,65 billion (including interest and penalties as at 30 June 2021)2022), which is disclosed as a contingent liability.

SFI lodged an objection and appeal in the Tax Court against the revised assessments. SFI and SARS have come to a mutual agreement that the appeal and related Tax Court processes will be held in abeyance pending the outcome of the judicial review application noted below.

Sasol has launched two judicial review applications against the SARS decision to register SFI as a South African taxpayer and certain related elements of the revised assessments over which the Tax Court does not have jurisdiction. FinalAfter the pleadings were exchanged between the parties in the first review applicationtwo matters have been exchanged, SFI and SasolSARS have agreed that the two matters will be heard together and the court hearing is expediting the allocation of a court date for the hearing of this application. In the second judicial review, the required pleadings are being exchanged between the parties, after which a court date for the hearing of this application will also be allocated.scheduled to take place in November 2022.

Sasol is committed to complycomplying with tax laws and any disputes with tax authorities on the

and is obliged to perform in terms of the Variation Agreement;.

After its applications for leave to appeal were dismissed by the High Court in November 2020 and the SCA in March 2021, Transnet approached the Constitutional Court with an application for leave to appeal. Transnet’s appeal was limited to two of the aforesaid findings, namely (i) that the High Court erred in finding that Transnet’s termination of the Variation Agreement was invalid and (ii) that the High Court erred in not finding that Sasol’s and Total’s claims did not disclose a cause of action. Sasol Oil and Total opposed the application.

The Constitutional Court handed down judgement on 21 June 2022 in which it:

After the High Court judgement mentioned above, Sasol Oil and Total proceeded to apply their own calculation of the corrected crude oil tariff in line with the High Court judgement and made payment for crude oil conveyance from December 2020 in accordance with this calculation. These payments were at the reduced tariff and therefore constituted a shortfall to Transnet in respect of the tariff invoiced by Transnet over this period. The aggregate amount of these “short” payments by Sasol Oil was R624 million up to

stage to make an estimate of the likelihood that the plaintiffs will succeed with their claim and if successful, what the quantum of damages would be that the court will award. Therefore, no provision has been raised at 30 June 2021.2022.

The remaining two matters involve single plaintiffs, in which the legal process is ongoing and no trials have commenced.

In addition to the above, during 2009, certain employees in Sasol Mining were charged with

before a judge on 10 August 2022. Depending on the outcome of the matter cannotthis event, a trial date will be predicted with certainty.

marketing of fuel products, electricity and gas are subject to regulation by various government departments and independent regulators. Refer to “Item 3.D—Risk factors” for details on particular aspects of regulations affecting our business activities.

Empowerment of historically disadvantaged South Africans

Black Economic Empowerment policies and legislation

B-BBEE Act

Sasol is well aligned with the economic transformation and sustainable development objectives embodied in the South African legislative and regulatory framework governing B-BBEE. The key elements of this framework are the B-BBEE Act and the Codes of Good Practice (the new Codes were gazetted on 11 October 2013 and promulgated on 1 May 2015 and further amended during May 2019) for B-BBEE issued by the Minister of Trade and Industry in terms of the B-BBEE Act (Codes), as well as the

challenged by the Minerals Council were set aside and the factruling confirmed that past deals weresection 100(2) of the Mineral and Petroleum Resources Development Act, 28 of 2002 (MPRDA) does not sufficiently recognised, for whichempower the legal processMinister of Mineral Resources and Energy to make law and that the 2018 Mining Charter is still ongoing.an instrument of policy and not subordinate legislation

The Upstream Petroleum Resources Development Bill

The Minister of Mineral Resources and Energy withdrew the Mineral and Petroleum Resources Development Amendment Bill

The Minister withdrew the MPRDA Bill (MPRDA Bill) from parliament and separatedin 2018 with the aim of separating oil and gas matters from those of mining. The draft upstreamUpstream Petroleum Resources Development Bill (UPRDB) was published in the Government Gazette on 24 December 2019. Sasol submitted comments directly to the DMR(DMRE) and via the relevant business association.association (OPASA). Due to the impact of COVID-19, further consultation processes were delayed and the legislative process is still ongoing. On 13 May 2021, Cabinet approved the introduction of the MPRDA BillUPRDB to parliament. The MPRDA BillUPRDB was gazetted and published for public comment on 11 June 2021.

The MPRDA Bill, now with Sasol made submissions thereto via OPASA. It is noted that the UPRDB does not specify royalty payments, production bonuses, taxes and the fiscal regime. On 15 December 2021, National Treasury published for industry comment a mining focus, contains certain provisions that may have a material negative effectDiscussion Document: What is the Most Appropriate Tax Regime for the Oil and Gas Industry (putting forth proposals on the mining industry. These include elevatingtaxation of upstream oil and gas activities). Sasol submitted comments thereto via OPASA. National Treasury held a public consultation on 13 April 2022 to further discuss the Codes of Good Practice foroil and gas tax regime. On 17 May 2022, the South AfricanPortfolio Committee on Minerals Industry, the Housing and Living Conditions Standards for the Mineral Industry and the Amended Broad-Based Socio-Economic Empowerment Charter for the South African Mining and Minerals Industry to the status of legislation without such documents having followed the normal route to create

Safety, health and environment

Regions in which Sasol operates and their applicable legislation

South Africa

The major part of our operations is located in South Africa. We operate a number of plants and facilities for the manufacture, storage, processing and transportation of chemical feedstock, products and wastes. These operations are subject to numerous laws and regulations relating to safety, health and the protection of the environment.

Environmental regulation

The Constitution contains the underlying right which must be given effect to by environmental legislation in South Africa. The South African National Environmental Management Act, 107 of 1998 is therefore the framework act which primarily aims to give effect to the Constitutional environmental right. It also underpins specific environmental management acts, such as the National Environmental Management: Waste Act, 59 of 2000 (National Environment Management: Waste Act), the National Water Act, 36 of 1998, and the Nation Environmental Management: Air Quality Act, 39 of 2004 which all, in turn, regulate specific environmental media and the associated regulation of potential impacts thereon. The National Environmental Management: Waste Act also specifically regulates the process for management of contaminated land. These Acts also provide for enforcement mechanisms as well as provisions for the

Sasol’s ability to operate in the US. Regulation relating to climate change in the US at the federal level is currently uncertain given the US political environment, but climate change policy continues to be developed at the federal and state level, and to some extent, through the judicial system. Our operations in the US remain regulated at the federal, state, and local level relating to health, safety, environment, and community impact. In the US, we anticipate continuing to respond in part to the regulatory environment through existing systems and control technologies as well as through efficiency and control technology reviews and improvement opportunities where appropriate, in order to minimise the impact of the current and future regulations on our US operations.

Hazardous substances are, in particular, regulated by a standard that incorporates the requirements of the Globally Harmonised System of Classification and Labelling of Chemicals into occupational health and safety legislations. Chemical manufacturers and importers are required to evaluate the hazards of the chemicals they produce or import and prepare labels and safety data sheets to convey the hazard information to their downstream customers.

Mozambique

A National Environmental Policy (Resolution 5/1995, of 3 August) is the government document outlining the priorities for environmental management and sustainable development in Mozambique, including the required legal framework. The Environmental Law (Law 20/1997, of 1 October as amended by Law 16/2014, of 20 June) and its respective regulations, namely the Regulations on Environmental Impact Assessment (Decree 54/2015 of 31 December) and the Environmental Regulations for Petroleum Operations (Decree 56/2010 of 22 November) provides a legal framework for the use and correct management of the environment and its