SASOL INZALO PUBLIC (RF) LIMITED - Sasol Inzalo Black Economic Empowerment transaction nears the end of its 10-year term - SIPBEE

Sasol Inzalo Black Economic Empowerment transaction nears the end of its 10-year term - SIPBEE

Sasol Inzalo Public (RF) Limited (Incorporated in the Republic of South Africa)
(Registration number 2007/030646/06)
Sasol Inzalo Public Ordinary Share code: JSE: SIPBEE
Sasol Inzalo Public Ordinary ISIN: ZAE000210050
("Sasol Inzalo Public" or "Company")

SASOL INZALO BLACK ECONOMIC EMPOWERMENT TRANSACTION NEARS THE END OF ITS 10-YEAR TERM

Sasol Inzalo Public shareholders are reminded that the Sasol Inzalo broad-based black economic empowerment ("B-BBEE")
transaction ("the Inzalo Transaction"), which was implemented by Sasol Limited ("Sasol") in 2008, was structured for a
period of ten years.  

Sasol Inzalo Public's acquisition of preferred ordinary shares in Sasol ("Preferred Ordinary Shares"), through its
subsidiary Sasol Inzalo Public Funding (RF) (Pty) Ltd ("Inzalo Public FundCo"), was partly funded by way of equity
contributions from Sasol Inzalo Public shareholders, with a large portion of the required funding being raised by the
issue of preference shares by Inzalo Public FundCo to Sasol and various banks. Sasol and its wholly-owned subsidiary,
Sasol Financing (Pty) Ltd ("Sasol Financing"), provided a residual guarantee as regards the full redemption and
cumulative dividends of a portion of the preference share funding taken up by various banks.    

Inzalo Public FundCo will be required to dispose of the Preferred Ordinary Shares it holds (whether prior to or after
re-designation as Sasol ordinary shares) in order to be in a position to redeem the preference share funding and
cumulative dividends in 2018.  

Any shortfall in the value of the Preferred Ordinary Shares held by Inzalo Public FundCo will be required to be made
good through a subscription of shares by Sasol in Inzalo Public FundCo.  Based on the closing Sasol ordinary share price
of R389 on 4 September 2017 and preference share funding balances at 31 August 2017, there is a shortfall (backed by the
guarantee referred to above) and a funding commitment for the Sasol Group of approximately R1,2 billion. As a result,
assuming the Sasol share price remains at current levels, there will be no distribution of Sasol ordinary shares to
Sasol Inzalo Public shareholders when the Inzalo Transaction ends in 2018.  

PROPOSED IMPLEMENTATION BY SASOL OF SASOL KHANYISA, A R21 BILLION BROAD-BASED BLACK ECONOMIC EMPOWERMENT TRANSACTION

Separately from the termination of the Inzalo Transaction, Sasol intends to implement a new empowerment transaction, the
Sasol Khanyisa transaction ("Sasol Khanyisa").  Shareholders in Sasol Inzalo Public will have an opportunity to
participate in Sasol Khanyisa with effect from 1 June 2018 (or such other date as Sasol may determine), without any
consideration payable by Sasol Inzalo Public shareholders.

In this regard, Sasol Inzalo Public shareholders are referred to Sasol's announcement regarding Sasol Khanyisa on SENS
dated 20 September 2017. 

20 September 2017

Sponsor 

Deutsche Securities SA (Pty) Ltd

Date: 20/09/2017 07:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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