Commentary & Deal Flow

IPTs: 7NC3: 9.250%a

• Issuer: Sasol Financing USA LLC (a Delaware company wholly owned by Sasol (USA) Corp. and ultimately owned by Sasol Limited)
• Guarantor: Sasol Limited (the notes will be fully and unconditionally guaranteed on an unsecured basis)
• Company Rating: Ba1 (Negative) by Moody's and BB+ (Negative) by S&P
• Expected Issue Rating: Ba1 by Moody's and BB+ by S&P
• Ranking: Senior Unsecured (pari passu to all existing and future unsecured and unsubordinated indebtedness of the Issuer and Sasol Limited)
• Format: 144A / Reg S without Registration Rights
• Tenor: 7-year
• Call Option: 7NC3 (50 / 25 / Par / Par)
• Maturity: 10-Apr-33
• Settlement: 10-Apr-26 (T+5)
• Size: US$ Benchmark
• Coupon: Fixed, semi-annual, 30 / 360
• IPTs: 9.250% area
• Use of Proceeds: Repayment of existing indebtedness, and general corporate purposes
• Change of Control: Investor put at 101%
• Optional Redemption: Make-whole call / 2-month Par call / Tax call
• Denoms: US$ 200k x 1k
• Listing / Law: Frankfurt Stock Exchange / New York Law
• Global Coordinators/Bookrunners: JP Morgan (B&D), MUFG
• Active Bookrunners: Bank of China, BofA Securities, Citi, IMI-Intesa Sanpaolo, Mizuho, SMBC and Standard Chartered Bank
• Passive Bookrunners: ICBC
• ISINs:
• • 144A: US80386WAG06
  • RegS: USU8035UAD47
• Timing: Books open, today's business
• Stabilisation: FCA/ICMA
• Netroadshow Link: FINAL LINK: www.netroadshow.com/nrs/home/#!/?show=52971755 (Recommended) OR Visit www.netroadshow.com and enter the entry code: Panda2026 (not case-sensitive)