Commentary & Deal Flow

Reoffer: 8.750% / 100 / 8.750%

Final Books: >US$2.7bn (excl JLM Interest)

Launched: 7NC3: US$750m @ 8.750% - Books >US$2.75bn (excl JLM Interest)
Guidance: 7NC3: 8.875% +/- 0.125 - Books > US$2.3bn (excl JLM Interest)
Book Update: Books > US$1.5bn (excl. JLM)
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
• 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
• Size: US$750,000,000
• Reoffer: 100 / 8.750% Yield
• Coupon: 8.750% Fixed, semi-annual, 30 / 360
• Use of Proceeds: Repayment of existing indebtedness, and general corporate purposes
• Change of Control: Investor put at 101%
• Optional Redemption: Make-whole call (T+50bp)/ 2-month Par call / Tax call
• Denoms: US$ 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
• Stabilisation: FCA/ICMA
• Timing: TOE: 17:06 UKT on 31-Mar | FTT: 08:00 on 01-Apr