<SEC-DOCUMENT>0000947871-21-000346.txt : 20210319
<SEC-HEADER>0000947871-21-000346.hdr.sgml : 20210319
<ACCEPTANCE-DATETIME>20210318183944
ACCESSION NUMBER:		0000947871-21-000346
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20210318
FILED AS OF DATE:		20210319
DATE AS OF CHANGE:		20210318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SASOL LTD
		CENTRAL INDEX KEY:			0000314590
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			T3
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31615
		FILM NUMBER:		21755869

	BUSINESS ADDRESS:	
		STREET 1:		50 KATHERINE STREET SANDTON
		STREET 2:		SANDTON
		CITY:			JOHANNESBURG
		STATE:			T3
		ZIP:			2196
		BUSINESS PHONE:		01127114413111

	MAIL ADDRESS:	
		STREET 1:		P O BOX 5486
		CITY:			JOHANNESBURG
		STATE:			T3
		ZIP:			99999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SASOL LTD/ADR/
		DATE OF NAME CHANGE:	20000101

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sasol Financing USA LLC
		CENTRAL INDEX KEY:			0001752360
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38679
		FILM NUMBER:		21755870

	BUSINESS ADDRESS:	
		STREET 1:		12120 WICKCHESTER LANE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77079
		BUSINESS PHONE:		2815883000

	MAIL ADDRESS:	
		STREET 1:		12120 WICKCHESTER LANE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77079
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ss194555_6k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">Washington, DC 20549</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Form 6-K</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Report of Foreign Private Issuer</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Rule 13a-16 or 15d-16 of</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">the Securities Exchange Act of 1934</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 50%; text-align: justify"><B>For the month of: March, 2021</B></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 50%; text-align: right"><B>Commission File Number: 001-31615</B></TD></TR>
</TABLE>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">Sasol
Limited</FONT></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Name of Registrant)</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sasol Place</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">50 Katherine Street<BR>
Sandton, 2196</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">South Africa</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">(Address of Principal Executive
Offices)</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><I>This Report on Form 6-K shall
be incorporated by reference in<BR>
our automatic shelf Registration Statement on Form F-3 as amended (File No. 333-184526),<BR>
to the extent not superseded by documents or reports subsequently filed by us under the Securities Act of 1933, as amended, or
the Securities Exchange Act of 1934, as amended</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F:</P>

<P STYLE="text-align: center; font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 24pt">Form 20-F <U>&nbsp; X&nbsp;&nbsp;&nbsp;</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ___</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ___</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indicate by check mark whether by furnishing the information
contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934:</P>

<P STYLE="text-align: center; font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 24pt">Yes <U>&nbsp;&nbsp;&nbsp;&nbsp;
</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No <U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If &ldquo;Yes&rdquo; is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b): N/A</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Each of Sasol Limited and Sasol Financing
USA LLC is filing the following exhibit on this Report on Form 6-K, which is hereby incorporated by reference:</P>

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    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><B><U>Exhibit No.</U></B></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><B><U>Description</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">1.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Underwriting Agreement among Sasol Limited, Sasol Financing USA LLC and the underwriters named therein.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">5.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Opinion of Shearman &amp; Sterling (London) LLP, U.S. counsel.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">5.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Opinion of Edward Nathan Sonnenbergs, Inc., South African counsel to Sasol Limited.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">23.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Consent of Shearman &amp; Sterling (London) LLP (included in its opinion filed as Exhibit 5.1).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">23.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">Consent of Edward Nathan Sonnenbergs, Inc. (included in its opinion filed as Exhibit 5.2).</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SIGNATURES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Date: &#9;March 18, 2021</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-indent: 239.75pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>Sasol Limited</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 55%"></TD><TD STYLE="width: 21.25pt">By:</TD><TD STYLE="border-bottom: Black 1pt solid">
/s/ Paul Victor</TD></TR>                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Name:&#9;Paul Victor<BR>
Title:&#9;Authorized Signatory</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>ss194555_ex0101.htm
<DESCRIPTION>UNDERWRITING AGREEMENT
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 1.1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><I>Execution version</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Sasol Financing USA LLC</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">U.S.$650,000,000 4.375% Notes due 2026</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">U.S.$850,000,000 5.500% Notes due
2031</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Fully and Unconditionally Guaranteed
by</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SASOL LIMITED</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Underwriting Agreement</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">March 11, 2021</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">BofA Securities, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">One Bryant Park</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">New York, NY 10036</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Citigroup Global Markets Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">388 Greenwich Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">New York, NY 10013</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Mizuho International plc</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Mizuho House</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">30 Old Bailey</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">London EC4M 7AU</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United Kingdom</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">MUFG Securities EMEA plc</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ropemaker Place, 25 Ropemaker Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">London EC2Y 9AJ</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United Kingdom</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">As the representatives of the several underwriters
named in<BR>
Schedule I hereto (the &ldquo;<B>Representatives</B>&rdquo;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Sasol Financing USA LLC, a Delaware limited
liability company (the &ldquo;<B>Company</B>&rdquo;), proposes, subject to the terms and conditions stated herein, to issue and
sell to the several underwriters named in Schedule I hereto (the &ldquo;<B>Underwriters</B>&rdquo;), for whom you are acting as
Representatives, U.S.$650,000,000 aggregate principal amount of its 4.375% Notes due 2026 (the &ldquo;<B>2026 Notes</B>&rdquo;)
and U.S.$850,000,000 aggregate amount of its 5.500% Notes due 2031 (the &ldquo;<B>2031 Notes</B>&rdquo; and, together with the
2026 Notes, the &ldquo;<B>Notes</B>&rdquo;). The 2026 Notes and the 2031 Notes will be entitled to the benefit of full and unconditional
guarantees (the &ldquo;<B>Guarantees</B>&rdquo; and, together with the Notes, the &ldquo;<B>Securities</B>&rdquo;) by Sasol Limited,
a public company with limited liability incorporated under the laws of the Republic of South Africa (the &ldquo;<B>Guarantor</B>&rdquo;),
pursuant to which the Guarantor will guarantee the obligations of the Company under the 2026 Notes and the 2031 Notes, respectively.
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Securities will be issued pursuant to an indenture entered into on September 27, 2018 (the &ldquo;<B>Indenture</B>&rdquo;)
as modified by an Agreement of Resignation, Appointment and Acceptance dated as of August 5, 2020 by and among the Company, the
Guarantor, Citibank, N.A., as resigning trustee and Wilmington Savings Fund Society, as successor trustee (the &ldquo;<B>Trustee</B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company and the Guarantor hereby
confirm their engagement of Citigroup Global Markets Inc. as, and Citigroup Global Markets Inc. hereby confirms its agreement with
the Company and the Guarantor to render services as, the &ldquo;qualified independent underwriter,&rdquo; within the meaning of
FINRA Rule 5121 of the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;) with respect to the offering
and sale of the Securities. Citigroup Global Markets Inc., solely in its capacity as the qualified independent underwriter and
not otherwise, is referred to herein as the &ldquo;<B>QIU</B>.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and the Guarantor jointly and severally represent and warrant to, and agree with, each of the Underwriters that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>An &ldquo;automatic shelf registration statement&rdquo; as defined under Rule 405 under the Securities Act of 1933, as amended
(the &ldquo;<B>Act</B>&rdquo;), on Form F-3 (File No. 333-227263) in respect of the Securities has been filed with the Securities
and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) not earlier than three years prior to the date hereof; such registration
statement, and any post-effective amendment thereto, became effective on filing; and no stop order suspending the effectiveness
of such registration statement or any part thereof has been issued and to the knowledge of the Company or the Guarantor no proceeding
for that purpose or pursuant to Section 8A of the Act has been initiated or threatened by the Commission, and no notice of objection
of the Commission to the use of such registration statement or any post-effective amendment thereto pursuant to Rule 401(g)(2)
under the Act has been received by the Company or the Guarantor (the base prospectus filed as part of such registration statement,
in the form in which it has most recently been filed with the Commission on or prior to the date of this Agreement, is hereinafter
called the &ldquo;<B>Basic Prospectus</B>&rdquo;; any preliminary prospectus (including any preliminary prospectus supplement)
relating to the Securities filed with the Commission pursuant to Rule 424(b) under the Act is hereinafter called a &ldquo;<B>Preliminary
Prospectus</B>&rdquo;; the various parts of such registration statement, including all exhibits thereto and including any prospectus
supplement relating to the Securities that is filed with the Commission and deemed by virtue of Rule 430B under the Act to be part
of such registration statement, each as amended at the time such part of the registration statement became effective, are hereinafter
collectively called the &ldquo;<B>Registration Statement</B>&rdquo;; the Basic Prospectus, as amended and supplemented immediately
prior to the Applicable Time (as defined in Section 1(iii) hereof), is hereinafter called the &ldquo;<B>Pricing Prospectus</B>&rdquo;;
the form of the final prospectus relating to the Securities filed with the Commission pursuant to Rule 424(b) under the Act in
accordance with Section 5(i) hereof is hereinafter called the &ldquo;<B>Prospectus</B>&rdquo;; </P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in">any reference herein to the Basic
Prospectus, the Pricing Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents
incorporated by reference therein pursuant to Item 6 of Part I of Form F-3 under the Act, as of the date of such prospectus; any
reference to any amendment or supplement to the Basic Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed
to refer to and include any post-effective amendment to the Registration Statement, any prospectus supplement relating to the Securities
filed with the Commission pursuant to Rule 424(b) under the Act and any documents filed under the Securities Exchange Act of 1934,
as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), and incorporated therein, in each case after the date of the Basic Prospectus,
such Preliminary Prospectus, or the Prospectus, as the case may be; any reference to any amendment to the Registration Statement
shall be deemed to refer to and include any annual report of the Guarantor filed pursuant to Section 13(a) or 15(d) of the Exchange
Act after the effective date of the Registration Statement that is incorporated by reference in the Registration Statement; and
any &ldquo;issuer free writing prospectus&rdquo; as defined in Rule 433 under the Act relating to the Securities is hereinafter
called an &ldquo;<B>Issuer Free Writing Prospectus</B>&rdquo;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No order preventing or suspending the use of any Preliminary Prospectus or any Issuer Free Writing Prospectus has been issued
by the Commission, and each Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements
of the Act and the rules and regulations of the Commission thereunder, and did not contain an untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; and the Prospectus, as of its date, did not or will not contain any untrue statement of a material fact or
omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; <I>provided, however</I>, that this representation and warranty shall not apply to any statements
or omissions made in reliance upon and in conformity with information furnished in writing to the Company or the Guarantor by an
Underwriter through BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho International plc and MUFG Securities EMEA plc
expressly for use therein;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For the purposes of this Agreement, the &ldquo;<B>Applicable Time</B>&rdquo; is 5:00 p.m. (New York City time) on the date
of this Agreement; the Pricing Prospectus as supplemented by those Issuer Free Writing Prospectuses and other documents listed
in Schedule III(a) hereto, if applicable, taken together (collectively, the &ldquo;<B>Pricing Disclosure Package</B>&rdquo;) as
of the Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer
Free Writing Prospectus listed on Schedule III(a) or Schedule III(b) hereto does not conflict with the information contained in
the Registration Statement, the Pricing Prospectus or the Prospectus and each such Issuer Free Writing Prospectus, as supplemented
by and taken together with the Pricing Disclosure Package as of the Applicable Time, did not include any untrue statement of a
material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; <I>provided, however</I>, that this representation and warranty shall not apply to
statements or omissions made in an Issuer Free Writing Prospectus in reliance upon and in conformity with information furnished
in writing to the Company or the Guarantor by an Underwriter through BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho
International plc and MUFG Securities EMEA plc expressly for use therein;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The documents incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements
of the Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, any further documents
so filed and incorporated by reference in the Registration Statement or the Prospectus or any further amendment or supplement thereto,
when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects
to the requirements of the Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder;
provided that no such documents were filed with the Commission since the Commission&rsquo;s close of business on the business day
(which term shall mean for this subsection (iv) any day when the Commission&rsquo;s office in Washington, D.C. is open for business)
immediately prior to the date of this Agreement and prior to the execution of this Agreement, except as set forth on Schedule III(c)
hereto and except for such other documents as were delivered to you prior to the Applicable Time;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Registration Statement conforms, and the Prospectus and any further amendments or supplements to the Registration Statement
and the Prospectus will conform, in all material respects to the requirements of the Act and the Trust Indenture Act of 1939, as
amended (the &ldquo;<B>Trust Indenture Act</B>&rdquo;), and, in each case, the rules and regulations of the Commission thereunder
and do not and will not, as of the applicable effective date as to each part of the Registration Statement and as of the applicable
filing date as to the Prospectus and any amendment or supplement thereto, contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading; <I>provided</I>,
<I>however</I>, that this representation and warranty shall not apply to (A) any statements or omissions made in reliance upon
and in conformity with information furnished in writing to the Company or the Guarantor by an Underwriter through BofA Securities,
Inc., Citigroup Global Markets Inc., Mizuho International plc and MUFG Securities EMEA plc expressly for use therein or (B) that
part of the Registration Statement that constitutes the Statement of Eligibility on Form T-1 under the Trust Indenture Act of the
Trustee;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Guarantor nor any of its subsidiaries has sustained, since the date of the latest audited financial statements
included or incorporated by reference in the Pricing Disclosure Package, any loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action,
order or decree, in each case materially adverse to the Company or the Guarantor and its subsidiaries taken as a whole, otherwise
than as set forth or contemplated in the Pricing Disclosure Package; and, since the respective dates as of which information is
given in the Registration Statement and the Pricing Disclosure Package, there has not been any material increase in the long-term
debt of the Guarantor and its subsidiaries taken as a whole or any material adverse change, or any development involving a prospective
material adverse change, in or affecting the business affairs, management, financial position, shareholders&rsquo; equity or results
of operations of the Guarantor and its subsidiaries taken as a whole, in each case, otherwise than as set forth or contemplated
in the Pricing Disclosure Package;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Guarantor and its subsidiaries have good and marketable title to all real property owned by them free and clear of all
liens, encumbrances and defects, and any real property and buildings held under lease by the Guarantor and its subsidiaries are
held by them under valid, subsisting and enforceable leases except, in each case, as described in the Pricing Disclosure Package
or as would not, individually or in the aggregate, have a material adverse effect on the business affairs, management, financial
position, shareholders&rsquo; equity or results of operations of the Guarantor and its subsidiaries taken as a whole (a &ldquo;<B>Material
Adverse Effect</B>&rdquo;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Company and the Guarantor is duly incorporated and validly existing under the laws of the jurisdiction of its
incorporation, is not in bankruptcy, liquidation, receivership or under judicial management (and no order or resolution therefor
has been presented and no notice of appointment of any liquidator, receiver, administrative receiver, administrator or judicial
manager has been given) and has full power and authority under its Memorandum and Articles of Association or Bylaws and otherwise
to own its assets and conduct its business;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Guarantor has an authorized and issued share capital as set forth in the Pricing Disclosure Package, and all of the
outstanding shares of capital stock of the Guarantor have been duly and validly authorized and issued, are fully paid and not subject
to further calls or assessment by the Guarantor and conform in all material respects to the description thereof contained in the
Pricing Disclosure Package; and all of the issued shares of capital stock of each subsidiary of the Guarantor listed in Schedule
IV have been duly and validly authorized, allotted and issued, are fully paid and (except as set forth in the Pricing Disclosure
Package) are owned directly or indirectly by the Guarantor, free and clear of all liens, encumbrances, equities or claims;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All consents, approvals, authorizations, orders, registrations, clearances and qualifications of or with any court or governmental
agency or body or any stock exchange authorities (hereinafter referred to as a &ldquo;<B>Governmental Agency</B>&rdquo;) having
jurisdiction over the Company or the Guarantor (hereinafter referred to as &ldquo;<B>Governmental Authorizations</B>&rdquo;) required
to be obtained by the Company or the Guarantor for the execution and delivery of, and the performance of the obligations under,
the Notes or the Guarantees by the Company or the Guarantor, as the case may be, and for the execution, delivery and performance
by the Company and the Guarantor of this Agreement, the Securities and the Indenture have been obtained or made and are in full
force and effect, including the approval of the South African Reserve Bank in respect of the Guarantees to be provided by the Guarantor;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All expressions of opinion, intention or expectation in the Pricing Disclosure Package, including, without limitation, any
estimates and projections included under the caption &ldquo;Summary&rdquo; in the Pricing Prospectus, on the part of the Guarantor,
its directors or management are, and in the Prospectus will be, fairly and honestly held and have been made on reasonable grounds
after due and careful consideration and inquiry, in each case subject to the assumptions set forth therein and to the risks and
uncertainties contemplated under the captions &ldquo;Forward-looking Statements&rdquo; and &ldquo;Note Regarding Forward-looking
Statements&rdquo; therein;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution and delivery by each of the Company and the Guarantor of, and the performance by the Company and the Guarantor
of their respective obligations under, the Notes and the Guarantees, as the case may be, the execution and delivery of this Agreement
and the Indenture and the compliance by the Company and the Guarantor with all of the provisions of, and performance of their respective
obligations under, this Agreement, the Securities and the Indenture and the consummation of the transactions herein contemplated
do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default
under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or the Guarantor
is a party or by which the Company or the Guarantor is bound or to which any of the property or assets of the Company or the Guarantor
is subject, except as would not both (i) have a Material Adverse Effect and (ii) adversely affect the consummation of the transactions
contemplated herein to a material extent, nor does or will such action by the Company or the Guarantor result in any violation
of the provisions of their respective Memorandum and Articles of Association or Bylaws or any statute or any judgment, order, rule
or regulation of any Governmental Agency having jurisdiction over the Company, the Guarantor or any of their respective properties;
and no consent, approval, authorization, order, registration or qualification of or with any such Governmental Agency is required
for the execution and delivery of, and the performance of the obligations under, the Notes or the Guarantees, as the case may be,
or the consummation by the Company and the Guarantor of the transactions contemplated by this Agreement, the Securities and the
Indenture, except (A) the registration under the Act and the Exchange Act of the Securities, (B) such Governmental Authorizations
as have been duly obtained or made and are in full force and effect and copies of which have been furnished to you upon your request
and (C) such Governmental Authorizations as may be required under state securities or Blue Sky laws or any securities laws of jurisdictions
outside the Republic of South Africa and the United States;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Guarantor nor any of its subsidiaries is (A) in violation of its Memorandum and Articles of Association or Bylaws
or (B), except as would not, individually or in the aggregate, have a Material Adverse Effect, in default in the performance or
observance of any obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement,
lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xiv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Other than as set forth in the Pricing Disclosure Package, no stamp or other issuance or transfer taxes, levies or duties
or any other tax and no capital gains, income (other than income tax payable by any Underwriter whose net income is generally subject
to tax by the Republic of South Africa or who performs any services hereunder through a permanent establishment or a fixed base
in the Republic of South Africa), withholding or other taxes are payable or will be payable immediately following the completion
of the transactions contemplated hereunder by or on behalf of the initial purchasers of the Securities procured by the Underwriters
or the Underwriters to the Republic of South Africa or any political subdivision or taxing authority thereof or therein in connection
with (A) the issue and initial delivery of the Securities by the Company or the Guarantor, (B) the purchase by the Underwriters
of the Securities, (C) the sale and delivery of the Securities by the Underwriters to the initial purchasers thereof or (D) the
performance by the Company and the Guarantor of their respective obligations under this Agreement;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The statements set forth or incorporated by reference in the Pricing Prospectus and the Prospectus under the captions &ldquo;Description
of Debt Securities&rdquo;, &ldquo;Description of Notes&rdquo; and &ldquo;Taxation&rdquo; insofar as they purport to constitute
a summary of the matters set forth therein, fairly summarize these matters in all material respects;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xvi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Other than as set forth in the Pricing Disclosure Package, there are no legal or governmental proceedings pending to which
the Company, the Guarantor or any of the Guarantor&rsquo;s subsidiaries is a party or of which any property of the Company, the
Guarantor or any of the Guarantor&rsquo;s subsidiaries is the subject which, if determined adversely to the Company, the Guarantor
or any of the Guarantor&rsquo;s subsidiaries, would individually or in the aggregate have a Material Adverse Effect or would be
required to be disclosed in the Registration Statement; and, to the best knowledge of the Company and the Guarantor, no such proceedings
are threatened by any Governmental Agency or by any other person;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xvii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and Guarantor are not, and after giving pro forma effect to the offering and sale of the Securities and the
application of the proceeds thereof, would not be required to register as an &ldquo;investment company&rdquo;, as such term is
defined in the Investment Company Act of 1940, as amended;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xviii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(A) (i) At the time of filing the Registration Statement, (ii) at the time of the most recent amendment thereto for the
purposes of complying with Section 10(a)(3) of the Act (whether such amendment was by post-effective amendment, incorporated report
filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), and (iii) at the time the Company or the Guarantor
or any person acting on their behalf (within the meaning, for this clause only, of Rule 163(c) under the Act) made any offer relating
to the Securities in reliance on the exemption of Rule 163 under the Act, the Guarantor was a &ldquo;well-known seasoned issuer&rdquo;
as defined in Rule 405 under the Act; and (B) at the earliest time after the filing of the Registration Statement that the Company,
the Guarantor or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Act) of the
Securities, the Guarantor was not an &ldquo;ineligible issuer&rdquo; as defined in Rule 405 under the Act;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement has been duly authorized, executed and delivered by the Company and the Guarantor;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xx)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Indenture has been duly qualified under the Trust Indenture Act, has been duly authorized, executed and delivered by
the Company and the Guarantor and is a valid and binding agreement of the Company and the Guarantor, enforceable against the Company
and the Guarantor in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting the enforcement
of creditors&rsquo; rights generally and equitable principles of general applicability;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xxi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Notes have been duly authorized and, when executed and authenticated in accordance with the provisions of the Indenture
and delivered to and paid for by the Underwriters in accordance with the terms of this Agreement, will be valid and binding obligations
of the Company, enforceable against the Company in accordance with their terms, subject to applicable bankruptcy, insolvency and
similar laws affecting creditors&rsquo; rights generally and equitable principles of general applicability, and will be entitled
to the benefits of the Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xxii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Guarantees have been duly authorized by the Guarantor and, when the Notes have been duly executed and authenticated
in accordance with the provisions of the Indenture and paid for by the Underwriters in accordance with the terms of this Agreement,
will be valid and binding obligations of the Guarantor, enforceable against the Guarantor in accordance with its terms, subject
to applicable bankruptcy, insolvency and similar laws affecting the enforcement of creditors&rsquo; rights generally and equitable
principles of general applicability;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xxiii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The audited financial statements included or incorporated by reference in the Registration Statement and the Pricing Disclosure
Package fairly present in all material respects the consolidated financial position of the Guarantor and its subsidiaries as of
the dates indicated and the consolidated results of operations and cash flows of the Guarantor and its subsidiaries for the periods
specified and have been prepared in compliance with the requirements of the Act and the Exchange Act, and in conformity with International
Financial Reporting Standards as issued by the International Accounting Standards Board (&ldquo;<B>IFRS</B>&rdquo;), except as
set forth in the Pricing Disclosure Package, applied on a consistent basis during the periods presented; the other financial and
statistical data set forth in the Registration Statement and the Pricing Disclosure Package are accurately presented and prepared
on a basis materially consistent with the financial statements and books and records of the Guarantor; and the Guarantor and its
subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations),
not disclosed in the Registration Statement and the Pricing Disclosure Package and that are required to be disclosed therein;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xxiv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Guarantor and its subsidiaries maintain systems of &ldquo;internal control over financial reporting&rdquo; (as defined
in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and that are sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with management&rsquo;s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with IFRS and to maintain
asset accountability; (iii) access to assets is permitted only in accordance with management&rsquo;s general or specific authorization;
and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xxv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Guarantor and its subsidiaries maintain an effective system of &ldquo;disclosure controls and procedures&rdquo; (as
defined in Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by the Guarantor
in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the Commission&rsquo;s rules and forms, including controls and procedures designed to ensure that such information
is accumulated and communicated to the Guarantor&rsquo;s management as appropriate to allow timely decisions regarding required
disclosure. The Guarantor has carried out evaluations of the effectiveness of their disclosure controls and procedures as required
by Rule 13a-15 of the Exchange Act;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xxvi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Guarantor and each of its subsidiaries have all licenses, certificates, permits and other authorizations (including,
without limitation, all mining rights, prospecting rights, mining authorizations and mining leases) issued by the appropriate Governmental
Agencies (and have made all required declarations and filings with such Governmental Agencies), that are legally required for the
ownership, license or lease of their respective properties or the conduct of their respective businesses as described in the Pricing
Disclosure Package, except as described in the Pricing Disclosure Package or where the failure to possess the same would not, individually
or in the aggregate, have a Material Adverse Effect; except as described in the Pricing Disclosure Package or as would not, individually
or in the aggregate, have a Material Adverse Effect, neither the Guarantor nor any of its subsidiaries has received or expects
to receive notice of any revocation or modification of any such license, certificate, permit or authorization; and the Guarantor
and each of its subsidiaries are in compliance with each of the same, except for any non-compliance which would not, individually
or in the aggregate, have a Material Adverse Effect;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xxvii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>PricewaterhouseCoopers Inc., who have (i) audited the consolidated financial statements of the Guarantor and its subsidiaries
as of June 30, 2018, 2019 and 2020 and (ii) reviewed the interim financial statements of the Guarantor and its subsidiaries as
of and for the six months ended December 31, 2020 and 2019 were at the time of performing such audit and review independent registered
public accountants as required by the Act and the rules and regulations of the Commission thereunder;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xxviii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In each case, except as described in the Pricing Disclosure Package, the Guarantor and its subsidiaries own or possess adequate
rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations,
copyrights, licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential
information, systems or procedures) legally required for the conduct of their respective businesses, except those that would not,
individually or in the aggregate, have a Material Adverse Effect; and, to the best knowledge of the Guarantor, except as would
not, individually or in the aggregate, have a Material Adverse Effect, the conduct of their respective businesses will not conflict
with any such rights of others and the Guarantor and its subsidiaries have not received any notice of any claim of infringement
or conflict with any such rights of others;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xxix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No labor disturbance by or dispute with employees of the Guarantor or any of its subsidiaries exists or, to the best knowledge
of the Guarantor, is threatened, except as described in the Pricing Disclosure Package or as would not have a Material Adverse
Effect;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xxx)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Guarantor and its subsidiaries (A) are in compliance with any and all applicable laws (including the common law), rules,
regulations, ordinances, decrees, judgments, injunctions, permits, licenses, authorizations, decisions, orders and other legally
binding requirements, in each case promulgated or declared by Governmental Agencies in all countries and territories in which the
Guarantor or its subsidiaries engage in exploration, drilling, mining, producing liquid fuels, fuel components and chemicals or
other business activities relating to the protection of human health and safety, the environment or hazardous or toxic substances
or wastes, pollutants or contaminants (collectively, &ldquo;<B>Environmental Laws</B>&rdquo;); (B) have received and are in compliance
with all permits, licenses or other approvals issued by Governmental Agencies and required of them under applicable Environmental
Laws to conduct their respective businesses; and (C) have not received any notice of any actual or potential liability under, or
investigation relating to, any Environmental Law; except, in each case, as described in the Pricing Disclosure Package or as would
not, individually or in the aggregate, have a Material Adverse Effect;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xxxi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor the Guarantor nor any of their respective subsidiaries or affiliates, nor any of their respective
directors, officers or employees, nor to the Company&rsquo;s or the Guarantor&rsquo;s knowledge, any agent or representative of
the Company or the Guarantor or any of their respective subsidiaries or affiliates is aware of or has taken any action, directly
or indirectly, that would result in a violation of any provisions of: (i) the U.S. Foreign Corrupt Practices Act of 1977, as amended,
and the rules and regulations promulgated thereunder (the &ldquo;<B>FCPA</B>&rdquo;), including, without limitation, making use
of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay
or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything
of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or any foreign political party or official
thereof or any candidate for foreign political office, in contravention of the FCPA, (ii) the U.K. Bribery Act 2010 (the &ldquo;<B>Bribery
Act</B>&rdquo;), or (iii) similar anti-corruption laws of all other applicable jurisdictions to which they are subject, including
those relating to political donations and money laundering; and the Company and the Guarantor and their respective subsidiaries
and affiliates have instituted and maintain and will continue to maintain policies and procedures designed to promote and achieve
compliance with such laws and with the representations and warranties contained herein;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xxxii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The operations of the Company, the Guarantor and their respective subsidiaries are and have been conducted at all times
in compliance with applicable financial recordkeeping and reporting requirements of the U.S. Currency and Foreign Transactions
Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and
any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental or regulatory agency
(collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;) and no action, suit or proceeding by or before any court or governmental
or regulatory agency, authority or body or any arbitrator involving the Guarantor or any of its subsidiaries with respect to the
Money Laundering Laws is pending or, to the best knowledge of the Guarantor, threatened;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xxxiii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Company, the Guarantor or any of their subsidiaries, nor any director, officer, or employee of the Company,
the Guarantor or any of their subsidiaries, nor, to the Guarantor&rsquo;s knowledge, any agent, affiliate or representative of
the Company, the Guarantor or any of their subsidiaries, is (A) an individual or entity (&ldquo;<B>Person</B>&rdquo;) that is,
or is owned or controlled by a Person that is currently the subject or target of any sanctions administered or enforced by the
United States Government, including, without limitation, the U.S. Department of the Treasury&rsquo;s Office of Foreign Assets Control
(&ldquo;<B>OFAC</B>&rdquo;) or the U.S. Department of State, the United Nations Security Council (&ldquo;<B>UNSC</B>&rdquo;), the
European Union (&ldquo;<B>EU</B>&rdquo;), Her Majesty&rsquo;s Treasury (&ldquo;<B>HMT</B>&rdquo;) or the Republic of South Africa
(collectively, &ldquo;<B>Sanctions</B>&rdquo;), or (B) located, organized or resident in a country or territory that is the subject
of Sanctions (currently, Crimea, Cuba, Iran, North Korea and Syria). The Company will not, directly or indirectly, use the proceeds
of the sale of the Notes, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner
or other Person to fund any activities of or business with any Person, or in any country or territory, that, at the time of such
funding, is the subject of Sanctions or in any other manner that will result in a violation of Sanctions by any Person (including
any Person participating in the offering of the Notes, whether as underwriter, advisor, investor or otherwise). With regard to
(i) Mizuho International plc, BNP Paribas, Deutsche Bank AG, London Branch, J.P. Morgan Securities plc and Intesa Sanpaolo S.p.A.,
London Branch, the representation, warranty and undertaking given in this Section 1(xxxiii) will not apply if and to the extent
that such representation, warranty and undertaking are or would be unenforceable by reason of breach of any provision of the Council
Regulation (EC) 2271/96 (the &ldquo;<B>Blocking Regulation</B>&rdquo;), or any law or regulation implementing such Blocking Regulation
in any member state of the European Union; or (ii) Mizuho International plc, MUFG Securities EMEA plc, BNP Paribas, Deutsche Bank
AG, London Branch, J.P. Morgan Securities plc and Intesa Sanpaolo S.p.A., London Branch, the representation, warranty and undertaking
given in this Section 1(xxxiii) will not apply if and to the extent that such representation, warranty and undertaking are or would
be unenforceable by reason of breach of any provision of the Council Regulation (EC) 2271/96 as it forms part of domestic law by
virtue of the European Union (Withdrawal) Act 2018 (the &ldquo;<B>UK Blocking Regulation</B>&rdquo;), or any law, regulation or
order implementing the UK Blocking Regulation. With regard to Deutsche Bank AG, London Branch, the representation, warranty and
undertaking given in this Section 1(xxxiii) apply only if and to the extent that they do not result in a violation of the Council
Regulation (EC) no. 2271/96 of 22 November 1996, section 7 of the German Foreign Trade Ordinance (Au&szlig;enwirtschaftsverordnung
&ndash; AWV) or any other applicable anti-boycott or similar laws or regulations; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xxxiv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There is and has been no failure on the part of the Guarantor or any of the Guarantor&rsquo;s directors or officers, in
their capacities as such, to comply with Section 402 of the Sarbanes-Oxley Act of 2002 related to loans and Sections 302 and 906
related to certifications.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company hereby agrees to sell to the several Underwriters, and each Underwriter, upon the basis of the representations
and warranties herein contained, but subject to the conditions hereinafter stated, agrees, severally and not jointly, to purchase
from the Company the respective principal amounts of the Notes set forth in Schedule I hereto opposite its name of (A) the 2026
Notes at a purchase price of 99.420% of the principal amount thereof plus, in each case, accrued interest, if any, from March 18,
2021 to the Time of Delivery (as defined in Section 4) and (B) the 2031 Notes at a purchase price of 99.420% of the principal amount
thereof plus, in each case, accrued interest, if any, from March 18, 2021 to the Time of Delivery.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Company and the Guarantor is advised by the Representatives that the Underwriters propose to make a public offering
of their respective portions of the Securities in the United States and may conduct private offerings outside the United States,
in each case, as soon after this Agreement has become effective as in the judgment of the Representatives is advisable. Each of
the Company and the Guarantor is further advised by the Representatives that the Securities are to be offered to the public in
the United States and to qualifying institutional investors outside the United States upon the terms set forth in the Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Payment for the Securities shall be made to the Company in Federal or other funds immediately available in New York City
against delivery of the Securities to the Representatives for the respective accounts of the several Underwriters at the offices
of Davis Polk &amp; Wardwell London LLP, 5 Aldermanbury Square, London EC2V 7HR at 9:00 a.m. (New York City time) on March 18,
2021, or at such other time not later than five Business Days after the date of this Agreement as shall be agreed by the Company,
the Guarantor and the Representatives in writing, such time being referred to as the &ldquo;<B>Time of Delivery</B>&rdquo;.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company will deliver to the Representatives,
for the respective accounts of the several Underwriters, with any transfer taxes payable in connection with the transfer of the
Securities to the Underwriters duly paid, against payment therefor, the Securities in the form of one or more permanent global
certificates (the &ldquo;<B>Global Securities</B>&rdquo;), registered in the name of Cede &amp; Co., as nominee for The Depository
Trust Company (&ldquo;<B>DTC</B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The documents to be delivered at the
Time of Delivery by or on behalf of the parties hereto pursuant to Section 8 hereof, including the cross-receipt for any Securities
and any additional documents requested by the Underwriters pursuant to (l) hereof, will be delivered electronically to Davis Polk
&amp; Wardwell London LLP, and the Securities will be delivered as specified in this Section 4, all at the Time of Delivery. A
meeting will be held, on the Business Day immediately preceding the Time of Delivery, or such time and place as may mutually be
agreed upon in writing by the Representatives, the Company and the Guarantor, or their respective counsel, at which meeting the
Global Securities and the final drafts of the documents to be delivered pursuant to the preceding sentence will be available for
review by the parties hereto. For the purposes of this Section 4 and Section 5, &ldquo;<B>Business Day</B>&rdquo; shall mean each
Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York City, Johannesburg
or London are generally authorized or obligated by law or executive order to close.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and the Guarantor jointly and severally agree with each of the Underwriters as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To prepare the Prospectus in a form approved by you and to file such Prospectus pursuant to Rule 424(b) under the Act not
later than the Commission&rsquo;s close of business on the second business day (which term shall mean for this subsection 5(i)
any day when the Commission&rsquo;s office in Washington, D.C. is open for business) following the execution and delivery of this
Agreement; to make no further amendment or any supplement to the Registration Statement, the Basic Prospectus or the Prospectus
prior to the Time of Delivery which shall be disapproved by you promptly after reasonable notice thereof; to advise you, promptly
(x) after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective
or any amendment or supplement to the Prospectus has been filed and to furnish you with copies thereof, or (y) if, prior to the
filing of the Prospectus pursuant to Rule 424(b) under the Act, any event occurs as a result of which the Pricing Disclosure Package
would contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
in light of the circumstances in which they were made or then prevailing, not misleading and to supplement or amend the Pricing
Disclosure Package to correct such statement or omission, and furnish to you without charge with copies thereof; to file promptly
all material required to be filed by the Company or the Guarantor with the Commission pursuant to Rule 433(d) under the Act; to
file promptly all reports and any information statements required to be filed by the Company or the Guarantor with the Commission
pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of the Prospectus and for so long as the
delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required in connection with
the offering or sale of the Securities; to advise you, promptly after it receives notice thereof, of the issuance by the Commission
of any stop order or of any order preventing or suspending the use of any preliminary prospectus or other prospectus in respect
of the Securities, of any notice of objection of the Commission to the use of the Registration Statement or any post-effective
amendment thereto pursuant to Rule 401(g)(2) under the Act, of the suspension of the qualification of the Securities for offering
or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose or pursuant to Section 8A
of the Act, or of any request by the Commission for the amending or supplementing of the Registration Statement or Prospectus or
for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use
of any preliminary prospectus or other prospectus or suspending any such qualification, promptly to use its best efforts to obtain
the withdrawal of such order and in the event of the issuance of any such notice of objection, promptly to amend the Registration
Statement in such manner as may be required to permit offers and sales of the Securities; provided that none of the foregoing shall
preclude the Company or the Guarantor from discharging its obligations under the Act or the Exchange Act;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If required by Rule 430B(h) under the Act, to prepare a form of prospectus in a form approved by you and to file such form
of prospectus pursuant to Rule 424(b) under the Act not later than may be required by Rule 424(b) under the Act; and to make no
further amendment or supplement to such form of prospectus which shall be disapproved by you promptly after reasonable notice thereof;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Promptly from time to time to take such action as you may reasonably request to qualify the Securities for offering and
sale under the securities laws of such jurisdictions as you may request and to comply with such laws so as to permit the continuance
of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the Securities,
<I>provided that</I> in connection therewith the Company or the Guarantor shall not be required to qualify as a foreign corporation
or to take any action that would subject it to general service of process in any jurisdiction where it is not presently qualified
or where it would be subject to taxation as a foreign corporation;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to 9:00 a.m. (New York City time) on the Business Day next succeeding the date of this Agreement and during the period
mentioned below, to furnish the Underwriters with written and electronic copies of the Prospectus in New York City or London in
such quantities as you may reasonably request, and, if the delivery of a prospectus (or in lieu thereof, the notice referred to
in Rule 173(a) under the Act) is required by law at any time prior to the expiration of nine months after the date hereof and if
at such time any event shall have occurred as a result of which the Prospectus as then amended or supplemented would include an
untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made when such Prospectus (or in lieu thereof, the notice referred to in Rule
173(a) under the Act) is delivered, not misleading, or, if for any other reason it shall be necessary during such same period to
amend or supplement the Prospectus or to file under the Exchange Act any document incorporated by reference in the Prospectus in
order to comply with the Act or the Exchange Act, to notify you and upon your request to file such document and to prepare and
furnish without charge to each Underwriter and to any dealer in securities as many written and electronic copies as you may from
time to time reasonably request of an amended Prospectus or a supplement to the Prospectus which will correct such statement or
omission or effect such compliance;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To make generally available to the security holders of the Company and the Guarantor, as soon as practicable, but in any
event not later than eighteen months after the effective date of the Registration Statement (as defined in Rule 158(c) under the
Act), an earnings statement of the Guarantor and its subsidiaries (which need not be audited) complying with Section 11(a) of the
Act and the rules and regulations of the Commission thereunder (including, at the option of the Company, Rule 158);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During the period beginning on the date hereof and continuing to and including the Time of Delivery, not to issue or sell,
or announce any intention to issue or sell, any debt securities of the Guarantor or any of its subsidiaries without the prior written
consent of the Representatives; provided, however, that this Section 5(vi) shall not apply to (i) the Securities, (ii) any issuance
or sale, or announcement of issuance or sale, or any announcement of an intention to issue or sell, notes by the Guarantor under
its domestic medium term note program in South Africa, or (iii) any sale of, or any announcement of an intention to sell, any preference
shares by the Guarantor or any of its affiliates under the Guarantor&rsquo;s Khanyisa transactions in South Africa.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To pay the required Commission filing fees relating to the Securities within the time required by Rule 456(b)(1) under the
Act without regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r) under the Act;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To use the net proceeds received by it from the sale of the Securities pursuant to this Agreement in the manner specified
in the Pricing Disclosure Package and Prospectus under the caption &ldquo;Use of Proceeds&rdquo;;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To prepare a final term sheet relating to the offering of the Securities, containing information that describes the final
terms of the Securities or the offering in a form consented to by the Representatives, and to file such final term sheet within
the period required by Rule 433(d)(5)(ii) under the Act following the date the final terms have been established for the offering
of the Securities;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To use commercially reasonable efforts to list the Securities on the New York Stock Exchange;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To cooperate with the Underwriters and use commercially reasonable efforts to permit the Securities to be eligible for clearance
and settlement through the facilities of DTC;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company and the Guarantor elect to rely upon Rule 462(b), the Company and the Guarantor shall file a Rule 462(b)
Registration Statement with the Commission in compliance with Rule 462(b) by 10:00 p.m., Washington, D.C. time, on the date of
this Agreement, and the Company and the Guarantor shall at the time of filing either pay to the Commission the filing fee for the
Rule 462(b) Registration Statement or give irrevocable instructions for the payment of such fee pursuant to Rule 111 under the
Act; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not to (and to cause the subsidiaries of the Guarantor not to) take, directly or indirectly, any action which is designed
to or which constitutes or which would reasonably be expected to cause or result in stabilization or manipulation of the price
of any security of the Company or the Guarantor, in each case in violation of applicable laws, to facilitate the sale or resale
of the Securities contemplated by this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(a)&#9;The Company and the Guarantor jointly and severally represent and agree that, without the prior consent of the Representatives,
they have not made and will not make any offer relating to the Securities that would constitute a &ldquo;free writing prospectus&rdquo;
as defined in Rule 405 under the Act (a &ldquo;<B>Free Writing Prospectus</B>&rdquo;); each Underwriter represents and agrees that,
without the prior consent of the Company, the Guarantor and the Representatives, other than one or more term sheets relating to
the Securities containing customary information and conveyed to purchasers of Securities, which in their final form will not be
inconsistent with the final term sheet set forth in Schedule II hereto, it has not made and will not make any offer relating to
the Securities that would constitute a Free Writing Prospectus that would be required to be filed; any such Free Writing Prospectus
the use of which has been consented to by the Company, the Guarantor and the Representatives is listed on Schedule III(a) or Schedule
III(b) hereto;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and the Guarantor jointly and severally represent and warrant to, and agree with, each of the Underwriters that
they have complied and will comply with the requirements of Rule 433 under the Act applicable to any Issuer Free Writing Prospectus,
including timely filing with the Commission or retention where required and legending; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and the Guarantor agree that if at any time following issuance of an Issuer Free Writing Prospectus any event
occurred or occurs as a result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration
Statement, the Pricing Prospectus or the Prospectus or would include an untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in light of the circumstances then prevailing, not misleading,
the Company and the Guarantor will give prompt notice thereof to the Representatives and, if requested by the Representatives,
will prepare and furnish without charge to each of the Underwriters an Issuer Free Writing Prospectus or other document which will
correct such conflict, statement or omission; provided, however, that the foregoing shall not apply to any statements or omissions
in an Issuer Free Writing Prospectus made in reliance upon and in conformity with information furnished in writing to the Company
or the Guarantor by an Underwriter through BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho International plc and MUFG
Securities EMEA plc expressly for use therein.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and the Guarantor jointly and severally covenant and agree with the several Underwriters that (a) the Company
and the Guarantor will pay or cause to be paid the following: (i) the fees, disbursements and expenses of counsel for the Company
and the Guarantor and the Guarantor&rsquo;s accountants in connection with the registration of the Securities under the Act and
all other expenses in connection with the preparation, printing, reproduction and filing of the Registration Statement, the Basic
Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus and the Prospectus and amendments and supplements thereto
and the mailing and delivering of copies thereof to the Underwriters and dealers; (ii) the cost of printing or producing this Agreement,
any Blue Sky and Legal Investment Memoranda, and closing documents (including any compilations thereof) and any other documents
in connection with the offering, purchase, sale and delivery of the Securities; (iii) all expenses in connection with the qualification
of the Securities for offering and sale under state securities laws as provided in Section 5(iii) hereof; (iv) all fees and expenses
in connection with the listing of the Securities on the New York Stock Exchange and the filing fees incident thereto; (v) fees
and expenses of the Authorized Agent (as defined in Section 16 hereof); (vi) the cost of preparing certificates representing the
Securities; (vii) the cost and charges of any transfer agent or registrar, if any; (viii) any fees charged by securities rating
services for rating the Securities; (ix) any costs, fees and charges of any trustee, transfer agent, registrar or depositary; (x)
all fees and expenses in connection with the preparation and filing of the registration statement on Form 8-A relating to the Securities;
(xi) on presentation of fully itemized invoices with supporting vouchers where appropriate, all properly incurred out-of-pocket
costs and expenses of the Underwriters, including the fees and expenses of any investor presentation, travel or accommodation expenses
incurred by the Underwriters in connection with the transactions contemplated by this Agreement and the preparation of all other
documentation contemplated hereby; and (xii) all other reasonable costs and expenses incident to the performance of the obligations
of the Company and the Guarantor hereunder that are not otherwise specifically provided for in this Section; (b) the Company and
the Guarantor will pay or cause to be paid all stamp or other taxes, levies and duties, if any, and any other kind of tax, including
withholding tax, incurred or arising in connection with (i) the issuance and initial delivery of the Securities by the Company
or the Guarantor, (ii) the deposit of the Securities with a custodian for DTC, (iii) the purchase by the Underwriters of the Securities,
(iv) the initial resale and delivery of the Securities by the Underwriters as contemplated by this Agreement, and (v) the execution
and delivery of this Agreement, including all taxes payable by the Underwriters arising from the reimbursement of any expenses,
other than income tax from any fee, commission or other compensation received by the Underwriters in accordance with this Agreement;
it being understood that nothing in clause (b) hereof is intended or shall be construed to include any stamp or other taxes, expenses,
levies and duties and any other kind of tax, including withholding tax, incurred or arising from any subsequent transfer, sale
or delivery of the Securities by (A) an initial purchaser of the Securities procured by the Underwriter or (B) the Underwriter.
It is understood, however, that, except as provided in this Section, and Sections 9 and 12 hereof, each Underwriter will pay all
of its own advertising expenses in connection with any offers they make and any costs, expenses and fees, stamp or other taxes,
levies and duties and any other kind of tax, including withholding tax, incurred or arising from any subsequent transfer, sale
or delivery of the Securities by the Underwriters. It is further agreed that the Company will not be responsible for any fees or
disbursements of counsel to the Underwriters, which fees and disbursements shall be the sole responsibility of the Underwriters.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Underwriters may, only after consultation
with the Company and the Guarantor and upon presentation to the Company and the Guarantor of fully itemized invoices with supporting
vouchers where appropriate, deduct the Underwriters&rsquo; costs and expenses from the proceeds of the offering of Securities.
If the Company or the Guarantor, as the case may be, is required by law to make any deduction or withholding on account of any
tax of any nature, the amount payable in respect of the fees or expenses, as the case may be, shall be grossed up to the extent
necessary to ensure that, after such deduction or withholding, the amount received and retained by the Representatives will equal
the full amount which would have been received had no deduction or withholding been made.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The obligations of the Underwriters hereunder, shall be subject, in their discretion, to the condition that all representations
and warranties and other statements of the Company and the Guarantor herein are, at and as of the Time of Delivery, true and correct,
the condition that the Company and the Guarantor not be in breach of any of their respective obligations under this Agreement in
any respect that is material on or before the Time of Delivery, and the following additional conditions:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Prospectus shall have been filed with the Commission pursuant to Rule 424(b) under the Act within the applicable time
period prescribed for such filing by the rules and regulations under the Act and in accordance with Section 5 hereof; all material
required to be filed by the Company and the Guarantor pursuant to Rule 433(d) under the Act shall have been filed with the Commission
within the applicable time period prescribed for such filing by Rule 433; no stop order suspending the effectiveness of the Registration
Statement or any part thereof shall have been issued and no proceeding for that purpose or pursuant to Section 8A of the Act shall
have been initiated or threatened by the Commission and no notice of objection of the Commission to the use of the Registration
Statement pursuant to Rule 401(g)(2) under the Act shall have been received; no stop order suspending or preventing the use of
the Prospectus or any Issuer Free Writing Prospectus shall have been initiated or threatened by the Commission; and all requests
for additional information on the part of the Commission shall have been complied with to your reasonable satisfaction;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Davis Polk &amp; Wardwell London LLP, United States counsel for the Underwriters, shall have furnished to you their disclosure
letter and written opinion substantially in the forms set forth in Annex I(a) hereto, dated the Time of Delivery and such counsel
shall have received such papers and information as they may reasonably request to enable them to pass upon such matters;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Shearman &amp; Sterling (London) LLP, United States counsel for the Company and the Guarantor, shall have furnished to you
their disclosure letter and written opinion substantially in the forms set forth in Annex I(b) hereto, dated the Time of Delivery.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Edward Nathan Sonnenbergs Inc., South African counsel for the Guarantor, shall have furnished to you their written opinion
substantially in the form set forth in Annex I(d) hereto, dated the Time of Delivery;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Bowman Gilfillan Inc., South African counsel for the Underwriters, shall have furnished to you their written opinion substantially
in the form set forth in Annex I(e) hereto, dated the Time of Delivery;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On each of the date hereof and the Time of Delivery, PricewaterhouseCoopers Inc. shall have furnished to you a letter or
letters, dated the respective dates of delivery thereof to the effect set forth in Annex II hereto;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At and as of the Time of Delivery, (i) neither the Guarantor nor any of its subsidiaries shall have sustained, since the
date of the latest audited financial statements included or incorporated by reference in the Pricing Disclosure Package, any loss
or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any
labor dispute or court or governmental action, order or decree, in each case materially adverse to the Guarantor and its subsidiaries
taken as a whole, otherwise than as set forth or contemplated in the Pricing Disclosure Package, and (ii) since the respective
dates as of which information is given in the Registration Statement and the Pricing Disclosure Package, there shall not have been
any material increase in the long term debt of the Guarantor and its subsidiaries taken as a whole or any change, or any development
involving a prospective change, in or affecting the business affairs, management, financial position, shareholders&rsquo; equity
or results of operations of the Guarantor and its subsidiaries taken as a whole, in each case, otherwise than as set forth or contemplated
in the Pricing Disclosure Package, the effect of which, in any such case described in clause (i) or (ii), is in the judgment of
the Representatives so material and adverse as to make it impracticable or inadvisable to proceed with the public offering or the
delivery of the Securities being delivered at the Time of Delivery on the terms and in the manner contemplated in the Pricing Disclosure
Package;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On or after the Applicable Time until the Time of Delivery there shall not have occurred any of the following: (i) a suspension
or material limitation in trading in securities generally on the New York Stock Exchange or the JSE Limited; (ii) a suspension
or material limitation in trading in the securities of the Guarantor on the New York Stock Exchange or the JSE Limited; (iii) a
general moratorium on commercial banking activities in New York, the Republic of South Africa or London declared by the relevant
authorities, or a material disruption in commercial banking or securities settlement or clearance services in the United States,
the Republic of South Africa or the United Kingdom; (iv) a change or development involving a prospective change in the Republic
of South Africa taxation adversely affecting the Securities or the transfer thereof; (v) the outbreak or escalation of hostilities
involving the United States, the Republic of South Africa or the United Kingdom or the declaration by the United States, the Republic
of South Africa or the United Kingdom of a national emergency or war; or (vi) the occurrence of any other calamity or crisis or
any change in financial, political or economic conditions or currency exchange rates or controls in the United States, the Republic
of South Africa or the United Kingdom or elsewhere, if the effect of any such event specified in clause (v) or (vi) in the judgment
of the Representatives makes it impracticable or inadvisable to proceed with the public offering or the delivery of the Securities
being delivered at the Time of Delivery to, or as directed by, the Underwriters on the terms and in the manner contemplated in
the Prospectus;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and the Guarantor shall have complied with the provisions of Section 5(iv) hereof with respect to the furnishing
of prospectuses on the Business Day next succeeding the date of this Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At and as of the Time of Delivery, an application shall have been made for listing the Securities on the New York Stock
Exchange;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On or after the Applicable Time, (i) there shall not have occurred any lowering of the rating of any of the debt securities
of the Company or the Guarantor by Moody&rsquo;s Investors Service, Inc. or S&amp;P Global Ratings Inc., a division of S&amp;P
Global Inc. and (ii) no such organization shall have announced that it has under surveillance or review, with possible negative
implications, its ratings of any of the debt securities of the Company or the Guarantor; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Company and the Guarantor shall have furnished or caused to be furnished to you at and as of the Time of Delivery
certificates of directors or officers of the Company and the Guarantor as to the accuracy of the representations and warranties
of the Company and the Guarantor, as the case may be, herein at and as of the Time of Delivery, as to the performance, in all material
respects, by the Company and the Guarantor of their respective obligations hereunder to be performed at or prior to the Time of
Delivery, and each of the Company and the Guarantor shall have furnished or caused to be furnished certificates as to the matters
set forth in subsections (a), (h) and (k) of this Section.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(a)&#9;The Company and the Guarantor jointly and severally will indemnify and hold harmless each Underwriter against any
losses, claims, damages or liabilities to which such Underwriter may become subject, under the Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) an untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement or caused by any omission or alleged omission
to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading,
or (ii) any untrue statement or alleged untrue statement of a material fact contained in the Basic Prospectus, any Preliminary
Prospectus, the Pricing Disclosure Package, the Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus
or any &ldquo;issuer information&rdquo; filed or required to be filed pursuant to Rule 433(d) under the Act or identified in Schedule
III(b) hereto, or the documents identified in Schedule III(d) hereto, or caused by any omission or alleged omission to state therein
a material fact necessary to make the statements therein, in light of circumstance under which they were made, not misleading,
and will reimburse each Underwriter for any legal or other expenses reasonably incurred by such Underwriter in connection with
investigating or defending any such action or claim as such expenses are incurred; <I>provided</I>, <I>however</I>, that the Company
and the Guarantor shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out
of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement,
the Basic Prospectus, the Pricing Disclosure Package, any Preliminary Prospectus, the Prospectus, or any amendment or supplement
thereto, or any Issuer Free Writing Prospectus, in reliance upon and in conformity with written information furnished to the Company
or the Guarantor by any Underwriter through BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho International plc and
MUFG Securities EMEA plc expressly for use therein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Underwriter, severally, but not jointly, will indemnify and hold harmless the Company and the Guarantor against any
losses, claims, damages or liabilities to which the Company or the Guarantor may become subject, under the Act or otherwise, insofar
as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement or caused by any omission or alleged omission
to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading,
or (ii) any untrue statement or alleged untrue statement of a material fact contained in the Basic Prospectus, any Preliminary
Prospectus, the Pricing Disclosure Package, the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing
Prospectus or any &ldquo;issuer information&rdquo; filed pursuant to Rule 433(d) under the Act, or caused by any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue
statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Basic Prospectus,
any Preliminary Prospectus, the Pricing Disclosure Package, the Prospectus, or any amendment or supplement thereto, or any Issuer
Free Writing Prospectus or any &ldquo;issuer information&rdquo; filed pursuant to Rule 433(d) under the Act, in reliance upon and
in conformity with written information furnished to the Company and the Guarantor by such Underwriter through BofA Securities,
Inc., Citigroup Global Markets Inc., Mizuho International plc and MUFG Securities EMEA plc expressly for use therein; and will
reimburse the Company and the Guarantor for any legal or other expenses reasonably incurred by the Company or the Guarantor in
connection with investigating or defending any such action or claim as such expenses are incurred.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action,
such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under such subsection,
notify the indemnifying party in writing of the commencement thereof; but the omission to so notify the indemnifying party shall
not relieve it from any liability which it may have to any indemnified party otherwise than under such subsection. In case any
such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof,
the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (which shall not,
except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying
party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not be liable to
such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently
incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation. No indemnifying
party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry
of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such
settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out
of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act,
by or on behalf of any indemnified party.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the indemnification provided for in this Section 9 is unavailable to or insufficient to hold harmless an indemnified
party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect
the relative benefits received by the Company and the Guarantor on the one hand and the Underwriters on the other from the offering
of the Securities. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law
or if the indemnified party failed to give the notice required under subsection (c) above, then each indemnifying party shall contribute
to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative
benefits but also the relative fault of the Company and the Guarantor on the one hand and the Underwriters on the other in connection
with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof),
as well as any other relevant equitable considerations. The relative benefits received by the Company and the Guarantor on the
one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the offering
of the Securities under this Agreement (before deducting expenses) received by the Company bear to the total underwriting discounts
and commissions received by the Underwriters. </P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">The relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Company and the Guarantor on the one hand or the Underwriters on the other and the parties&rsquo;
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company,
the Guarantor and the Underwriters agree that it would not be just and equitable if contributions pursuant to this subsection (d)
were determined by <I>pro rata</I> allocation (even if the Underwriters were treated as one entity for such purpose) or by any
other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d).
The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect
thereof) referred to above in this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of
this subsection (d), no Underwriter shall be required to contribute any amount in excess of the amount by which the total price
at which any Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages
which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo; obligations in this
subsection (d) to contribute are several in proportion to their respective underwriting obligations and not joint.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The obligations of the Company and the Guarantor under this Section 9 shall be in addition to any liability which the Company
or the Guarantor may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls
any Underwriter within the meaning of the Act or the Exchange Act, each director and officer of any Underwriter, and each broker-dealer
affiliate of any Underwriter, and the obligations of the Underwriters under this Section 9 shall be in addition to any liability
which the respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each officer and
director of the Company or the Guarantor (including any person who, with his or her consent, is named in the Registration Statement
as about to become a director of the Company or the Guarantor) and to each person, if any, who controls the Company or the Guarantor
within the meaning of the Act or the Exchange Act.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and the Guarantor jointly and severally also agree to indemnify and hold harmless the QIU and each person, if
any, who controls the QIU within the meaning of either Section 15 of the Act or Section 20 of the Exchange Act from and against
any and all losses, claims, damages, liabilities and judgments incurred as a result of the QIU&rsquo;s participation as a &ldquo;qualified
independent underwriter&rdquo; within the meaning of Rule 5121 of FINRA in connection with the offering of the Securities, except
for any losses, claims, damages, liabilities, and judgments resulting from the QIU&rsquo;s, or such controlling person&rsquo;s,
willful misconduct. Notwithstanding anything contained herein to the contrary, if indemnity may be sought pursuant to Section 9(f)
hereof in respect of such action or proceeding, then in addition to such separate firm for the indemnified parties, the indemnifying
party shall be liable for the reasonable fees and expenses of not more than one separate firm (in addition to any local counsel)
for the QIU in its capacity as a &ldquo;qualified independent underwriter&rdquo; and all persons, if any, who control the QIU within
the meaning of either Section 15 of the Act or Section 20 of the Exchange Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(a)&#9;If any Underwriter shall default in its obligation to purchase the Securities which it has agreed to purchase hereunder
at the Time of Delivery, you may in your discretion arrange for you or another party or other parties to purchase such Securities
on the terms contained herein. If within thirty-six hours after such default you do not make arrangements satisfactory to you,
the Company and the Guarantor for the purchase of such Securities, then the Company and the Guarantor shall be entitled to a further
period of thirty-six hours within which to procure another party or other parties satisfactory to you to purchase such Securities
on such terms. In the event that, within the respective prescribed periods, you notify the Company and the Guarantor that you have
so arranged for the purchase of such Securities, or the Company and the Guarantor notify you that they have so arranged for the
purchase of such Securities, you or the Company shall have the right to postpone the Time of Delivery for a period of not more
than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus,
or in any other documents or arrangements, and the Company agrees to file promptly any amendments or supplements to the Registration
Statement or the Prospectus which in your opinion may thereby be made necessary. The term &ldquo;<B>Underwriter</B>&rdquo; as used
in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been
a party to this Agreement with respect to such Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, after giving effect to any arrangements for the purchase of Securities of a defaulting Underwriter or Underwriters by
you, the Company and the Guarantor as provided in subsection (a) above, the principal amount of such Securities which remain unsold
does not exceed one-eleventh of the aggregate principal amount of all of the Securities to be purchased at the Time of Delivery,
then the Company and the Guarantor shall have the right to require each nondefaulting Underwriter to purchase the number of Securities
which such Underwriter agreed to purchase hereunder at the Time of Delivery and, in addition, to require each nondefaulting Underwriter
to purchase its <I>pro rata</I> share (based on the principal amount of Securities which such Underwriter agreed to purchase hereunder)
of the Securities of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein
shall relieve a defaulting Underwriter from liability for its default.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, after giving effect to any arrangements for the purchase of Securities of a defaulting Underwriter or Underwriters by
you, the Company and the Guarantor as provided in subsection (a) above, the principal amount of such Securities which remain unsold
exceeds one-eleventh of the aggregate principal amount of all the Securities to be sold at the Time of Delivery, or if the Company
and the Guarantor shall not exercise the right described in subsection (b) above to require nondefaulting Underwriters to purchase
the Securities of a defaulting Underwriter or Underwriters, then this Agreement shall thereupon terminate, without liability on
the part of any nondefaulting Underwriter on the one hand or the Company and the Guarantor on the other, except for the expenses
to be borne by the Company and the Guarantor on the one hand and the Underwriters on the other as provided in Section 7 hereof
and the indemnity and contribution agreements in Section 9 hereof; but nothing herein shall relieve a defaulting Underwriter from
liability for its default.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The respective indemnities, agreements, representations, warranties and other statements of the Company, the Guarantor and
the several Underwriters, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement,
shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or
on behalf of any Underwriter or any controlling person of any Underwriter, the Company or the Guarantor, or any officer or director
or controlling person of the Company or the Guarantor, and shall survive delivery of and payment for the Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If this Agreement shall be terminated pursuant to Section 10 hereof, the Company and the Guarantor shall then not be under
any liability to you except as provided in Sections 7 and 9 hereof; but, if for any other reason any Securities are not delivered
by or on behalf of the Company and the Guarantor as provided herein, the Company and the Guarantor will reimburse the Underwriters
through you for all out of pocket expenses approved in writing by you, including fees and disbursements of counsel, reasonably
incurred by the Underwriters in making preparations for the sale and delivery of the Securities not so delivered, but the Company
and the Guarantor shall then be under no further liability to any Underwriter in respect of the Securities not so delivered except
as provided in Sections 7 and 9 hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In all dealings hereunder, you shall act on behalf of each of the Underwriters, and the parties hereto shall be entitled
to act and rely upon any statement, request, notice or agreement on behalf of any Underwriter made or given by either of you.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All statements, requests, notices, agreements and other communications hereunder shall be in writing, and if to the Underwriters
shall be delivered or sent by mail, telex or facsimile transmission to you as the Representatives of the several Underwriters listed
in Schedule I hereto at the following: BofA Securities, Inc., 1540 Broadway, NY8-540-26-02, New York, New York 10036, United States,
fax no.: +1 646 855 5958, attention: High Grade Transaction Management/Legal; Citigroup Global Markets Inc., 388 Greenwich Street,
New York, NY 10013, United States, +1 646 291 1469, attention: General Counsel; Mizuho International plc, Mizuho House, 30 Old
Bailey, London EC4M 7AU, United Kingdom, email: DL-MHI-PrimaryDebt-Syndicate@uk.mizuho-sc.com, attention: Primary Debt Syndicate
Desk; MUFG Securities EMEA plc, Ropemaker Place, 25 Ropemaker Street, London EC2Y 9AJ, United Kingdom, email: legal-primarymarkets@int.sc.mufg.jp,
attention: Legal &ndash; Primary Markets and if to the Company or the Guarantor shall be delivered or sent by mail, telex or facsimile
transmission to the address of the Company or the Guarantor, as the case may be, set forth in the Registration Statement, Attention:
Company Secretary. Any such statements, requests, notices, agreements and other communications shall, if sent by fax, conclusively
be deemed to have been given or served at the time of dispatch upon generation of transmission confirmation and, if sent by post,
be conclusively deemed to have been received 48 hours from the time of posting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In accordance with the requirements of
the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain,
verify and record information that identifies their respective clients, including the Company and the Guarantor, which information
may include the name and address of their respective clients, as well as other information that will allow the Underwriters to
properly identify their respective clients.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the Company and the Guarantor,
and to the extent provided in Sections 9 and 11 hereof, the officers and directors of the Company, the Guarantor and any Underwriters,
and each person who controls the Company, the Guarantor or any Underwriter, and their respective heirs, executors, administrators,
successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser
of any of the Securities from any Underwriter shall be deemed a successor or assign by reason merely of such purchase.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the parties hereto irrevocably (i) agrees that any legal suit, action or proceeding against the Company or the Guarantor
brought by any Underwriter or by any person who controls the Underwriter arising out of or based upon this Agreement or the transactions
contemplated hereby may be instituted in any Federal or State court in the Borough of Manhattan, The City of New York (each a &ldquo;<B>New
York Court</B>&rdquo;), (ii) waives, to the fullest extent permitted by law any objection which it may now or hereafter have to
the laying of venue of any such proceeding and (iii) submits to the exclusive jurisdiction of such courts in any such suit, action
or proceeding. Each of the Company and the Guarantor has appointed Sasol (USA) Corporation, 12120 Wickchester Lane, Houston, Texas
77079, United States, as their authorized agent (the &ldquo;<B>Authorized Agent</B>&rdquo;) upon whom process may be served in
any such action arising out of or based on this Agreement or the transactions contemplated hereby which may be instituted in any
New York Court by any Underwriter or by any person who controls the Underwriter, expressly consents to the jurisdiction of any
such court in respect of any such action, and waives any other requirements of or objections to personal jurisdiction with respect
thereto. Such appointment shall be irrevocable for five years from the date of this Agreement. </P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Each of the Company and the Guarantor
represents and warrants that the Authorized Agent has agreed to act as such agent for service of process and agree to take any
and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment
in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Company
or the Guarantor, as the case may be, shall be deemed, in every respect, effective service of process upon the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In respect of any judgment or order given or made for any amount due hereunder that is expressed and paid in a currency
(the &ldquo;<B>judgment currency</B>&rdquo;) other than United States dollars, the Company and the Guarantor will indemnify each
Underwriter against any loss incurred by such Underwriter as a result of any variation as between (i) the rate of exchange at which
the United States dollar amount is converted into the judgment currency for the purpose of such judgment or order and (ii) the
rate of exchange at which an Underwriter is able to purchase United States dollars with the amount of the judgment currency actually
received by such Underwriter. The foregoing indemnity shall constitute a separate and independent obligation of the Company and
the Guarantor and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term &ldquo;<B>rate
of exchange</B>&rdquo; shall include any premiums and costs of exchange payable in connection with the purchase of or conversion
of the judgment currency into United States dollars.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Time shall be of the essence of this Agreement, both as regards any dates, times or periods mentioned and as regards any
dates, times or periods which may be substituted for them in accordance with this Agreement or by agreement in writing between
the parties.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Company and the Guarantor acknowledges and agrees that (i) the purchase of the Securities by the several Underwriters
pursuant to this Agreement is an arm&rsquo;s-length commercial transaction between the Company and the Guarantor, on the one hand,
and the Underwriters and the QIU, on the other, (ii) solely in connection therewith and with the process leading to such transaction
the Underwriter and QIU are each acting solely as a principal and not the agent or fiduciary of the Company, (iii) none of the
Underwriters or the QIU has assumed or will assume an advisory or fiduciary responsibility in favor of the Company or the Guarantor
with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter or the
QIU has advised or is currently advising the Company or the Guarantor on other matters) or any other obligation to the Company
or the Guarantor and (iv) each of the Company and the Guarantor has consulted and will consult their own legal and financial advisors
to the extent each deemed appropriate. Each of the Company and the Guarantor agrees that it will not claim that the Underwriters,
the QIU, or any of them, have rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Company
or the Guarantor, in connection with such transaction or the process leading thereto.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This Agreement supersedes all prior agreements
and understandings (whether written or oral) between the Company and the Guarantor on the one hand and the Underwriters, or any
of them, on the other, with respect to the subject matter hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement, and any claim, controversy or dispute relating to or arising out of this Agreement, shall be governed by
and construed in accordance with the laws of the State of New York without giving effect to the conflicts of laws provisions thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Company, the Guarantor and the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">22.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement may be executed in two or more counterparts (which may include counterparts delivered by any form of electronic
communication or telecommunication), each one of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument. The words &ldquo;execution,&rdquo; &ldquo;signed,&rdquo; &ldquo;signature,&rdquo; and
words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement, if any, shall
include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation,
&ldquo;pdf,&rdquo; &ldquo;tif&rdquo; or &ldquo;jpg&rdquo;) and other electronic signatures (including, without limitation, DocuSign
and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record
created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and
enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by
applicable law, domestic or foreign, including, without limitation, the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, and any state law based on the Uniform Electronic Transactions Act
or the Uniform Commercial Code.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">23.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understanding
between the Underwriters, the Company and the Guarantor, each of the Company and the Guarantor acknowledges and accepts that a
BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority,
and acknowledges, accepts and agrees to be bound by:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of an
Underwriter to the Company and the Guarantor under this Agreement, that (without limitation) may include and result in any of the
following, or some combination thereof:</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the relevant
Underwriter or another person, and the issue to, or conferral on, the Company and the Guarantor of such shares, securities or obligations;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the cancellation of the BRRD Liability; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are
due, including by suspending payment for a temporary period; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to
the exercise of Bail-in Powers by the Relevant Resolution Authority.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 67.5pt">For purposes of
this Section 23, the following terms shall have the respective meanings set out below:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 67.5pt">&ldquo;<B>Bail-in
Legislation</B>&rdquo; shall mean, in relation to a member state of the European Economic Area which has implemented, or which
at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in
Legislation Schedule from time to time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 67.5pt">&ldquo;<B>Bail-in
Powers</B>&rdquo; shall mean any Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation
to the relevant Bail-in Legislation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 67.5pt">&ldquo;<B>BRRD</B>&rdquo;
shall mean Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 67.5pt">&ldquo;<B>EU Bail-in
Legislation Schedule</B>&rdquo; shall mean the document described as such, then in effect, and published by the Loan Market Association
(or any successor person) from time to time at http://www.lma.eu.com/.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 67.5pt">&ldquo;<B>BRRD
Liability</B>&rdquo; shall mean a liability in respect of which the relevant Write-down and Conversion Powers in the applicable
Bail-in Legislation may be exercised.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 67.5pt">&ldquo;<B>Relevant
Resolution Authority</B>&rdquo; shall mean the resolution authority with the ability to exercise any Bail-in Powers in relation
to any of the Underwriters.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">24.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understanding
between the Underwriters, the Company and the Guarantor and accepts that a UK Bail-in Liability arising under this Agreement may
be subject to the exercise of UK Bail-in Powers by the relevant UK resolution authority, and acknowledges, accepts, and agrees
to be bound by:</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the effect of the exercise of UK Bail-in Powers by the relevant UK resolution authority in relation to any UK Bail-in Liability
of an Underwriter to the Company and the Guarantor under this agreement, that (without limitation) may include and result in any
of the following, or some combination thereof:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the reduction of all, or a portion, of the UK Bail-in Liability or outstanding amounts due thereon;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the conversion of all, or a portion, of the UK Bail-in Liability into shares, other securities or other obligations of an
Underwriter or another person, and the issue to or conferral on the Company and the Guarantor of such shares, securities or obligations;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the cancellation of the UK Bail-in Liability;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.05in; text-indent: 0.8in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are
due, including by suspending payment for a temporary period;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.75in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the variation of the terms of this Agreement, as deemed necessary by the relevant UK resolution authority, to give effect
to the exercise of UK Bail-in Powers by the relevant UK resolution authority.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 67.5pt">&ldquo;<B>UK Bail-in
Legislation</B>&rdquo; means Part I of the UK Banking Act 2009 and any other law or regulation applicable in the UK relating to
the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than
through liquidation, administration or other insolvency proceedings).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 67.5pt">&ldquo;<B>UK Bail-in
Liability</B>&rdquo; means a liability in respect of which the UK Bail-in Powers may be exercised.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 67.5pt">&ldquo;<B>UK Bail-in
Powers</B>&rdquo; means the powers under the UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that
is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a liability
of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into
shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have
effect as if a right had been exercised under it or to suspend any obligation in respect of that liability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">25.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will
be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement,
and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.45pt">In the event that any Underwriter that
is a Covered Entity or a Covered Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution
Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no
greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed
by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">For the purposes
of this Section 25:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Covered
Affiliate</B>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with,
12 U.S.C. &sect; 1841(k);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Covered
Entity</B>&rdquo; means any of the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
&ldquo;<B>covered entity</B>&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
&ldquo;<B>covered bank</B>&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
&ldquo;<B>covered FSI</B>&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Default
Right</B>&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect;
252.81, 47.2 or 382.1, as applicable; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.45pt">&ldquo;<B>U.S. Special Resolution Regime</B>&rdquo;
means each of (i) the U.S. Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the U.S.
Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">* * * * *</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If the foregoing is in accordance with
your understanding, please sign and return to us four counterparts hereof, and upon the acceptance hereof by you, this letter and
such acceptance hereof shall constitute a binding agreement among each of the Underwriters, the Company and the Guarantor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in">SASOL FINANCING USA LLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in">By:&#9;<U>/s/ Paul Victor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Paul Victor<BR>
Title: Authorized Signatory</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in">SASOL LIMITED</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in">By:&#9;<U>/s/ Paul Victor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Paul Victor<BR>
Title: Authorized Signatory</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in">&nbsp;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Accepted as of the date hereof</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">BofA Securities, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Citigroup Global Markets Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Mizuho International plc</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">MUFG Securities EMEA plc</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As representatives of the several Underwriters</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">BOFA SECURITIES, INC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">By:&#9;<U>/s/ Andrew R Karp &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <BR>
Name: Andrew R Karp <BR>
Title: Managing Director</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">CITIGROUP GLOBAL MARKETS INC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">By:&#9;<U>/s/ Adam D. Bordner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Adam D. Bordner<BR>
Title: Director</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">MIZUHO INTERNATIONAL PLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">By:&#9;<U>/s/ Manabu Shibuya&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Manabu Shibuya<BR>
Title: Executive Director</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">MUFG SECURITIES EMEA PLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">By:&#9;<U>/s/ Corina Painter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Corina Painter<BR>
Title: Authorised Signatory</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">J.P. MORGAN SECURITIES PLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">By:&#9;<U>/s/ Clark Gard&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Clark Gard<BR>
Title: Executive Director</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE I</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt">
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">


        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Underwriter</B></P>
</DIV></TD>
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Principal
        Amount of the 2026 Notes to be Purchased</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">BofA Securities, Inc.&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$195,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Citigroup Global Markets Inc. &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$136,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Mizuho International plc&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$136,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">MUFG Securities EMEA plc&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$136,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">ABN AMRO Securities (USA) LLC&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$6,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">BNP Paribas&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$6,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Deutsche Bank AG, London Branch&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$6,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Intesa Sanpaolo S.p.A., London Branch&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$6,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">J.P. Morgan Securities plc&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$6,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">SMBC Nikko Securities America, Inc.&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$6,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">UniCredit Capital Markets LLC&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">$6,500,000</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1.5pt double">$650,000,000</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt">
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">


        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Underwriter</B></P>
</DIV></TD>
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Principal
        Amount of the 2031 Notes to be Purchased</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">BofA Securities, Inc.&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$255,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Citigroup Global Markets Inc.&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$178,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Mizuho International plc&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$178,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">MUFG Securities EMEA plc&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$178,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">ABN AMRO Securities (USA) LLC&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$8,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">BNP Paribas&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$8,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Deutsche Bank AG, London Branch&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$8,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Intesa Sanpaolo S.p.A., London Branch&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$8,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">J.P. Morgan Securities plc&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$8,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">SMBC Nikko Securities America, Inc.&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$8,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">UniCredit Capital Markets LLC&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">$8,500,000</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1.5pt double">$850,000,000</P></TD></TR>
</TABLE>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE II</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%"><B>&nbsp;<FONT STYLE="font-size: 9pt">Free Writing Prospectus</FONT></B></TD>
    <TD STYLE="width: 38%; text-align: right"><FONT STYLE="font-size: 9pt"><B>Dated March 11, 2021</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 9pt"><B>(To Preliminary Prospectus Supplement dated March 8, 2021 and Prospectus dated September 20, 2018)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"><B>Registration Statement No.&nbsp;333-227263</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Sasol Financing USA LLC<BR>
$650,000,000 4.375% Notes due 2026<BR>
Fully and Unconditionally Guaranteed by Sasol Limited</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Pricing Term Sheet<BR>
March 11, 2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Issuer:</TD>
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Sasol Financing USA LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Guarantor:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Sasol Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Principal Amount:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">$650,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Net Proceeds (before expenses):</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">$646,230,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Maturity Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">September 18, 2026</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Coupon:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">4.375%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Price to Public:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">100.000% of principal amount, plus accrued interest, if any, from March 18, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Yield to Maturity:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">4.375%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Benchmark Treasury:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">UST 0.500% due February 28, 2026</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Spread to Benchmark Treasury:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">+ 359.7 basis points</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Benchmark Treasury Price and Yield:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">98-20<SUP>3</SUP>/<SUB>4</SUB> / 0.778%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Interest Payment Dates:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">March 18 and September 18, commencing September 18, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Day Count Fraction:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">30 / 360</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Change of Control:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">101%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Redemption Provisions:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.5in">Make-whole Call:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">At any time prior to August 18, 2026, at a discount rate of Treasury plus 50 basis points</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.5in">Par Call:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">On or after August 18, 2026 at 100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.5in">Tax Redemption:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Trade Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">March 11, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Expected Settlement Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">March 18, 2021 (T+5)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Denominations:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">$200,000 and integral multiples of $1,000 in excess thereof</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">CUSIP / ISIN:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">80386WAC9 / US80386WAC91</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Expected Listing:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">New York Stock Exchange</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Sole Global Coordinator and Joint Bookrunner:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">BofA Securities, Inc.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; width: 45%">Joint Bookrunners:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; width: 55%">Citigroup Global Markets Inc.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Mizuho International plc</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">MUFG Securities EMEA plc</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">ABN AMRO Securities (USA) LLC</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">BNP Paribas</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Deutsche Bank AG, London Branch</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Intesa Sanpaolo S.p.A., London Branch</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">J.P. Morgan Securities plc</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">SMBC Nikko Securities America, Inc.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">UniCredit Capital Markets LLC</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">* A securities rating is not a recommendation to buy, sell
or hold securities and may be subject to revision or withdrawal at any time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>***</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>It is expected that delivery of the
securities will be made against payment therefor on or about March 18, 2021, which will be five business days (as such term is
used for purposes of Rule 15c6-1 of the U.S. Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;)) following
the date hereof (such settlement cycle being referred to as &ldquo;T+5&rdquo;). Under Rule 15c6-1 of the Exchange Act, trades in
the secondary market generally are required to settle in two business days unless the parties to any such trade expressly agree
otherwise. Accordingly, purchasers who wish to trade the Notes on the date of pricing or the next two succeeding business days
may be required, by virtue of the fact that the securities initially will settle in T+5, to specify an alternative settlement cycle
at the time of any such trade to prevent failed settlement. Purchasers of the securities who wish to make such trades should consult
their own advisors.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>The issuer and the guarantor have filed
a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration statement and other documents the issuer and the guarantor have filed
with the SEC for more complete information about the issuer, the guarantor and this offering. You may get these documents for free
by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, the guarantor, any underwriter or any dealer participating
in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll-free at +1 800
294 1322; or by calling Citigroup Global Markets Inc. toll-free at +1 800 831 9146; or by calling Mizuho International plc at +44
20 7090 6698; or by calling MUFG Securities EMEA plc at +44 20 7628 5555. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>MiFID II professionals / ECPs-only
/ No PRIIPs KID &ndash; Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients
only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in the
EEA.</B></P>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>UK MiFIR professionals / ECPs-only /
No UK PRIIPs KID &ndash; Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients
only (all distribution channels). No UK PRIIPs key information document (KID) has been prepared as not available to retail in the
UK.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>No key information document (KID) required
by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 has been
prepared as not available to retail in UK. No sales to retail clients in the UK. Manufacturer target market (UK MiFIR product governance)
is eligible counterparties and professional clients only (all distribution channels).</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>&nbsp;</B></P>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%"><FONT STYLE="font-size: 9pt"><B>Free Writing Prospectus</B></FONT></TD>
    <TD STYLE="width: 38%; text-align: right"><FONT STYLE="font-size: 9pt"><B>Dated March 11, 2021</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 9pt"><B>(To Preliminary Prospectus Supplement dated March 8, 2021 and Prospectus dated September 20, 2018)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"><B>Registration Statement No.&nbsp;333-227263</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Sasol Financing USA LLC<BR>
$850,000,000 5.500% Notes due 2031<BR>
Fully and Unconditionally Guaranteed by Sasol Limited</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Pricing Term Sheet<BR>
March 11, 2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Issuer:</TD>
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Sasol Financing USA LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Guarantor:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Sasol Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Principal Amount:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">$850,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Net Proceeds (before expenses):</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">$845,070,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Maturity Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">March 18, 2031</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Coupon:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">5.500%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Price to Public:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">100.000% of principal amount, plus accrued interest, if any, from March 18, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Yield to Maturity:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">5.500%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Benchmark Treasury:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">UST 1.125% due February 15, 2031</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Spread to Benchmark Treasury:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">+397.9 basis points</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Benchmark Treasury Price and Yield:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">96-11+ / 1.521%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Interest Payment Dates:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">March 18 and September 18, commencing September 18, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Day Count Fraction:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">30 / 360</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Change of Control:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">101%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Redemption Provisions:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.5in">Make-whole Call:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">At any time prior to December 18, 2030, at a discount rate of Treasury plus 50 basis points</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.5in">Par Call:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">On or after December 18, 2030 at 100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.5in">Tax Redemption:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Trade Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">March 11, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Expected Settlement Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">March 18, 2021 (T+5)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Denominations:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">$200,000 and integral multiples of $1,000 in excess thereof</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">CUSIP / ISIN:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">80386WAD7 / US80386WAD74</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Expected Listing:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">New York Stock Exchange</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Sole Global Coordinator and Joint Bookrunner:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">BofA Securities, Inc.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; width: 45%">Joint Bookrunners:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; width: 55%">Citigroup Global Markets Inc.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Mizuho International plc</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">MUFG Securities EMEA plc</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">ABN AMRO Securities (USA) LLC</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">BNP Paribas</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Deutsche Bank AG, London Branch</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Intesa Sanpaolo S.p.A., London Branch</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">J.P. Morgan Securities plc</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">SMBC Nikko Securities America, Inc.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">UniCredit Capital Markets LLC</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">* A securities rating is not a recommendation to buy, sell
or hold securities and may be subject to revision or withdrawal at any time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>***</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>It is expected that delivery of the
securities will be made against payment therefor on or about March 18, 2021, which will be five business days (as such term is
used for purposes of Rule 15c6-1 of the U.S. Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;)) following
the date hereof (such settlement cycle being referred to as &ldquo;T+5&rdquo;). Under Rule 15c6-1 of the Exchange Act, trades in
the secondary market generally are required to settle in two business days unless the parties to any such trade expressly agree
otherwise. Accordingly, purchasers who wish to trade the Notes on the date of pricing or the next two succeeding business days
may be required, by virtue of the fact that the securities initially will settle in T+5, to specify an alternative settlement cycle
at the time of any such trade to prevent failed settlement. Purchasers of the securities who wish to make such trades should consult
their own advisors.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>The issuer and the guarantor have filed
a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration statement and other documents the issuer and the guarantor have filed
with the SEC for more complete information about the issuer, the guarantor and this offering. You may get these documents for free
by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, the guarantor, any underwriter or any dealer participating
in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll-free at +1 800
294 1322; or by calling Citigroup Global Markets Inc. toll-free at +1 800 831 9146; or by calling Mizuho International plc at +44
20 7090 6698; or by calling MUFG Securities EMEA plc at +44 20 7628 5555.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>MiFID II professionals / ECPs-only
/ No PRIIPs KID &ndash; Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients
only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in the
EEA.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>&nbsp;</B></P>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>UK MiFIR professionals / ECPs-only /
No UK PRIIPs KID &ndash; Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients
only (all distribution channels). No UK PRIIPs key information document (KID) has been prepared as not available to retail in the
UK.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>No key information document (KID) required
by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 has been
prepared as not available to retail in UK. No sales to retail clients in the UK. Manufacturer target market (UK MiFIR product governance)
is eligible counterparties and professional clients only (all distribution channels).</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Any disclaimer or other notice that may appear below is
not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result
of this communication being sent by Bloomberg or another email system. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE III</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials
other than the Pricing Prospectus that comprise the Pricing Disclosure Package:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Issuer Free Writing Prospectus dated
March 11, 2021 containing the final terms of the Notes</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuer
Free Writing Prospectuses not included in the Pricing Disclosure Package:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Issuer Free Writing Prospectus dated
March 2021 containing the roadshow investor presentation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Documents Incorporated by Reference:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">None</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Document(s):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">None</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE IV</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sasol Investment Company (Pty)&nbsp;Ltd</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sasol South Africa Limited</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sasol Chemicals North America LLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sasol Oil (Pty)&nbsp;Ltd</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sasol Gas (Pty)&nbsp;Ltd</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sasol Germany&nbsp;GmbH</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sasol Chemicals (USA)&nbsp;LLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sasol Financing International Limited</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ss194555_ex0501.htm
<DESCRIPTION>OPINION OF SHEARMAN & STERLING
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 5.1</P>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 11px; width: 248px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0 0; text-align: center">9 Appold Street<BR>
        London EC2A 2AP</P>
        <P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 24pt; text-align: center">+44.20.7655.5000</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">18 March 2021</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.75pt; padding-bottom: 0.15in; font: 12pt Times New Roman, Times, Serif">The Board of Directors<BR>
Sasol Limited<BR>
Sasol Place, 50 Katherine Street<BR>
Sandton 2196<BR>
South Africa</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-bottom: 0.15in">The Board of Directors<BR>
Sasol Financing USA LLC<BR>
12120 Wickchester Lane<BR>
Houston, Texas 77079<BR>
United States of America</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">Sasol Limited<BR>
<U>Sasol Financing USA LLC</U>&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen</P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We have acted as counsel for
Sasol Limited, a public company incorporated under the laws of the Republic of South Africa (the &ldquo;<B>Guarantor</B>&rdquo;),
and Sasol Financing USA LLC, a limited liability company organized under the laws of the State of Delaware (the &ldquo;<B>Issuer</B>&rdquo;),
in connection with the purchase of $650,000,000 aggregate principal amount of the Issuer&rsquo;s 4.375% Notes due 2026 and $850,000,000
aggregate principal amount of the Issuer&rsquo;s 5.500% Notes due 2031 (together, the &ldquo;<B>Notes</B>&rdquo;) pursuant to the
Underwriting Agreement, dated as of March 11, 2021 (the &ldquo;<B>Underwriting Agreement</B>&rdquo;), among the Issuer, the Guarantor
and each of the representatives of the several underwriters named therein. The Notes will be issued pursuant to an Indenture, dated
as of September 27, 2018 (the &ldquo;<B>Indenture</B>&rdquo;), among the Issuer, the Guarantor and Citibank, N.A., as trustee,
as modified by an Agreement of Resignation, Appointment and Acceptance dated as of August 5, 2020 by and among the Issuer, the
Guarantor, Citibank, N.A., as resigning trustee and Wilmington Savings Fund Society, FSB, as successor trustee (the &ldquo;<B>Trustee</B>&rdquo;).
The Notes will be fully and unconditionally guaranteed by the Guarantor pursuant to guarantees (each a &ldquo;<B>Guarantee</B>&rdquo;
and, together with the Notes, the &ldquo;<B>Securities</B>&rdquo;), as provided for in the Indenture.</P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In that connection, we have reviewed
originals or copies of the following documents:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Underwriting Agreement.</TD></TR></TABLE>
<BR>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font: bold 9.5pt Arial Narrow, Helvetica, Sans-Serif">SHEARMAN.COM</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt/8pt Arial, Helvetica, Sans-Serif">We operate in the United Kingdom as Shearman &amp; Sterling (London) LLP, a limited liability partnership organised in the United States under the laws of the State of Delaware, which laws limit the personal liability of partners. Shearman &amp; Sterling (London) LLP is a multi-national partnership authorised and regulated by the Solicitors Regulation Authority (firm SRA number 211340). A list of all partners&rsquo; names, which includes solicitors and registered foreign lawyers, is available for inspection at the above address. Each partner of Shearman &amp; Sterling (London) LLP is also a partner of Shearman &amp; Sterling LLP. The Firm practices in Saudi Arabia in association with The Law Firm of Dr. Sultan Almasoud in association with Shearman &amp; Sterling LLP. The Firm practices in Italy in association with Studio Legale Associato Shearman &amp; Sterling LLP. Partners in the Rome and Milan offices are partners in Studio Legale Associato Shearman &amp; Sterling LLP.</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">18 March 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Indenture and the certificate of an officer of the Issuer dated March 18, 2021 pursuant to
Section 301 of the Indenture setting forth certain terms of the Notes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Notes in global form as executed by the Issuer.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The Guarantees.</TD></TR></TABLE>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The documents described in the
foregoing clauses (a) through (d) are collectively referred to herein as the &ldquo;<B>Opinion Documents</B>.&rdquo;</P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We have also reviewed the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The automatic shelf registration statement on Form F-3 (Registration No. 333-227263) filed by the
Guarantor and the Issuer under the Securities Act of 1933, as amended (the&nbsp;&ldquo;<B>Securities Act</B>&rdquo;), with the
Securities and Exchange Commission (the&nbsp;&ldquo;<B>Commission</B>&rdquo;) on September 10, 2018, as amended by the post-effective
amendment thereto filed with the Commission on August 24, 2020 (such registration statement, including the information deemed to
be part thereof at the time of effectiveness pursuant to Rule 430B under the Securities Act, and the documents incorporated by
reference therein, hereinafter collectively referred to as the&nbsp;&ldquo;<B>Registration Statement</B>&rdquo;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Originals or copies of such other records of the Issuer and the Guarantor, certificates of public
officials and officers of the Issuer and the Guarantor and agreements and other documents as we have deemed necessary as a basis
for the opinions expressed below.</TD></TR></TABLE>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In our review of the Opinion
Documents and other documents, we have assumed:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The genuineness of all signatures.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The authenticity of the originals of the documents submitted to us.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The conformity to authentic originals of any documents submitted to us as copies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">As to matters of fact, the truthfulness of the representations made in the Underwriting Agreement
and the other Opinion Documents and in certificates of public officials and officers of the Issuer and the Guarantor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">That each of the Opinion Documents is the legal, valid and binding obligation of each party thereto,
other than the Issuer and the Guarantor, enforceable against each such party in accordance with its terms.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">That:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The Guarantor is an entity duly organized and validly existing under the laws of the jurisdiction
of its organization.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The Guarantor has power and authority (corporate or otherwise) to execute, deliver and perform,
and has duly authorized, executed and delivered (except to the extent Generally Applicable Law (as defined below) is applicable
to such execution and delivery), the Opinion Documents to which it is a party.</TD></TR></TABLE>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif">18 March 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">The execution, delivery and performance by each of the Issuer and the Guarantor of the Opinion
Documents to which it is a party do not and will not:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">except with respect to the Issuer, contravene its Memorandum of Incorporation or other organizational
documents; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">except with respect to Generally Applicable Law, violate any law, rule or regulation applicable
to it.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">That the execution, delivery and performance by the Issuer and the Guarantor of the Opinion Documents
to which it is a party do not and will not result in any conflict with or breach of any agreement or document binding on it.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">That, except with respect to Generally Applicable Law, no authorization, approval, consent or other
action by, and no notice to or filing with, any governmental authority or regulatory body or any other third party is required
for the due execution, delivery or performance by the Issuer and the Guarantor of any Opinion Document to which it is a party or,
if any such authorization, approval, consent, action, notice or filing is required, it has been duly obtained, taken, given or
made and is in full force and effect.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">That no law other than Generally Applicable Law will affect any of the conclusions stated in this
opinion.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">That insofar as any obligation is to be performed in a jurisdiction other than the State of New
York or the State of Delaware, its performance would not be illegal or ineffective under the laws of that jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We have not independently established
the validity of the foregoing assumptions.</P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Generally Applicable
Law</B>&rdquo; means the federal law of the United States of America, and the law of the State of New York (including in each case
the rules or regulations promulgated thereunder or pursuant thereto), that a New York lawyer exercising customary professional
diligence would reasonably be expected to recognize as being applicable to the Issuer, the Guarantor, the Opinion Documents or
the transactions governed by the Opinion Documents, and, for purposes of assumption paragraphs (f) and (h) above, the Limited Liability
Company Act of the State of Delaware with respect to the Issuer. Without limiting the generality of the foregoing definition of
Generally Applicable Law, the term &ldquo;Generally Applicable Law&rdquo; does not include any law, rule or regulation that is
applicable to the Issuer, the Guarantor, the Opinion Documents or such transactions solely because such law, rule or regulation
is part of a regulatory regime applicable to any party to any of the Opinion Documents or any of its affiliates due to the specific
assets or business of such party or such affiliate.</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">18 March 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Based upon the foregoing and
upon such other investigation as we have deemed necessary and subject to the qualifications set forth below, we are of the opinion
that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">1.</FONT></TD><TD STYLE="text-align: justify">The Notes have been duly executed by the Issuer, and, when authenticated by the Trustee in accordance
with the Indenture and delivered and paid for as provided in the Underwriting Agreement, the Notes will be the legal, valid and
binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms and entitled to the benefits of
the Indenture.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">2.</FONT></TD><TD STYLE="text-align: justify">The Guarantees have been duly executed by the Guarantor, to the extent such execution and delivery
is a matter of New York law, and, when the Notes have been authenticated by the Trustee in accordance with the Indenture and delivered
and paid for as provided in the Underwriting Agreement, the Guarantees will be the legal, valid and binding obligations of the
Guarantor, enforceable against the Guarantor in accordance with their terms.</TD></TR></TABLE>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Our opinions expressed above
are subject to the following qualifications:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Our opinions in paragraphs 1 and 2 above are subject to (i) the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors&rsquo; rights generally (including without limitation
all laws relating to fraudulent transfers) and (ii) possible judicial action giving effect to governmental actions or foreign laws
affecting creditors&rsquo; rights.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Our opinions in paragraphs 1 and 2 above are also subject to the effect of general principles of
equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether
considered in a proceeding in equity or at law).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">We express no opinion as to any provision in any Opinion Document, insofar as any such provision
(i) relates to the subject matter jurisdiction of the United States District Court for the Southern District of New York or any
U.S. federal court where jurisdiction based on diversity of citizenship under 28 U.S.C. &sect;1332 does not exist to adjudicate
any controversy related to such Opinion Document or (ii) purports to grant any court exclusive jurisdiction.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">We express no opinion with respect to the enforceability of any indemnity against any loss in converting
into a specified currency the proceeds or amount of a court judgment in another currency.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Our opinions are limited to Generally Applicable Law, and we do not express any opinion herein
concerning any other law.</TD></TR></TABLE>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We hereby consent to the filing
of this opinion as an exhibit to a report on Form 6-K, dated the date hereof, filed by the Guarantor and the Issuer and incorporated
by reference into the Registration Statement and to the use of our name under the heading &ldquo;Legal Matters&rdquo; in the prospectus
and prospectus supplement included or deemed included in the Registration Statement as of the date hereof. In giving such consent,
we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or
the rules and regulations of the SEC promulgated thereunder.</P>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif">18 March 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This opinion letter speaks only
as of the date hereof. We expressly disclaim any responsibility to advise you of any development or circumstance of any kind, including
any change of law or fact, that may occur after the date of this opinion letter and which might affect the opinions expressed herein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">Yours faithfully</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">/s/ SHEARMAN &amp;  STERLING (LONDON) LLP </P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0">Shearman and Sterling LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>ss194555_ex0502.htm
<DESCRIPTION>OPINION OF EDWARD NATHAN SONNENBERGS, INC.
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 5.2</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>


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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 70%; vertical-align: bottom"><IMG SRC="image_007.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 30%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>ENSafrica</B></P>
                           <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">35 lower Long Street</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Foreshore Cape Town South Africa 8001</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">P O Box 2293 Cape Town South Africa 8000</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Docex 14 Cape Town</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">tel +27 21 410 2500</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">info@ENSafrica.com</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>
</TD>
    <TD>&nbsp;</TD></TR>

</TABLE>


<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>opinion</B></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%"><P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Sasol Limited</B></P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">Sasol Place</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">50 Katherine Street</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">Sandton</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">2196</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">SOUTH AFRICA</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Sasol Financing USA LLC</B></P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">12120 Wickchester Lane</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">Houston, Texas</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">77079</P>
        <P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">UNITED STATES</P></TD>
    <TD STYLE="text-align: right; width: 20%; padding-right: 5"><P STYLE="margin-top: 0; margin-bottom: 0">CvL/DR/0488319</P>
                                                                <P STYLE="margin-top: 0; margin-bottom: 0; margin: 8pt 0 0">18&nbsp;March&nbsp;2021</P></TD>
    <TD STYLE="text-align: left; width: 10%; padding-left: 5;4pt"><FONT STYLE="font-size: 8pt">our ref</FONT><BR>
<FONT STYLE="font-size: 8pt">your ref</FONT><BR>
<FONT STYLE="font-size: 8pt">date</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

</TABLE>

<P STYLE="margin: 0"></P>




<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Ladies and Gentlemen</P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>ISSUE BY SASOL FINANCING USA
LLC OF (i) US$650,000,000 4.375% NOTES DUE 2026 AND (ii)&nbsp;US$850,000,000 5.500% NOTES DUE 2031, FULLY AND UNCONDITIONALLY GUARANTEED
BY SASOL LIMITED: CAPACITY AND AUTHORITY OPINION</B></P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We have acted as South African legal
advisers to Sasol Limited (registration no. 1979/003231/06) (the&nbsp;&ldquo;<B>Guarantor</B>&rdquo;) in connection with the unconditional
guarantee of the Notes issued by the Guarantor (the&nbsp;&ldquo;<B>Guarantee</B>&rdquo;).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify">In this opinion (&ldquo;<B>Opinion</B>&rdquo;):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.1.</TD><TD STYLE="text-align: justify">&ldquo;<B>CIPC</B>&rdquo; means the Companies and Intellectual Property Commission;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.2.</TD><TD STYLE="text-align: justify">&ldquo;<B>Constitutional Documents</B>&rdquo; means the documents listed in paragraph&nbsp;3.3;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.3.</TD><TD STYLE="text-align: justify">&ldquo;<B>Issuer</B>&rdquo; means Sasol Financing USA LLC, a Delaware limited liability company;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.4.</TD><TD STYLE="text-align: justify">&ldquo;<B>Notes</B>&rdquo; means:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">1.4.1.</TD><TD STYLE="text-align: justify">the US$650,000,000 4.375% notes due 2026 issued by the Issuer, fully and unconditionally guaranteed
by the Guarantor; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">1.4.2.</TD><TD STYLE="text-align: justify">the US$850,000,000 5.500% notes due 2031 issued by the Issuer, fully and unconditionally guaranteed
by the Guarantor.</TD></TR></TABLE>
<IMG SRC="image_009.jpg" ALT="">





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<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">2</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B>Scope</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.1.</TD><TD STYLE="text-align: justify">This Opinion is given in respect of the questions of law expressly addressed in paragraph&nbsp;5
and for no other purpose. It does not extend by implication or otherwise to any other matters. No&nbsp;opinion is expressed as
to matters of fact.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.2.</TD><TD STYLE="text-align: justify">This Opinion relates only to the laws of South Africa as interpreted by South African courts at
09h00 (Johannesburg time) on the date of this Opinion. We assume no obligation to advise the addressees or any other parties to
whom this Opinion may be disclosed of any changes of law or fact which may occur after that time, notwithstanding that those changes
may affect the legal analysis or conclusions contained in this Opinion.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.3.</TD><TD STYLE="text-align: justify">This Opinion is given on the basis that it will be construed in accordance with South African law.
Anyone relying on this Opinion agrees that this Opinion and all matters (including any liability) arising in any way from it are
to be governed by South African law and will be subject to the non-exclusive jurisdiction of the High Court of South Africa, Gauteng
Local Division.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.4.</TD><TD STYLE="text-align: justify">Nothing in this Opinion shall be construed as tax advice.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.5.</TD><TD STYLE="text-align: justify">We are legal advisers to the Guarantor and provide this Opinion on its instructions. Our&nbsp;responsibility
to any party to whom this Opinion is disclosed in connection with this Opinion and the transactions it contemplates is strictly
limited to the express terms of this Opinion. We&nbsp;owe you no fiduciary duty nor are we in an attorney/client relationship with
you in connection with this Opinion and those transactions, even if you are a past or present client of this firm. Any&nbsp;special
arrangements or retainers between us do not apply in connection with this Opinion and those transactions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Documents</B></TD></TR></TABLE>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify">For purposes of providing
the opinions set out in this Opinion, we have examined and rely on:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.1.</TD><TD STYLE="text-align: justify">an executed copy of the Guarantee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.2.</TD><TD STYLE="text-align: justify">copies of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">3.2.1.</TD><TD STYLE="text-align: justify">the automatic shelf registration statement on Form F-3 (registration no.&nbsp;333-227263) filed
by the Issuer and the Guarantor under the US&nbsp;Securities Act, 1933 (the &ldquo;<B>Act</B>&rdquo;) with the Securities and Exchange
Commission (the &ldquo;<B>Commission</B>&rdquo;) on 10&nbsp;September&nbsp;2018, as amended by the post-effective amendment filed
on 24&nbsp;August&nbsp;2020 (that registration statement, including the information deemed to be part of that statement at the
time of effectiveness pursuant to Rule 430B under the Act and the documents incorporated by reference into that statement, the
&ldquo;<B>Registration Statement</B>&rdquo;);</TD></TR></TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">3</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">3.2.2.</TD><TD STYLE="text-align: justify">the base prospectus dated 10&nbsp;September&nbsp;2018 which forms part of the Registration Statement
with respect to the offering from time to time of the securities described in that prospectus and was included as part of the Registration
Statement at the time it became effective on 10&nbsp;September&nbsp;2018 (the &ldquo;<B>Base Prospectus</B>&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">3.2.3.</TD><TD STYLE="text-align: justify">the preliminary prospectus supplement relating to the Notes dated 8&nbsp;March&nbsp;2021 (the &ldquo;<B>Preliminary
Prospectus Supplement</B>&rdquo; and the Base Prospectus, as amended and supplemented by the Preliminary Prospectus Supplement,
in the form first filed by the Issuer and the Guarantor pursuant to Rule 424(b) under the Act with the Commission, including the
documents incorporated by reference into that prospectus, the&nbsp;&ldquo;<B>Preliminary Prospectus</B>&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">3.2.4.</TD><TD STYLE="text-align: justify">the free writing prospectus of the Issuer relating to the Notes dated 11&nbsp;March&nbsp;2021 in
the form first filed by the Issuer and the Guarantor pursuant to Rule 433 under the Act with the Commission;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">3.2.5.</TD><TD STYLE="text-align: justify">the final prospectus supplement relating to the Notes dated 11&nbsp;March&nbsp;2021 (the&nbsp;&ldquo;<B>Final
Prospectus Supplement</B>&rdquo; and the Base Prospectus as amended and supplemented by the Final Prospectus Supplement, in the
form first filed by the Issuer and the Guarantor pursuant to Rule 424(b) under the Act with the Commission, including the documents
incorporated by reference into that prospectus, the&nbsp;&ldquo;<B>Prospectus</B>&rdquo;); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">3.2.6.</TD><TD STYLE="text-align: justify">the form of indenture included as Exhibit 4.1 to the Registration Statement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.3.</TD><TD STYLE="text-align: justify">copies of the following constitutional documents of the Guarantor:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">3.3.1.</TD><TD STYLE="text-align: justify">the Guarantor&rsquo;s certificate of incorporation dated 26&nbsp;June&nbsp;1979;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">3.3.2.</TD><TD STYLE="text-align: justify">the Guarantor&rsquo;s certificate to commence business dated 26&nbsp;June&nbsp;1979; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">3.3.3.</TD><TD STYLE="text-align: justify">the Guarantor&rsquo;s memorandum of incorporation in the form amended on 27&nbsp;November&nbsp;2019;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.4.</TD><TD STYLE="text-align: justify">a copy of the Guarantor&rsquo;s corporate certificate dated 18&nbsp;March&nbsp;2021 certifying,
among other things, that the copies of its Constitutional Documents and resolutions delivered to us for purposes of this Opinion
are complete, true, correct and in full force and effect;</TD></TR></TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">4</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.5.</TD><TD STYLE="text-align: justify">a copy of an extract of the minutes of the meeting of the board of directors of the Guarantor held
on 19&nbsp;February&nbsp;2021, dated 4&nbsp;March&nbsp;2021;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.6.</TD><TD STYLE="text-align: justify">a copy of an extract of the minutes of the annual general meeting of the shareholders of the Guarantor
held on 20&nbsp;November&nbsp;2020 dated 18&nbsp;February&nbsp;2021;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.7.</TD><TD STYLE="text-align: justify">a copy of the exchange control application (application number 455/2021-02-22) dated 22&nbsp;February&nbsp;2021
by Absa Bank Limited (as authorised dealer) on behalf of the Guarantor (as&nbsp;applicant) to the Financial Surveillance Department
of the South African Reserve Bank (&ldquo;<B>FinSurv</B>&rdquo;); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.8.</TD><TD STYLE="text-align: justify">a copy of the exchange control approval (approval number 2021-6235) of FinSurv dated 4&nbsp;March&nbsp;2021.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Searches</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.1.</TD><TD STYLE="text-align: justify">We have relied on a company search conducted by us on 18&nbsp;March&nbsp;2021 of the electronic
records maintained by the CIPC in respect of the Guarantor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.2.</TD><TD STYLE="text-align: justify">We have assumed that the results of the search of the CIPC&rsquo;s records fully and accurately
reflect the information provided by the Guarantor to the CIPC. We have not examined any documents that the Guarantor may have filed
with the CIPC other than where we have expressly stated otherwise in this Opinion. The information produced by the search may be
not correct, complete or up to date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.3.</TD><TD STYLE="text-align: justify">We have not conducted any other searches or investigations for purposes of this Opinion.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><B>Opinion</B></TD></TR></TABLE>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">Our opinion
is as follows, subject to the assumptions in Schedule 1 and the qualifications in Schedule 2:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.1.</TD><TD STYLE="text-align: justify">The Guarantor is duly incorporated as a company and exists under the laws in force in South Africa.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.2.</TD><TD STYLE="text-align: justify">The Guarantor has the legal capacity, corporate power and authority to enter into and to perform
its obligations under the Guarantee. The Guarantor has taken all corporate action for it to enter into and perform its obligations
under the Guarantee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.3.</TD><TD STYLE="text-align: justify">The Guarantor&rsquo;s signatories have been duly authorised by it and are able lawfully to execute
the Guarantee on its behalf.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.4.</TD><TD STYLE="text-align: justify">The Guarantee has been duly executed by the Guarantor in accordance with the requirements of South
African law.</TD></TR></TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">5</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.5.</TD><TD STYLE="text-align: justify">The entry by the Guarantor into and the performance by it of its obligations under the Guarantee
does not and will not contravene:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">5.5.1.</TD><TD STYLE="text-align: justify">any law or regulation of South Africa applicable to companies generally which is binding on it;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">5.5.2.</TD><TD STYLE="text-align: justify">its Constitutional Documents.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><B>Benefit</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.1.</TD><TD STYLE="text-align: justify">We are providing this Opinion to you in connection with the matters described in paragraph 2.1
and solely for use in connection with the issuance of the Notes and the Guarantee. It is not to be used or relied on for any other
purpose.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.2.</TD><TD STYLE="text-align: justify">This Opinion is given strictly on the basis that (and it is recorded that, by virtue of having
received this Opinion, each addressee and each other party to whom the Opinion is disclosed, has expressly agreed that):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">6.2.1.</TD><TD STYLE="text-align: justify">ENSafrica&rsquo;s total aggregate liability for any claim whatsoever arising as a result of the
opinions set out forth in this Opinion and/or the reliance on those opinions by any party shall be limited to and shall not exceed
the amount recoverable by way of recourse against ENSafrica, its assets and its professional indemnity cover; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">6.2.2.</TD><TD STYLE="text-align: justify">as a stipulation for the benefit of each director and shareholder from time to time of ENSafrica,
there shall be no recourse and no claims will be capable of being brought or instituted against any director or shareholder of
ENSafrica in their personal capacity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.3.</TD><TD STYLE="text-align: justify">Nothing contained in this Opinion shall be construed as:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">6.3.1.</TD><TD STYLE="text-align: justify">limiting in any way our rights to contest, defend or oppose any claim brought by you against us;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">6.3.2.</TD><TD STYLE="text-align: justify">reducing or limiting the rights of our insurer in terms of our professional indemnity insurance
(including without limitation any rights of subrogation or similar rights of our insurer); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">6.3.3.</TD><TD STYLE="text-align: justify">requiring us to act in a manner which may void, limit or reduce our professional indemnity cover
or which may otherwise confer on our insurer a right to repudiate the claim made by us under our professional indemnity insurance
in whole or in part.</TD></TR></TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">6</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify"><B>Consent</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.1.</TD><TD STYLE="text-align: justify">We consent to:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">7.1.1.</TD><TD STYLE="text-align: justify">the filing of this Opinion with the Commission as an exhibit to a report on Form 6-K, dated the
date of this Opinion, filed by the Guarantor and the Issuer and incorporated by reference into the Registration Statement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 55.6pt">7.1.2.</TD><TD STYLE="text-align: justify">the references to Edward Nathan Sonnenbergs Inc. or ENSafrica in:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 52.4pt">7.1.2.1.</TD><TD STYLE="text-align: justify">the sections of the Preliminary Prospectus Supplement headed &ldquo;<I>Enforcement of Certain Civil
Liabilities</I>&rdquo; and &ldquo;<I>Legal Matters</I>&rdquo;; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 52.4pt">7.1.2.2.</TD><TD STYLE="text-align: justify">the sections of the Final Prospectus Supplement headed &ldquo;<I>Enforcement of Certain Civil Liabilities</I>&rdquo;
and &ldquo;<I>Legal Matters</I>&rdquo;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.2.</TD><TD STYLE="text-align: justify">In giving this consent, we do not admit or concede that the consent is within the category of persons
whose consent is required under section 7 of the Act or the rules or regulations of the Commission promulgated under the Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.3.</TD><TD STYLE="text-align: justify">We are a privately incorporated company of lawyers admitted to practice in South Africa. Our&nbsp;lawyers
are for purposes of the consent in this paragraph 7 and this Opinion, not admitted to practice in any jurisdictions other than
South Africa. We do not hold ourselves out as being experts on the law of any jurisdiction other than the laws of South Africa.
We do not express any opinion on the law of any jurisdiction other than the laws of South Africa.</TD></TR></TABLE>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">Yours
faithfully</P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><B>EDWARD NATHAN SONNENBERGS
INC</B></P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">Per:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> /s/ Clinton Van Loggerenberg</P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><B>CLINTON VAN LOGGERENBERG</B></P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">7</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: right">Schedule 1 &nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Assumptions</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">All dates and signatures (including electronic signatures) on all documents submitted to us, whether
original or copies, are genuine.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">All documents submitted to us are authentic and complete, and have been duly submitted, where applicable,
to the appropriate regulatory authority.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">If we have reviewed a copy (including an electronic copy) of a document, it is a correct and complete
copy of the original.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">If we have reviewed only a draft of a document, it has been or will be executed in the form of
that draft.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">If we have reviewed a conformed copy of a document, each party actually executed the document in
that form.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">No documents reviewed for purposes of this Opinion (including the Guarantee) have been amended
or superseded between the time of their dating or certification (as applicable) and the date of this Opinion. The completeness
and accuracy of a document will not be affected by the omission from that document of any page or part or the substitution of any
page or part of that document.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">The Constitutional Documents, each of the resolutions and each of the authorisations listed in
paragraph&nbsp;3 of this Opinion remain in full force and effect. FinSurv has not communicated any condition, change or request
to the Guarantor that was not recorded in the documents listed in paragraphs 3.7 and 3.8.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">There has not been any change in the status or condition of the Guarantor as disclosed in the search
referred to in paragraph&nbsp;4 of this Opinion.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">The Guarantor entered into the Guarantee as principal, and not as trustee or agent or in any other
capacity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">None of the parties to the Guarantee has taken any action, nor are there any agreements or arrangements
in existence between those parties, which would affect, amend or vary the terms of the transactions as set out in the Guarantee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">None of the parties to the Guarantee is precluded by any agreement to which it is a party from
entering into or performing its obligations under the Guarantee.</TD></TR></TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">8</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify">The entry by the Guarantor into and performance by it of its obligations under the Guarantee will
not result in it exceeding any borrowing, indemnifying, guaranteeing or similar limits applicable to it which are not apparent
from the documents reviewed for purposes of this Opinion.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify">The Guarantor was solvent and was not &ldquo;financially distressed&rdquo; (as defined in the Companies
Act, 2008 (the &ldquo;<B>Companies Act</B>&rdquo;)) when and immediately after it entered into the Guarantee. The Guarantor will
not become insolvent or &ldquo;financially distressed&rdquo; as a result of performing its obligations under the Guarantee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify">None of the parties to the Guarantee has taken any corporate action or other steps in respect of,
and no legal proceedings have been started or threatened for, the liquidation, winding-up, business rescue, appointment of a business
rescue practitioner or similar proceedings of or in respect of those parties or any of their assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">15.1.</TD><TD STYLE="text-align: justify">The Guarantor has complied with any internal procedures and rules in connection with its entry
into and the performance of its obligations under the Guarantee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">15.2.</TD><TD STYLE="text-align: justify">There are no defects of whatsoever nature in the appointment of any of the directors of the Guarantor
and those directors have accordingly been duly appointed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">15.3.</TD><TD STYLE="text-align: justify">None of the directors of the Guarantor is an ineligible or disqualified person.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">15.4.</TD><TD STYLE="text-align: justify">All relevant interests (including personal financial interests as defined in section 1 of the Companies
Act) of directors and related persons (each as defined in section 75(1) of the Companies Act) were disclosed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">15.5.</TD><TD STYLE="text-align: justify">Board meetings, shareholder meetings and other meetings at which any resolutions, authorisations
or mandates were passed or adopted were duly convened, quorate and held.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">15.6.</TD><TD STYLE="text-align: justify">Any notices of meetings or matters to be decided on other than at a meeting were correctly given
to all persons required to receive those notices.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.</TD><TD STYLE="text-align: justify">Each person who executed the Guarantee on behalf of the Guarantor:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">16.1.</TD><TD STYLE="text-align: justify">is actually a person named in the Guarantor&rsquo;s board resolution;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">16.2.</TD><TD STYLE="text-align: justify">actually holds the position they purport to hold;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">16.3.</TD><TD STYLE="text-align: justify">actually signs in the capacity in which they purport to sign; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">16.4.</TD><TD STYLE="text-align: justify">where execution is by electronic signature, actually applied his/her electronic signature to the
Guarantee.</TD></TR></TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">9</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.</TD><TD STYLE="text-align: justify">No person has engaged or will engage in unconscionable, misleading or deceptive conduct (by act
or omission) that might make any part of this Opinion incorrect. No person has engaged or will engage in any other conduct, and
there are no facts or circumstances not evident from the face of the documents listed in paragraph&nbsp;3 of this Opinion, that
might make any part of this Opinion incorrect. None of the parties to the Guarantee is on actual notice of any prohibition or restriction
on any other party&rsquo;s ability to enter into or perform under the Guarantee and no party has deliberately refrained from making
inquiries in circumstances where it had any suspicion that such a prohibition or restriction may be applicable. None of the parties
to the Guarantee has entered into it primarily or substantially to defeat or reduce the effect of a prohibition or requirement
established by or in terms of an unalterable provision of the Companies Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.</TD><TD STYLE="text-align: justify">The Guarantee has been entered into:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">18.1.</TD><TD STYLE="text-align: justify">in good faith, for <I>bona fide</I> commercial reasons and on arms&rsquo; length terms; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">18.2.</TD><TD STYLE="text-align: justify">without the intention of preferring one creditor above another or to defraud creditors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.</TD><TD STYLE="text-align: justify">All conditions precedent (other than delivery of this Opinion) have been timeously fulfilled or
waived.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20.</TD><TD STYLE="text-align: justify">The accuracy, adequacy, completeness and correctness of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">20.1.</TD><TD STYLE="text-align: justify">all information supplied to us by the Guarantor (including by its directors, officers, employees,
representatives or agents);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">20.2.</TD><TD STYLE="text-align: justify">any facts in the documents reviewed for purposes of this Opinion (including the Guarantee); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">20.3.</TD><TD STYLE="text-align: justify">any representations and warranties in the documents reviewed for purposes of this Opinion (including
the Guarantee) other than where those representations and warranties directly address questions of law on which we expressly opine
in this Opinion.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21.</TD><TD STYLE="text-align: justify">No foreign law affects the conclusions set out in this Opinion.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">22.</TD><TD STYLE="text-align: justify">Neither the Guarantee nor any transaction effected by it is primarily or substantially intended
to defeat or reduce the effect of a prohibition or requirement established by or in terms of an unalterable provision of the Companies
Act.</TD></TR></TABLE>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">We have not taken any steps to investigate, nor do we
express any opinion on, whether the assumptions in this Opinion are correct, except as expressly stated in the Opinion. However,
without making any inquiries beyond the steps stated in this Opinion, the people primarily responsible for the preparation of this
Opinion (being Clinton van Loggerenberg and Dean Rose) are not actually aware that any of the assumptions are incorrect or misleading.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">10</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: right">Schedule 2 &nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Qualifications</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><U>Accuracy of information in the Registration Statement, Preliminary Prospectus and Prospectus</U></TD></TR></TABLE>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify">The Registration Statement,
the Preliminary Prospectus and the Prospectus have been prepared by the Issuer who has accepted responsibility for the information
contained in those documents. Other than where we have expressly stated otherwise in this Opinion, we have not investigated or
verified the truth or accuracy of any information contained in the Registration Statement, the Preliminary Prospectus or the Prospectus,
nor have we been responsible for ensuring that no material information has been omitted from those documents.</P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
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