Mutualpark, Jan Smuts Drive, Pinelands 7405. PO Box 878, Cape Town 8000, South Africa.

Tel +27 (0)21 509 5022, Fax +27 (0)21 509 5025, www.oldmutualinvest.com

10 November 2023

Dear fellow responsible investor

Pre-declaration of voting intentions for SASOL AGM taking place on Friday 17 November 2023

Background

At Old Mutual Investment Group, we remain unequivocally committed to investing responsibly and, in doing so, partnering
with our clients, investee companies and other important stakeholders to ensure decisions are taken that advance the
long-term sustainability of our economy, while also delivering strong financial performance. In our view, these are directly
interconnected issues.

Engaging openly and honestly with our investee companies to drive change is therefore critical in ensuring our
sustainability commitment is aligned with the companies in which we invest.

As signatories to the Net Zero Asset Managers Initiative (NZAMI) and given the carbon intensity of South Africa’s listed
market, the just decarbonisation of our economy is core to our responsible investment strategy, as we believe that (in
addition to contributing to the global goal of limiting global warming to 1.5 degrees Celsius) this will have a positive
impact on the sustainability of the South African economy, which is, among other things, undeniably in the best interest
of our clients.

As such, we have made a commitment to work in partnership with our investee companies on setting decarbonisation
goals − with the clear ambition to reach net zero emissions by 2050 or sooner across all our assets under management.

We have taken a strategic decision to develop outcomes-focused engagement strategies for specific companies based
on particular criteria, including contribution to our portfolio’s weighted average carbon intensity (WACI).

Sasol Limited

As the largest single contributor to our portfolio’s emissions profile, Sasol Limited has been identified as in need of and has
been subject to deliberate, proactive engagement on climate issues by our stewardship team.

We have been actively engaging the company on its approach to the climate emergency for a number of years,
including through a shareholder resolution in 2019 calling for strengthening of the company’s climate plan – evidence of
our commitment to the application of appropriate tools for escalation, as per international best practice 1 and as outlined
in our Listed Equity Stewardship Guidelines.

Since that escalation, which did yield positive results in the form of a commitment by the company to develop and
disclose a climate plan, we have continued to engage the company and monitor its ambitions.

It is disappointing to report that despite multiple engagements (including multiple engagements in collaboration with
fellow shareholders) where we have expressed our concerns and presented requests for ratcheting up of ambition and
for improved disclosure of tangible outcomes, the progress achieved with respect to the company’s strategy and its
commitment to achieving its stated targets with respect to climate appears to be regressing.

At Old Mutual Investment Group, we appreciate the vital role that Sasol plays as a systemically important company within
the South African economy in general, and with respect to the just transition to net zero, in particular. It is for this reason

1 Such as that proposed by the PRI’s Active Ownership 2.0 framework.

Old Mutual Investment Group (Pty) Ltd. Reg No: 1993/003023/07

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 that it is imperative that the company transition to more sustainable ways of production, and that it do so in a way that
is socially responsible. It is our view that the company’s continued delay of the effective implementation of an
appropriately ambitious transition strategy is hindering not only the country’s decarbonizati on agenda, but also limiting
the ability of the stakeholder groups involved to experience the transition as anything close to orderly or just. There can,
after all, be no just transition in the absence of, as a start, a transition. It is our view that Sasol’s insufficiently ambitious
action on climate is putting the country’s ability to transition at risk.

It is in this context, that Old Mutual Investment Group has taken the decision to vote against a number of related
resolutions at Sasol’s 2023 AGM.

• Resolution 2: Approve Implementation Report of the Remuneration Policy

Old Mutual Investment Group views integration of climate-related metrics into remuneration policy not only as best
practice but also as evidence of a company’s commitment to achievement of climate-related targets.

While we do note the integration of such metrics into Sasol’s remuneration policy, it is concerning to note that these
targets (specifically with respect to the renewable energy commitments, already arguably insufficiently ambitious), have
been further diluted in light of non-achievement.

Postponing consideration of target achievement when a target is missed, is akin to ‘shifting the goal posts’, and has the
effect of undermining both the strategy itself as well as our confidence in the company’s commitment to implement it.
As such, it is in principle not something Old Mutual Investment Group supports.

• Resolution 3: Approve Climate Change Report

It strikes us that this year’s non-binding advisory resolution on climate change makes no reference to targets (as was the
case in previous years) and as such doesn’t sufficiently afford shareholders the opportunity to voice discontent with
progress on climate change strategy implementation, which is the fundamental right of shareholders in having this item
on the AGM agenda in the first place.

We believe this is a step backwards by the company which appears to avoid negative review of the company’s
performance2. Further, this approach is not aligned to the initial objective of the resolution put forward in 2019, which was
to encourage improved performance with respect to climate impact.

In addition, this approach is in direct contradiction to our repeated requests to the company to provide more information
on tangible short- and medium-term targets alongside detailed action plans and accountability mechanisms.

Instead, the resolution rationale as presented to shareholders implies trade-off between achievement of the original 2030
(and 2050) commitments and the creation of shareholder value 3. As a responsible, long-term investor, we believe this is
not only inaccurate, but concerning, as the implied inability of the company to transition based on financial feasibility is
akin to admission of the presence of substantial stranded asset risk and should be more reason to accelerate action – as
opposed to a justification to delay it.

• Resolution 4.2: Re-elect Muriel Dube as Director

Sasol has confirmed that the ultimate accountability for the climate strategy sits with non-executive director, Muriel Dube.
Given our persistent discontent with the strategy’s ambition and with the implementation thereof, we cannot, in principle,
support the re-election of this director for this year’s AGM.

Why pre-declare our voting intentions?

As a signatory to The Principles for Responsible Investment, Old Mutual Investment Group strives to apply best practice
with respect to active ownership of our clients’ assets. This includes adherence to Principles 5 and 6 (‘We will work together

2 As presented by the company’s most recent assessment by Climate Action 100+

3 As stated in the Sasol Notice of AGM, available here.
 to enhance our effectiveness in implementing the Principles’, and; ‘We will each report on our activities and progress
towards implementing the Principles’, respectively).

It is in this spirit that we have taken the decision to predeclare our voting intentions on what we believe is an issue that
impacts not only clients of Old Mutual Investment Group, but the broader market, to increase transparency and
collaboration across the industry by providing fellow shareholders with insight to our approach.

Next steps

Our commitment to constructive engagement with Sasol on its transition strategy remains steadfast. We intend to attend
the AGM (via the virtual platform made available) and have a meeting scheduled with the company for the week after
the AGM to discuss the company’s approach to material systemic sustainability issues.

While we acknowledge the limitations to impact of a single investor acting alone, we are hopeful that this pre-declaration
of our voting intentions, both to our peers, clients and to the company itself4, will go some way to catalysing positive
action with respect to the company’s climate strategy by empowering shareholders to hold the company accountable
for its impact on South Africa’s ability to achieve a just transition to a more sustainable and inclusive economy.

Sincerely,

Nicole Martens
Head of Stewardship
Old Mutual Investment Group

4Old Mutual Investment Group’s official policy is to inform companies of our intention to vote in advance of the AGM – in
general, but especially in cases where our vote is material and/or is not aligned to the position of management.