1. “ For people going places” Exel Petroleum BEE PRESENTATION TO PPC MAURICE RADEBE MANAGING DIRECTOR 10 September 2002

2. “ For people going places” OVERVIEW OF PRESENTATION b History & Track Record b Exel – a True BEE Oil Company b Ownership b Control b Managememt b Transfer of skills b Social Investment b Strategic Partner b Conclusion

3. “ For people going places” HISTORY & TRACK RECORD b Wholly South African owned, black economic empowerment oil company established in 1997. b The main business of the company consists of marketing a full range of petroleum products throughout Southern Africa. b Impressive track record since 1997 strong brand presence in the market. Total market share has increased to 3.76% by 2001 Present market share is 3% for petrol and 7% for diesel Turnover reached the R1.9 billion mark during the year 2001 Projected turnover for 2002 will be R 2.8 billion Successful, Growing Company

4. “ For people going places” b Major customers consisting of Government, Para- statals and large commercial enterprises, include Transnet, South African Police Services, Local Municipalities, Eskom, Imperial Bulk Services, Sasol Mining, Sonop Delwerye, Sun Couriers etc. b Exel currently boasts a countrywide network of 134 retail sites including rosters b Service Station sites have standard offering of C- store, fast food and allied retail offerings to suit the local market HISTORY & TRACK RECORD Strong Company with Proven Track Record

5. “ For people going places” TURNOVER (Incl Levies) Outstanding Progressive Growth

6. “ For people going places” EXEL – BEE COMPANY Exel is a TRUE black empowerment company CONTROL  Ability to exercise legal rights associated with ownership  Majority shareholding  Control of the Board MANAGEMENT  Black management cadre running the businesses  Responsible for day to day running of operations SKILLS TRANSFER  Entrepreneurial/ Innovative thinking  Capacity Transfer  Skill Transfer  Employee training OWNERSHIP  77,5% Ownership of Exel  Includes Asset ownership Made Possible by VISION and COMMITMENT of our Strategic Partner SASOL OIL SOCIAL INVESTMENT  Affirmative Procurement  Community Involvement/ upliftment Black Economic Empowerment

7. “ For people going places” OWNERSHIP - Shareholding

8. “ For people going places” OWNERSHIP Established by Sasol to facilitate Empowerment b All share capital is raised by the shareholders who are personally responsible for the financing b SIZANANI TRUST At inception in 1997, 77,5% of shares were held by a broad base of shareholders all being HDSA’s In 2000, many elected to sell their shares, earning 14 times their initial investment. The Sizanani Trust was established by Sasol as a vehicle to temporarily house the shares, with the express intent to place all of these shares with HDSA’s

9. “ For people going places” CONTROL - Directors b 66,6% of Directors are HDSA b Non-Executive board – sits every two months b Sub-committees of the board meet to recommend and advise on key issues for submission to the board: Strategy Committee Audit Committee Remuneration Committee Control and Corporate Governance

10. “ For people going places” b 77% of Management are HDSA b Well qualified top management with more than 70 years industry experience b Experienced executive committee b Flat structure enables quick communication to all staff and quick decision making to support customers b Innovative culture that emphasises learning and leadership development MANAGEMENT Live Values - Total Transparency

11. “ For people going places” EMPLOYMENT EQUITY – All Staff 73% HDSA’s

12. “ For people going places” GENDER EQUALITY – All Staff Striving to Improve with New Appointments

13. “ For people going places” SENIOR MANAGEMENT 77% HDSA’s

14. “ For people going places” SKILLS TRANSFER b 20% of staff are studying through company assistance b Secondment of staff with strategic partner b Flat structure and small staff complement makes for easy identification of talent b Mentorship and acceleration programme for high potential staff b Quarterly staff assessment and performance appraisals address learning requirements

15. “ For people going places” SOCIAL INVESTMENT b Affirmative Procurement: Tender committee to monitor and facilitate process Procurement Policy structured to ensure BEE companies have preference Evaluation process provides ability to pay up to 10% higher for BEE suppliers Technical buyer position created to promote & assess new suppliers 2001 spend (excluding product) – 54%, 2004 target – 75%

16. “ For people going places” SOCIAL INVESTMENT b Community Involvement Appointed General Manager to drive programmes Policy adopted to direct key areas of expenditure –Development & training –Skills enhancement – Youth –Environment Budget 2% of Net Profits before tax for CSI expenditure Hero concept – Retail franchisees involvement with community encouraged Exel Impact – Identify projects in conjunction with retail franchisees ExelYes! – News sheet for pump attendants Staff encouraged to be personally involved with community programmes

17. “ For people going places” ADDITIONAL INFORMATION b RETAIL SITES Programme to fund HDSA franchisees Strict code of conduct for franchisees relationship with pump attendants Dedicated trainers visiting sites to ensure continued training for pump attendants Programme in place to ensure at least two attendants become franchisees by 2005 No.% HDSA% BlackNo. PA’s Prime Sites8948371700 Roster Sites501310500

18. “ For people going places” ADDITIONAL INFORMATION b No Depots – rely on partnerships and accomodation agreements b Transport – No Bulk Vehicles – most deliveries handled by Sasol Sasol & rail 66 % Customer Collection 24 % BEE6% Other 4% b Commercial – piloting BEE reseller programme with view to roll out to remainer of country

19. “ For people going places” STRATEGIC PARTNER b Key strategic partner is Sasol Oil b 22,5% Shareholding in Exel b Board Representation b Strategic Partnership offering Financial Support Technical Support Transfer of Skills Success DEPENDSQUALITY Success DEPENDS on QUALITY of Relationship Between Partner & BEE Operator

20. “ For people going places” STRATEGIC PARTNER b Financial Warehousing of share sale through Sizanani Trust Surplus product offer at discounted rates Cession of certain Fuel Oil business Loan for property development (Exel company owned sites) Property Development - Sites leased to Exel for 10 year period All at Market Rates

21. “ For people going places” STRATEGIC PARTNER b Technical Supply of product in In-land areas Distribution, including scheduling, logistics and delivery Lubricants – supply and technical support Technical services –Pump maintenance, –Environmental compliance –Capital Installations (Pump & Tanks) Arms Length, Market Related Commercial Agreements Commercial Agreements

22. “ For people going places” STRATEGIC PARTNER b Skills transfer Exel staff invited to Sasol training programmes (eg Executive Development Programme, Accelerated Leadership Development Programme) Consultancy agreement (allows Exel management to draw on Sasol expertise at agreed preferential rates) Sasol employees seconded to Exel (currently 6) Exel employees seconded to Sasol (currently 2) Capacity Building is Key to Success

23. “ For people going places” CONCLUSION b Proven track record in the industry b Financially strong b High emphasis on corporate governance b Strong management team, flat structures and quick decision making in place b Vision 2005 firmly in place and actively pursued b Exel enjoys a high profile in the industry and the market b Exel is the strongest black oil company in SA b The above is due to the BEE dream and passion of our strategic partner, Sasol Oil Exel IS the leading example of successful Black Empowerment

24. “ For people going places” Thankyou Thank youExel ‘for people going places’