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RESULTS FOR SIX MONTHS ENDED 30 SEPTEMBER 2013

RESULTS FOR SIX MONTHS ENDED 30 SEPTEMBER 2013. Monday, 18 November 2013 10h00. CHIEF EXECUTIVE OFFICER. MANDI GLAD. LOCATION. OPERATIONS AND PROJECTS. Moabsvelden. Vanggatfontein Colliery. Sterkfontein Project. National road City Town Power station Richards Bay coal line

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RESULTS FOR SIX MONTHS ENDED 30 SEPTEMBER 2013

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  1. RESULTS FOR SIX MONTHS ENDED 30 SEPTEMBER 2013 Monday, 18 November 2013 10h00

  2. CHIEF EXECUTIVE OFFICER MANDI GLAD

  3. LOCATION OPERATIONS AND PROJECTS Moabsvelden Vanggatfontein Colliery Sterkfontein Project National road City Town Power station Richards Bay coal line Colliery Project Acquisition Braakfontein Project Koudelager Project Vaalkrantz Colliery

  4. HIGHLIGHTS Goodsafety performance R205 million cash generated from operations R117 million gross profitcompared with a gross loss ofR38 million in 1HFY13 HEPS up 192%from (21.1) cps to 19.4 cps R39 million debt repaid 70% increase in group revenue to R710 million 55% increase inEskom sales to 1.1Mt Commenceddevelopmentof Pit 4 at Vanggatfontein Acquisition of Xceed Resources

  5. SAFETY VANGGATFONTEIN LTIFR VAALKRANTZ LTIFR FATALITY FREE SINCE INCEPTION * LTIFR per 200 000 man hours

  6. VANGGATFONTEIN VAALKRANTZ OPERATIONS * Includes contractors

  7. GROWTH

  8. SUSTAINABLE GROWTH PROFILE Mtpa saleable 5.36 LOM12years Braakfontein Project 4.26 LOM18 years Moabsvelden Project 2.86 Koudelager Project 2.75 LOM 20 years Vaalkrantz Colliery LOM 12 – 24 months 2.40 LOM20 years VanggatfonteinColliery 2010 2011 2012 2013 2014 2015 2016 2017 2018

  9. XCEED ACQUISITION RATIONALE • Proximity to Vanggatfontein • 44Mt reserve doubles our Delmas footprint • Quick lead time • Executed mining right • NEMA approval • Credit approved term sheet • Low stripping ratio • Long life open pit • Operational and financial synergies • Product diversification • Increase Eskom supply

  10. XCEED ACQUISITION TIMELINE Implementation Deed KEH shareholder meeting 23 Jan  Xceed Scheme meeting, announce results to ASX Competition Commission Approval  03 Feb Gunvor Subscription Agreement  Second Court Date, announce to ASX 06 Feb Credit Approved Term Sheet  Effective date - file court order with ASIC and announce to ASX - Xceedsecurities cease trading at close of trading on ASX 07 Feb 18 Nov Submission of circular to JSE 18 Nov SARB Approval Record Date for entitlement toScheme Consideration 14 Feb 24 Dec Post circular to shareholders Implementation Date – KEH paysAggregate Scheme Considerationto Xceed 19 Feb 16 Dec First Court Date

  11. CHIEF FINANCIAL OFFICER JACQUES ROSSOUW

  12. FINANCIAL PERFORMANCE * From operational results

  13. FINANCIAL PERFORMANCE

  14. FINANCIAL PERFORMANCE GROSS PROFIT 20% 17% 15% Revenue (Rm) 10% GP % 5% 2% 0% -5% (9%) -10%

  15. FINANCIAL PERFORMANCE EBITDA 38% Revenue (Rm) EBITDA % 12% 9% *EBITDA excluding loss on de-recognition of asset in 2HFY13

  16. FINANCIAL PERFORMANCE HEADLINE EARNINGS PER SHARE (CPS) 19.4 (21.1)

  17. FINANCIAL PERFORMANCE • GROUP NET DEBT (Rm) Net debt 1 Apr 2013 Cash from operations Foreign exchange losses Tax Capital additions Other net investing activities Net debt 30 Sept 2013

  18. FINANCIAL PERFORMANCE

  19. CHIEF EXECUTIVE OFFICER MANDI GLAD

  20. LOOKING AHEAD Pursuelong term strategy of producing 5Mtpa Product mix diversification Continue tooptimise operations Maximise cash generation Advance project pipeline Closeacquisitionof Xceed Prudent financial management Convincea sceptical market of our sustainability and worth

  21. DISCLAIMER Opinions expressed herein are by nature subjective to known and unknown risks and uncertainties. Changing information or circumstances may cause the actual results, plans and objectives of Keaton Energy Holdings Ltd (the “Company”) to differ materially from those expressed or implied in the forward looking statements. Financial forecasts and data given herein are estimates based on the reports prepared by experts who in turn relied on management estimates. Undue reliance should not be placed on such opinions, forecasts or data. No representation is made as to the completeness or correctness of the opinions, forecasts or data contained herein. Neither the Company, nor any of its affiliates, advisors or representatives accepts any responsibility for any loss arising from the use of any opinion expressed or forecast or data herein. Forward-looking statements apply only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any of its opinions or forward looking statements whether to reflect new data or future events or circumstances.

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