26 September 2012

Vanggatfontein Media Visit Mandi Glad - CEO

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.

2

Introduction to Keaton Energy Holdings Ltd

» South African-based coal mining company

» 2.7Mtpa production platform established across two operations, Vanggatfontein and Vaalkrantz

» Pipeline of growth projects

» Two prioritised development projects, Sterkfontein and Braakfontein

» Medium-term 5Mtpa production target

3

Vanggatfontein Development Timeline

4 24-27 September 2012 Vangatfontein site visit

May � 171Mt coal resource

declared

March � Mining Right

application submitted May � Coal reserve 25.9Mt � 163Mt resource

declared

August � IWULA submitted

February � Mining Right executed

May • Site establishment • 5-seam plant

construction begins

September � 2- & 4-seam plant

construction begins

November � Coal reserve upgrade

32.2Mt declared � 5-seam plant

commissioned

July � Steady state

2008 2009 2010 2011 2012

December � R255 million project

finance approved � 1st 5-seam coal

delivered

March � Eskom Coal Supply

Agreement signed

May � 2- & 4-seam plant

commissioned

July � 1st Eskom coal

delivered September � NEMA approval

Vanggatfontein Colliery

5

Key Features / Indicators

Total Resource 163Mt Outsourced operating model

ERB Resource 58.5Mt

ERB Reserve 35.9Mt

Target Plant Feed 3.7Mtpa

Infrastructure Single stage 100tph 5 seam washing plant Single stage 480tph 4 & 2 seam washing plant Lined slimes facility & coarse discard facility

Target Production (Saleable) 2.1Mtpa

Quality of primary product 21.5MJ/kg Eskom product

No. of employees (incl. contractors) 394

LTIFR per 200 000 man hours 0.21

Fatality Free Shifts 1 243 437

Resource Area

6

Initial 10 year footprint

7

Operations

» Volumes moved to date • 13.8M m³ waste • 3.6Mt ROM • 1.8Mt product delivered

» Additional expenditure on scope changes and mine enhancements to support: • 20 year LOM • Large scale, long term energy supplier

8

Production summary

9

-

100 000

200 000

300 000

400 000

500 000

600 000

700 000

800 000

900 000

6 months Sep 2011

6 months Mar 2012

6 months Sep 2012

-

20 000

40 000

60 000

80 000

100 000

120 000

6 months Sep 2011

6 months Mar 2012

6 months Sep 2012

Eskom 5 seam

From here……

» Steady state achieved » Future focus on optimisation, cost containment and safe operations » 20 year life

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12 24-27 September 2012 Vangatfontein site visit

Vaalkrantz Colliery

13

Key Features / Indicators

Resource 17.98Mt

Reserve 2.08Mt

Target Plant Feed 660 000tpa

Infrastructure 2 stage, 100tph washing plant Extensive fleet of underground mining equipment

Target Production (Saleable) 420 000tpa

Quality of primary product 11% ash, 82% FC, 6% vols, <1% S anthracite

Export Capacity 207 000tpa RBCT Quattro Participation

No. of employees (incl. contractors) 723

LTIFR per 200 000 man hours 0.53

Fatality Free Shifts 6 682 425

Keaton Energy Growth…

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Project/ prospect Comment

Braakfontein

» Most advanced project » Potential for 1Mtpa ROM underground export

thermal colliery near Newcastle » Reserve statement in preparation for AR

Sterkfontein » 69Mt Samrec compliant resource declared » Concept study initiated

Koudelager

» Life extension to Vaalkrantz » Mining right granted » Narrow seam resource of 7.88Mt TTIS

Mpati » Agreement to sell project on award and cession of mining right for R12m

Balgray » Mining right submitted

» Acquisition opportunities are being pursued with vigour

Summary

» Multi-product producer with attractive growth profile • diversity of operating mines, products

and markets • pipeline of development projects

» Working towards both near-term production increases and LOM extensions

» Record of delivery against promise • explorer to producer

» Developing a track-record of value-accretive acquisitions

» Medium-term objective to grow to 5Mtpa producer

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Thank you