Implementation Announcement Keaton Energy Holdings Limited (A company incorporated in the Republic of South Africa with Registration number: 2006/011090/06) ISIN: ZAE000117420 JSE Share Code: KEH (“Keaton” or the “Company”) IMPLEMENTATION ANNOUNCEMENT Keaton shareholders are referred to the announcement released by Keaton on SENS on Thursday, 6 February 2014, as well as previous announcements regarding Keaton’s offer to acquire the entire issued share capital of Xceed Resources Limited (“Xceed”) by way of a scheme of arrangement in accordance with Part 5.1 of the Australian Corporations Act 2001, as amended (the “Scheme”) and the specific issue of 32 647 838 new Keaton ordinary shares to Plusbay Limited, a wholly-owned subsidiary of Gunvor Group Ltd for cash, at an issue price of R1.7782 per new Keaton ordinary no par value share (the “Specific Issue”). Keaton shareholders are advised that the orders made by the Federal Court of Australia approving the Scheme were lodged with the Australian Securities and Investments Commission on Friday, 7 February 2014, and consequently the Scheme is now effective. Implementation of the Scheme is expected to occur on or about Wednesday, 19 February 2014. Keaton shareholders are further advised that the Specific Issue has been concluded, with the 32 647 838 new Keaton ordinary shares issued to Plusbay Limited having been listed on the JSE with effect from Friday, 7 February 2014. Johannesburg 11 February 2014 Joint financial advisors: Qinisele Resources & Ceres Capital Legal advisor in Australia: Ashurst Legal advisor to Keaton in South Africa: Norton Rose Fulbright Investment Bank and Sponsor: Nedbank Capital Independent Expert: BDO Independent Reporting Accountants to Keaton: KPMG Inc. Independent Reporting Accountants in relation to Xceed: Moore Stephens FRRS Inc. Tax and Exchange Control Advisors to Keaton: Webber Wentzel Joint Competent Persons: Venmyn Deloitte and Gemecs Date: 11/02/2014 11:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.