KEATON/WESCOAL -Joint announcement - Competition Commission approval for the acquisition by Wescoal of Keaton Energy WESCOAL HOLDINGS LIMITED Incorporated in the Republic of South Africa (Registration number 2005/006913/06) Share code: WSL ISIN: ZAE000069639 (“Wescoal”) KEATON ENERGY HOLDINGS LIMITED Incorporated in the Republic of South Africa (Registration number 2006/011090/06) Share code: KEH ISIN: ZAE000117420 (“Keaton Energy”) JOINT ANNOUNCEMENT – COMPETITION COMMISSION APPROVAL RELATING TO THE OFFER BY WESCOAL TO ACQUIRE ALL OF THE ISSUED ORDINARY SHARE CAPITAL OF KEATON ENERGY (“TRANSACTION”) Wescoal and Keaton Energy shareholders are referred to the joint firm intention offer announcement (“Firm Intention Announcement”) published by Wescoal and Keaton Energy on 2 February 2017. Unless defined in this announcement or if the context dictates otherwise, capitalised terms used in this announcement have the same meanings as given in the Firm Intention Announcement. 1. Competition Commission approval Shareholders are referred to the joint announcement published by Wescoal and Keaton Energy on 2 June 2017 with respect to, inter alia, the results of the meetings and an update on the fulfilment of the Scheme Conditions. Shareholders are notified that unconditional approval by the Competition Commission for the Transaction was received on 6 June 2017. 2. Salient dates and times As soon as Wescoal and Keaton Energy have more certainty around the date of fulfilment of the remaining Scheme Conditions, they will release a joint announcement on SENS detailing updated salient dates and times pertaining to the implementation of the Transaction. 3. Keaton Energy responsibility statement The Keaton Energy Independent Board accepts responsibility for the information contained in this announcement to the extent that it relates to Keaton Energy. To the best of their knowledge and belief, the information contained in this announcement is true and nothing has been omitted which is likely to affect the importance of the information. 4. Wescoal responsibility statement The Wescoal Board accepts responsibility for the information contained in this announcement to the extent that it relates to Wescoal. To the best of their knowledge and belief, the information contained in this announcement is true and nothing has been omitted which is likely to affect the importance of the information. Johannesburg 12 June 2017 Investment Bank, Corporate Advisor and Sponsor to Wescoal Nedbank Corporate and Investment Banking, a division of Nedbank Limited Legal Advisor to Wescoal Edward Nathan Sonnenbergs Inc. Corporate Advisor to Keaton Energy Taurum Proprietary Limited Legal Advisor to Keaton Energy Werksmans Inc. Sponsor to Keaton Energy Investec Bank Limited Date: 12/06/2017 04:30:00 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.