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MONTAUK RENEWABLES INC - Pre-Listing Announcement in respect of the Secondary Inward Listing of the Common Shares of Montauk Renewables

Release Date: 20/01/2021 08:22
Code(s): MKR     PDF:  
Wrap Text
Pre-Listing Announcement in respect of the Secondary Inward Listing of the Common Shares of Montauk Renewables

MONTAUK RENEWABLES, INC.
Incorporated in the United States of America
Company number: 85-3189583
NASDAQ share code: MNTK
JSE share code: MKR
ISIN: US61218C1036
("Montauk Renewables" or the "Company")

PRE-LISTING ANNOUNCEMENT IN RESPECT OF THE SECONDARY INWARD LISTING OF
THE COMMON SHARES OF MONTAUK RENEWABLES ON THE MAIN BOARD OF THE
JSE LIMITED

1   INTRODUCTION

The JSE Limited ("JSE") has granted approval to Montauk Renewables for a secondary inward
listing of all of its issued common shares ("Shares"), including any shares to be issued pursuant
to a US offering, on the Main Board of the JSE in the "Alternative Fuels" sector, under the
abbreviated name "MNTKRenew", JSE share code "MKR" and ISIN "US61218C1036", with the
Shares being listed on the JSE on Monday, 25 January 2021 ("Secondary Listing"). Trading of
the Shares is expected to commence on the JSE on Monday, 25 January 2021 subsequent to the
primary listing described immediately below.

Montauk Renewables' Shares will be primary listed on the NASDAQ on Friday, 22 January 2021.
Montauk Renewables shareholders ("Shareholders") are referred to the registration statement
on Form S-1 ("Form S-1") as filed with the United States ("US") Securities and Exchange
Commission ("SEC") which contains detailed information in relation to Montauk Renewables and
its listing on the NASDAQ (available at 
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001826600&owner=include&count=40).
Please note that the Form S-1 has not yet been declared effective by the SEC and is subject to change.

Shareholders are further referred to the circular released by Montauk Holdings Limited
("Montauk") on 16 November 2020 which contained further details in relation to the corporate
restructure of the Montauk group ("Corporate Restructure"), listing of Montauk Renewables on
the NASDAQ and JSE, a US offering and the distribution by Montauk of its Shares in Montauk
Renewables to Montauk shareholders ("Distribution").

The Secondary Listing does not contemplate the raising of capital.

The Financial Surveillance Department of the South African Reserve Bank has approved the
Secondary Listing pursuant to which the secondary inward listed Shares will be classified as
"domestic" for exchange control purposes. Accordingly, South African exchange control resident
Shareholders are entitled to hold their Shares on the JSE register subsequent to the Secondary
Listing and may trade the Shares on the JSE without affecting their foreign investment allowances.

2   OVERVIEW AND PROSPECTS OF THE COMPANY

The business of Montauk Renewables following the Corporate Restructure will encompass the
business of Montauk prior to the Corporate Restructure. Montauk Renewables is a renewable
energy company specialising in the recovery and processing of biogas from landfills and other
non-fossil fuel sources for beneficial use as a replacement to fossil fuels. The Company develops,
owns and operates renewable natural gas ("RNG") projects in the US, using proven technologies
that supply renewable fuel into the transportation and electrical power sectors. Having participated
in the industry for over 30 years, Montauk Renewables is one of the largest US producers of RNG.
The Company established its operating portfolio of 12 RNG and three renewable electricity
projects through self-development, partnerships, and acquisitions that span six states and have
grown revenues from $34.0 million in 2014 to $107.4 million in 2019.

Biogas is produced by microbes as they break down organic matter in the absence of oxygen
(during a process called anaerobic digestion). Montauk Renewables' two current sources of
commercial scale biogas are landfill gas ("LFG") or anaerobic digester gas ("ADG"). The Company
typically secures biogas feedstock through long-term fuel supply agreements and property lease
agreements with biogas site hosts. Once long-term fuel supply rights are secured, the Company
designs, builds, owns, and operates facilities that convert the biogas into RNG or use the
processed biogas to produce renewable electricity. Montauk Renewables sells the RNG and
renewable electricity through a variety of short-, medium-, and long-term agreements. Because
the Company is capturing waste methane and making use of a renewable source of energy, RNG
and renewable electricity generate valuable environmental attributes which Montauk Renewables
is able to monetise under US federal and state regulatory initiatives.

Based on analysis performed, the Company believes that there are sources of waste methane in
the US that could serve as potential future project opportunities. Montauk Renewables expects to
continue its growth through optimisation of the current project portfolio, securing greenfield
developments and acquiring existing projects, all while pursuing vertical integration opportunities.
The successful evaluation and execution of project opportunities is based on the Company's ability
to leverage significant industry experience, relationships with customers and vendors, access to
interconnections for rights-of-way, and capabilities to construct pipeline and electrical
interconnections that ensure the economic viability of opportunities the Company pursues.
Montauk Renewables exercises financial discipline in pursuing these projects by targeting project
returns that are in line with the relative risk of the specific projects and associated feedstock costs,
offtake contracts and any other related attributes that can be monetised.

Montauk Renewables' current operating projects generate RNG from landfill sites and a livestock
farm. The Company views livestock farms as a significant opportunity to expand the RNG
business and is also evaluating other agricultural markets. It believes that the business is scalable,
which will allow the Company to continue to grow through development and acquisitions.

Montauk Renewables' projects provide their landfill and livestock farm partners with a variety of
benefits, including a means to monetise biogas from their sites, support their regulatory
compliance, and providing them with environmental services. The Company differentiates itself
from competitors based on a long history of working with leading vendors and technologies and
through extensive expertise in designing, tuning and managing gas control collection systems at
host sites. The Company has significant experience with commercialised beneficial uses of
processed biogas, including pipeline quality natural gas, power generation, carbon capture and
boiler fuel gas products.

The Company's revenues are generated from the sale of RNG and renewable electricity, under
long-term contracts, along with the environmental attributes that are derived from these products.
RNG has the same chemical composition as natural gas from fossil sources, but has unique
environmental attributes assigned to it due to its origin from low-carbon, renewable sources, which
the Company can also monetise. Virtually all of the RNG produced is used as a transportation fuel
because this end market generally provides the most value for RNG production. The RNG the
Company processes is pipeline-quality and can be used for transportation fuel when converted to
compressed natural gas ("CNG") or liquefied natural gas ("LNG"). CNG has been the most
common fuel used by fleets where medium-duty trucks are close to the fueling station, such as
city fleets, local delivery trucks, and waste haulers. The environmental attributes that the Company
sells are composed of renewable identification numbers ("RINs") and state low-carbon fuel credits,
which are generated from the conversion of biogas to RNG that is used as a transportation fuel,
as well as renewable energy credits ("RECs") generated from the conversion of biogas to
renewable electricity. In addition to revenues generated from product sales, the Company also
generates revenues by providing operations and maintenance services to certain biogas site
partners.

Whenever possible, the Company seeks to mitigate exposure to commodity and environmental
attribute pricing volatility. Through contractual arrangements with site hosts and counterparties,
the Company typically shares pricing and production risks while retaining the ability to benefit from
potential upside. A significant portion of the RNG volume produced is sold under bundled fixed-
price arrangements for the RNG and environmental attributes, with a sharing arrangement where
the Company benefits from prices above certain thresholds. For the remaining RNG projects, the
Company sometimes enters into in-kind sharing arrangements where partners receive the
environmental attributes instead of a cash payment, thereby sharing in the environmental attribute
pricing risk.

Montauk Renewables strives to sell the remaining RNG and environmental products under
medium-and long-term indexed pricing and margin sharing arrangements designed to give the
Company optimal price and revenue certainty. On the electricity side, all of the Company's
products and related environmental attributes are sold under fixed-price contracts with escalators,
limiting pricing risk. Finally, payments to site hosts are entirely in the form of royalties based on
realised revenues, or, in some select cases, based on production volumes.

For further information on Montauk Renewables' operations, please refer to Montauk's
website (www.montaukenergy.com).

Montauk Renewables is a new entity, incorporated on 21 September 2020 in the US and formed
under the laws of the State of Delaware.

The Company is domiciled in the US with its registered address at 680 Anderson Drive, 5th Floor,
Pittsburgh, PA 15220, US. The Company is not registered as an external company in South Africa.
The Company has appointed Computershare Investor Services Proprietary Limited as its transfer
secretaries in South Africa, which have their registered address and primary place of business at
Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196, South Africa. The
Company's transfer agent in the US is Computershare Investor Services with its registered
address and primary place of business at 462 South 4th Street, Suite 1600, Louisville, KY, 40202,
US.

3   RATIONALE FOR THE SECONDARY INWARD LISTING AND US OFFERING

The secondary inward listing on the Main Board of the JSE will enable Montauk to effect the
Distribution and for its Shareholders to receive listed Montauk Renewables Shares without
impacting any foreign investment allowances, whilst allowing them to continue to enjoy exposure
to the attractive prospects of the Montauk group (transferred to Montauk Renewables as part of
the Corporate Restructure) and the sector in which it operates. Post the Distribution, Montauk
Renewables Shareholders will be able to trade their Shares both on the JSE and the NASDAQ,
subject to any applicable exchange control restrictions that may be applicable to South African
exchange control residents.

The US offering is being pursued to raise capital to fund the identification of, and diligence
activities with respect to, potential new projects, which include evaluating new project sites,
project conversions and strategic acquisitions and to complete a listing on the NASDAQ.

4   SETTLEMENT IN SOUTH AFRICA

Shares will be traded on the JSE in electronic form only (as dematerialised shares) and will be
tradable for electronic clearing and settlement, via Strate Limited ("Strate"), immediately following
the Secondary Listing of the Company on the JSE. Strate is a system of "paperless" transfer of
securities used by the JSE to settle trades. All investors owning dematerialised Shares or wishing
to trade their Shares on the JSE are required to appoint either a broker or a Central Securities
Depository Participant ("CSDP") in South Africa to act on their behalf and to handle their settlement
requirements. If you have any doubt as to the mechanics of Strate, please consult your broker,
CSDP or other appropriate adviser. You are also referred to the Strate website (www.strate.co.za) 

5   SHARE CAPITAL

The authorised and issued share capital of the Company as at the date of this announcement is
set out below:

Class of Shares                                            Number of Shares   $'000
Authorised Common Shares with a par value of $0.01              690 000 000   6 900
Authorised Preference Shares with a par value of $0.01           10 000 000     100
Issued Common Shares with a par value of $0.01                  138 312 713   1 383
Issued Preference Shares with a par value of $0.01                        -       -

The issued share capital of the Company will be adjusted to reflect the number and value of Shares
taken up as part of the US offering, as further described in the Form S-1, which will only be
determined after the US offering closes on Thursday, 21 January 2021. Should all the shares being 
offered in the US offering be taken up, between 2 350 000 and 2 702 500 (if the underwriter exercises 
its option to purchase additional shares in full) additional Common Shares will be issued. 

The Shares carry full voting rights. The authorised and issued Shares of Montauk Renewables
are of the same class and rank pari passu in all respects. There are no Shares in the share capital
of the Company held in treasury as at the date of this pre-listing announcement.

The Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws of
Montauk Renewables ("Certificate of Incorporation and Bylaws") do not contain any
restrictions on the transfer of any Shares.

Details of the rights attached to each class of Shares of Montauk Renewables are set out in
the Certificate of Incorporation and Bylaws which are attached as exhibits to the Form S-1.

The Company has had no issues or offers of securities of Montauk Renewables and/or its major
subsidiaries, or by any subsidiary where such issues or offers were material to Montauk
Renewables during the three years preceding this announcement, except for in connection with
the Corporate Restructure.

No consolidations or sub-divisions of Montauk Renewables securities have occurred during the
three years preceding this announcement.

6   BORROWING POWERS

The Directors may raise or borrow capital from time to time for the purposes of the Company. There
are no restrictions on the Company's borrowing powers and no specific provisions in relation
to their amendment.

The borrowing powers of neither Montauk Renewables nor any of its major subsidiaries have
been exceeded during the three years preceding this announcement.

There are no exchange control or other restrictions on the borrowing powers of Montauk
Renewables or any of its major subsidiaries.

7   FINANCIAL INFORMATION

The financial year-end of Montauk Renewables is 31 December of each year.

The basic earnings, diluted earnings and headline earnings per Share for the years ended 31
December 2019 and 31 December 2018 and the nine month periods ended 30 September 2020
and 30 September 2019 for Montauk are as below.

As substantially all the assets and operations of Montauk have been transferred to Montauk
Renewables as part of the Corporate Restructure, the information below has been based on
the results of Montauk for the respective periods. The nine month period through 30 September
2020 and comparative nine month period ending 30 September 2019 has been included to
align with the latest financial information presented in the Form S-1.

                                                              30 Sep      30 Sep      31 Dec      31 Dec
                                                                2020        2019        2019        2018
                                                               (nine       (nine     (twelve     (twelve
                                                             months)     months)     months)     months)
                                                              (All amounts net of tax, $'000, except if
                                                                        indicated otherwise)
Reconciliation of headline profit:
Profit attributable to equity holders of the parent            2 147       5 448       5 820      28 767
(Profit) / losses on disposal of plant and equipment           (592)           7        (32)         166
Impairment of plant and equipment                                  -       1 157       1 953         854
Impairment of intangible assets                                  278           -           -           -
Gain on disposal of joint arrangement                              -        (94)        (94)           -
Gain on disposal of intangible assets                              -           -           -       (688)
Loss on disposal of assets held for sale                           -           -           -         369
Headline profit attributable to equity holders of the parent   1 833       6 518       7 647      29 468

Basic earnings per share (cents)
Earnings per share (cents)                                      1.56        3.99        4.25       21.12
Headline earnings per share (cents)                             1.33        4.77        5.59       21.63

Weighted average number of shares in issue ('000)            138 047     136 685     136 855     136 232

Diluted earnings per share (cents) 
Diluted earnings per share (cents)                              1.55        3.94        4.21       20.83
Diluted headline earnings per share (cents)                     1.32        4.71        5.53       21.34

Weighted average number of shares in issue for 
diluted earnings per share ('000)                            138 609     138 302     138 217     138 101


The historical financial information of Montauk is available on Montauk's website
(www.montaukenergy.com). 


8   MATERIAL CHANGES

No material changes to the financial position or trading position of Montauk, and therefore
substantively that of Montauk Renewables, have occurred since the publication of Montauk's
audited financial results for the year ended 31 December 2019.

9   MAJOR SHAREHOLDERS

As of the date of this announcement, the following Shareholders were, directly or indirectly,
beneficially interested in, or responsible for managing, 5% or more of each class of the
Company's issued share capital:

Entity    Direct Beneficial   % of Shares held
Montauk         138 312 713               100%

10  BOARD OF DIRECTORS

Name, nationality and age     Business address                       Occupation /
                                                                     Function
Executive Director  

Sean Fitzgerald McClain       680 Andersen Drive, Foster             President and
United States of America      Plaza Building 10, Pittsburgh, PA      Chief Executive
(46)                          15220                                  Officer

Non-Executive Directors  

John Anthony Copelyn          Suite 801, The Point, 76 Regent        Chairperson, Non-
South Africa                  Road, Sea Point, 8005                  Executive
(70)    

Theventheran Govindsamy       Suite 801, The Point, 76 Regent        Non-Executive
Govender                      Road, Sea Point, 8005  
South Africa    
(50)  

Independent Non-Executive    
Directors 

Mohamed Haroun Ahmed          52 Intersite Avenue, Umgeni            Independent Non-
South Africa                  Business Park, Durban, 4001            Executive
(56)    

Michael Alon Jacobson         Suite 57, 14 Narabang Way,             Independent Non-
Australia                     Belrose, 2085, Sydney, Australia       Executive
(53)    

Bruce Steven Raynor           275 Madison Avenue, Suite              Independent Non-
United States of America      2110, New York, NY 10989               Executive
(71)

For further information in relation to the board of directors of Montauk Renewables
("Directors"), please refer to the Form S-1.

11  DIRECTORS DECLARATIONS

Each Director has confirmed that he/she:

11.1.  has not been declared bankrupt, insolvent or sequestrated or at any time been a party
       to a scheme of arrangement or made any other form of compromise with their creditors
       in any jurisdiction;

11.2.  has not ever been involved in any business rescue plans and/or resolution proposed
       by any entity to commence business rescue proceedings, application having been made
       for any entity to begin business rescue proceedings, notices having been delivered in
       terms of section 129(7) of the South African Companies Act, No. 71 of 2008 (as
       amended) (the "Companies Act"), receiverships, compulsory liquidations,
       administrations, company voluntary arrangements or any composition or arrangement
       with creditors generally or any class of creditors of any company where such person is
       or was a director, with an executive function within such company at the time of, or within
       the 12 months preceding, such events;

11.3.  has not entered into creditors' voluntary liquidations of any company where such person
       is or was a director, with an executive function within such company at the time of, or
       within the 12 months preceding such events;

11.4.  has not been involved in any compulsory liquidation, administration or voluntary
       arrangements of any partnership where such person is or was a partner at the time of,
       or within the 12 months preceding, such events;

11.5.  has not had receivership of any of the assets of such person or of a partnership of which
       he or she is or was a partner at the time of, or within 12 months preceding, such events;

11.6.  has not been the subject of public criticism by any statutory or regulatory authorities,
       including recognised professional bodies, or been disqualified by a court from acting as
       a director of a company or from acting in the management or conduct of the affairs of
       any company;

11.7.  has not ever been convicted of or committed any offence involving dishonesty, fraud,
       theft, forgery, perjury, misrepresentation or embezzlement committed by such person;

11.8.  has not ever been found guilty in disciplinary proceedings, by an employer or regulatory
       body, due to dishonest activities committed by such person;

11.9.  has not ever been removed from an office of trust on the grounds of misconduct and
       involving dishonesty;

11.10. has not ever been barred from entry into any profession or occupation;

11.11. has not ever been convicted in any jurisdiction of any criminal offence or an offence
       under legislation relating to the Companies Act, and no company of which he or she was
       a director, alternate director or officer at the time of the offence has been convicted in
       any jurisdiction of any criminal offence, or an offence under legislation relating to the
       Companies Act; or

11.12. is not or has not been subject to any court order declaring him or her delinquent or
       placing him or her under probation under section 162 of the Companies Act and/or
       section 47 of the Corporations Act No. 69 of 1984, as amended, or disqualifying him or
       her to act as a director under sections 69 or 219 of the Companies Act.

12  DIRECTORS' REMUNERATION

Information in relation to the Director's remuneration can be found on pages 127 - 136 of the
Form S-1. Historical rather than expected remuneration has been disclosed, as expected
remuneration has not yet been agreed and approved.

There will be no variation in remuneration receivable by any of the Directors of Montauk
Renewables in consequence of the Secondary Listing.

13  PROMOTER

The is no promoter in relation to the Secondary Listing and no amount is due to be paid,
proposed to be paid or has been paid nor any other benefit given within the three years
preceding the Secondary Listing to any promoter or to any related partnership, syndicate or
other association of which any promoter is or was a member.

14  COMMISSIONS PAID OR PAYABLE IN RESPECT OF UNDERWRITING

No amount has been paid, or has accrued as payable, within the preceding three years, as
commission to any person in respect of underwriting, including commission so paid or payable
to any sub-underwriter that is the holding company or a promoter or Director or officer of Montauk
Renewables, for subscribing or agreeing to subscribe, or procuring, or agreeing to procure,
subscriptions for any securities of Montauk Renewables.

No commissions, discounts, brokerages or other special terms have been granted during the
three years preceding the date of this announcement in connection with the issue or sale of any
securities, stock or debentures in the capital of Montauk Renewables.

15  INTERESTS OF DIRECTORS OR PROMOTERS

No Director or promoter has any material beneficial interest, direct or indirect, in the promotion
of Montauk Renewables, or in any material property acquired or proposed to be acquired out of
the proceeds of the US offering or during the three years preceding the date of this
announcement, other than the Directors' interests held in Montauk Renewables as disclosed on
page 138 of the Form S-1.

No sums have been paid, or agreed to be paid, within the three years preceding the date of this
announcement, to any Director or to any company in which a Directors is beneficially interested,
directly or indirectly, or of which he is a director (the "associate company") or to any partnership,
syndicate or other association of which he is a member (the "associate entity"), in cash,
securities or otherwise, by any person, either to induce him to become, or to qualify him as a
Director or otherwise for services rendered by him or by the associate company or the associate
entity in connection with the promotion or formation of Montauk Renewables.

16  DIRECTORS' INTERESTS IN TRANSACTIONS

No Directors, including Directors who have resigned within the 18 months preceding the date of
this announcement have had any material beneficial interests, whether direct or indirect, in
transactions that were effected by Montauk Renewables during the current or immediately
preceding financial year, or during an earlier financial year which remain in any respect
outstanding or unperformed other than the Corporate Restructure, Distribution and Secondary
Listing as contemplated in this announcement and the Form S-1.

17  MATERIAL ACQUISITIONS OR DISPOSALS

Save as required for purposes of the Corporate Restructure, neither Montauk Renewables nor
Montauk have concluded any material acquisitions or disposals, within the last three years of
the date of this announcement, and there are no proposed acquisitions or disposals by Montauk
Renewables or any of its major subsidiaries, or any subsidiary where the acquisition or disposal
or proposed acquisition or disposal is material to Montauk Renewables, of any securities in, or
the business undertaking of, any other company, or business enterprise or any immovable
property or other property in the nature of a fixed asset or any option to acquire such property.

18  MATERIAL CONTRACTS

Montauk Renewables has entered into a Transaction Implementation Agreement with Montauk
and Montauk Holdings USA, LLC related to the Corporate Restructure and the Distribution. This
agreement and the ancillary agreements and other documents contemplated thereby (including
the Share Exchange Agreement and the Montauk USA Wind-Up Agreement) govern the
relationship among Montauk, Montauk USA and Montauk Renewables prior to and after date of
completion of the Distribution. Pursuant to these agreements Montauk Renewables will agree
to assume liabilities relating to the operation of Montauk's business prior to the Distribution. The
key terms have been highlighted in paragraph 7.2 of the circular distributed to Montauk
shareholders on Monday, 16 November 2020 in relation to the Distribution, which can be found
on Montauk's website at www.montaukenergy.com.

19  BOARD OF DIRECTORS' RESPONSIBILITY STATEMENT

The Directors confirm that, to the best of their knowledge and belief, Montauk Renewables has
adhered to all legal and regulatory requirements of the NASDAQ, as applicable.

The Directors have no reason to believe that the working capital available to Montauk
Renewables will not be sufficient for at least twelve months from the date of the Secondary
Listing.

20  FURTHER INFORMATION

All documents and announcements which Montauk has made public over the last two years,
including Montauk's financial information, annual reports and regulatory announcements, are
available for download on Montauk's website at www.montaukenergy.com.


This announcement is not an invitation to the public to subscribe for or purchase Shares but is
issued in compliance with the listings requirements of the JSE relating to the Secondary Listing
of Montauk Renewables on the Main Board of the JSE.

21  INFORMATION REGARDING MONTAUK RENEWABLES' CERTIFICATE OF INCORPORATION AND BYLAWS

Following the Corporate Restructure, Montauk Renewables' Shares will be subject to Montauk
Renewables Certificate of Incorporation and Bylaws, attached as exhibits to the Form S-1, 
which are compliant with the requirements of the NASDAQ.

22  CORPORATE GOVERNANCE

Montauk Renewables will be subject to and, other than the exemptions as a result of being a
'controlled company' as described under the Management section in the Form S-1, will comply
with the corporate governance requirements of Nasdaq, US securities laws and Delaware state
law. The Company has further adopted Corporate Governance Guidelines and a Code of Business
Conduct and Ethics, both of which are available on the Company's website at 
www.montaukrenewables.gcs-web.com..

23  SALIENT DATES AND TIMES

                                                                                             2021
Publish pre-listing announcement on SENS on the JSE                    Wednesday, 20 January 2021                                                                      

Listing and commencement of trading Montauk Renewables'                    
Shares on the Main Board of the JSE from the commencement of 
trade on                                                                  Monday, 25 January 2021

The above dates are subject to change. Any change will be announced on SENS.

20 January 2021

Financial Advisor and Sponsor
Investec Bank Limited

South African Legal Advisor
Edward Nathan Sonnenbergs Incorporated

ANNEXURE A
Past directorships
                                                                                          Currently hold
                                                                                             position as
Director                           Directorships                                               director?
John A. Copelyn                    2 Toman Close Hydepark (Pty) Ltd                                  Yes
                                   21 Impala Road Properties (Pty) Ltd                               Yes
                                   Blue Beacon Investments 240 (Pty) Ltd                             Yes
                                   Braylon Investments (Pty) Ltd                                     Yes
                                   Business Systems Group (Africa) (Pty) Ltd                         Yes
                                   Chearsley Investments (Pty) Ltd                                   Yes
                                   Circumference Investments (Pty) Ltd                               Yes
                                   Curagen Investments (Pty) Ltd                                     Yes
                                   Deneb Investments Limited                                         Yes
                                   E Media Holdings Limited                                          Yes
                                   E Media Investments (Pty) Ltd                                     Yes
                                   FI Developments (Pty) Ltd                                         Yes
                                   FI Equity Group (Pty) Ltd                                         Yes
                                   Foothills Trading and Investment 8 (Pty) Ltd                      Yes
                                   Fulela Trade and Invest 81 (Pty) Ltd                              Yes
                                   Fulela Trade and Invest 96 (Pty) Ltd                              Yes
                                   Gelprop (Pty) Ltd                                                 Yes
                                   Glendal Trading (Pty) Ltd                                         Yes
                                   HCI - Treasury (Pty) Ltd                                          Yes
                                   HCI Australian Operations Pty Ltd                                 Yes
                                   HCI Central Investments (Pty) Ltd                                 Yes
                                   HCI Coal (Pty) Ltd                                                Yes
                                   HCI Food and Beverage Investments (Pty) Ltd                       Yes
                                   HCI Invest14 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest15 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest17 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest19 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest20 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest21 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest22 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest25 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest3 Holdco (Pty) Ltd                                      Yes
                                   HCI Invest6 Holdco (Pty) Ltd                                      Yes
                                   HCI Invest7 Holdco (Pty) Ltd                                      Yes
                                   HCI Investments Australia Pty Ltd                                 Yes
                                   HCI Managerial Services (Pty) Ltd                                 Yes
                                   HCI Monte Precinct (Pty) Ltd                                      Yes
                                   HCI Niveus Holdco 1 (Pty) Ltd                                     Yes
                                   HCI Property Investments (Pty) Ltd                                Yes
                                   HCI Property Investments 2 (Pty) Ltd                              Yes
                                   HCI Renewable Energy Investments (Pty) Ltd                        Yes
                                   HCI Sun Energy Three (Pty) Ltd                                    Yes
                                   HCI Sun Energy Two (Pty) Ltd                                      Yes
                                   HCI Vergenoegd (Pty) Ltd                                          Yes
                                   HCI Water One (Pty) Ltd                                           Yes
                                   HCI-Propco1 (Pty) Ltd                                             Yes
                                   HCI-The Palms (Pty) Ltd                                           Yes
                                   Highland Night Investments 93 (Pty) Ltd                           Yes
                                   Hosken Consolidated Investments Limited                           Yes
                                   House 22 Ronald Avenue (Pty) Ltd                                  Yes
                                   IGI Investment Company (Pty) Ltd                                  Yes
                                   Impact Oil and Gas Limited                                        Yes
                                   Johnnic Casino Holdings (Pty) Ltd                                 Yes
                                   Johnnic Holdings Limited                                          Yes
                                   Johnnic Property Holdings (Pty) Ltd                               Yes
                                   Johnnies Strategic Investment Holdings (Pty) Ltd                  Yes
                                   Kalahari Village Mall (Pty) Ltd                                   Yes
                                   La Concorde Holdings Limited                                      Yes
                                   Lennings (Pty) Ltd                                                Yes
                                   Leopont 255 Properties (Pty) Ltd                                  Yes
                                   Leopont 261 Properties (Pty) Ltd                                  Yes
                                   Leopont 262 Properties (Pty) Ltd                                  Yes
                                   Leyvan House (Pty) Ltd                                            Yes
                                   Limitless Angel Fund (Pty) Ltd                                    Yes
                                   Lynnridge Shopping Centre (Pty) Ltd                               Yes
                                   Maclyn House (Pty) Ltd                                            Yes
                                   Main Place Holdings (Pty) Ltd                                     Yes
                                   Main Street 614 (Pty) Ltd                                         Yes
                                   Merilyn Investments (Pty) Ltd                                     Yes
                                   Metshelf Investments 9 (Pty) Ltd                                  Yes
                                   Mirino Investments (Pty) Ltd                                      Yes
                                   Mironetix (Pty) Ltd                                               Yes
                                   Mironetix 2 (Pty) Ltd                                             Yes
                                   Montauk Holdings Limited                                          Yes
                                   Move-On-Up 104 (Pty) Ltd                                          Yes
                                   Nexrealm Technologies (Pty) Ltd                                   Yes
                                   No 10 Grootpaternoster Private Nature Reserve (Pty) Ltd           Yes
                                   Pearl Beach Investments (Pty) Ltd                                 Yes
                                   Permasolve Investments (Pty) Ltd                                  Yes
                                   Platinum Group Metals Limited                                     Yes
                                   Radius Trading (Pty) Ltd                                          Yes
                                   Rivetprops 47 (Pty) Ltd                                           Yes
                                   Ronaldgate (Pty) Ltd                                              Yes
                                   SA Amalgamated Union Fishing (Pty) Ltd                            Yes
                                   SACTWU Mining Investments (Pty) Ltd                               Yes
                                   SACTWU Mining Investments (SPV) (Pty) Ltd                         Yes
                                   TIH Prefco (RF) (Pty) Ltd                                         Yes
                                   TIHC Investments (RF) (Pty) Ltd                                   Yes
                                   Tsogo Investment Holding Company (Pty) Ltd                        Yes
                                   Tsogo Sun Gaming Limited                                          Yes
                                   Tsogo Sun Hotels Limited                                          Yes
                                   Tylon Holdings (Pty) Ltd                                          Yes
                                   Unit 1501 Twin Towers South (Pty) Ltd                             Yes
                                   W H Press House (Pty) Ltd                                         Yes
                                   WESGRO (Pty) Ltd                                                  Yes
                                   Lone Hill Estates (Pty) Ltd                                       No
                                   Almania Investments (Pty) Ltd                                     No
                                   Aston Bay Holiday Resorts (Pty) Ltd                               No
                                   C and A Associated Consultants (Pty) Ltd                          No
                                   Catwalk Investments 167 (Pty) Ltd                                 No
                                   Catwalk Leisure Investments (Pty) Ltd                             No
                                   Descarte Investments No 8 (Pty) Ltd                               No
                                   Fabcos Investment Holding Company (Pty) Ltd                       No
                                   Flaghigh Investments (Pty) Ltd                                    No
                                   Glenny Buchner Investment (Pty) Ltd                               No
                                   H J S Advisory Services (Pty) Ltd                                 No
                                   HCI Properties (Pty) Ltd                                          No
                                   Johnnic Property Developments (Pty) Ltd                           No
                                   Johnnic Property Investments (Pty) Ltd                            No
                                   Mercanto Investments (Pty) Ltd                                    No
                                   Pretoria International Airport Corporation (Pty) Ltd              No
                                   Tangney Investments (Pty) Ltd                                     No
                                   Winslet Investments (Pty) Ltd                                     No
                                   Vukani Gaming Equipment (Pty) Ltd                                 No
                                   ABSA Technology Finance Solutions (Pty) Ltd                       No
                                   Africa On Air (Pty) Ltd                                           No
                                   Anytime Power (Pty) Ltd                                           No
                                   Bato Star Fishing (Pty) Ltd                                       No
                                   Cape Talk (Pty) Ltd                                               No
                                   Cape Town Film Studios (Pty) Ltd                                  No
                                   Cherry Moss Trade and Invest 188 (Pty) Ltd                        No
                                   Clover Industries (Pty) Ltd                                       No
                                   Clover S A Limited                                                No
                                   Curagen Investments (Pty) Ltd                                     No
                                   Dreamworld Management Company (Pty) Ltd                           No
                                   Durban Add-Ventures (Pty) Ltd                                     No
                                   E Sat Tv (Pty) Ltd                                                No
                                   E Tv (Pty) Ltd                                                    No
                                   Euphorbia (Pty) Ltd                                               No
                                   FI Funding and Investments Holdco (Pty) Ltd                       No
                                   FI Operations (Pty) Ltd                                           No
                                   Formex Industries (Pty) Ltd                                       No
                                   Francolin Investments (Pty) Ltd                                   No
                                   Galaxy Bingo International South Africa (Pty) Ltd                 No
                                   Galaxy Gaming and Entertainment (Pty) Ltd                         No
                                   Gallagher Estate Holdings (Pty) Ltd                               No
                                   Golden Arrow Bus Services (Pty) Ltd                               No
                                   Griffin Oil and Gas (Pty) Ltd                                     No
                                   HCI Food and Beverage Investments (Pty) Ltd                       No
                                   HCI Invest1 Holdco (Pty) Ltd                                      No
                                   HCI Invest10 Holdco (Pty) Ltd                                     No
                                   HCI Invest23 Holdco (Pty) Ltd                                     No
                                   HCI Invest24 Holdco (Pty) Ltd                                     No
                                   HCI Invest3 Holdco (Pty) Ltd                                      No
                                   HCI Live the City (Pty) Ltd                                       No
                                   HCI Westlake Properties (Pty) Ltd                                 No
                                   Hi-Reach Manlift (Pty) Ltd                                        No
                                   Hollyberry Props 12 (Pty) Ltd                                     No
                                   International Payment Systems (Pty) Ltd                           No
                                   Johnnic Holdings Management Services (Pty) Ltd                    No
                                   Leopardsrand (Pty) Ltd                                            No
                                   Ligitprops 109 (Pty) Ltd                                          No
                                   Limtech Biometric Solutions (Pty) Ltd                             No
                                   Marc Group (Pty) Ltd                                              No
                                   Megapro Holdings (Pty) Ltd                                        No
                                   Niveus Investments Limited                                        No
                                   Niveus-La Concorde Holdings (Pty) Ltd                             No
                                   Openfield Marketing Johannesburg (Pty) Ltd                        No
                                   Platco Digital (Pty) Ltd                                          No
                                   Real Africa Holdings (Pty) Ltd                                    No
                                   Sabido Properties (Pty) Ltd                                       No
                                   SACTWU Durban Properties (Pty) Ltd                                No
                                   SACTWU Johannesburg Property (Pty) Ltd                            No
                                   Silver Vanity Investments (Pty) Ltd                               No
                                   The Millennium Casino (Pty) Ltd                                   No
                                   Tsogo Sun Alternative Gaming Investments (Pty) Ltd                No
                                   Tsogo Sun Hotels Gaming and Entertainment (Pty) Ltd               No
                                   Tsogo Sun Kwazulu-Natal (Pty) Ltd                                 No
                                   Vectofon (Pty) Ltd                                                No
                                   Viamax Fleet Solutions (Pty) Ltd                                  No
                                   Vukani Gaming Corporation (Pty) Ltd                               No
                                   Vukani Gaming Eastern Cape (Pty) Ltd                              No
                                   Vukani Gaming Free State (Pty) Ltd                                No
                                   Vukani Gaming Gauteng (Pty) Ltd                                   No
                                   Vukani Gaming Kwazulu Natal (Pty) Ltd                             No
                                   Vukani Gaming Limpopo (Pty) Ltd                                   No
                                   Vukani Gaming Mpumalanga (Pty) Ltd                                No
                                   Vukani Gaming North West (Pty) Ltd                                No
                                   Vukani Gaming Northern Cape (Pty) Ltd                             No
                                   Vukani Gaming Western Cape (Pty) Ltd                              No
                                   Y Magazine (Pty) Ltd                                              No
                                   Yired (Pty) Ltd                                                   No
                                   Zenzeleni Clothing (Pty) Ltd                                      No
                                   Ancestral Investments (Pty) Ltd                                   No
                                   Black Ginger 75 (Pty) Ltd                                         No
                                   C And M A Shelf 73 (Pty) Ltd                                      No
                                   HCI Lifting Services (Pty) Ltd                                    No
                                   HCI Proprojects (Pty) Ltd                                         No
                                   Rowan Tree 4 (Pty) Ltd                                            No
                                   S A M Sisonke (Pty) Ltd                                           No
                                   Tiradeprops 99 (Pty) Ltd                                          No
                                   Tylon (Pty) Ltd                                                   No
                                   Datafer (Pty) Ltd                                                 No
                                   Amalgamated Union Transport and Automotive (Pty) Ltd              No
                                   Atlantic International Entertainment S A (Pty) Ltd                No
                                   Avenpalm Investments (Pty) Ltd                                    No
                                   Beier Finance (Pty) Ltd                                           No
                                   Blue Ridge Investments (Pty) Ltd                                  No
                                   Braber Investments (Pty) Ltd                                      No
                                   Denkova Investments (Pty) Ltd                                     No
                                   Equity Plus Trading (Pty) Ltd                                     No
                                   Fabulous Gaming and Leisure Diversified Investments (Pty) Ltd     No
                                   First Ready Development 213 (Pty) Ltd                             No
                                   Fluxrab Investments No 57 (Pty) Ltd                               No
                                   Free-Flowing Property Holdings (Pty) Ltd                          No
                                   HCI Khusela Coal Plus (Pty) Ltd                                   No
                                   JC Nominees (Pty) Ltd                                             No
                                   Johnnic Management Services (Pty) Ltd                             No
                                   Magicover (Pty) Ltd                                               No
                                   Masana Handweavers (Pty) Ltd                                      No
                                   S A Amalgamated Union Investments (Pty) Ltd                       No
                                   Saram Investors (Pty) Ltd                                         No
                                   Self-Nurturing Investments (Pty) Ltd                              No
                                   Shell Case 59 (Pty) Ltd                                           No
                                   Tree Tell 23 (Pty) Ltd                                            No
                                   Unifer Holdings Limited                                           No
                                   Unit 1 The Oaks (Pty) Ltd                                         No
                                   Usl (Pty) Ltd                                                     No
                                   Warwick Africa (Pty) Ltd                                          No
                                   20 Sydney Street Greenpoint (Pty) Ltd                             No
                                   Fulela Trade and Invest 81 (Pty) Ltd                              No
                                   G E Property and Marketing (Pty) Ltd                              No
                                   Gallagher Convention Centre (Pty) Ltd                             No
                                   HCI Sydney Road (Pty) Ltd                                         No
                                   Johnnic Properties (Pty) Ltd                                      No
                                   Taverna Sports Bar - Sea Point (Pty) Ltd                          No
                                   Three Blind Mice Communications (Pty) Ltd                         No
                                   Vpos Integrated Business Solutions (Pty) Ltd                      No
                                   Workflow and Imaging Solutions (Pty) Ltd                          No
Mohamed H. Ahmed                   Deneb Investments Limited                                         Yes
                                   Hosken Consolidated Investments Limted                            Yes
                                   Brevity Trade 50 (Pty) Ltd                                        Yes
                                   Go 4 Tiles (Pty) Ltd                                              Yes
                                   Go 4 Tiles (Durban) (Pty) Ltd                                     Yes
                                   Greenwood Park Distributors (Pty) Ltd                             Yes
                                   Montauk Holdings Limited                                          Yes
                                   Kelston Investments (Pty) Ltd                                     Yes
                                   Ritzshelf 25 (Pty) Ltd                                            Yes
                                   Ritz Tiles (Pty) Ltd                                              Yes
                                   Rose Tree Investments (Pty) Ltd                                   Yes
                                   Clicking Investments (Pty) Ltd                                    Yes
                                   Rivetprops 2 (Pty) Ltd                                            Yes
                                   Niveus Investments Limited                                        No
                                   Tsogo Sun Hotels Limited                                          Yes
                                   Hospitality Property Fund Limited                                 Yes
                                   Continental Trust                                                 Yes
                                   Haroun Ahmed Family Trust                                         Yes
                                   Gallagher Charitable Trust                                        Yes
                                   Everest Trust                                                     Yes
                                   Diamond Trust                                                     Yes
                                   Perth Trust                                                       Yes
                                   Corjo Trust                                                       Yes
                                   Lasko Investments (Pty) Ltd                                       No
                                   Amarilla Investments (Pty) Ltd                                    No
                                   COSATU Holdings (Pty) Ltd                                         No
                                   Dontello Investments (Pty) Ltd                                    No
                                   Helio Investments (Pty) Ltd                                       No
                                   Jardel Investments (Pty) Ltd                                      No
                                   Kentview Trading (Pty) Ltd                                        No
                                   Lorato Investments (Pty) Ltd                                      No
                                   Magicover (Pty) Ltd                                               No
                                   Marble Gold 434 (Pty) Ltd                                         No
                                   Marine Nominees (Pty) Ltd                                         No
                                   Ritzshelf 24 (Pty) Ltd                                            No
                                   SACTWU Cellular Services (Pty) Ltd                                No
                                   Union Telecommunications (Pty) Ltd                                No
                                   Yolan Investments (Pty) Ltd                                       No
                                   Canelli Investments (Pty) Ltd                                     No
                                   Atterbell Invesments (Pty) Ltd                                    No
                                   eMedia Holdings Limited                                           No
                                   Hollyberry Props 63 (Pty) Ltd                                     No
                                   First Ready Development 213 (Pty) Ltd                             No
Michael A. Jacobson                Oceania Capital Partners Limited                                  Yes
                                   Montauk Holdings Limited                                          Yes
                                   Montauk Holdings USA, LLC                                         Yes
                                   Rozetta Technology Pty Ltd                                        Yes
                                   RZT Holdings Pty Ltd                                              Yes
                                   Boody Australia Pty Ltd                                           Yes
                                   OCP Boody Holdings Pty Ltd                                        Yes
                                   Crimsafe Holdings Pty Ltd                                         Yes
                                   HCI Australian Operations Pty Ltd                                 Yes
                                   HCI Investments Australia Pty Ltd                                 Yes
                                   Crimsafe Security Systems Pty Ltd                                 Yes
                                   IPH International Pty Ltd                                         Yes
                                   Proline Quality Finishing Pty Ltd                                 Yes
                                   OCP Shelf 2 Pty Ltd                                               Yes
                                   SJB Investco Pty Ltd                                              Yes
                                   Baycorp Finance (Aust) Pty Ltd                                    No
                                   Baycorp Group Finance Pty Ltd                                     No
                                   Baycorp Holdings Pty Ltd                                          No
                                   Trans Tasman Collections Investments Pty Ltd                      No
                                   BC Holdings I Pty Ltd                                             No
                                   BC Holdings II Pty Ltd                                            No
                                   Cohort Australia Pty Ltd                                          No
                                   Cohort Developments Pty Ltd                                       No
                                   Cohort Holdings Australia Pty Ltd                                 No
                                   Winr Corporation Pty Ltd                                          No
Bruce Raynor                       Sidney Hillman Foundation                                         Yes
                                   Rockland BOCES Foundation                                         Yes
                                   TransAfrica Forum                                                 Yes
                                   Montauk Holdings Limited                                          Yes
                                   Montauk Energy Holdings, LLC (USA)                                Yes
                                   Montauk Energy Capital, LLC (USA)                                 Yes
                                   R&S Associates, LLC (USA)                                         Yes
                                   Amalgamated Bank                                                  No
Theventheran (Kevin) G. Govender   21 Impala Road Properties (Pty) Ltd                               Yes
                                   Blue Beacon Investments 240 (Pty) Ltd                             Yes
                                   Braylon Investments (Pty) Ltd                                     Yes
                                   Bridoon Trade and Invest 196 (Pty) Ltd                            Yes
                                   Cherry Moss Trade and Invest 145 (Pty) Ltd                        Yes
                                   Curagen Investments (Pty) Ltd                                     Yes
                                   Deneb Investments Limited                                         Yes
                                   E Media Holdings Limited                                          Yes
                                   E Media Investments (Pty) Ltd                                     Yes
                                   FI Developments (Pty) Ltd                                         Yes
                                   Foothills Trading and Investment 8 (Pty) Ltd                      Yes
                                   Fulela Trade and Invest 81 (Pty) Ltd                              Yes
                                   Fulela Trade and Invest 96 (Pty) Ltd                              Yes
                                   Gelprop (Pty) Ltd                                                 Yes
                                   Glendal Trading (Pty) Ltd                                         Yes
                                   Golden Arrow Bus Services (Pty) Ltd                               Yes
                                   Grey Jade Trade and Invest 145 (Pty) Ltd                          Yes
                                   Grey Jade Trade and Invest 19 (Pty) Ltd                           Yes
                                   Griffin Oil and Gas (Pty) Ltd                                     Yes
                                   Gripp Advisory (Pty) Ltd                                          Yes
                                   HCI - Treasury (Pty) Ltd                                          Yes
                                   HCI Auckland Park (Pty) Ltd                                       Yes
                                   HCI Blue Hills Phase 2 (Pty) Ltd                                  Yes
                                   HCI Cecilia Precinct (Pty) Ltd                                    Yes
                                   HCI Central Investments (Pty) Ltd                                 Yes
                                   HCI Invest1 Holdco (Pty) Ltd                                      Yes
                                   HCI Invest10 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest14 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest15 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest17 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest19 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest20 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest21 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest23 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest24 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest25 Holdco (Pty) Ltd                                     Yes
                                   HCI Invest3 Holdco (Pty) Ltd                                      Yes
                                   HCI Invest6 Holdco (Pty) Ltd                                      Yes
                                   HCI Invest7 Holdco (Pty) Ltd                                      Yes
                                   HCI Managerial Services (Pty) Ltd                                 Yes
                                   HCI Monte Precinct (Pty) Ltd                                      Yes
                                   HCI Paarl Office Precinct (Pty) Ltd                               Yes
                                   HCI Propco15 (Pty) Ltd                                            Yes
                                   HCI Propco16 (Pty) Ltd                                            Yes
                                   HCI Property Investments 2 (Pty) Ltd                              Yes
                                   HCI Roeland Park (Pty) Ltd                                        Yes
                                   HCI Solly Sachs House (Pty) Ltd                                   Yes
                                   HCI Sun Energy Three (Pty) Ltd                                    Yes
                                   HCI Twickenham (Pty) Ltd                                          Yes
                                   HCI Vergenoegd (Pty) Ltd                                          Yes
                                   HCI Water One (Pty) Ltd                                           Yes
                                   HCI Westlake Properties (Pty) Ltd                                 Yes
                                   HCI-Propc06 (Pty) Ltd                                             Yes
                                   HCI-Propco1 (Pty) Ltd                                             Yes
                                   HCI-Propco3 (Pty) Ltd                                             Yes
                                   HCI-Properties (Pty) Ltd                                          Yes
                                   HCI-Rand Daily Mail (Pty) Ltd                                     Yes
                                   HCI-Shell House (Pty) Ltd                                         Yes
                                   HCI-The Palms (Pty) Ltd                                           Yes
                                   HCI - Treasury (Pty) Ltd                                          Yes
                                   HCI-Whale Coast Village (Pty) Ltd                                 Yes
                                   Hendico Investments (Pty) Ltd                                     Yes
                                   Highland Night Investments 93 (Pty) Ltd                           Yes
                                   Hollyberry Props 12 (Pty) Ltd                                     Yes
                                   Hollyhill Investments (Pty) Ltd                                   Yes
                                   Hosken Consolidated Investments Limited                           Yes
                                   Hosken Passenger Logistics and Rail Limited                       Yes
                                   HPL And R Investments (Pty) Ltd                                   Yes
                                   IGI Investment Company (Pty) Ltd                                  Yes
                                   Johnnic Holdings Limited                                          Yes
                                   Johnnic Holdings Management Services (Pty) Ltd                    Yes
                                   K2013204008 (Pty) Ltd                                             Yes
                                   K2020924854 (Pty) Ltd                                             Yes
                                   Keynote Trading and Investment 53 (Pty) Ltd                       Yes
                                   Leyvan (Pty) Ltd                                                  Yes
                                   Lynnridge Shopping Centre (Pty) Ltd                               Yes
                                   Maclyn House (Pty) Ltd                                            Yes
                                   Majorshelf 183 (Pty) Ltd                                          Yes
                                   Mentor Trading and Investment 70 (Pty) Ltd                        Yes
                                   Merilyn Investments (Pty) Ltd                                     Yes
                                   Mironetix (Pty) Ltd                                               Yes
                                   Montauk Holdings Limited                                          Yes
                                   Move-On-Up 104 (Pty) Ltd                                          Yes
                                   Olympus Village (Pty) Ltd                                         Yes
                                   Permasolve Investments (Pty) Ltd                                  Yes
                                   Sage Wise 118 (Pty) Ltd                                           Yes
                                   Squirewood Investments 64 (Pty) Ltd                               Yes
                                   Sweet Sensation 103 (Pty) Ltd                                     Yes
                                   Three Blind Mice Communications (Pty) Ltd                         Yes
                                   TIH Prefco (RF) (Pty) Ltd                                         Yes
                                   TIHC Investments (RF) (Pty) Ltd                                   Yes
                                   Tsogo Investment Holding Company (Pty) Ltd                        Yes
                                   Tylon Holdings (Pty) Ltd                                          Yes
                                   Unit 1b Corporate Park (Pty) Ltd                                  Yes
                                   Unit 4b Corporate Park (Pty) Ltd                                  Yes
                                   W H Press House (Pty) Ltd                                         Yes
                                   All in All Investments (Pty) Ltd                                  No
                                   Ancestral Investments (Pty) Ltd                                   No
                                   Andermain Investments (Pty) Ltd                                   No
                                   Anytime Power (Pty) Ltd                                           No
                                   Ardrosan Investments (Pty) Ltd                                    No
                                   Aston Bay Holiday Resorts (Pty) Ltd                               No
                                   Braber Investments (Pty) Ltd                                      No
                                   Business Venture Investments No 15 (Pty) Ltd                      No
                                   C And A Associated Consultants (Pty) Ltd                          No
                                   C And M A Shelf 73 (Pty) Ltd                                      No
                                   Catwalk Investments 167 (Pty) Ltd                                 No
                                   Centfox Investments (Pty) Ltd                                     No
                                   Clare Developments (Pty) Ltd                                      No
                                   Curagen Investments (Pty) Ltd                                     No
                                   Durban Add-Ventures (Pty) Ltd                                     No
                                   E Sat Tv (Pty) Ltd                                                No
                                   E Tv (Pty) Ltd                                                    No
                                   Effit Investments (Pty) Ltd                                       No
                                   Egistic Investments (Pty) Ltd                                     No
                                   Enver Investments (Pty) Ltd                                       No
                                   Euphorbia (Pty) Ltd                                               No
                                   Euphorbia Lot 1 Share Block Limited                               No
                                   Euphorbia Lot 2 Share Block Limited                               No
                                   Euphorbia Lot 3 Share Block Limited                               No
                                   Euphorbia Lot 4 Share Block Limited                               No
                                   Euphorbia Lot 5 Share Block Limited                               No
                                   Euphorbia Lot 6 Share Block Limited                               No
                                   FI Funding and Investments Holdco (Pty) Ltd                       No
                                   Flaghigh Investments (Pty) Ltd                                    No
                                   Foxway Investments (Pty) Ltd                                      No
                                   Francolin Investments (Pty) Ltd                                   No
                                   Frosthill Investments (Pty) Ltd                                   No
                                   G E Property and Marketing (Pty) Ltd                              No
                                   Galaxy Bingo International South Africa (Pty) Ltd                 No
                                   Gallagher Estate Holdings (Pty) Ltd                               No
                                   Generation Y (Pty) Ltd                                            No
                                   Glenny Buchner Investment (Pty) Ltd                               No
                                   H J S Advisory Services (Pty) Ltd                                 No
                                   Harvey Fox (Pty) Ltd                                              No
                                   HCI Invest22 Holdco (Pty) Ltd                                     No
                                   HCI Niveus Holdco 1 (Pty) Ltd                                     No
                                   HCI Picardi (Pty) Ltd                                             No
                                   HCI Properties (Pty) Ltd                                          No
                                   HCI-Propco5 (Pty) Ltd                                             No
                                   HCI Proprojects (Pty) Ltd                                         No
                                   HCI Renewable Energy Investments (Pty) Ltd                        No
                                   HCI Live the City (Pty) Ltd                                       No
                                   HCI Sun Energy Two (Pty) Ltd                                      No
                                   HCI Sydney Road (Pty) Ltd                                         No
                                   Hi-Reach Manlift (Pty) Ltd                                        No
                                   Hubert Street Properties (Pty) Ltd                                No
                                   I C Harrison (Pty) Ltd                                            No
                                   Isilumko Staffing (Pty) Ltd                                       No
                                   Jena Investments (Pty) Ltd                                        No
                                   Johnnic Casino Holdings (Pty) Ltd                                 No
                                   Johnnic Management Services (Pty) Ltd                             No
                                   Johnnic Properties (Pty) Ltd                                      No
                                   Johnnic Property Developments (Pty) Ltd                           No
                                   Johnnic Property Holdings (Pty) Ltd                               No
                                   Johnnic Property Investments (Pty) Ltd                            No
                                   Johnnies Strategic Investment Holdings (Pty) Ltd                  No
                                   Justus House (Pty) Ltd                                            No
                                   Kayling Properties Share Block Limited                            No
                                   Kevro Consulting (Pty) Ltd                                        No
                                   La Cosca Investments (Pty) Ltd                                    No
                                   Lennings (Pty) Ltd                                                No
                                   Leyvan House (Pty) Ltd                                            No
                                   Lone Hill Estates (Pty) Ltd                                       No
                                   Lynpro Investments (Pty) Ltd                                      No
                                   Main Place Holdings (Pty) Ltd                                     No
                                   Mainway Investments (Pty) Ltd                                     No
                                   Megapro Holdings (Pty) Ltd                                        No
                                   Mercanto Investments (Pty) Ltd                                    No
                                   Mironetix 2 (Pty) Ltd                                             No
                                   Montello Investments (Pty) Ltd                                    No
                                   Ortaga Investments (Pty) Ltd                                      No
                                   Platco Digital (Pty) Ltd                                          No
                                   Portello Investments No 12 (Pty) Ltd                              No
                                   Publik Collective (Pty) Ltd                                       No
                                   Red Pepper Pictures (Pty) Ltd                                     No
                                   Romancista Property (Pty) Ltd                                     No
                                   S A M Sisonke (Pty) Ltd                                           No
                                   SACTWU Sixth Investments Company (Pty) Ltd                        No
                                   SACTWU Seventh Investments Company (Pty) Ltd                      No
                                   Schedar Investments (Pty) Ltd                                     No
                                   Shell Case 59 (Pty) Ltd                                           No
                                   Sibanye Bus Services (Pty) Ltd                                    No
                                   Simbolia Investments (Pty) Ltd                                    No
                                   Soundprops 1065 Investments (Pty) Ltd                             No
                                   Tangney Investments (Pty) Ltd                                     No
                                   Taverna Sports Bar - Sea Point (Pty) Ltd                          No
                                   Temco Investments (Pty) Ltd                                       No
                                   The Millennium Casino (Pty) Ltd                                   No
                                   Thermapp Sa (Pty) Ltd                                             No
                                   Tradequick 84 (Pty) Ltd                                           No
                                   Tsogo Sun Kwazulu-Natal (Pty) Ltd                                 No
                                   Tylon (Pty) Ltd                                                   No
                                   Varied Investments (Pty) Ltd                                      No
                                   Vectofon (Pty) Ltd                                                No
                                   View Cut Mix (Pty) Ltd                                            No
                                   Westfox Investments (Pty) Ltd                                     No
                                   Westmar Investments (Pty) Ltd                                     No
                                   Winslow Investments (Pty) Ltd                                     No
                                   Xmas Media (Pty) Ltd                                              No
                                   Yired (Pty) Ltd                                                   No
                                   Zenzeleni Clothing (Pty) Ltd                                      No
                                   Zillian Investments (Pty) Ltd                                     No

DISCLAIMER

This pre-listing announcement does not constitute an offer to the public for the sale of or
subscription for, or the solicitation of an offer to buy and/or subscribe for, shares as defined in the
Companies Act, or otherwise and will not be distributed to any person in South Africa in any
manner which could be construed as an offer to the public in terms of the Companies Act. This
pre-listing announcement does not constitute a prospectus registered and/or issued in terms of
the Companies Act.

This pre-listing announcement includes statements about Montauk Renewables that are, or may
be deemed to be, forward-looking statements. All statements other than statements of historical
fact are, or may be deemed to be, forward-looking statements. These forward-looking statements
are not based on historical facts, but rather reflect current expectations concerning future results
and events and generally may be identified by the use of forward- looking words such as "targets",
"believe", "aim", "expect", "project", "anticipate", "intend", "foresee", "forecast", "likely", "should",
"planned", "may", "will", "estimated", "potential" or similar words and phrases.

Examples of forward-looking statements include statements regarding a future financial position
or future profits, cash flows, corporate strategy, estimates of capital expenditures, acquisition
strategy, or future capital expenditure levels, and other economic factors, such as, amongst other
things, interest and exchange rates and public sector spend and resource allocation.

By their nature, forward-looking statements involve known and unknown uncertainties,
assumptions and other important factors, because they relate to events and depend on
circumstances that may or may not occur in the future, whether or not outside of the control of
Montauk Renewables. Such factors may cause Montauk Renewables' actual results, financial and
operating conditions, liquidity and the developments within the industry in which Montauk
Renewables intends to operate to differ materially from those made in, or suggested by, the
forward-looking statements contained in this pre-listing announcement. Montauk Renewables
cautions that forward-looking statements are not guarantees of future performance.

All these forward-looking statements are based on estimates and assumptions made by
Montauk Renewables, all of which estimates and assumptions, although Montauk Renewables
believes them to be reasonable, are inherently uncertain. Accordingly, no assurance can be
given that any such forward-looking statements will prove to have been correct. Any forward-
looking statement made in this pre-listing announcement or elsewhere is applicable only at the
date on which such forward-looking statement is made. New factors that could cause the
business of Montauk Renewables not to develop as expected may emerge from time to time and
it is not possible to predict all of them. Further, the extent to which any factor or combination of
factors may cause actual results to differ materially from those contained in any forward-looking
statement is not known. Montauk Renewables has no duty to, and does not intend to, update or
revise the forward-looking statements contained in this pre-listing announcement after the date
of this pre-listing announcement, except as may be required by law or regulation.

Date: 20-01-2021 08:22:00
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