Audited Consolidated Results for the year ended 31 December 2020 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") AUDITED CONSOLIDATED RESULTS For the year ended 31 December 2020 The historical consolidated financial data disclosed below reflects the historical results of operations and financial position of Montauk Holdings USA, LLC. The consolidated financial statements of Montauk Holdings USA, LLC, our predecessor for accounting purposes, became our historical financial statements following the IPO which took place on 26 January 2021. SALIENT FEATURES Percentage 2020 2019 change Revenue ($'000) 100 383 105 714 (5%) EBITDA ($'000) 25 063 30 802 (19%) Headline profit ($'000) 3 823 7 647 (50%) Earnings per share (US cents) 3.27 4.14 (21%) Headline earnings per common share (US cents) 2.72 5.44 (50%) Net asset value per common share (US cents) 113 110 3% DECLARATION OF CASH DIVIDEND The directors have resolved not to declare a final dividend to focus financial resources on the continued development of the Company's operations portfolio. USE OF NON-GAAP MEASURES US securities laws require that when we publish any non-GAAP measures, we disclose the reason for using these non-GAAP measures and provide reconciliations to the directly comparable GAAP measures in our full announcement. The presentation of headline earnings and headline earnings per common share are non-GAAP measures. Reconciliation of headline earnings 2020 2019 Gross Net Gross Net $'000 $'000 $'000 $'000 Net income attributable to common shareholders 4 603 5 820 Adjustments Gains on disposal of plant and equipment (1 339) (1 058) (40) (32) Impairment of plant and equipment - - 2 443 1 953 Impairment of intangible assets 278 278 - - Gain on disposal of joint venture - - (94) (94) Headline earnings 3 823 7 647 Basic earnings per common share (US cents) Earnings 3.27 4.14 Headline earnings 2.72 5.44 Pro forma weighted average common shares outstanding ('000) (1) 140 663 140 663 Diluted earnings per common share (US cents) Earnings 3.26 4.13 Headline earnings 2.71 5.42 Pro forma weighted average common shares outstanding for diluted earnings ('000) (1) 141 058 141 058 (1) On 26 January 2021 the Company closed its IPO. The pro forma adjustments give effect to per share data as if the IPO and associated transactions had occurred at the years ended 31 December 2020 and 2019 using the share amounts at the time of the IPO. DIRECTORS' STATEMENT This short-form announcement is the responsibilty of the Company's Board of Directors and is a summary of the information in the detailed financial results announcement. The financial information is only a summary and does not contain full details of the financial results. Any investment decisions by investors and/or shareholders should be based on information contained in the full announcement, accessible from 31 March 2021, via the JSE link (https://senspdf.jse.co.za/documents/2021/jse/isse/MKRE/YE20.pdf) or on the SEC's website at https://www.sec.gov/Archives/edgar/data/1826600/000119312521102560/0001193125-21-102560-index.htm. The full announcement is also available at the Company's registered office, the offices of the sponsor and may be requested at info@montaukenergy.com free of charge to investors and/or shareholders, during office hours (09:00 - 17:00) from Mondays to Fridays. 01 April 2021 Directors: JA Copelyn (Chairman)*###, SF McClain (Chief Executive Officer)#, MH Ahmed*, TG Govender*###, MA Jacobson*##, BS Raynor*# *Non-executive; #United States of America; ##Australia; ### Republic of South Africa Company secretary: J Ciroli Registered office: 680 Andersen Drive, 5th Floor, Pittsburgh, PA 15220 Website: https://ir.montaukrenewables.com/ Sponsor: Investec Bank Limited Date: 01-04-2021 01:35:00 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.