Letter Agreement, dated as of January 3, 2021, to the Transaction Implementation Agreement, dated as of November 6, 2020, between Montauk Renewables, Inc., Montauk Holdings Limited and Montauk Holdings USA, LLC

The Share Exchange pursuant to the Share Exchange Agreement and Section 2.1(a) of the TIA and the subsequent Pre-Spin Distribution pursuant to Section 2.1(b) of the TIA shall take place on January 4, 2021 (the “Restructuring Date”).

As of the date hereof, the Record Date (as defined in the TIA) has not been determined by MNK’s board of directors and therefore the parties hereto will not know the exact amount of the Total Distribution Shares (as defined in the TIA) as of the Restructuring Date. The parties hereto anticipate that MNK’s board of directors will set a Record Date that occurs within the next 30 days.

The total number of issued and outstanding MNK Shares as of the Restructuring Date is 138,312,713 ordinary shares of MNK with no par value (the “January 4^th MNK Share Count”).

Solely for purposes of the Share Exchange Agreement and Section 2.1 of the TIA, the “Total Distribution Shares” shall be calculated based on the January 4^th MNK Share Count. For all other purposes, including all other provisions of the TIA and for purposes of the Distribution, the “Total Distribution Shares” shall continue to be calculated using the number of issued and outstanding MNK Shares as of date on which the finalization announcement regarding the Distribution is published on the JSE’s Stock Exchange News Service pursuant to the JSE Listings Requirements, as is currently contemplated by the TIA.

To the extent that the Total Distribution Shares, as finally calculated following the Record Date, does not equal the January 4^th MNK Share Count, MRI shall issue to, or redeem from, MNK (as applicable) such number of MRI Shares necessary to cause the total number of issued and outstanding common stock of MRI held by MNK immediately prior to the Distribution to equal the Total Distribution Shares.

To the extent not expressly modified hereby, the parties hereto acknowledge and agree that the TIA and the Share Exchange Agreement remain unchanged and in full force and effect in their entirety, which such terms are hereby ratified and confirmed.