Grant and Acceptance of share appreciation rights MONTAUK HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2010/017811/06) (Share code: MNKI & ISIN: ZAE000197455) ("MNK" or "the company") GRANT AND ACCEPTANCE OF SHARE APPRECIATION RIGHTS TO DIRECTORS AND OFFICERS In compliance with Rules 3.63 - 3.74 of the JSE Limited Listing Requirements the following information regarding the granting and acceptance of share appreciation rights (“SAR’s”) in terms of the Montauk Holdings Limited Employee Share Appreciation Rights Scheme for U.S. Affiliates is disclosed: Director : SF McClain Designation : Chief Executive Officer Nature of transaction : Off market grant and acceptance of SAR’s Nature of Interest : Direct, Beneficial Class of shares : Ordinary shares Date of grant of SAR : 7 November 2019 Date of acceptance : 27 November 2019 Number of SAR’s : 402 083 SAR strike price : R33.50 Value of transaction : R13 469 780.50 Vesting date of SAR’s : 7 November 2022 Expiry date of SAR’s : 7 February 2023 Director : KA Van Asdalan Designation : Chief Financial Officer Nature of transaction : Off market grant and acceptance of SAR’s Nature of Interest : Direct, Beneficial Class of shares : Ordinary shares Date of grant of SAR : 7 November 2019 Date of acceptance : 27 November 2019 Number of SAR’s : 353 671 SAR strike price : R33.50 Value of transaction : R11 847 978.50 Vesting date of SAR’s : 7 November 2022 (one third) 7 November 2023 (one third) 7 November 2024 (one third) Expiry date of SAR’s : 7 February 2023 (one third) 7 February 2024 (one third) 7 February 2025 (one third) Clearance : Clearance in respect of par 3.66 of the JSE Listings Requirements was obtained Cape Town 29 November 2019 Sponsor: Investec Bank Limited Date: 29-11-2019 07:05:00 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.